Spiko Amundi Overnight Swap Fund (EUR)
EURSAFO#64EURSAFO is a tokenized French fund by Spiko and Amundi that earns a bank rate linked to the euro overnight rate.
Fails our Shariah screening. Needs caution: nature of the asset, excessive uncertainty (gharar), and permissible ownership. Fails: interest (riba), business model, and usage.
- 2 pass
- 3 caution
- 3 fail
Verdict history
- Not halalCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold Spiko Amundi Overnight Swap Fund (EUR)?8 Shariah criteria
2 pass · 3 caution · 3 failThe holder's return is a bank-paid rate of €STR plus 0.39% a year, paid daily whatever the market does. That is interest.
Riba means interest, or any fixed increase on money lent or exchanged. Spiko states that BNP Paribas pays the fund €STR + 0.39% every day, regardless of market conditions, and that the fund receives a "guaranteed daily yield" in exchange for passing on the returns of its share basket. €STR is the euro overnight interest rate. After the 0.25% fee, this return goes to the holder through a rising share price: Spiko showed a net yield of 2.21% on 27 September 2026.
The fund legally owns a basket of listed shares, but the swap removes their profit and loss: gains go to the bank, and the bank covers losses. So the holder's income is a predetermined, rate-linked payment on cash, not a share in business profit or loss. The International Islamic Fiqh Academy's 1990 resolution on bonds holds that calling interest 'profit' or 'income' does not change the ruling; applying it to this fund is Liberandum's reading. A holder who earns interest fails this criterion.
- Spiko Euro: Spiko Amundi Overnight Swap Fund (fund page)
- Press release: Spiko and Amundi introduce SAFO, a new tokenized fund for global treasury and collateral management
- Resolutions and Recommendations of the International Islamic Fiqh Academy, Official Edition (October 2021), Resolution No. 60 (11/6): Bonds
Each token is a real, regulated fund share, but its economic substance is a bank-paid interest rate rather than exposure to the shares the fund holds.
Each EURSAFO is a share of an AMF-authorised UCITS fund (SPIKO SICAV, sub-fund SCV20260075), with CACEIS as depositary and PwC as auditor, so the claim is enforceable and backed by assets. The fund owns a basket of listed equities; Ledger Insights reported they are US shares provided by BNP Paribas. But the total return swap hands all gains and losses on those shares to the bank. What the holder really owns is a right to cash plus a rate paid by the bank.
Malaysia's SC Shariah Advisory Council recognises digital tokens as property (mal) but requires that the proceeds and the rights attached to a token be Shariah-compliant; on Liberandum's reading this token does not meet that test. The basket's full composition is not shown publicly, so it is unknown whether the shares themselves would pass Shariah screening. For these reasons this is caution, not pass.
- AMF agreement certificate: SPIKO SICAV and sub-fund SPIKO AMUNDI OVERNIGHT SWAP FUND (SCV20260075)
- Spiko Euro: Spiko Amundi Overnight Swap Fund (fund page)
- Amundi, Spiko launch tokenized overnight swap fund (Ledger Insights)
- Resolutions of the Shariah Advisory Council of the SC: Digital Assets from Shariah Perspective (233rd and 234th meetings)
EURSAFO is a cash-management token that grows slowly with a daily rate. It is not built for betting.
Maysir means gambling, or gains that depend on chance; ordinary price movement is not maysir. EURSAFO is designed as a cash equivalent: its price rises a little every day with the accrued rate and stays near its net asset value. Shares are issued and redeemed at that value through Spiko, and CoinGecko showed no exchange trading volume on 27 September 2026. The swap inside the fund is a derivative, but its role is to remove price risk, not to create a bet for the holder; it is assessed under interest and business model. The token is not used for speculation in any meaningful way.
The fund's income is the swap payment of €STR plus 0.39% from the bank: essentially all of it interest-linked, far above the 5% limit.
This criterion looks at how the issuer or fund earns. The fund's return comes from one source: the bank's daily payment of €STR + 0.39% under the total return swap. The equity basket earns nothing for the fund, because its gains are paid over to the bank. The management company and Amundi are paid through the 0.25% annual fee, which is taken from that interest-linked return. Spiko explains that banks pay above the risk-free rate because the swap lets them hold shares off their balance sheet and save regulatory capital.
Nearly all of the fund's income is therefore interest-linked, far above the 5% limit on clearly impermissible income. The conventional total return swap is also a derivative contract, exchanging a fixed-rate leg for share performance, which adds to the concern.
The fund is regulated, audited and has an on-chain NAV, but its collateral basket and full documents are hard to see, and the token contract gives the operator strong powers.
Gharar means excessive uncertainty or lack of transparency. Much is clear here: the fund is authorised by the AMF, its depositary is CACEIS, PwC audits it, Chainlink publishes the net asset value on-chain, and the return formula (€STR + 0.39%) is published. But the fund page did not show the assets under management or the full list of collateral shares in its static text on 27 September 2026, and the prospectus was not publicly reachable for this review.
The investor also depends on the swap bank: if it fails, the fund must sell the collateral, and Amundi's own disclaimer says the product is not capital guaranteed. In the token contract, privileged roles can mint, burn from any account, pause transfers and upgrade the code. That is normal for a regulated share register, but it is still a single operator's control.
Its main purpose is to earn an interest-linked return on idle cash, which is interest-based finance.
Amundi and Spiko describe SAFO as a cash-equivalent instrument for the treasury and collateral needs of corporates and financial institutions. Spiko markets it as a way to earn daily yield in euros from a systemically important bank. The use is therefore interest-based cash management, an impermissible main purpose. A smaller use is as collateral: on 27 September 2026 the Morpho lending protocol held about 461,000 EURSAFO on Ethereum, which adds interest-based lending on top. Fast settlement of fund shares is a real technical benefit, but it does not change what the token is for.
Shares can be bought outright and fully paid, but only by eligible investors through Spiko and in whitelisted wallets.
This criterion asks only whether the token can be owned in a normal, fully paid way. Subscriptions and redemptions go through Spiko at net asset value, from 1 euro, with overnight liquidity, and the shares are held outright. It does not exist only as a leveraged or derivative product. But access is limited: the fund is offered to eligible investors, Amundi's release addresses professional investors, RWA.xyz labels it for non-US investors, and the token contract only lets whitelisted addresses send or receive shares. There is no open spot market.
Because permissible ownership is available only through this limited route, this is caution.
A regulated cash tool with limited harm beyond the interest issue itself, which is scored under other criteria.
Maslahah means weighing public benefit against harm. The benefit is practical: businesses can hold euro cash in a regulated fund with fast, 24/7 settlement, and a depositary keeps investor money off Spiko's balance sheet. No evidence links EURSAFO to fraud, sanctions evasion or exploitation, and whitelisting limits misuse. The main Shariah problem, interest, is already counted under the interest, business model and usage criteria, so it is not counted again here. This is a low pass.
How you can use it
Tap a card for the ruling and sourcesSpot purchase is acceptable only for an asset rated HALAL or DOUBTFUL, and EURSAFO is rated HARAM because its return is interest. In practice there is no exchange market: shares are subscribed and redeemed at net asset value through Spiko.
Not available: no exchange-traded fund holds EURSAFO. EURSAFO is itself a fund, and its structure earns interest-linked income, so a fund holding it would fail the structure check.
EURSAFO is not a payment token: transfers are limited to whitelisted wallets, and Spiko says its service cannot be used as a payment method. Paying with an interest-bearing fund share would also carry its interest problem.
Not available: EURSAFO is not a proof-of-stake coin and involves no validation work. Its only return is the interest-linked yield built into the share price.
Always fail: borrowing to trade with leverage, without full delivery.
Always fail: futures, perpetuals and options are deferred exchanges without delivery, with leverage. The fund itself also relies on a total return swap.
Lending EURSAFO, or borrowing against it, for a return is interest. The Morpho lending protocol held about 461,000 EURSAFO on Ethereum on 27 September 2026.
Holding EURSAFO is itself a yield product: the fund receives €STR + 0.39% from the swap bank every day, which is interest.
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.
Where it trades
No exchanges from our coverage trade Spiko Amundi Overnight Swap Fund (EUR) yet
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