Spiko EU T-Bills Money Market Fund
EUTBL#92EUTBL is a share of a French euro money market fund that holds short-term eurozone Treasury bills and grows with their interest.
Fails our Shariah screening. Needs caution: nature of the asset. Fails: interest (riba), business model, and usage.
- 4 pass
- 1 caution
- 3 fail
Verdict history
- Not halalCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold Spiko EU T-Bills Money Market Fund?8 Shariah criteria
4 pass · 1 caution · 3 failThe fund's return is the interest earned on eurozone Treasury bills and government repos, added daily to the value of each token. This is the core of the product.
Riba means interest, or any fixed increase on a loan. The fund invests up to 100% of its assets in Treasury bills, short-term bonds and repurchase agreements of eurozone governments: all of them are loans to a state that pay interest, either as a coupon or as the discount at which a bill is bought. Its stated aim is to match or beat the capitalised euro short-term rate (€STR), the interest rate banks charge each other overnight. The interest is not paid out but capitalised: it raises the net asset value of each share, which reached €1.05941 on 24 September 2026, 5.94% above launch.
Adding interest to the price instead of paying it does not change its source. The International Islamic Fiqh Academy (Resolution 60, 1990) holds that interest-bearing bonds may not be issued, bought or traded, whether the issuer is private or a state, and that bonds sold below face value are also prohibited; applying it to a tokenised fund of Treasury bills is Liberandum's reading by analogy. A holder earning interest from debt instruments is a clear fail.
- Spiko SICAV prospectus and articles of association (English, published 1 September 2026)
- Key Information Document: Spiko EU T-Bills Money Market Fund, EUR share FR001400ODL1 (Twenty First Capital)
- Twenty First Capital: Spiko EU T-Bills Money Market Fund, EUR share
- Spiko Docs: T-Bills investment mandate
EUTBL is a real, regulated share in a French fund, but what stands behind it is almost entirely interest-bearing government debt.
Unlike most crypto tokens, EUTBL is a legal claim: each token is one share of a French UCITS fund authorised by the AMF, whose assets are held by CACEIS Bank and audited by PricewaterhouseCoopers, and each shareholder owns a share of the fund's assets proportional to the shares held. There is no doubt that it has value. The question is what that value is. The fund's assets are Treasury bills, short-term government bonds and repos, which are debts owed to the fund, plus a little cash.
In Islamic law, trading a claim over debt (bay' al-dayn) for money other than at face value is generally not allowed, and the Fiqh Academy's bond ruling prohibits trading interest-bearing debt securities. Malaysia's Securities Commission Shariah Advisory Council accepts digital tokens as property (mal), but as Shariah-compliant only when the money raised goes to compliant uses and the rights attached are compliant; applying that test to EUTBL is Liberandum's reading, and EUTBL would not meet it. The asset is real but its substance is debt, so this criterion is caution.
- Spiko SICAV prospectus and articles of association (English, published 1 September 2026)
- Key Information Document: Spiko EU T-Bills Money Market Fund, EUR share FR001400ODL1 (Twenty First Capital)
- Spiko Docs: T-Bills stakeholders
- Resolutions of the Shariah Advisory Council of the SC — Digital Assets from Shariah Perspective (233rd and 234th meetings)
EUTBL is a low-risk cash fund whose value rises slowly and steadily; it is held for income, not bet on.
Maysir means gambling, or gains that depend purely on chance; ordinary price movement is not maysir. The fund is rated 1 out of 7, the lowest risk class, in its Key Information Document, and its value has risen slowly in line with euro money market rates, from €1 at launch to about €1.059 in September 2026. Investors subscribe and redeem with the fund at its daily net asset value. There is no lottery, betting or speculative mechanism in the token itself. Its use as collateral for other products is weighed under usage and trading mechanisms.
Practically all of the fund's income is interest on government debt, far above the 5% limit on impermissible income.
This criterion looks at how the entity behind a token earns. If 5% or more of its income comes from clearly impermissible sources such as interest, the criterion fails. The fund's investment policy allows only Treasury bills, short-term bonds and repos of eurozone governments, plus up to 10% of assets in bank deposits, and it holds no shares or other funds, so essentially all of its income is interest. The management company and Spiko are paid a management fee (up to 0.30% a year under the prospectus; Spiko's docs state 0.25%) for managing this interest-bearing portfolio.
There is no permissible revenue stream to set against it, and purification (giving away the impermissible share) cannot help when the whole return is interest. No Shariah screening service was found that rates EUTBL.
A regulated manager, a bank depositary, an auditor, a public prospectus and a daily NAV make the fund transparent in its essentials.
Gharar means excessive uncertainty or lack of transparency in a deal. EUTBL is a UCITS fund authorised by the AMF, with a public prospectus, a Key Information Document and a published daily net asset value. Twenty First Capital manages it, CACEIS Bank is depositary, CACEIS Fund Administration calculates the NAV and PricewaterhouseCoopers audits it; Chainlink publishes the NAV on-chain. The investment policy is narrow and simple: short-dated eurozone government debt with a maturity limit of six months. The token supply is visible on each blockchain.
Some things add uncertainty: the token contracts are upgradeable and pausable, only approved wallets can hold them, and the ECB has warned that tokenised money market funds can see fast, synchronised redemptions. These are features of a regulated security and of a new technology, not hidden reserves, so this is a pass.
EUTBL's purpose is to earn interest on euros held on-chain, including as collateral behind another token.
This criterion fails when the main purpose is interest-based finance. Spiko presents EUTBL as a cash management product that earns returns tracking the risk-free rate of the euro, for companies and individuals. It is the sole collateral behind Usual's EUR0 token, and since June 2026 the fund accepts the EURC stablecoin for subscriptions and redemptions, so that crypto holders can move idle stablecoins into interest-earning shares. The ECB notes that tokenised money market funds are used as collateral for crypto and traditional derivatives and repo transactions.
Its 24/7 transfers are a real service, but it is not used for payments or to tokenise a permissible asset.
EUTBL can be bought fully paid from 1 euro by companies and individuals, subject to wallet approval; US persons are excluded.
This criterion asks only whether the token can be owned in a normal, fully paid way, not whether the asset itself is permissible. EUTBL is not a leveraged or derivative wrapper: investors subscribe for fund shares outright and hold them in their own wallets or through the Spiko app. The prospectus lists all investors as eligible, with a minimum of 1 euro, and there are no entry or exit fees. Ownership has limits: wallets must be approved by the management company before they can hold or receive shares, and the fund may not be offered to US persons.
These are normal identity checks for a regulated fund, so ownership is ordinary and this criterion passes.
EUTBL is a regulated, identity-checked fund with no link to fraud or sanctions evasion; its benefit is cheap, round-the-clock access to a low-risk cash fund.
Maslahah means weighing public benefit against harm. EUTBL makes a conventional money market fund available from 1 euro with 24/7 on-chain transfers, and Spiko offers it to small companies and individuals as well as institutions. It is supervised by the AMF, its shares move only between approved wallets, and no link to scams or sanctions evasion was found. The interest itself is weighed under the interest and business model criteria, not counted again here.
The ECB's warning that stress in tokenised funds could spread to stablecoins that hold them is a real but limited harm, so this is a low pass.
How you can use it
Tap a card for the ruling and sourcesEUTBL is bought by subscribing to the fund through Spiko or its partners, into approved wallets. Even a fully paid purchase buys a share in interest income, and spot purchase is acceptable only for an asset rated HALAL or DOUBTFUL, so it fails here.
There is no exchange-traded fund that holds EUTBL. EUTBL is itself a fund whose whole income is interest, so any fund holding it would pass that interest on and would fail the structure check.
EUTBL is not a means of payment: it is an interest-bearing fund share that moves only between approved wallets. Paying with it would transfer a share in interest income.
There is no staking: EUTBL is not a proof-of-stake coin and involves no validation work. Any product marketed as earning on EUTBL would add a return on top of interest.
Always fail: borrowing to trade with leverage, without full delivery.
Always fail: futures, perpetuals and options are deferred exchanges without delivery, with leverage.
Lending with a fixed or guaranteed return is riba; lending EUTBL, or borrowing against it, adds interest on top of an interest-bearing asset.
EUTBL is itself a yield product: its return is interest on eurozone Treasury bills and government repos, added to the share value every day.
Scholars quotes
Penggunaan cryptocurrency sebagai mata uang hukumnya haram, karena mengandung gharar (ketidakjelasan), dharar (bahaya) dan bertentangan dengan Undang-Undang nomor 7 tahun 2011 tentang Mata Uang dan Peraturan Bank Indonesia nomor 17 tahun 2015 tentang Kewajiban Penggunaan Rupiah di Wilayah Negara Kesatuan Republik Indonesia.Sebagaimana mata wang yang lain, mata wang digital hendaklah tidak digunakan sebagai bayaran kepada barangan, perkhidmatan dan aktiviti tidak patuh Syariah seperti pembelian dadah, pelacuran, perjudian dan pendanaan aktiviti keganasan serta penggubahan wang haram.If a digital token is backed by ribawi items, the trading of such digital token is subject to the Shariah requirements for trading of ribawi items.Third: In light of the above and given the significant risks associated with this type of currencies and the instability of their transactions, the Council of the Academy recommends pursuing research and studies on issues affecting its ruling.Bitcoin is a digital currency that does not meet the legal and Sharia criteria that make it a currency subject to the rulings of dealing with official legal currencies recognized internationally.بناءً على ذلك: فلا يجوز شرعًا تداول عملة "البتكوين" والتعامل من خلالها بالبيعِ والشراءِ والإجارةِ وغيرها، بل يُمنع من الاشتراكِ فيها؛ لعدمِ اعتبارِها كوسيطٍ مقبولٍ للتبادلِ من الجهاتِ المخُتصَّةِ، ولِمَا تشتمل عليه من الضررِ الناشئ عن الغررِ والجهالةِ والغشِّ في مَصْرِفها ومِعْيارها وقِيمتها، فضلًا عما تؤدي إليه ممارستُها من مخاطرَ عاليةٍ على الأفراد والدول.The bonds which represent a commitment to pay its amount along with an interest related to its nominal value or to a predetermined profit are prohibited in Shariah.According to research and opinion of experts so far, cryptocurrency is not considered ‘ maal ’ (wealth) in Sharia.Muhammadiyah memandang transaksi dan investasi kripto pada dasarnya mubah (boleh) tetapi dengan syarat tertentu.The opinion on this is the same as doing the same with any halal assets such as shares – 1) is permissible, 2) is more debatable and there are differing opinions on short-term trading.Our current position is 'tawaquf'; we can't say it is halal or haram, but we say it is better not to engage in itAs I mentioned at the beginning of this article it is not necessary to substantiate the permissibility of something as long as there are no prohibited factors involved in it or surrounding it.AI-assisted analysis checked against sources. Not a fatwa or investment advice.
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