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Investing In S&P 500 And QQQ EFTs
I purchased some ETFs in QQQ and am now wondering if this is permissible according to Islamic guidelines. I need your guidance, sir—can we invest in the S&P 500 and QQQ. Jazakallah
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4 Replies
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Investing In S&P 500 And QQQ EFTs
updated 7 months, 3 weeks ago
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Replies
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Please provide the details. What is your concern? Why do you think there is something un-Islamic in them?
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People say the S&P 500 and QQQ are not Shariah-compliant because:
1. Many companies in these indexes earn revenue from prohibited (haram) sectors like alcohol, gambling, conventional banking, and pork products.2. They include businesses with interest-based financing, which violates Islamic finance principles.
3. No filtering is done for debt ratios, non-halal income, or other Shariah screening criteria.
4. Dividends may include income from non-permissible sources.
5. Shariah-compliant investors prefer screened indexes like S&P 500 Shariah or Nasdaq-100 Halal versions
Need guidelines.
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As for investment in Mutual Funds/Index Funds, your preference should be that you pick the ones that don’t make investments in Haram businesses. And if there is no such choice available, then at least one should choose those funds where significant portion of their investments are made in Halal businesses and the proportion of income of fund earned through investment in a prohibited business be given in charity. If there is a Shariah Compliant option or index available, then one can opt for those options. It will save one time and effort in sorting out these matters on his own.
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