Is the study and practice of actuarial science permissible?

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Ref no: 0078#

Date: Monday, May 02, 2011

Category

Fiqh

Title

Question

 

Is the study and practice of actuarial science permissible?

Answer

Muhtaram / Muhtaramah

In the Name of Allāh, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāh wa-barakātuh.

 

Actuaries study market statistics and predict the future financial position of an industry. In short they predict the present value of a future sum based on their market experience and statistical expertise.

Actuaries are not regarded as fortune tellers or palm readers. It is a profession which has developed rapidly in the recent past and has evolved into a proper science based on technical skills and expertise. Therefore it is permissible for a Muslim to study and practice this science.

 

 

And Allah knows best
Darul Iftaa

Madrasah Inaa’miyya

 

 

· The Sharée ruling herein given is specifically based on the question posed and should be read in conjunction with the question.

· The Darul Ifta bears no responsibility to any party who may or may not act on this answer. The Darul Ifta being hereby exempted from loss or damage howsoever caused.

· This answer may not be used as evidence in any Court of Law without prior written consent of the Darul Ifta.

 

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