AAOIFI Shariah Standards
Indices: Appendix B - The Shariah Basis for the Standard
Developing indices is permissible in Shariah because they constitute a method of forecasting and a means of observing the state of circumstances (inferences). Resorting to inferences is a well-recognized practice in judicature and financial transactions. Ibn Al-Qayyim in his book on Judicial Methods presented a number of proofs on permissibility of using inferences.
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