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Software Development For Leasing And Financing Company
I am working as software Engineer in company whick makes asset finance and automobile leasing software.
Their product is very complex and will take more than an year to understand but basic overview is it manages the contracts system for Asset finance companies which operate on interest. I read and watch some islamic scholars saying that if asset company or even banks take the owner ship of vehicle or anything and then provide it on installments for a fixed period of time then it is permissible in islam as long as both buyer and seller agree on one price.Money angainst Money is Riba which is totally prohibited in islam. Now The company i am working for makes software for asset finance company. I dont know if they give loans or just provide finance over an asset. Plus there is option in a software where lender can get a penalty in case of late payments. Is working there for me considered halal or haram. Is my source of income halal ?
My Second Question is they also have very small department where they just make random software.
But the main revenue they generate is from their product i just mentioned above. Can i work there too if they allow me to change me department ?
I know its a long question But I really need guidence as i am having doubts whether my income is halal or not .
Thankyou
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6 Replies
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Software Development For Leasing And Financing Company
updated 1 year, 8 months ago
3 Members
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6
Replies
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Plz refer to Discussion 17423
Hope it helps-
@aj-khan thanks for your response but it is not related to bank job it is about a company that developing software for asset financing or leasing softwares
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I shared it because the nature of working in a bank is similar as it works with interest too.
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Money against Money is not Riba but Demanding profit on loan is Riba (Sood) and is Haram in Sharia. Investment/financing in any company doesn’t fall in this category. Mortgage Arrangements, Hire-purchase Arrangements do not fall within purview of Riba. Similarly, late payment surchage can be chaged from clients and does not fall within definition of Riba.
Asset Financing is done through renting of Assets against Installments then there is no element of Riba.
Asset Financing if done in the form of a short-term loan: if it is a genuine financing, then no element of Riba is involved here. But most of such financings are usually in the form of a loan arrangement which creates element of Riba in them, hence should be avoided from a principle stand-point.
As far as job in a Riba-based intitution is concerned: Considering the pervasiveness of banking and financing sector in all the economies of the world, Ghamidi Sahab is of view that job in any such institution would be tolerated on the princple of ‘umum-e-Balwa‘ until the time we find a better alternative to the current Banking sector and Riba is outlawed in the society. Until that time, the prohibition should limit to earning/consuming of Riba directly.
Following comments of Ghamidi Sahab will also be helpful in understanding some of the underlying concepts in this regard.
Please refer to the video below from 1:18:34 to 1:21:25
https://www.youtube.com/live/LUbg3QpPfRM?feature=share&t=4714
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Detailed Discussion on Riba:
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@uq4454819
Jazak Allah for your response so it is ok to work for me here?
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Yes, you can work.
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