I know that Dow Jones, MSCI, Russell, and S&P have many halal or Islamic indices in different markets across the world (e.g. Dow Jones Islamic Market Titans 100, MSCI ACWI, etc). Can we assume any company listed on any of these Islamic indices is okay to invest in? Or do we need to check the Shariah board for each market to see who has approved it (I have noticed these companies have indices in many smaller markets as well like India, Turkey, Canada, etc)
Also, do you know of any other halal indices not listed here?
May Allah bless you.
If a company is listed on a shariah compliant stock exchange, it means they have passed the screening process for compliance. If they become non compliant, they simply get removed from the exchange.
Thus, you do not need to ask the shariah board if you can invest in those already listed companies
And Allah knows best!
Assalamu Alaikum @Mufti_Billal ,
JazakAllah khair for your reply
I apologize but I’m not sure if I worded my question clearly so I just wanted to confirm my understanding. I was more so wondering whether any index that claims to be Islamic or Shariah-compliant might in some cases not actually be halal or not have a Shariah board (especially in smaller markets)? I know the companies I listed have indices in many different markets/countries, I don’t know if all of them are reviewed by a Shariah board or not.