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The S&P Shariah index fund is required to exclude SpaceX and already exists https://www.spglobal.com/spdji/en/indices/equity/sp-500-shariah-index/#overview http

• deaux 4mo ago
  Looking at their exclusion criteria, which one do you believe it falls under?
• decimalenough 4mo ago
  Why would a Shariah index fund have to exclude SpaceX?
• riffraff 4mo ago
  Why? Was space exploration incompatible with Sharia? Is it the pornography bit of xAI?
  • brainwad 4mo ago
    Advertising, presumably. But that also excludes, like, all of big tech?
  • KPGv2 4mo ago
    One presumes it's because a huge amount of its revenue comes from defense contracts, which are haram. Here is n excerpt from the fund's exclusion criteria: > S&P 500 Shariah Industry Exclusions. The index universe consists of all the constituents in the S&P 500 Shariah, excluding companies classified as part of GICS sub-industries 20101010 (Aerospace & Defense), 40203040 (Financial Exchanges & Data), 40201060 (Transaction & Payment Processing Services).
    • throwaway2037 4mo ago
      That is wild. Saudi Arabia which is governed by sharia law spends about 7% of its GDP per year on its military. I had no idea that ownership of defense contractors is considered haraam.
      • DaedalusII 4mo ago
        opinions vary, but this was the opinion adopted when formulating this index it probably makes it easier to ship in europe where some private banks and pensions (eg denmark gov) ban defence investment
        • throwaway2037 4mo ago
          > the opinion adopted when formulating this index You raise an excellent point. I did a little bit of Googling and discovered: > S&P Shariah indices ... are overseen by an independent Shariah Supervisory Board consisting of a panel of internationally renowned Islamic scholars. This board is facilitated by Ratings Intelligence Partners, a London and Kuwait-based Islamic finance advisory firm. Ref: https://www.ratingsintelligence.com/ https://www.ratingsintelligence.com/
          • KPGv2 4mo ago
            I wonder if these Islamic scholars are scholars or "scholars" Like how major churches in the US are overseen by "Bible college" graduates whose qualifications are basically "charismatic enough to get VC funding and attract loads of the most superficial of Christians searching for Biblical justification for their bad behavior" (Not to suggest that there's a religion that is perfect, but when I sit in on a megachurch service that is transparently justifying child rape by Trump, and advocating that the Bible requires us to support Palestinian genocide, and the pastor went to a two-year Bible school but looks fucking cool like right out of a rock n roll photo spread, it's hard to equate that morally with, say, dorky-ass 70yo episcopalians and the occasional sins of leadership)
            • throwaway2037 4mo ago
              I found the board members here: https://www.ratingsintelligence.com/shariah-supervisory-board.html https://www.ratingsintelligence.com/shariah-supervisory-boar... It looks legit to me.
        • throwaway2037 4mo ago
    • riffraff 4mo ago
      thanks for the explanation and digging up the exclusion criteria.
  • 4gotunameagain 4mo ago
    Ketamine (and pump and dumps) is haram
  • deleted 4mo ago
    [deleted]
  • prepend 4mo ago
    Dogs went into space. Dogs are haram. Therefore, space is haram. Probably not this reasoning.
• gizajob 4mo ago
  Seems bizarre to have a Shariah-compliant index fund comprising companies that are all levered with huge amounts of debt financing.
• mynameajeff 4mo ago
  Spent way too long looking into this, and I don't think the plain S&P 500 Shariah would exclude SpaceX, I spent a while reading through the methodology [1][2] of the index and I don't see why it would be. I do think the S&P 500 Shariah Industry Exclusions Index [2][3] would be the one that excludes SpaceX as it excludes Aerospace, while no such exclusion exists for the plain S&P 500 Shariah. [1] https://www.spglobal.com/spdji/en/methodology/article/sp-shariah-indices-methodology/ https://www.spglobal.com/spdji/en/methodology/article/sp-sha... [2] https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-shariah-indices.pdf https://www.spglobal.com/spdji/en/documents/methodologies/me... [3] https://www.spglobal.com/spdji/en/indices/equity/sp-500-shariah-industry-exclusions-index/#overview https://www.spglobal.com/spdji/en/indices/equity/sp-500-shar...