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In 1923 Schur considered the following problem. Let f(X) be a polynomial with integer coefficients that induces a bijection on the residue fields Z/pZ for infinitely many primes p. His conjecture, that such polynomials are compositions of linear and Dickson polynomials, was proved by M. Fried in 1970. Here we investigate the analogous question for rational functions, also we allow the base field to be any number field. As a result, there are many more rational functions for which the analogous property holds. Some infinite series come from rational isogenies of elliptic curves and deformations. There are several sporadic examples which do not fit in any of the series we obtain. First we translate the arithmetic property to a question about finite permutation groups, and classify those groups which fulfill the necessary conditions. The proofs depend on the classification of the finite simple groups. Then we use arithmetic arguments to either rule out many cases, or to prove that the remaining cases indeed give rise to examples. This part is based on Mazur's classical results about rational points on the modular curves X_0(p) and X_1(p), results about Galois images in GL_2(p) coming from action of the absolute Galois group of Q on p-torsion points of elliptic curves, the theory of complex multiplication, and the techniques used in the inverse regular Galois problem.