Dear Sheikh Hisham, and all the sheikhs there and the eshaykh staff :
My question is: the dealing of SPIF, I don’t know whether people call SPIF as financial product or not, it is is abbreviation for Share Price Index Futures, it is something combination of stock and futures….
So I wonder whether it is Halal in dealing it? I hope to get an clear and definite answer. If it’s halal and no haram in dealing it, then insh’allah I can rest assured to do it, if it’s haram then I will leave it.
If you are a primary producer or manufacturer of an item, you can sell it before it is manufactured or produced. Otherwise it is haram as there is a relevant hadith about a man who came to the Messenger of Allah (SAWS) and said: “People ask me to sell them things I don’t have. Should I say yes, and go buy them?” and the Messenger of Allah (SAWS) said: “No, go buy them first, and then sell them.”
However, the Messenger of Allah (SAWS) allowed farmers to sell their future crops before they were planted.