Question:
I was planning for investment, one agent from Singapore recommended this plan HSBC Islamic Global Equity Index Fund. He told me I need to invest 300 sgd (for 15 years) or 500 sgd (for 10 years). He told this programme is completely shariah compliance. I have attached the document provided him.
If this is not halal, kindly please suggest better alternatives other than keeping the money in bank.
Answer:
In the Name of Allฤh, the Most Gracious, the Most Merciful.
As-salฤmu สฟalaykum wa-raแธฅmatullฤhi wa-barakฤtuh.
The HSBC Islamic Global Equity Index Fund aims to track the Dow Jones Islamic Market (DJIM) Titans 100 Index of the 100 largest global stocks that comply with Islamic investment guidelines.[1] The DJIM Indices are monitored by a Sharฤซสฟah Board comprised of reputable scholars including Muftฤซ Taqฤซ สฟUthmฤnฤซ (ุญูุธู ุงููู). The HSBC Islamic Global Equity Index Fund also has a Sharฤซสฟah Committee comprised of Dr. Nizam Yaquby and Dr. Mohamed Ali Elgari, who are also both members of DJIMโs Sharฤซสฟah Board.[2]
The criteria utilized by the HSBC Islamic Global Equity Index Fund are Sharฤซสฟah compliant in theory. We cannot comment on the actual implementation of the procedure.
And Allฤh Taสฟฤlฤ Knows Best
Muftฤซ Mohammed Wahaajuddin
Farmington Hills, Michigan, USA
Checked and Approved by:
Muftฤซ Faisal bin Abdul Hamฤซd al-Mahmลซdฤซ
Darul Iftaa Canada (www.fatwa.ca)
[1] https://www.assetmanagement.hsbc.co.uk/en/institutional-investor/capabilities/equities/islamic-global-eq-index-fund
[2] https://www.fpinternational.sg/documents/HSBC_r217_afr.pdf