Riba free career?!

[noman]

hi,

i would like to ask if there is any job that i can do as a chartered accountant that will not involve dealing with interest and riba etc etc
???
bcoz i think ,although a CA doesn't directly give or receive interest
but he is always involved in its documentation.or verification
(auditing) that dealings(involving interest) have been done
right or not.

correct me if i am wrong about the job description of a CA
also give me some insight..thanx

[zubair-acma-acca]

FIRST OF ALL! TELL US WHAT'S YOUR QUALIFICATION IS 'COZ AFTER READING YOUR MESSAGE IT'S NOT CLEAR WHETHER YOUR A QUALIFIED OR PART QUALIFIED 'COZ A QUALIFIED CA,ACCA,ACMA,CFA,CPA,CIA,CISA, DOES NOT A QUESTION LIKE THAT.
AS QUALIFIED PEOPLE, WE KNOW THAT WE HAVE TO FACE WITH AN INTEREST RELATED SITUATION SOMEWHERE ALONG THE LINE.
TELL ME AND THEN I'LL BE ABLE TO HELP YOU OUT IN DETAIL.

REGARDS,

ZUBAIR

[noman]

oh sorry!
i am student of CA recently appeared in module A exams and going to have classes of module B soon.

[noman]

any more suggestions?

[deezel]

Noman u can vist these websites

http//www.guidancefinancial.com/home/home.asp
http//www.lariba.com/

[noman]

what about internal audit? i will be just checking if everything within organisation is working ok...and hence...may be no dealing outside with interest transactons........and also the dishonesty involved in providing auditing services from CA firms.....as they take money and put their stamp on whatever wrong a company has done.

[Pracs]

Well, noman just to correct there,, CA firms do not put a seal of approval on whatever gose wrong in a company, there are some black sheeps in every profession.

As regards to Internal audit and incidence of interest, there might be times when the internal audit function has to audit ''finance'' of the company and thereby also check on the function of interest. Internal audit function now offer services on the lines of assurance, which ofcourse also may include how best to put in use the resources of a company. You know things on the lines of treasuery etc. So as an internal auditor you may have to advise on proper allocation of funds which could mean better overdraft / loan facilities, investment of funds etc.

I'd say one would be as involved in interest as one would as an external auditor. You may not be directly involved in the recording of interest or helping the company earn it, but yes on checking and ensuring that it is properly being administered.

That's what I believe.

[Pracs]

I wouldn't put it that way, an accountant may at times be or not be instrumental in an interest infested transaction.

But care to think, if Muslims in Islamic countries side line themselves from interest all together, who do you think will run the economy ?. We can perhaps work in some way to support a shariah compliant Banking system, a lot of work is already being done all over the muslim world. Hopefully some time in the near future we may have found a more Islamic system, until then ofcourse things are as they are.

The way interest is part of the economy, I think no one can actually escape interest in one way or the other. The Government of Pakistan is an interest payer and earner, so any thing that the trade corporation of pakistan purchases, seeds, fertilizers etc. all go through interest. So what do we do?

Perhaps a little reading on the Interest thread could help you make a more informed decision

http//www.accountancy.com.pk/forum/topic.asp?TOPIC_ID=639&whichpage=6&SearchTerms=interest

[Pracs]

I shudder every day, what I'll say to my LORD not just on interest, but on the way things are run in our country and the muslim world in general. I think Interest is just one of the things, but have we ever considered of other menaces in our society. I think we are also responsible for the children starving on our streets, sexually assaulted and malnourished. Of the women raped in our villages by tribal elders (on their instructions) of children going without education and having a pitful future. Of bringing such bad name to the Islam. We have the best relegion but are the worst of followers.

Quoting Caliph Umar's (May Allah be pleased with him)government, the economy was interest free but the monetary currency were precious metals and stones (gold and silver etc.). We use currency notes which is a promise to pay, and we do have something called inflation ! I think we need to think on those lines. I am not saying I am the person qualified enough to do it (I hope I can some day be qualified enough to do so)

I had like to quote here, Dr. Mahathir's (ex Prime minsiter of Malaysia) idea of an Islamic Dinar fully backed by Gold and/or Oil Reserves (infact any kind of commodity that has a stable price)that infact would take care of the inflation factor and make it much easier to think about a practical non interest economy. Infact something on those lines would be a huge economic success for the Muslim world. Unfortunately for us, the muslim world are unable to table one small little UN resolution on any thing, lest this huge revolution.

Until that is done, we don't have much of a choice do we ! Now don't tell me that any of you who are Accountants think they have nothing to do with Interest !

[noman]

ok brothers......
you are going back to the interest thread in the other forum.....but i was asking specifically what is the best we can do(as accountants) which will be farthest from interest or which will include least involvement in interest.
i think that an accountant will be always involved in interest based things.........but what one can do is find a job,career,etc which contains minimum level of interest...u know like..choose the lesser evil...

plz put forward more options...i don't know much thats why i asked you guys.

[Pracs]

Sorry about that Noman, its just a very emotional topic....

I guess the lesser evil would be the teaching profession, or joining Accounts at an NGO/Education institute (and hope not much investment is required) well you know to think of it going on to the reporting/management accounting side would be one option where you simply report the figures etc. that way you do not have to actually ''be a scriber of interest''.

Lion_King,
What you are talking about are ''Haqooq Allah'' what I am talking about are ''Haqooq Ul Abad'', messing with the latter is more serious I believe.

[noman]

good..thanx pracs........i am looking forward to more such segguestions.

[Pracs]

Read my post again, no where have I said that Interest is halal or haram, I am trying to tell you all at there are things more worst off and within our collective power that need mending. Interest may be one of them. Then again I believe that interest is something that needs to be taken care of through IJTEHAD, which I am sorry to say has not been a very stronger point of our relegious scholars and professionals alike.

Lion king, its just that you are hell bent upon seeing/reading/believng a preconceived notion, nothing else.

[Pracs]

I think we are all familiar with these verses and ahadith,.. we need IJTEHAD to find a way in the trade and commerce of today to do the HALAL thing. This is what the Ijtehad ought to be. Not what we already have calling Interest - profit & loss in pakistan; commission in Saudi and income in Dubai.

You can continue to scare the wits out of us all, but my question to you dear is, what o what do you propose to do ? as an accountant,. refuse to act as a finance manager, as an auditor ? (on a collective front). The Onus of change lies on the Relegious scholars, governments of the 1 billion plus muslims, economists and accountants in that order.

By the way I dont think you need any ijtehad to 'fly' in a plane ! I mean the Quran encourages you to spread into the land..... Remember Islam does not put you into straight jackets,.. don't make it sound like the MORMONS or something.

[noman]

yaar aap logo ne phir wohi baat shuroo kar di.
in last three post only
this
" refuse to act as a finance manager, as an auditor ? (on a collective front)"
is relevant to the topic of the thread.
so lion king........we know interest is haram and that is final........we know interest is widely spread today.........now the question is
what to do.............?