All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad is His slave and Messenger.
Smoking the hubble bubble (Sheeshah) is like smoking cigarettes, so it is not permissible. Both contain tobacco which contains many products that harm the person and causes many diseases, like cancer and the like. In addition to this, smoking the hubble bubble is a waste of money without any benefit.
For more benefit, please refer to Fataawa 81589 and 81345.
Allaah Knows best.