SPIF Dealing, Share Price Index Futures


asalaam alaimkum,
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.



wa `alaykum,
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.

Imam Senad Agic
Head Imam (IABNA)
The Islamic Association of Bosniaks in North America
American Islamic Center – Chicago

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