{ "_meta": { "dataset": "halal-verdicts-us", "name": "Halal Verdict Corpus: Stocks, Apps & Crypto (U.S.)", "description": "398+ published entity verdicts (356 stocks + crypto, ETFs, fintech apps, and financial practices) with AAOIFI screens, editorial analysis, cross-standard comparisons, scholar positions, and dated financial ratios.", "url": "https://www.halalwallet.ca/data/halal-verdicts-us", "downloadUrl": "https://www.halalwallet.ca/api/data/halal-verdicts-us.json", "publisher": { "@type": "Organization", "name": "HalalWallet", "url": "https://www.halalwallet.ca", "logo": "https://www.halalwallet.ca/mainlogo_1.png" }, "license": "CC BY 4.0", "licenseUrl": "https://creativecommons.org/licenses/by/4.0/", "datePublished": "2026-06-15", "dateModified": "2026-06-15", "temporalCoverage": "2026/..", "spatialCoverage": "United States", "citation": "HalalWallet. \"Halal Verdict Corpus: Stocks, Apps & Crypto (U.S.).\" 2026-06-15. https://www.halalwallet.ca/data/halal-verdicts-us", "changelog": [ { "date": "2026-06-15", "note": "Initial public release: full published halal_verdicts corpus with analysis and cross-standard data." } ], "generatedAt": "2026-06-15T21:35:03.203Z" }, "records": [ { "id": "verdict.abbott-laboratories-stock", "question": "Is Abbott Laboratories Stock Halal?", "entityName": "Abbott Laboratories", "verdict": "halal", "verdictLabel": "Halal", "answer": "Abbott Laboratories (ABT) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 22.2% of market cap and cash plus interest-bearing securities 4.7% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Abbott is a diversified healthcare company — medical devices (including its continuous glucose monitors), diagnostics, nutrition (Similac, Ensure), and branded generic pharmaceuticals. Crucially, none of those segments is conventional insurance, which is the activity that disqualifies a healthcare giant like UnitedHealth. Abbott's mix is permissible, and it passes the AAOIFI financial screens: interest-bearing debt around 22% of market cap, cash near 5%, and impermissible income about 0.5% of revenue.\n\nScreeners including Zoya and Musaffa rate Abbott compliant. Its debt ratio is a touch higher than the cleanest names in the sector, so the usual discipline applies — re-check quarterly since the ratio moves with the share price — but there is no business-activity concern. Purify the small share of dividends attributable to incidental interest income.", "analysisWordCount": 125, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/abbott-laboratories-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/abbott-laboratories-stock.md", "entityType": "stock", "ticker": "ABT", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Abbott Laboratories is a diversified healthcare company spanning medical devices, diagnostics, established (branded generic) pharmaceuticals, and nutrition products. These are permissible healthcare activities and do not include conventional insurance.", "detail": "Abbott passes the business-activity screen — its segments are medical devices, diagnostics, nutrition, and branded generic pharmaceuticals, none of which is conventional insurance or banking. Interest-bearing debt is about 22% of market cap, cash roughly 5%, and impermissible income about 0.5% of revenue — inside AAOIFI limits. Incidental interest income should be purified.", "impermissibleRevenuePct": 0.5 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 22.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 4.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.5, "thresholdPct": 5, "pass": true, "note": "Interest income $230.0M on $44.33B total revenue (Abbott Laboratories FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.5% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Zoya", "position": "Rates ABT Shariah-compliant under its AAOIFI-based methodology.", "url": "https://zoya.finance/stocks/abt", "note": null }, { "source": "Musaffa", "position": "Classifies ABT as HALAL under its AAOIFI-based screen.", "url": "https://musaffa.com/stock/ABT/", "note": null } ], "sources": [ { "label": "ABT latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Abbott%20Laboratories&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Abbott Laboratories 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ABT&type=10-K", "external": true }, { "label": "Zoya — ABT Shariah-compliant", "url": "https://zoya.finance/stocks/abt", "external": true }, { "label": "Musaffa — ABT HALAL", "url": "https://musaffa.com/stock/ABT/", "external": true } ], "faqs": [ { "question": "Is Abbott Laboratories (ABT) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Abbott Laboratories passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Abbott Laboratories pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 22.2% of market cap (limit < 30%); cash plus interest-bearing securities is 4.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Abbott Laboratories held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Abbott Laboratories?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 22.2, "cashPct": 4.7, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 22.2, "cashPct": 4.7, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 30.8, "cashPct": 6.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.abbvie-stock", "question": "Is AbbVie Stock Halal?", "entityName": "AbbVie Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "AbbVie Inc. (ABBV) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 18.1% of market cap and cash plus interest-bearing securities 2.3% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "AbbVie is a large research-based biopharmaceutical company best known for its immunology franchise — Skyrizi and Rinvoq, which succeeded the former mega-seller Humira — plus oncology, neuroscience, eye care, and the aesthetics business that includes Botox. Developing and selling prescription medicines is a permissible healthcare activity with no prohibited revenue lines, and Zoya classifies ABBV as Shariah-compliant.\n\nOn the financials, AbbVie took on significant debt for past acquisitions, but relative to its large market value the debt-to-market-cap ratio sits around 18% — under the 30% AAOIFI limit — and interest income is only about 0.4% of revenue. That keeps it inside both financial screens, with routine dividend purification for the small interest share.\n\nThe practical takeaway: ABBV clears the business screen and currently passes the financial ratios, though its debt load is worth monitoring more closely than a debt-light peer — a sharp drop in market cap could push the debt ratio toward the limit. Re-check after new filings and avoid leverage on the position.", "analysisWordCount": 165, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/abbvie-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/abbvie-stock.md", "entityType": "stock", "ticker": "ABBV", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "AbbVie is a research-based biopharmaceutical company. Its portfolio spans immunology (Skyrizi, Rinvoq, formerly Humira), oncology, neuroscience, eye care, and aesthetics (Botox). Revenue is from developing, manufacturing, and selling prescription medicines — a permissible healthcare activity.", "detail": "No alcohol, gambling, tobacco, or conventional-finance revenue is disclosed. Our screen shows debt-to-market-cap ~18% and interest income ~0.4% of revenue, both under AAOIFI thresholds. Modest dividend purification applies for the small interest component.", "impermissibleRevenuePct": 0.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 18.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.4, "thresholdPct": 5, "pass": true, "note": "Interest income $266.0M on $61.16B total revenue (AbbVie Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.4% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Zoya", "position": "Classifies ABBV as Shariah-compliant under its AAOIFI-based methodology.", "url": "https://zoya.finance/stocks/abbv", "note": null }, { "source": "Musaffa", "position": "Tracks ABBV under AAOIFI screening; classified compliant on recent reviews subject to quarterly ratio updates.", "url": "https://musaffa.com/stock/ABBV/", "note": null } ], "sources": [ { "label": "ABBV latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=AbbVie%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "AbbVie 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ABBV&type=10-K", "external": true }, { "label": "Zoya — ABBV Shariah compliance status", "url": "https://zoya.finance/stocks/abbv", "external": true } ], "faqs": [ { "question": "Is AbbVie Inc. (ABBV) stock halal?", "answer": "Yes, under our AAOIFI-based methodology AbbVie Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does AbbVie Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 18.1% of market cap (limit < 30%); cash plus interest-bearing securities is 2.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is AbbVie Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from AbbVie Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 18.1, "cashPct": 2.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 18.1, "cashPct": 2.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 53.4, "cashPct": 6.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.accenture-stock", "question": "Is Accenture Stock Halal?", "entityName": "Accenture plc", "verdict": "halal", "verdictLabel": "Halal", "answer": "Accenture plc (ACN) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-02-28) interest-bearing debt is 5.6% of market cap and cash plus interest-bearing securities 9.0% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Accenture plc is a global professional services firm that delivers a wide array of strategy, consulting, interactive, technology, and operations services worldwide. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-02-28: interest-bearing debt is 5.6% of market cap, cash plus interest-bearing securities 9.0%, and filing-verified impermissible income 0.5% (Interest income $336.3M on $69.67B total revenue (Accenture plc FY2025 (fiscal year ended 2025-08-31, Form 10-K)) = 0.5%…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 186, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/accenture-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/accenture-stock.md", "entityType": "stock", "ticker": "ACN", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-02-28", "businessScreen": { "pass": true, "activity": "Accenture plc is a global professional services firm that delivers a wide array of strategy, consulting, interactive, technology, and operations services worldwide. Its comprehensive offerings include application services such as agile transformation, DevOps implementation, application modernization, enterprise architecture, software and quality engineering, and data management. It also specializes in intelligent automation, incorporating robotic process automation, natural language processing, ", "detail": "Interest income $336.3M on $69.67B total revenue (Accenture plc FY2025 (fiscal year ended 2025-08-31, Form 10-K)) = 0.5% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.5 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 5.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.5, "thresholdPct": 5, "pass": true, "note": "Interest income $336.3M on $69.67B total revenue (Accenture plc FY2025 (fiscal year ended 2025-08-31, Form 10-K)) = 0.5% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/ACN/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Accenture plc (ACN) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 5.6% of market cap (limit 30%), cash plus interest-bearing securities 9% (limit 30%), impermissible income 0.5% of revenue (limit 5%) on 2026-02-28 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ACN latest quarterly filing (balance sheet 2026-02-28)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Accenture%20plc&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Accenture plc SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Accenture%20plc&type=10-K", "external": true }, { "label": "Zoya — ACN Shariah compliance", "url": "https://zoya.finance/stocks/acn", "external": true }, { "label": "Musaffa — ACN", "url": "https://musaffa.com/stock/ACN/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Accenture plc (ACN) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Accenture plc passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-02-28). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Accenture plc pass the AAOIFI financial ratio screen?", "answer": "As of 2026-02-28: interest-bearing debt is 5.6% of market cap (limit < 30%); cash plus interest-bearing securities is 9.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Accenture plc held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Accenture plc?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-02-28", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 5.6, "cashPct": 9, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 5.6, "cashPct": 9, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 8.8, "cashPct": 14, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.adobe-stock", "question": "Is Adobe Stock Halal?", "entityName": "Adobe Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Adobe Inc. (ADBE) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-02-27) interest-bearing debt is 7.0% of market cap and cash plus interest-bearing securities 7.7% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETFs SPUS and HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Adobe is one of the more straightforward large-cap names for halal investors. Its business is almost entirely subscription software — Creative Cloud (Photoshop, Illustrator, Premiere), Document Cloud (Acrobat/PDF), and enterprise marketing tools in its Digital Experience segment. None of these activities fall under prohibited categories, and the company is held by both major U.S. Shariah-screened ETFs: SPUS (S&P Shariah methodology) and HLAL (FTSE Shariah methodology), which independently confirms it passes professional business and financial screens.\n\nOn the financial side, Adobe carries modest debt relative to its market value and holds a corporate cash position that earns incidental interest income. That interest is not a core business line and is not separately material in the income statement, but investors following standard purification practice should donate the proportional share of any dividends or returns attributable to it. Our dated AAOIFI ratio screen on this page shows the specific debt and cash figures from the latest filing.\n\nThe practical takeaway: the open question for Adobe is not the business screen but staying current on the financial ratios, which can move with the share price. Check the data-as-of date above, and treat the small impermissible-income sliver with routine purification rather than avoidance.", "analysisWordCount": 198, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/adobe-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/adobe-stock.md", "entityType": "stock", "ticker": "ADBE", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-02-27", "businessScreen": { "pass": true, "activity": "Adobe Inc. is a software company whose revenue comes from three reportable segments per its 10-K: Digital Media (Creative Cloud design/creativity subscriptions and Document Cloud/Acrobat), Digital Experience (marketing, analytics, and commerce software for enterprises), and a small Publishing and Advertising segment. Revenue is overwhelmingly subscription-based software.", "detail": "Core software subscriptions raise no business-screen issues. Two minor review points: (1) interest income earned on Adobe's corporate cash, which is incidental and not separately material in the income statement — purification of the proportional amount is the standard treatment; (2) Adobe's advertising/experience tools serve general advertisers, which mainstream screens treat as a neutral B2B service rather than impermissible content production. No alcohol, gambling, interest-based lending, or other prohibited core lines are disclosed in the 10-K.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 7.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.5, "thresholdPct": 5, "pass": true, "note": "Interest and other income (primarily investment income on cash) ≈ $0.36B on $23.77B revenue (Adobe FY2025 Form 10-K, fiscal year ended 2025-11-28) ≈ 1.5% — under 5%." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-11 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund.", "url": "https://capedge.com/fund/S000065986/wahed-ftse-usa-shariah-etf", "note": null }, { "source": "Zoya Finance blog (SPUS vs HLAL comparison, 2026)", "position": "Adobe appears among the top-10 holdings of both SPUS and HLAL, indicating it passes both the S&P Shariah and FTSE Shariah screening methodologies.", "url": "https://blog.zoya.finance/spus-vs-hlal/", "note": null } ], "sources": [ { "label": "ADBE latest quarterly filing (balance sheet 2026-02-27)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Adobe%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "SPUS official holdings (SP Funds) — Adobe held as of 2026-06-11", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL (Wahed FTSE USA Shariah ETF) holdings — Adobe held", "url": "https://capedge.com/fund/S000065986/wahed-ftse-usa-shariah-etf", "external": true }, { "label": "Zoya: SPUS vs HLAL holdings comparison (2026)", "url": "https://blog.zoya.finance/spus-vs-hlal/", "external": true }, { "label": "Adobe Inc. 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000796343&type=10-K", "external": true } ], "faqs": [ { "question": "Is Adobe Inc. (ADBE) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Adobe Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-02-27). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Adobe Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-02-27: interest-bearing debt is 7.0% of market cap (limit < 30%); cash plus interest-bearing securities is 7.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Adobe Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Adobe Inc. is held by SPUS and HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Adobe Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-05-29", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 7, "cashPct": 7.7, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 7, "cashPct": 7.7, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 22.2, "cashPct": 18.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.advanced-micro-devices-stock", "question": "Is Advanced Micro Devices Stock Halal?", "entityName": "Advanced Micro Devices, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Advanced Micro Devices, Inc. (AMD) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-28) interest-bearing debt is 0.5% of market cap and cash plus interest-bearing securities 1.6% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETFs SPUS and HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "AMD is a semiconductor designer competing with Intel in CPUs and NVIDIA in GPUs, with reportable segments spanning Data Center, Client, Gaming and Embedded. As a business-screen matter AMD is straightforward: it designs and sells chips. The only segment that draws Shariah discussion is Gaming, which includes Radeon graphics cards and the semi-custom processors inside Sony and Microsoft game consoles. Because AMD sells hardware components rather than publishing game content, mainstream screening methodologies treat this as permissible manufacturing revenue; a minority of stricter views discount gaming-linked hardware, which is worth knowing if you follow a particularly conservative scholar.\n\nAs of June 11, 2026, the documented signals are uniformly positive: AMD is held by both SPUS (S&P Shariah screen) and HLAL (FTSE Shariah screen), and both Zoya and Musaffa publicly rate it compliant/halal under AAOIFI-based methodologies. Passing all four independent screens simultaneously is the strongest available third-party indication of current compliance.\n\nFinancially, AMD carries low debt relative to its market value (its balance sheet carries significant goodwill and intangibles from the Xilinx acquisition rather than heavy borrowings) and earns some interest income on its cash, which compliant investors would purify in a small proportion. The practical posture for a Muslim investor is to verify status at each quarterly screening refresh, as with any stock, but AMD currently presents one of the less complicated compliance profiles among large-cap semiconductors.", "analysisWordCount": 227, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/advanced-micro-devices-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/advanced-micro-devices-stock.md", "entityType": "stock", "ticker": "AMD", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-28", "businessScreen": { "pass": true, "activity": "Advanced Micro Devices designs high-performance CPUs, GPUs and adaptive SoCs. Its 10-K reports four segments: Data Center (EPYC server CPUs and Instinct AI accelerators), Client (Ryzen PC processors), Gaming (Radeon GPUs and semi-custom SoCs for game consoles), and Embedded (largely products from the Xilinx acquisition).", "detail": "AMD's revenue is hardware design and sales, broadly permissible. The Gaming segment - Radeon graphics cards and semi-custom chips that power PlayStation and Xbox consoles - is the line some stricter screeners examine, but it is disclosed as hardware sales, not game content publishing, and most methodologies treat it as permissible. AMD earns interest income on cash and investments (incidental). No advertising, lending, insurance or entertainment-content revenue lines exist in AMD's filings.", "impermissibleRevenuePct": 0.6 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.6, "thresholdPct": 5, "pass": true, "note": "Interest income $215.0M on $34.64B total revenue (Advanced Micro Devices, Inc. FY2025 (fiscal year ended 2025-12-27, Form 10-K)) = 0.6% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-11 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund.", "url": "https://funds.wahedinvest.com/", "note": null }, { "source": "Zoya", "position": "Zoya's public stock page rates AMD Shariah-compliant under its AAOIFI-based screen (checked 2026-06-11).", "url": "https://zoya.finance/stocks/amd", "note": null }, { "source": "Musaffa", "position": "Musaffa's public stock page classifies AMD as HALAL under its AAOIFI-based methodology, as of May 2026.", "url": "https://musaffa.com/stock/AMD/", "note": null } ], "sources": [ { "label": "AMD latest quarterly filing (balance sheet 2026-03-28)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Advanced%20Micro%20Devices%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "AMD 10-K filings - SEC EDGAR (CIK 0000002488)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000002488&type=10-K", "external": true }, { "label": "SPUS holdings (sp-funds.com, table dated 06/11/2026)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL fund page with official Holdings link (funds.wahedinvest.com)", "url": "https://funds.wahedinvest.com/", "external": true }, { "label": "Zoya public compliance page for AMD", "url": "https://zoya.finance/stocks/amd", "external": true }, { "label": "Musaffa public compliance page for AMD", "url": "https://musaffa.com/stock/AMD/", "external": true } ], "faqs": [ { "question": "Is Advanced Micro Devices, Inc. (AMD) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Advanced Micro Devices, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-28). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Advanced Micro Devices, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-28: interest-bearing debt is 0.5% of market cap (limit < 30%); cash plus interest-bearing securities is 1.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Advanced Micro Devices, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Advanced Micro Devices, Inc. is held by SPUS and HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Advanced Micro Devices, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-28", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.5, "cashPct": 1.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.5, "cashPct": 1.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 4, "cashPct": 15.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.affirm", "question": "Is Affirm Halal?", "entityName": "Affirm", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Affirm's plans range from 0% promotional installments to interest-bearing loans at up to ~36% APR. Interest-bearing Affirm plans are riba and impermissible. Genuine 0% plans are debated: permissible as deferred-payment sales per the permissive view, cautioned against by stricter scholars. Affirm notably does not charge late fees, which removes one common objection.", "analysis": "Affirm is more transparent than most BNPL providers about what each plan costs — and that transparency makes the Shariah analysis cleaner. Affirm plans range from genuine 0% promotional installments to loans charging up to roughly 36% APR, and the APR is shown at checkout. Any plan with an APR above zero is an interest-bearing loan: riba, impermissible, full stop. No scholarly position permits it.\n\nThe 0% plans occupy the same contested ground as all interest-free BNPL. The permissive view treats them as deferred-payment sales (bay' bi-thaman ajil) at no premium, which classical fiqh allows. One point in Affirm's favor relative to competitors: it does not charge late fees, which removes the strongest objection scholars raise against 0% plans elsewhere. The remaining concerns are structural — whether the merchant-funded discount embeds a financing cost, and whether normalizing installment debt is consistent with Islamic financial ethics.\n\nThe workable rule: confirm the APR displayed at checkout is exactly 0% before confirming, use it only for planned purchases you could pay cash for, and never accept an interest-bearing plan because the monthly payment looks small.", "analysisWordCount": 182, "conditions": "Only 0%-APR plans, confirmed to remain 0% in every scenario. Any Affirm plan quoting an APR above zero is an interest-bearing loan and impermissible.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/affirm", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/affirm.md", "entityType": "fintech_product", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "U.S. BNPL lender (also in Canada via PayBright acquisition): point-of-sale installment loans, both 0% promotional and interest-bearing.", "detail": "A substantial share of Affirm's loan book is interest-bearing — that portion is straightforwardly impermissible to use. 0% plans depend on merchant subsidy. Verify current terms; Affirm advertises no late fees.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Permissive contemporary position", "position": "0% installments at the cash price constitute a permissible deferred-payment sale.", "url": null, "note": null }, { "source": "Cautionary contemporary position", "position": "Signing with a lender whose core business is interest, and the debt-normalizing nature of BNPL, make avoidance preferable even at 0%.", "url": null, "note": null } ], "sources": [ { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Halal Stock Screeners Compared", "url": "/investing/stock-screeners", "external": false }, { "label": "SPUS vs HLAL — Halal ETF Comparison", "url": "/spus-vs-hlal", "external": false } ], "faqs": [ { "question": "Are Affirm 0% APR plans halal?", "answer": "Scholars who permit them treat the plan as a deferred-payment sale at the same price. Affirm charges no late fees, which removes the most common riba objection to BNPL. Stricter scholars still advise avoiding BNPL products from interest-based lenders." }, { "question": "Is Affirm with interest halal?", "answer": "No. Any plan with a non-zero APR is an interest-bearing loan (riba) and impermissible." } ] }, { "id": "verdict.affirm-holdings-stock", "question": "Is Affirm Stock Halal?", "entityName": "Affirm Holdings, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Affirm Holdings, Inc. (AFRM) does not pass Shariah screening: interest-bearing debt / market cap is 40.1% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Affirm Holdings, Inc. provides a digital and mobile-first commerce platform that operates across the United States and Canada. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 40.1% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 169, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/affirm-holdings-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/affirm-holdings-stock.md", "entityType": "stock", "ticker": "AFRM", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Affirm Holdings, Inc. provides a digital and mobile-first commerce platform that operates across the United States and Canada. This platform offers consumers a point-of-sale financing solution, delivers various tools for merchants, and includes a dedicated mobile application for users. Leveraging its payment network and partnerships with originating banks, the company enables customers to spread the cost of their purchases over time, with payment terms ranging from a single month up to forty-eig", "detail": "Not determinative — fails the debt ratio (40.1% of market cap). BNPL/lending model.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 40.1, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 13.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": true, "note": "Not determinative — fails the debt ratio (40.1% of market cap). BNPL/lending model." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/AFRM/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Affirm Holdings, Inc. (AFRM) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 40.1% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "AFRM latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Affirm%20Holdings%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Affirm Holdings, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Affirm%20Holdings%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — AFRM Shariah compliance", "url": "https://zoya.finance/stocks/afrm", "external": true }, { "label": "Musaffa — AFRM", "url": "https://musaffa.com/stock/AFRM/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Affirm Holdings, Inc. (AFRM) stock halal?", "answer": "No. Affirm Holdings, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Affirm Holdings, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 40.1% of market cap (limit < 30%); cash plus interest-bearing securities is 13.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Affirm Holdings, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 40.1, "cashPct": 13.4, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 40.1, "cashPct": 13.4, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 67.6, "cashPct": 22.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.afterpay", "question": "Is Afterpay Halal?", "entityName": "Afterpay", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Afterpay's core Pay-in-4 product charges the consumer 0% interest, which many scholars treat as a permissible deferred-payment arrangement. The condition is its late fees: capped, but payable to the lender — stricter scholars treat penalty fees retained by a lender as riba. Pay on time and the structure stays within the permissive ruling.", "analysis": "Afterpay's consumer product is structurally the most uniform of the major BNPL providers: Pay-in-4 at 0% interest, with revenue earned from merchant fees rather than consumer interest. Under the permissive contemporary view, this is a deferred-payment sale at no premium — permissible, since the buyer pays exactly the cash price split over installments.\n\nThe complication is late fees. Afterpay charges them, and a fee triggered by delayed payment on a debt is precisely the mechanism classical fiqh prohibits as riba al-jahiliyyah (\"pay or increase\"). Scholars who tolerate the product do so on the basis that the diligent user never incurs the fee; stricter scholars consider a contract containing a penalty-for-delay clause defective regardless of whether the penalty fires. Both positions are genuinely held, which is why our verdict is conditional rather than clean.\n\nIf you follow the permissive view: automate every installment, never carry more than one plan at a time, and stop using the service entirely if you are ever charged a late fee — at that point the structure has produced exactly the outcome the prohibition exists to prevent.", "analysisWordCount": 181, "conditions": "Pay every installment on time. If a late fee is charged, dispose of the benefit question by avoiding repeat use; scholars who treat lender-retained late fees as riba advise against the product entirely.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/afterpay", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/afterpay.md", "entityType": "fintech_product", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "BNPL provider (owned by Block, Inc.): Pay-in-4 interest-free installments funded by merchant fees, with capped late fees.", "detail": "Consumer-side 0% in the standard product; revenue is primarily merchant fees plus late fees. The late-fee component is the Shariah pressure point. Verify current late-fee caps before publishing.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Permissive contemporary position", "position": "0% Pay-in-4 functions as a deferred-payment sale at the cash price and is permissible when paid on time.", "url": null, "note": null }, { "source": "Cautionary contemporary position", "position": "Late fees retained by the lender resemble riba penalties; avoidance is preferable.", "url": null, "note": null } ], "sources": [ { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Halal Stock Screeners Compared", "url": "/investing/stock-screeners", "external": false }, { "label": "SPUS vs HLAL — Halal ETF Comparison", "url": "/spus-vs-hlal", "external": false } ], "faqs": [ { "question": "Does Afterpay charge interest?", "answer": "No interest on the standard Pay-in-4 product, but capped late fees apply to missed payments — and lender-retained late fees are the main Shariah concern with the product." }, { "question": "Is Afterpay halal if I always pay on time and never trigger a late fee?", "answer": "On the permissive view, yes — a 0% Pay-in-4 plan paid on schedule is a deferred-payment sale at the cash price with no riba. The caution is structural: the lender's revenue relies on late fees that resemble riba penalties, so scholars advise treating it as an occasional backstop, never a habit, and never starting a plan you might miss." } ] }, { "id": "verdict.agnico-eagle-mines-limited-stock", "question": "Is Agnico Eagle Mines Stock Halal?", "entityName": "Agnico Eagle Mines Limited", "verdict": "halal", "verdictLabel": "Halal", "answer": "Agnico Eagle Mines Limited (AEM.TO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 0.2% of market cap and cash plus interest-bearing securities 3.8% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Agnico Eagle Mines Limited, a mining company headquartered in Toronto, Canada, since its incorporation in 1953, specializes in the discovery, development, and extraction of mineral resources. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 0.2% of market cap, cash plus interest-bearing securities 3.8%, and filing-verified impermissible income 0.5% (Interest income $59.2M on $12.12B total revenue (Agnico Eagle Mines Limited FY2025 (fiscal year ended 2025-12-31, annual…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 188, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/agnico-eagle-mines-limited-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/agnico-eagle-mines-limited-stock.md", "entityType": "stock", "ticker": "AEM.TO", "exchange": "TSX", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Agnico Eagle Mines Limited, a mining company headquartered in Toronto, Canada, since its incorporation in 1953, specializes in the discovery, development, and extraction of mineral resources. The firm conducts operations across Canada, Mexico, and Finland, organized into its Northern and Southern Business segments. While primarily focused on producing and selling gold, the company also actively explores for deposits of silver, zinc, and copper. Its most significant asset is the LaRonde mine, loc", "detail": "Interest income $59.2M on $12.12B total revenue (Agnico Eagle Mines Limited FY2025 (fiscal year ended 2025-12-31, annual report (SEDAR+))) = 0.5% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.5 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.5, "thresholdPct": 5, "pass": true, "note": "Interest income $59.2M on $12.12B total revenue (Agnico Eagle Mines Limited FY2025 (fiscal year ended 2025-12-31, annual report (SEDAR+))) = 0.5% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/AEM.TO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Agnico Eagle Mines Limited (AEM.TO) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 0.2% of market cap (limit 30%), cash plus interest-bearing securities 3.8% (limit 30%), impermissible income 0.5% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "AEM.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Agnico Eagle Mines Limited SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Agnico%20Eagle%20Mines%20Limited&type=10-K", "external": true }, { "label": "Musaffa — AEM.TO", "url": "https://musaffa.com/stock/AEM.TO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Agnico Eagle Mines Limited (AEM.TO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Agnico Eagle Mines Limited passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Agnico Eagle Mines Limited pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 0.2% of market cap (limit < 30%); cash plus interest-bearing securities is 3.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Agnico Eagle Mines Limited held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Agnico Eagle Mines Limited?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.2, "cashPct": 3.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.2, "cashPct": 3.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 0.6, "cashPct": 8.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.air-products-and-chemicals-stock", "question": "Is Air Products and Chemicals Stock Halal?", "entityName": "Air Products and Chemicals, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Air Products and Chemicals, Inc. (APD) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 28.3% of market cap and cash plus interest-bearing securities 1.5% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Operating globally, Air Products and Chemicals, Inc. (APD) is a prominent supplier of industrial gases, specialized equipment, and associated services. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 28.3% of market cap, cash plus interest-bearing securities 1.5%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Air Products and Chemicals, Inc. FY2025 (fiscal year ended…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 183, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/air-products-and-chemicals-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/air-products-and-chemicals-stock.md", "entityType": "stock", "ticker": "APD", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Operating globally, Air Products and Chemicals, Inc. (APD) is a prominent supplier of industrial gases, specialized equipment, and associated services. The company's diverse product range includes atmospheric gases such as oxygen, nitrogen, and argon, as well as various process gases like hydrogen, helium, carbon dioxide, carbon monoxide, and syngas. They also provide a selection of specialty gases. APD is involved in the fabrication of crucial machinery for gas production and handling, includin", "detail": "Interest income not separately material in the annual filing (Air Products and Chemicals, Inc. FY2025 (fiscal year ended 2025-09-30, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 28.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Air Products and Chemicals, Inc. FY2025 (fiscal year ended 2025-09-30, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/APD/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Air Products and Chemicals, Inc. (APD) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 28.3% of market cap (limit 30%), cash plus interest-bearing securities 1.5% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "APD latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Air%20Products%20and%20Chemicals%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Air Products and Chemicals, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Air%20Products%20and%20Chemicals%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — APD Shariah compliance", "url": "https://zoya.finance/stocks/apd", "external": true }, { "label": "Musaffa — APD", "url": "https://musaffa.com/stock/APD/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Air Products and Chemicals, Inc. (APD) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Air Products and Chemicals, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Air Products and Chemicals, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 28.3% of market cap (limit < 30%); cash plus interest-bearing securities is 1.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Air Products and Chemicals, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Air Products and Chemicals, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 28.3, "cashPct": 1.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 28.3, "cashPct": 1.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 42.6, "cashPct": 2.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.airbnb-stock", "question": "Is Airbnb Stock Halal?", "entityName": "Airbnb, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Airbnb, Inc. (ABNB) does not pass Shariah screening: impermissible income / total revenue is 5.8% against the < 5% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Airbnb operates a lodging marketplace and earns service fees when hosts and guests transact, with fiscal 2025 revenue of $12.2 billion. Matching travelers with accommodations for a fee is permissible in form, so on the surface Airbnb looks cleaner than a content or alcohol business. The complications are in the financial details and in the newer parts of the platform.\n\nThe most important Shariah-relevant fact is interest income. Airbnb collects guest payments before stays occur and holds large balances, about $7.0 billion of funds held on behalf of guests within roughly $17.9 billion of liquid assets, and it earned $705 million of interest on those balances in 2025. That interest equaled around 22.5% of the company's pretax income and roughly 6% of total revenue, which is a meaningful interest-linked share rather than a trivial one, and it is precisely the kind of figure that AAOIFI-style screens scrutinize and that an investor would purify. Separately, the Airbnb Experiences business it relaunched in May 2025 can include activities tied to alcohol or nightlife, though Airbnb does not break out that revenue.\n\nAirbnb is in the S&P 500 but is held by neither SPUS (as of June 11, 2026) nor HLAL (as of February 28, 2026). The size of the interest income is a plausible reason a financial-ratio screen would exclude it, but neither fund publishes a stock-level explanation, so the cause cannot be stated with certainty. For a Muslim investor, Airbnb currently sits outside both major US Shariah funds, and the documented interest income is the central issue to weigh; a live screener should be consulted before relying on any verdict.", "analysisWordCount": 269, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/airbnb-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/airbnb-stock.md", "entityType": "stock", "ticker": "ABNB", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Airbnb, Inc. operates a global marketplace connecting hosts and guests for stays, and increasingly for experiences and services, earning service fees on bookings. Per its fiscal 2025 results (year ended December 31, 2025; reported February 12, 2026), total revenue was $12,241 million, up 10% year over year. Airbnb relaunched Airbnb Experiences and added Airbnb Services in May 2025.", "detail": "Airbnb's core marketplace fee model is permissible in form, but two items are Shariah-relevant and documented in its financials. (1) Interest income: Airbnb earned $705 million of interest income in fiscal 2025 (down from $818M in 2024), primarily on its liquid assets including approximately $7.0 billion of funds held on behalf of guests collected before check-in; this interest income equaled roughly 22.5% of pretax income ($3,137M) and about 5.8% of total revenue, a material interest-linked figure that screeners weigh heavily against AAOIFI tolerance. (2) Experiences/Services: the relaunched Airbnb Experiences can include activities that may involve impermissible elements (for example experiences centered on alcohol or nightlife); Airbnb does not separately disclose Experiences or Services revenue, so the share is not quantifiable. Airbnb is an S&P 500 constituent but is absent from SPUS (2026-06-11) and HLAL (2026-02-28); the substantial interest income is a plausible cause, but the funds do not publish per-stock reasons.", "impermissibleRevenuePct": 5.8 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 3.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 15.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 5.8, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "ABNB latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Airbnb%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Airbnb Q4/Full-Year 2025 shareholder letter (SEC EDGAR, 8-K exhibit 99.1)", "url": "https://www.sec.gov/Archives/edgar/data/1559720/000119312526048670/d58192dex991.htm", "external": true }, { "label": "Airbnb full-year 2025 results announcement (company IR)", "url": "https://investors.airbnb.com/press-releases/news-details/2026/Airbnb-Announces-Fourth-Quarter-and-Full-Year-2025-Results/default.aspx", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Airbnb, Inc. (ABNB) stock halal?", "answer": "No. Airbnb, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Airbnb, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 3.3% of market cap (limit < 30%); cash plus interest-bearing securities is 15.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Airbnb, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Airbnb, Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 3.3, "cashPct": 15.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 3.3, "cashPct": 15.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 9.4, "cashPct": 45, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.alibaba-group-holding-limited-stock", "question": "Is Alibaba Stock Halal?", "entityName": "Alibaba Group Holding Limited", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Alibaba Group Holding Limited (BABA) does not pass Shariah screening: impermissible income / total revenue is 8.5% against the < 5% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Alibaba is a genuinely complicated name for Shariah investors because the concerns are spread across several areas rather than concentrated in one revenue line. The operating core, e-commerce marketplaces (Taobao and Tmall), international commerce, and a fast-growing cloud and AI business, is largely permissible in form, and the company's FY2026 revenue of about US$148 billion is dominated by those activities.\n\nThe complications are real. First, the income statement reports about US$12.7 billion of net interest and investment income, roughly 8.5% of revenue; even allowing that this 'net' figure blends true interest with investment gains, it is large enough to strain the roughly 5% tolerance that AAOIFI-style screens apply to impermissible income. Second, Alibaba owns roughly a third of Ant Group, the fintech behind Alipay and a major consumer-lending operation, so part of Alibaba's equity-method earnings flows from an interest-and-credit business. Third, its Taobao and Tmall marketplaces facilitate third-party sales of impermissible categories such as alcohol, though the fee revenue tied to those goods is not separately disclosed. Fourth, the company sits on tens of billions in cash and investments and also carries significant interest-bearing debt, both of which feed into financial-ratio screens.\n\nAlibaba is not in SPUS or HLAL, but that is a universe matter, both funds hold only US companies and Alibaba is Chinese, so it is not evidence of a screen failure. Given the interest-and-investment income, the Ant Group stake, and the marketplace product mix, a Muslim investor should rely on a current stock-level screener (and may find disagreement among them), and should be prepared for meaningful purification if invested. No fatwa is offered here; this is a description of the factors a screen would weigh.", "analysisWordCount": 278, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/alibaba-group-holding-limited-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/alibaba-group-holding-limited-stock.md", "entityType": "stock", "ticker": "BABA", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Alibaba Group Holding Limited (NYSE ADR: BABA; one ADS equals eight ordinary shares) is a Chinese technology and commerce group. Per its FY2026 20-F (fiscal year ended March 31, 2026), revenue was RMB 1,023,670 million (about US$148,401 million). Segment revenue (before inter-segment elimination) was: Alibaba China E-commerce Group RMB 554,217 million, Cloud Intelligence Group RMB 158,132 million, Alibaba International Digital Commerce Group RMB 144,170 million, and All others RMB 254,367 million. Net income was RMB 102,127 million (about US$14,805 million).", "detail": "Several distinct Shariah concerns apply. (1) Interest/investment income: the FY2026 income statement reports 'interest and investment income, net' of RMB 87,512 million (about US$12,687 million), roughly 8.5% of revenue, well above the approximately 5% AAOIFI tolerance, though this 'net' line blends interest with mark-to-market gains on a very large investment portfolio. (2) Ant Group affiliation: Alibaba holds an approximately one-third equity interest in Ant Group, the operator of Alipay and a major consumer-lending/credit business, so a meaningful share of Alibaba's equity-method income derives from a financial-services affiliate (FY2026 share of results of equity-method investees was RMB 2,785 million). (3) Marketplace product mix: Alibaba's Taobao and Tmall platforms facilitate third-party sales of categories that include alcohol, an impermissible product, though the platform-fee revenue attributable to such sales is not separately disclosed (null). (4) Cash/investment scale: the balance sheet shows very large liquid and investment assets (cash US$19,068 million, short-term investments US$22,515 million, plus tens of billions in equity securities and equity-method investees) and substantial interest-bearing debt (bank borrowings, unsecured senior notes US$17,032 million, convertible senior notes US$8,098 million, exchangeable bonds US$1,591 million), both of which weigh on financial-ratio screens.", "impermissibleRevenuePct": 8.5 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 14.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 19.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 8.5, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "BABA latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Alibaba%20Group%20Holding%20Limited&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Alibaba FY2026 20-F consolidated income statements (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/1577552/000119312526231755/R2.htm", "external": true }, { "label": "Alibaba FY2026 20-F segment information (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/1577552/000119312526231755/R40.htm", "external": true }, { "label": "Alibaba FY2026 20-F consolidated balance sheets (cash, investments, debt) (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/1577552/000119312526231755/R5.htm", "external": true }, { "label": "Alibaba FY2026 20-F (SEC EDGAR primary document)", "url": "https://www.sec.gov/Archives/edgar/data/1577552/000119312526231755/baba-20260331.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Alibaba Group Holding Limited (BABA) stock halal?", "answer": "No. Alibaba Group Holding Limited fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Alibaba Group Holding Limited pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 14.3% of market cap (limit < 30%); cash plus interest-bearing securities is 19.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Alibaba Group Holding Limited held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Alibaba Group Holding Limited is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 14.3, "cashPct": 19.7, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 14.3, "cashPct": 19.7, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 13.6, "cashPct": 18.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.align-technology-stock", "question": "Is Align Technology Stock Halal?", "entityName": "Align Technology, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Align Technology, Inc. (ALGN) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 0.9% of market cap and cash plus interest-bearing securities 8.5% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Align Technology, Inc. is a medical technology enterprise that develops, produces, and markets its leading products: Invisalign transparent dental aligners and iTero digital intraoral scanners, along with related services. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 0.9% of market cap, cash plus interest-bearing securities 8.5%, and filing-verified impermissible income 0.4% (Interest income $16.0M on $4.03B total revenue (Align Technology, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K))…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 191, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/align-technology-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/align-technology-stock.md", "entityType": "stock", "ticker": "ALGN", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Align Technology, Inc. is a medical technology enterprise that develops, produces, and markets its leading products: Invisalign transparent dental aligners and iTero digital intraoral scanners, along with related services. These offerings serve a wide range of dental professionals, including orthodontists, general dentists, and those specializing in restorative and cosmetic dentistry. The company's operations are divided into two main business units: \"Clear Aligner\" and \"Scanners and Services.\" ", "detail": "Interest income $16.0M on $4.03B total revenue (Align Technology, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.4% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 8.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.4, "thresholdPct": 5, "pass": true, "note": "Interest income $16.0M on $4.03B total revenue (Align Technology, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.4% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/ALGN/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Align Technology, Inc. (ALGN) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 0.9% of market cap (limit 30%), cash plus interest-bearing securities 8.5% (limit 30%), impermissible income 0.4% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ALGN latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Align%20Technology%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Align Technology, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Align%20Technology%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ALGN Shariah compliance", "url": "https://zoya.finance/stocks/algn", "external": true }, { "label": "Musaffa — ALGN", "url": "https://musaffa.com/stock/ALGN/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Align Technology, Inc. (ALGN) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Align Technology, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Align Technology, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 0.9% of market cap (limit < 30%); cash plus interest-bearing securities is 8.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Align Technology, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Align Technology, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.9, "cashPct": 8.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.9, "cashPct": 8.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 1.8, "cashPct": 16.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.alimentation-couche-tard-stock", "question": "Is Alimentation Couche-Tard Stock Halal?", "entityName": "Alimentation Couche-Tard Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Alimentation Couche-Tard Inc. (ATD.TO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-01-31) interest-bearing debt is 19.5% of market cap and cash plus interest-bearing securities 2.8% — both inside the 30% AAOIFI thresholds. It is not held by Shariah-screened ETFs WSHR. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Alimentation Couche-Tard is the most instructive business-screen case in Canadian large caps. The company may pass financial-ratio screens in a given period, but the harder question is what its stores actually sell. Couche-Tard's own fiscal 2025 Annual Information Form answers this directly: nicotine products generated $6.7 billion, or 39.3 percent of its merchandise and service revenue, and beer, wine, and liquor added another 12.1 percent. Its service revenue also includes commissions on lottery ticket sales. Tobacco, alcohol, and lottery are not incidental at Circle K; by the company's own disclosure they are core to the in-store business.\n\nThe counterargument an investor might raise is that fuel, not merchandise, dominates Couche-Tard's total revenue, so these categories shrink as a share of the whole company. That framing matters under threshold-based methodologies, but the major public screeners have not been persuaded: both Zoya and Musaffa classify Couche-Tard as not Shariah-compliant, and the stock is absent from Wealthsimple's Shariah ETF holdings. When the company itself reports that its single largest merchandise category is nicotine, the business-activity concern is difficult to wave away as incidental.\n\nFor a Canadian Muslim investor, the honest summary is this: Couche-Tard is a well-run retailer whose growth story is real, but a substantial part of its in-store economics rests on selling products that Islamic screening exists to exclude. Investors who weight the business screen seriously will likely pass on the stock regardless of how the ratios look in any given quarter.", "analysisWordCount": 241, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/alimentation-couche-tard-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/alimentation-couche-tard-stock.md", "entityType": "stock", "ticker": "ATD.TO", "exchange": "TSX", "lastReviewed": "2026-06-15", "dataAsOf": "2026-01-31", "businessScreen": { "pass": true, "activity": "Alimentation Couche-Tard operates approximately 14,500 convenience stores across North America, Europe, and Asia, mainly under the Circle K and Couche-Tard banners, plus a licensed network of roughly 2,500 additional Circle K stores in other countries. Revenue comes from road transportation fuel, merchandise and services (in-store retail), and other sources; per its fiscal 2025 consolidated financial statements, income is generated primarily from the sale of cigarette and other nicotine products, beverages, beer, wine, fresh food, candy, snacks, grocery items, car wash and other services, in addition to fuel.", "detail": "Couche-Tard's fiscal 2025 Annual Information Form discloses the merchandise and service revenue mix: nicotine products were $6,728.3 million, or 39.3% of total merchandise and service revenue of $17,108.3 million (FY2025); beer/wine/liquor was $2,065.3 million (12.1%); beverages 17.6%; food service 12.0%; other 19.0%. Service revenue also includes commissions on lottery ticket sales. Note these percentages are of merchandise and service revenue, not total company revenue, which is dominated by fuel; nonetheless nicotine plus alcohol plus lottery represent a structurally significant share of the in-store business that the company itself reports. Both Zoya and Musaffa classify the stock as not Shariah-compliant.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 19.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest income $151.9M on $72.86B total revenue (Alimentation Couche-Tard Inc. FY2025 (fiscal year ended 2025-04-30, annual report (SEDAR+))) = 0.2% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Wealthsimple Shariah World Equity Index ETF (WSHR)", "position": "Not held in WSHR as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "note": null }, { "url": null, "note": null }, { "url": null, "note": null }, { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Verify current SPUS schedule before citing as held (reference SOI 2026-02-28).", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Verify current HLAL holdings before citing as held (reference 2026-06-05).", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null } ], "sources": [ { "label": "ATD.TO latest filings on SEDAR+ (balance sheet 2026-01-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Couche-Tard 2025 Annual Information Form (merchandise category mix, p. category table)", "url": "https://filecache.investorroom.com/mr5ircnw_alimentationcouchetard/1226/download/2025%20AIF%20-%20EN%20%28April%2027%2C%202025%29%20%28Re-Filed%29.pdf", "external": true }, { "label": "Couche-Tard 2025 Annual Consolidated Financial Statements", "url": "https://filecache.investorroom.com/mr5ircnw_alimentationcouchetard/1166/2025%20-%20Annual%20Consolidated%20Financial%20Statements%20-%20En.pdf", "external": true }, { "label": "Zoya screener page for Couche-Tard (ANCTF)", "url": "https://zoya.finance/stocks/anctf", "external": true }, { "label": "Musaffa screener page for ATD.TO", "url": "https://musaffa.com/stock/ATD.TO/", "external": true }, { "label": "WSHR holdings list (Wealthsimple)", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "external": true } ], "faqs": [ { "question": "Is Alimentation Couche-Tard Inc. (ATD.TO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Alimentation Couche-Tard Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-01-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Alimentation Couche-Tard Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-01-31: interest-bearing debt is 19.5% of market cap (limit < 30%); cash plus interest-bearing securities is 2.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Alimentation Couche-Tard Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Alimentation Couche-Tard Inc. is not held by WSHR. Absence can reflect a failed screen or index scope — verify current holdings before citing." }, { "question": "Do I need to purify dividends from Alimentation Couche-Tard Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-01-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 19.5, "cashPct": 2.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 19.5, "cashPct": 2.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 26.5, "cashPct": 3.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.altria-group-stock", "question": "Is Altria Stock Halal?", "entityName": "Altria Group, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Altria Group, Inc. (MO) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Tobacco\" / sector \"Consumer Defensive\" pattern-matches a prohibited core business). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Operating across the United States through its subsidiaries, Altria Group, Inc. is a prominent manufacturer and marketer of both combustible and oral tobacco items. Core business: Tobacco (Consumer Defensive sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, Altria Group, Inc.'s balance-sheet ratios in fact sit within AAOIFI's financial limits — interest-bearing debt 20.5% of market cap (limit 30%), cash plus interest-bearing securities 2.9% (limit 30%), impermissible income 0.5% of revenue (limit 5%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, MO is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 213, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/altria-group-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/altria-group-stock.md", "entityType": "stock", "ticker": "MO", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Operating across the United States through its subsidiaries, Altria Group, Inc. is a prominent manufacturer and marketer of both combustible and oral tobacco items. Its portfolio features cigarettes, primarily under the iconic Marlboro brand, alongside cigars and pipe tobacco mainly offered as Black & Mild. The enterprise further provides an assortment of moist smokeless tobacco products, including Copenhagen, Skoal, Red Seal, and Husky, in addition to its on! brand of oral nicotine pouches. Alt", "detail": "Core business: Tobacco (Consumer Defensive sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": 0.5 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 20.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.5, "thresholdPct": 5, "pass": true, "note": "Interest income $98.0M on $20.14B total revenue (Altria Group, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.5% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/MO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Altria Group, Inc. (MO) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "MO latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Altria%20Group%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Altria Group, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Altria%20Group%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — MO Shariah compliance", "url": "https://zoya.finance/stocks/mo", "external": true }, { "label": "Musaffa — MO", "url": "https://musaffa.com/stock/MO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Altria Group, Inc. (MO) stock halal?", "answer": "No. Altria Group, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Altria Group, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 20.5% of market cap (limit < 30%); cash plus interest-bearing securities is 2.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Altria Group, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.amazon-com-stock", "question": "Is Amazon.com Stock Halal?", "entityName": "Amazon.com, Inc.", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Amazon.com, Inc. (AMZN) passes the screens we can compute (data as of 2026-03-31) — interest-bearing debt / market cap 4.6%, cash + interest-bearing securities / market cap 5.5%, impermissible income / total revenue 0.6% — but one screen requires case-by-case judgment. It is not held by Shariah-screened ETFs SPUS or HLAL.", "analysis": "Amazon spans e-commerce, cloud computing (AWS), advertising, streaming media and logistics. Much of this - general retail, cloud infrastructure, logistics - is permissible activity. The Shariah concerns are spread across several lines: Amazon's retail operations (including Whole Foods and Amazon Fresh) sell alcohol and pork products where local law allows; its advertising business has grown into a major disclosed revenue line; Prime subscriptions bundle entertainment content via Prime Video and Amazon Music; and Amazon operates seller-lending programs and co-branded credit cards. None of the specifically problematic items (alcohol sales, impermissible ad share, lending income) is separately disclosed in Amazon's filings, which forces screeners to estimate whether the total stays under the typical 5%-of-revenue tolerance.\n\nThe third-party picture for Amazon is notably more negative than for most mega-cap tech peers. As of June 11, 2026, Amazon is absent from both SPUS (S&P Shariah screen) and HLAL (FTSE Shariah screen) holdings - meaning neither index methodology currently includes it - and the retail screeners agree directionally: Zoya publicly flags it as questionable and Musaffa classifies it as doubtful under AAOIFI-based analysis. When both the institutional index screens and the retail AAOIFI screeners decline to pass a stock, that is a meaningfully stronger negative signal than a single methodology's view.\n\nFinancially, Amazon carries debt and lease obligations that are modest relative to its very large market value, so the hesitancy is driven primarily by the business screen - the mix of alcohol-inclusive retail, entertainment and advertising revenue - rather than leverage. A Muslim investor who still wished to hold Amazon would be relying on estimates that impermissible revenue stays within tolerance, against the documented judgment of the major screeners as of the checked date; the more cautious course indicated by current third-party screenings is to avoid or to wait for a clearer compliance picture.", "analysisWordCount": 301, "conditions": "Our computed AAOIFI financial-ratio screen passes on the latest filing data, but both major U.S. Shariah-screened ETFs — SPUS (S&P Shariah methodology) and HLAL (FTSE Shariah methodology) — exclude Amazon.com, Inc. from their holdings as of our June 2026 check, even though it is in their parent indices. Professional screens apply filing-level business-activity analysis (alcohol, pork, tobacco, or media revenue share) and different ratio bases that an automated ratio screen cannot replicate. That divergence usually signals an impermissible-revenue question. Treat this as unresolved until the segment revenue in the latest annual filing is verified line by line.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/amazon-com-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/amazon-com-stock.md", "entityType": "stock", "ticker": "AMZN", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Amazon is an online and physical retailer, cloud-computing provider and advertising platform. Its 10-K reports three segments - North America, International and Amazon Web Services (AWS) - and disaggregates revenue into online stores, physical stores, third-party seller services, advertising services, subscription services, AWS, and other.", "detail": "Several lines raise business-screen questions: (1) Amazon's online and physical stores (including Whole Foods Market and Amazon Fresh) sell alcohol and pork products in many jurisdictions - the share of retail revenue from such products is not separately disclosed in filings; (2) advertising services is a disclosed revenue line and general ad inventory can include impermissible products; (3) subscription services includes Prime Video and Amazon Music entertainment content; (4) Amazon offers seller financing/lending programs and co-branded credit cards, and earns interest income - these financing amounts are not material disclosed revenue lines. Exact current-year figures for the disclosed lines were not independently re-verified for this research and are omitted.", "impermissibleRevenuePct": 0.6 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 4.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.6, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://funds.wahedinvest.com/", "note": null }, { "source": "Zoya", "position": "Zoya's public stock page flags AMZN as questionable under its AAOIFI-based screen (checked 2026-06-11).", "url": "https://zoya.finance/stocks/amzn", "note": null }, { "source": "Musaffa", "position": "Musaffa's public stock page classifies AMZN as DOUBTFUL under its AAOIFI-based methodology, as of February 2026 (page checked 2026-06-11, later showing May 2026 refresh).", "url": "https://musaffa.com/stock/AMZN/", "note": null } ], "sources": [ { "label": "AMZN latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Amazon.com%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Amazon 10-K filings - SEC EDGAR (CIK 0001018724)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001018724&type=10-K", "external": true }, { "label": "SPUS holdings (sp-funds.com, table dated 06/11/2026)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL fund page with official Holdings link (funds.wahedinvest.com)", "url": "https://funds.wahedinvest.com/", "external": true }, { "label": "Zoya public compliance page for AMZN", "url": "https://zoya.finance/stocks/amzn", "external": true }, { "label": "Musaffa public compliance page for AMZN", "url": "https://musaffa.com/stock/AMZN/", "external": true } ], "faqs": [ { "question": "Is Amazon.com, Inc. (AMZN) stock halal?", "answer": "Amazon.com, Inc. is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does Amazon.com, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 4.6% of market cap (limit < 30%); cash plus interest-bearing securities is 5.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Amazon.com, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Amazon.com, Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 4.6, "cashPct": 5.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 4.6, "cashPct": 5.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 13, "cashPct": 15.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.amc-entertainment-stock", "question": "Is AMC Entertainment Stock Halal?", "entityName": "AMC Entertainment Holdings, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "AMC Entertainment Holdings, Inc. (AMC) does not pass Shariah screening: its core business fails the activity screen (AMC fails on two independent grounds), and interest-bearing debt / market cap is 316.3% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "AMC Entertainment is not Shariah-compliant, and it fails on two separate grounds, either of which would be enough on its own.\n\nThe first is the business activity. AMC is the world's largest cinema operator, and its revenue comes from screening mainstream films — much of which carries content the majority of scholars treat as impermissible — alongside concession sales that in many theatres include alcohol and non-halal food. That places the core business outside the activity screen for most methodologies.\n\nThe second is the balance sheet. AMC took on enormous debt through the pandemic and a string of refinancings, leaving interest-bearing debt at roughly three times its market capitalization — vastly above the 30%-of-market-cap AAOIFI limit. The repeated debt issuance and exchangeable-note refinancing in its recent SEC filings underscore how interest-heavy the capital structure is.\n\nThe practical takeaway: AMC is avoided under Islamic screening on both the business and the financial test, and Zoya and Muslim Xchange both classify it not compliant. There is no purification that addresses a problem rooted in both the activity and the debt structure.", "analysisWordCount": 179, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/amc-entertainment-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/amc-entertainment-stock.md", "entityType": "stock", "ticker": "AMC", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "AMC Entertainment Holdings operates the world's largest chain of movie theatres, earning revenue from film admissions and from food-and-beverage concessions that in many locations include alcohol sales. It runs cinemas across the United States and Europe.", "detail": "Fails the AAOIFI business-activity screen on its core operations; see the analysis below.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 316.3, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 26.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Zoya", "position": "Classifies AMC as not Shariah-compliant.", "url": "https://zoya.finance/stocks/amc", "note": null }, { "source": "Muslim Xchange", "position": "Marks AMC Shariah NOT compliant as of February 2026.", "url": "https://muslimxchange.com/ticker/amc/", "note": null } ], "sources": [ { "label": "AMC latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=AMC%20Entertainment%20Holdings%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "AMC Entertainment SEC filings (424B5 prospectus, refinancing detail)", "url": "https://investor.amctheatres.com/sec-filings/all-sec-filings/content/0001104659-26-011770/tm265468-3_424b5.htm", "external": true }, { "label": "Zoya — AMC not Shariah-compliant", "url": "https://zoya.finance/stocks/amc", "external": true }, { "label": "Muslim Xchange — AMC (Not compliant)", "url": "https://muslimxchange.com/ticker/amc/", "external": true } ], "faqs": [ { "question": "Is AMC Entertainment Holdings, Inc. (AMC) stock halal?", "answer": "No. AMC Entertainment Holdings, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does AMC Entertainment Holdings, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 316.3% of market cap (limit < 30%); cash plus interest-bearing securities is 26.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is AMC Entertainment Holdings, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.american-airlines-group-stock", "question": "Is American Airlines Stock Halal?", "entityName": "American Airlines Group Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "American Airlines Group Inc. (AAL) does not pass Shariah screening: interest-bearing debt / market cap is 283.4% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 73.6% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "American Airlines Group Inc. functions as a prominent network air carrier, delivering scheduled air transportation for both passengers and freight. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 283.4% versus the < 30% limit; cash + interest-bearing securities / market cap at 73.6% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 162, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/american-airlines-group-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/american-airlines-group-stock.md", "entityType": "stock", "ticker": "AAL", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "American Airlines Group Inc. functions as a prominent network air carrier, delivering scheduled air transportation for both passengers and freight. Its operations are anchored by key hubs located in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix, and Washington, D.C. Additionally, it expands its global reach through strategic partner gateways situated in London, Madrid, Seattle/Tacoma, Sydney, and Tokyo. As of December 31, 2021, the company maintained ", "detail": "Interest income $357.0M on $54.63B total revenue (American Airlines Group Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.7% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.7 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 283.4, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 73.6, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.7, "thresholdPct": 5, "pass": true, "note": "Interest income $357.0M on $54.63B total revenue (American Airlines Group Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.7% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/AAL/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates American Airlines Group Inc. (AAL) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 283.4% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "AAL latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=American%20Airlines%20Group%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "American Airlines Group Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=American%20Airlines%20Group%20Inc.&type=10-K", "external": true }, { "label": "Zoya — AAL Shariah compliance", "url": "https://zoya.finance/stocks/aal", "external": true }, { "label": "Musaffa — AAL", "url": "https://musaffa.com/stock/AAL/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is American Airlines Group Inc. (AAL) stock halal?", "answer": "No. American Airlines Group Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does American Airlines Group Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 283.4% of market cap (limit < 30%); cash plus interest-bearing securities is 73.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is American Airlines Group Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 283.4, "cashPct": 73.6, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 283.4, "cashPct": 73.6, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 44.1, "cashPct": 11.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.american-electric-power-company-stock", "question": "Is American Electric Power Stock Halal?", "entityName": "American Electric Power Company, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "American Electric Power Company, Inc. (AEP) does not pass Shariah screening: interest-bearing debt / market cap is 72.7% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "American Electric Power Company, Inc. (AEP) operates as a prominent electric utility holding company, with its core business encompassing the generation, transmission, and delivery of electricity. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 72.7% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 177, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/american-electric-power-company-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/american-electric-power-company-stock.md", "entityType": "stock", "ticker": "AEP", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "American Electric Power Company, Inc. (AEP) operates as a prominent electric utility holding company, with its core business encompassing the generation, transmission, and delivery of electricity. Serving both retail and wholesale clients across the United States, AEP organizes its extensive operations into several key segments: Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation & Marketing. The firm produces its electrical power fro", "detail": "Interest income not separately material in the annual filing (American Electric Power Company, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 72.7, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (American Electric Power Company, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/AEP/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates American Electric Power Company, Inc. (AEP) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 72.7% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "AEP latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=American%20Electric%20Power%20Company%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "American Electric Power Company, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=American%20Electric%20Power%20Company%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — AEP Shariah compliance", "url": "https://zoya.finance/stocks/aep", "external": true }, { "label": "Musaffa — AEP", "url": "https://musaffa.com/stock/AEP/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is American Electric Power Company, Inc. (AEP) stock halal?", "answer": "No. American Electric Power Company, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does American Electric Power Company, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 72.7% of market cap (limit < 30%); cash plus interest-bearing securities is 0.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is American Electric Power Company, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 72.7, "cashPct": 0.8, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 72.7, "cashPct": 0.8, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 43.4, "cashPct": 0.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.american-express-stock", "question": "Is American Express Stock Halal?", "entityName": "American Express Company", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "American Express Company (AXP) does not pass Shariah screening: its core business fails the activity screen (American Express fails the Shariah business-activity screen because its primary business is interest-based lending and c), and impermissible income / total revenue is 31.8% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "American Express is not Shariah-compliant, and the reason is structural rather than a matter of ratios drifting over a threshold. Although Amex is often thought of as a 'payments' brand, its actual business is conventional consumer and commercial finance: it issues credit and charge cards, lends to cardholders, takes deposits through its banking arm, and earns the bulk of its income from interest and finance charges — the definition of riba.\n\nThe screens confirm it. HalalScreener reports prohibited income at roughly 64% of revenue, more than twelve times the 5% AAOIFI limit, and gives AXP an F (0/100). Musaffa and Muslim Xchange both classify it not compliant. Because the impermissible income is the business itself — not a small interest line on idle cash — there is no purification that rehabilitates it.\n\nThe practical takeaway: AXP should be avoided by investors following AAOIFI-style screening. Muslims seeking exposure to the payments and fintech theme are usually pointed toward companies whose revenue is genuinely transaction-fee based rather than interest based, but each such name must still be screened on its own merits.", "analysisWordCount": 180, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/american-express-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/american-express-stock.md", "entityType": "stock", "ticker": "AXP", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "American Express is a conventional financial-services company that issues credit and charge cards, operates a global card network, and provides banking, deposits, and non-card lending. Its revenue is dominated by interest income, card fees, and net interest on lending — core interest-based (riba) finance.", "detail": "American Express fails the Shariah business-activity screen because its primary business is interest-based lending and conventional banking. HalalScreener reports prohibited income at 63.73% of revenue — far above the 5% AAOIFI limit — and interest-bearing deposits at 19% of market cap. This is a structural failure, not a purifiable sliver.", "impermissibleRevenuePct": 31.8 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 27.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 24.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 31.8, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "HalalScreener", "position": "Rates AXP Not Halal (F, score 0/100): prohibited income 63.73% of revenue (limit 5%); fails financial ratio screens despite passing business-category screen as a 'payments' firm.", "url": "https://halalscreener.app/en/stock/AXP", "note": null }, { "source": "Musaffa", "position": "Classified NOT HALAL as of April 2026 — card-issuing, lending, and banking business with non-compliant financial ratios.", "url": "https://musaffa.com/stock/AXP/", "note": null }, { "source": "Muslim Xchange", "position": "Marks AXP Shariah NOT compliant as of May 2026.", "url": "https://muslimxchange.com/ticker/axp/", "note": null } ], "sources": [ { "label": "AXP latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=American%20Express%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "American Express 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=AXP&type=10-K", "external": true }, { "label": "HalalScreener — AXP (Not Halal, F, prohibited income 63.73%)", "url": "https://halalscreener.app/en/stock/AXP", "external": true }, { "label": "Musaffa — AXP Shariah status (NOT HALAL)", "url": "https://musaffa.com/stock/AXP/", "external": true }, { "label": "Muslim Xchange — AXP (Not compliant)", "url": "https://muslimxchange.com/ticker/axp/", "external": true } ], "faqs": [ { "question": "Is American Express Company (AXP) stock halal?", "answer": "No. American Express Company fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does American Express Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 27.2% of market cap (limit < 30%); cash plus interest-bearing securities is 24.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is American Express Company held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.analog-devices-stock", "question": "Is Analog Devices Stock Halal?", "entityName": "Analog Devices, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Analog Devices, Inc. (ADI) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-05-02) interest-bearing debt is 4.3% of market cap and cash plus interest-bearing securities 1.7% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Analog Devices, Inc. (ADI) is a technology leader specializing in the conception, production, validation, and global marketing of integrated circuits (ICs), software solutions, and advanced subsystems. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-05-02: interest-bearing debt is 4.3% of market cap, cash plus interest-bearing securities 1.7%, and filing-verified impermissible income 1.0% (Interest income $105.3M on $11.02B total revenue (Analog Devices, Inc. FY2025 (fiscal year ended 2025-11-01, Form 10-K))…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 188, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/analog-devices-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/analog-devices-stock.md", "entityType": "stock", "ticker": "ADI", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-05-02", "businessScreen": { "pass": true, "activity": "Analog Devices, Inc. (ADI) is a technology leader specializing in the conception, production, validation, and global marketing of integrated circuits (ICs), software solutions, and advanced subsystems. Their offerings leverage sophisticated analog, mixed-signal, and digital signal processing technologies. The company's comprehensive product lineup features data converters, which are critical for transforming real-world analog signals into digital data and subsequently converting digital data bac", "detail": "Interest income $105.3M on $11.02B total revenue (Analog Devices, Inc. FY2025 (fiscal year ended 2025-11-01, Form 10-K)) = 1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 4.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1, "thresholdPct": 5, "pass": true, "note": "Interest income $105.3M on $11.02B total revenue (Analog Devices, Inc. FY2025 (fiscal year ended 2025-11-01, Form 10-K)) = 1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/ADI/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Analog Devices, Inc. (ADI) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 4.3% of market cap (limit 30%), cash plus interest-bearing securities 1.7% (limit 30%), impermissible income 1% of revenue (limit 5%) on 2026-05-02 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ADI latest quarterly filing (balance sheet 2026-05-02)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Analog%20Devices%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Analog Devices, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Analog%20Devices%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ADI Shariah compliance", "url": "https://zoya.finance/stocks/adi", "external": true }, { "label": "Musaffa — ADI", "url": "https://musaffa.com/stock/ADI/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Analog Devices, Inc. (ADI) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Analog Devices, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-05-02). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Analog Devices, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-02: interest-bearing debt is 4.3% of market cap (limit < 30%); cash plus interest-bearing securities is 1.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Analog Devices, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Analog Devices, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-05-02", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 4.3, "cashPct": 1.7, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 4.3, "cashPct": 1.7, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 18.1, "cashPct": 7.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.ansys-stock", "question": "Is ANSYS Stock Halal?", "entityName": "ANSYS, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "ANSYS, Inc. (ANSS) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2025-03-31) interest-bearing debt is 2.3% of market cap and cash plus interest-bearing securities 5.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "ANSYS, Inc. provides advanced engineering simulation software and related services to a global market. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2025-03-31: interest-bearing debt is 2.3% of market cap, cash plus interest-bearing securities 5.6%, and filing-verified impermissible income 2.0% (Interest income $51.1M on $2.54B total revenue (ANSYS, Inc. FY2024 (fiscal year ended 2024-12-31, Form 10-K)) = 2% — und…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 179, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/ansys-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/ansys-stock.md", "entityType": "stock", "ticker": "ANSS", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2025-03-31", "businessScreen": { "pass": true, "activity": "ANSYS, Inc. provides advanced engineering simulation software and related services to a global market. Central to its offerings is ANSYS Workbench, a foundational platform that integrates various multiphysics simulation capabilities. This environment empowers engineers to accurately model intricate interactions among structural components, thermal effects, fluid dynamics, electronic systems, and optical elements. Beyond this core, the company delivers specialized tools such as high-performance c", "detail": "Interest income $51.1M on $2.54B total revenue (ANSYS, Inc. FY2024 (fiscal year ended 2024-12-31, Form 10-K)) = 2% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 2 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 2.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 2, "thresholdPct": 5, "pass": true, "note": "Interest income $51.1M on $2.54B total revenue (ANSYS, Inc. FY2024 (fiscal year ended 2024-12-31, Form 10-K)) = 2% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/ANSS/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates ANSYS, Inc. (ANSS) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 2.3% of market cap (limit 30%), cash plus interest-bearing securities 5.6% (limit 30%), impermissible income 2% of revenue (limit 5%) on 2025-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ANSS latest quarterly filing (balance sheet 2025-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=ANSYS%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "ANSYS, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=ANSYS%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ANSS Shariah compliance", "url": "https://zoya.finance/stocks/anss", "external": true }, { "label": "Musaffa — ANSS", "url": "https://musaffa.com/stock/ANSS/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is ANSYS, Inc. (ANSS) stock halal?", "answer": "Yes, under our AAOIFI-based methodology ANSYS, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2025-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does ANSYS, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2025-03-31: interest-bearing debt is 2.3% of market cap (limit < 30%); cash plus interest-bearing securities is 5.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is ANSYS, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from ANSYS, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2025-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 2.3, "cashPct": 5.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 2.3, "cashPct": 5.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 9.5, "cashPct": 22.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.apa-stock", "question": "Is APA Stock Halal?", "entityName": "APA Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "APA Corporation (APA) does not pass Shariah screening: interest-bearing debt / market cap is 33.7% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "APA Corporation operates in the upstream segment of the oil and natural gas industry, utilizing its various subsidiaries to explore for, develop, and produce hydrocarbon assets. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 33.7% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 177, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/apa-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/apa-stock.md", "entityType": "stock", "ticker": "APA", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "APA Corporation operates in the upstream segment of the oil and natural gas industry, utilizing its various subsidiaries to explore for, develop, and produce hydrocarbon assets. The company maintains significant operational presences in the United States, Egypt, and the United Kingdom, while also conducting exploration activities offshore Suriname. Furthermore, APA Corporation manages critical gathering, processing, and transmission infrastructure within West Texas and holds ownership interests ", "detail": "Interest income $25.0M on $8.92B total revenue (APA Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.3% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.3 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 33.7, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.3, "thresholdPct": 5, "pass": true, "note": "Interest income $25.0M on $8.92B total revenue (APA Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/APA/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates APA Corporation (APA) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 33.7% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "APA latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=APA%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "APA Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=APA%20Corporation&type=10-K", "external": true }, { "label": "Zoya — APA Shariah compliance", "url": "https://zoya.finance/stocks/apa", "external": true }, { "label": "Musaffa — APA", "url": "https://musaffa.com/stock/APA/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is APA Corporation (APA) stock halal?", "answer": "No. APA Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does APA Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 33.7% of market cap (limit < 30%); cash plus interest-bearing securities is 2.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is APA Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 33.7, "cashPct": 2.2, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 33.7, "cashPct": 2.2, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 24.4, "cashPct": 1.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.apple-stock", "question": "Is Apple Stock Halal?", "entityName": "Apple Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Apple Inc. (AAPL) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-28) interest-bearing debt is 2.0% of market cap and cash plus interest-bearing securities 1.6% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETFs SPUS and HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Apple is primarily a hardware company: most of its revenue comes from selling iPhones, Macs, iPads and wearables, which are unambiguously permissible products. The Shariah question for Apple centers on its growing Services segment, which bundles together the App Store, AppleCare, iCloud, advertising, digital entertainment (Apple Music, Apple TV+) and payment services including the Apple Card credit card program and Apple Pay. Some of those lines - music and video entertainment, advertising, and credit-card-related income - are the kind of revenue that Shariah screens classify as impermissible or questionable. Apple does not break out how much each of these sub-lines earns, so screeners have to estimate what portion of Services revenue is problematic and check it against the standard 5%-of-revenue tolerance used by AAOIFI and similar methodologies.\n\nOn the financial-ratio side, Apple carries debt, but it is small relative to the company's very large market value, and the company holds significant cash and marketable securities that generate interest income. Under market-capitalization-based screens (AAOIFI, S&P, Dow Jones), Apple has comfortably passed the debt and interest-bearing-securities thresholds in recent screenings. As of June 11, 2026, Apple is held by both major US Shariah-screened ETFs - SPUS (S&P Shariah industry-exclusion screen) and HLAL (FTSE Shariah screen, certified by Yasaar) - and both Zoya and Musaffa publicly rate it compliant/halal under AAOIFI-based screens.\n\nThe practical nuance for a Muslim investor is purification: because Apple earns some incidental impermissible income (interest on its cash pile, entertainment content, advertising), most scholars who permit the stock recommend donating a small calculated portion of dividends or gains to charity. Investors should also monitor the Services segment over time - it is Apple's fastest-growing area, and if the impermissible share of revenue grew materially, the compliance picture could change. Different screeners may reach different conclusions at any given quarter, so checking a current screening before buying is prudent.", "analysisWordCount": 309, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/apple-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/apple-stock.md", "entityType": "stock", "ticker": "AAPL", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-28", "businessScreen": { "pass": true, "activity": "Apple designs, manufactures and sells smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. Its 10-K reports net sales in five categories: iPhone, Mac, iPad, Wearables/Home/Accessories, and Services (App Store, advertising, AppleCare, cloud services, digital content including Apple Music and Apple TV+, and payment services including Apple Card and Apple Pay).", "detail": "The Services category contains the lines most relevant to a Shariah business screen: digital entertainment content (Apple Music, Apple TV+), App Store games, advertising, and payment services including the Apple Card co-branded credit card arrangement and Apple Pay. Apple also earns interest income on its large cash and marketable-securities portfolio. Apple does not separately disclose revenue for Apple Music, Apple TV+, Apple Card or interest-related service fees - these are not separately disclosed in filings; only the aggregate Services category is broken out.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": true, "note": "Apple does not separately disclose gross interest income in its FY2025 10-K; net other income/(expense) was -$0.32B on $416.2B revenue. Interest/dividend income on its investment portfolio is immaterial — far below the 5% limit. (Apple FY2025 Form 10-K.)" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-11 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund.", "url": "https://funds.wahedinvest.com/", "note": null }, { "source": "Zoya", "position": "Zoya's public stock page rates AAPL Shariah-compliant under its AAOIFI-based screen (checked 2026-06-11).", "url": "https://zoya.finance/stocks/aapl", "note": null }, { "source": "Musaffa", "position": "Musaffa's public stock page classifies AAPL as HALAL under its AAOIFI-based methodology, as of May 2026.", "url": "https://musaffa.com/stock/AAPL/", "note": null } ], "sources": [ { "label": "AAPL latest quarterly filing (balance sheet 2026-03-28)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Apple%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Apple 10-K filings - SEC EDGAR (CIK 0000320193)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000320193&type=10-K", "external": true }, { "label": "SPUS holdings (sp-funds.com, table dated 06/11/2026)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL fund page with official Holdings link (funds.wahedinvest.com)", "url": "https://funds.wahedinvest.com/", "external": true }, { "label": "Zoya public compliance page for AAPL", "url": "https://zoya.finance/stocks/aapl", "external": true }, { "label": "Musaffa public compliance page for AAPL", "url": "https://musaffa.com/stock/AAPL/", "external": true } ], "faqs": [ { "question": "Is Apple Inc. (AAPL) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Apple Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-28). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Apple Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-28: interest-bearing debt is 2.0% of market cap (limit < 30%); cash plus interest-bearing securities is 1.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Apple Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Apple Inc. is held by SPUS and HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Apple Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-28", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 2, "cashPct": 1.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 2, "cashPct": 1.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 22.8, "cashPct": 18.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.applovin-stock", "question": "Is AppLovin Stock Halal?", "entityName": "AppLovin Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "AppLovin Corporation (APP) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 2.1% of market cap and cash plus interest-bearing securities 1.7% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "AppLovin Corporation provides a specialized software platform focused on empowering mobile application developers to enhance the marketing and revenue generation of their products. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 2.1% of market cap, cash plus interest-bearing securities 1.7%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (AppLovin Corporation FY2025 (fiscal year ended 2025-12-31,…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 184, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/applovin-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/applovin-stock.md", "entityType": "stock", "ticker": "APP", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "AppLovin Corporation provides a specialized software platform focused on empowering mobile application developers to enhance the marketing and revenue generation of their products. With operations spanning the United States and international markets, the company assists mobile app developers worldwide. Among its core software offerings is AppDiscovery, a marketing solution that intelligently connects advertiser demand with publisher supply through an auction-based model. Another key product is A", "detail": "Interest income not separately material in the annual filing (AppLovin Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 2.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (AppLovin Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/APP/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates AppLovin Corporation (APP) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 2.1% of market cap (limit 30%), cash plus interest-bearing securities 1.7% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "APP latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=AppLovin%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "AppLovin Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=AppLovin%20Corporation&type=10-K", "external": true }, { "label": "Zoya — APP Shariah compliance", "url": "https://zoya.finance/stocks/app", "external": true }, { "label": "Musaffa — APP", "url": "https://musaffa.com/stock/APP/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is AppLovin Corporation (APP) stock halal?", "answer": "Yes, under our AAOIFI-based methodology AppLovin Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does AppLovin Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 2.1% of market cap (limit < 30%); cash plus interest-bearing securities is 1.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is AppLovin Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from AppLovin Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 2.1, "cashPct": 1.7, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 2.1, "cashPct": 1.7, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 45.6, "cashPct": 35.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.archer-daniels-midland-stock", "question": "Is Archer-Daniels-Midland Stock Halal?", "entityName": "Archer-Daniels-Midland Company", "verdict": "halal", "verdictLabel": "Halal", "answer": "Archer-Daniels-Midland Company (ADM) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 24.1% of market cap and cash plus interest-bearing securities 1.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Archer-Daniels-Midland Company (ADM) stands as a major global enterprise in the agricultural sector, focused on the sourcing, transportation, storage, processing, and distribution of a wide array of agricultural commodities, finished goods, and essential ingredients. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 24.1% of market cap, cash plus interest-bearing securities 1.6%, and filing-verified impermissible income 0.1% (Interest income $118.0M on $80.27B total revenue (Archer-Daniels-Midland Company FY2025 (fiscal year ended 2025-12-31, F…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 195, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/archer-daniels-midland-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/archer-daniels-midland-stock.md", "entityType": "stock", "ticker": "ADM", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Archer-Daniels-Midland Company (ADM) stands as a major global enterprise in the agricultural sector, focused on the sourcing, transportation, storage, processing, and distribution of a wide array of agricultural commodities, finished goods, and essential ingredients. Its expansive operations span numerous countries, including pivotal markets such as the United States, Switzerland, the Cayman Islands, Brazil, Mexico, and the United Kingdom, alongside a broader international presence. ADM's busine", "detail": "Interest income $118.0M on $80.27B total revenue (Archer-Daniels-Midland Company FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 24.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.1, "thresholdPct": 5, "pass": true, "note": "Interest income $118.0M on $80.27B total revenue (Archer-Daniels-Midland Company FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/ADM/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Archer-Daniels-Midland Company (ADM) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 24.1% of market cap (limit 30%), cash plus interest-bearing securities 1.6% (limit 30%), impermissible income 0.1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ADM latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Archer-Daniels-Midland%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Archer-Daniels-Midland Company SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Archer-Daniels-Midland%20Company&type=10-K", "external": true }, { "label": "Zoya — ADM Shariah compliance", "url": "https://zoya.finance/stocks/adm", "external": true }, { "label": "Musaffa — ADM", "url": "https://musaffa.com/stock/ADM/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Archer-Daniels-Midland Company (ADM) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Archer-Daniels-Midland Company passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Archer-Daniels-Midland Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 24.1% of market cap (limit < 30%); cash plus interest-bearing securities is 1.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Archer-Daniels-Midland Company held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Archer-Daniels-Midland Company?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 24.1, "cashPct": 1.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 24.1, "cashPct": 1.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 16.8, "cashPct": 1.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.arista-networks-stock", "question": "Is Arista Networks Stock Halal?", "entityName": "Arista Networks, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Arista Networks, Inc. (ANET) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 0.0% of market cap and cash plus interest-bearing securities 6.0% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Arista Networks, Inc. is a leading global technology firm that designs, promotes, and distributes innovative cloud networking solutions across the Americas, Europe, the Middle East, Africa, and Asia-Pacific regions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 0.0% of market cap, cash plus interest-bearing securities 6.0%, and filing-verified impermissible income 4.3% (Interest income $383.4M on $9.01B total revenue (Arista Networks, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K))…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 191, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/arista-networks-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/arista-networks-stock.md", "entityType": "stock", "ticker": "ANET", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Arista Networks, Inc. is a leading global technology firm that designs, promotes, and distributes innovative cloud networking solutions across the Americas, Europe, the Middle East, Africa, and Asia-Pacific regions. Its comprehensive product portfolio features advanced extensible operating systems, a collection of powerful network applications, and high-performance gigabit Ethernet switching and routing hardware. The company also offers robust post-contract customer support, which includes techn", "detail": "Interest income $383.4M on $9.01B total revenue (Arista Networks, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 4.3% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 4.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 4.3, "thresholdPct": 5, "pass": true, "note": "Interest income $383.4M on $9.01B total revenue (Arista Networks, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 4.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/ANET/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Arista Networks, Inc. (ANET) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 0% of market cap (limit 30%), cash plus interest-bearing securities 6% (limit 30%), impermissible income 4.3% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ANET latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Arista%20Networks%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Arista Networks, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Arista%20Networks%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ANET Shariah compliance", "url": "https://zoya.finance/stocks/anet", "external": true }, { "label": "Musaffa — ANET", "url": "https://musaffa.com/stock/ANET/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Arista Networks, Inc. (ANET) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Arista Networks, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Arista Networks, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 0.0% of market cap (limit < 30%); cash plus interest-bearing securities is 6.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Arista Networks, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Arista Networks, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0, "cashPct": 6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0, "cashPct": 6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 0, "cashPct": 57, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.arm-holdings-plc-american-depositary-shares-stock", "question": "Is Arm Stock Halal?", "entityName": "Arm Holdings plc American Depositary Shares", "verdict": "halal", "verdictLabel": "Halal", "answer": "Arm Holdings plc American Depositary Shares (ARM) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 0.0% of market cap and cash plus interest-bearing securities 1.0% — both inside the 30% AAOIFI thresholds. It is not held by Shariah-screened ETFs SPUS or HLAL. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Arm is one of the cleaner technology names on the business-activity screen. It does not make or sell physical products with prohibited uses; it licenses semiconductor design intellectual property and earns royalties when chips built on its architecture ship. Its FY2026 revenue of $4,920 million is split between license and other revenue ($2,307 million) and royalty revenue ($2,613 million), the kind of fee-and-royalty model that passes the activity test without controversy, and there is no interest-based lending operation.\n\nThe financial-ratio items are small. Arm earned $111 million of net interest income in FY2026, only about 2.3% of revenue, comfortably within the roughly 5% tolerance AAOIFI-style screens allow for incidental interest income, and a screener would weigh that toward purification rather than disqualification. A one-off $131 million gain from selling its Artisan foundation-IP business to Cadence was a non-recurring item, not interest. No significant interest-bearing operating debt was identified.\n\nArm's absence from SPUS and HLAL is purely a universe issue: it is a UK-domiciled company trading via ADR, so it cannot enter the S&P 500 (SPUS) or the FTSE USA index (HLAL) regardless of compliance. That absence is therefore not a contrary signal. The notable non-Shariah caveat is that Arm is majority-owned by SoftBank, which affects free float and governance more than permissibility. A Muslim investor should confirm the current ratio-based status in a stock-level screener, but on the available data Arm's profile is that of a permissible-business IP licensor with only minor incidental interest income.", "analysisWordCount": 245, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/arm-holdings-plc-american-depositary-shares-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/arm-holdings-plc-american-depositary-shares-stock.md", "entityType": "stock", "ticker": "ARM", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Arm Holdings plc (NASDAQ ADR: ARM) designs and licenses semiconductor intellectual property (CPU and related processor architectures and designs) used in the majority of the world's smartphones and increasingly in data-center and AI chips. Per its FY2026 20-F (fiscal year ended March 31, 2026), revenue was $4,920 million, comprising license and other revenue of $2,307 million and royalty revenue of $2,613 million. Net income was $904 million. Arm is majority-owned by SoftBank Group.", "detail": "Arm's business, licensing chip-design IP and collecting per-unit royalties, is a clean, permissible activity with no haram product lines and no interest-based lending. The financial items a screener would examine are modest relative to revenue: FY2026 net interest income was $111 million (about 2.3% of revenue) earned on the company's cash balances, within the typical AAOIFI tolerance. Arm also recorded a one-time pre-tax gain of $131 million from selling its Artisan foundation-IP business to Cadence (August 2025), recorded in non-operating income rather than as recurring interest. No significant interest-bearing operating debt was identified for this brief. The main caveat is concentration/ownership rather than impermissible activity: Arm is majority-controlled by SoftBank.", "impermissibleRevenuePct": 2.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 2.3, "thresholdPct": 5, "pass": true, "note": "Interest income $111.0M on $4.92B total revenue (Arm Holdings plc American Depositary Shares FY2026 (fiscal year ended 2026-03-31, Form 10-K)) = 2.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "ARM latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Arm%20Holdings%20plc%20American%20Depositary%20Shares&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Arm FY2026 20-F consolidated income statements (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/1973239/000197323926000097/R3.htm", "external": true }, { "label": "Arm FY2026 20-F revenue disaggregation (license vs royalty) (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/1973239/000197323926000097/R13.htm", "external": true }, { "label": "Arm FY2026 20-F (SEC EDGAR primary document)", "url": "https://www.sec.gov/Archives/edgar/data/1973239/000197323926000097/arm-20260331.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Arm Holdings plc American Depositary Shares (ARM) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Arm Holdings plc American Depositary Shares passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Arm Holdings plc American Depositary Shares pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 0.0% of market cap (limit < 30%); cash plus interest-bearing securities is 1.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Arm Holdings plc American Depositary Shares held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Arm Holdings plc American Depositary Shares is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." }, { "question": "Do I need to purify dividends from Arm Holdings plc American Depositary Shares?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0, "cashPct": 1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0, "cashPct": 1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 4.3, "cashPct": 33.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.asml-stock", "question": "Is ASML Stock Halal?", "entityName": "ASML Holding N.V.", "verdict": "halal", "verdictLabel": "Halal", "answer": "ASML Holding N.V. (ASML) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 0.4% of market cap and cash plus interest-bearing securities 1.3% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "ASML is the Dutch company that builds the lithography machines chipmakers use to print circuits onto silicon — most notably the EUV systems that TSMC, Samsung, and Intel rely on to make leading-edge processors. Because the business is simply designing, selling, and servicing this manufacturing equipment, it is a clean industrial-technology activity with no alcohol, gambling, tobacco, or conventional-finance exposure. Zoya, Musaffa, and Muslim Xchange all independently classify ASML as Shariah-compliant.\n\nThe financial ratios are very strong: ASML carries minimal interest-bearing debt relative to its large market value, and interest income is only around 0.3% of revenue — so dividend purification is negligible.\n\nThe practical takeaway: ASML clears both the business and financial screens with room to spare. Re-check the debt and cash ratios after new filings, and avoid leverage on the position. Note that ASML trades both as a U.S.-listed share (ASML) and on Euronext Amsterdam (ASML.AS); the Shariah status is the same for both.", "analysisWordCount": 156, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/asml-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/asml-stock.md", "entityType": "stock", "ticker": "ASML", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "ASML Holding develops, manufactures, and services the photolithography systems used to produce semiconductor chips — including the EUV (extreme-ultraviolet) machines that are essential to making the most advanced processors. Revenue is from selling and servicing this equipment, a permissible industrial-technology activity.", "detail": "No prohibited business lines are disclosed. Interest income on ASML's cash is very small — our screen shows ~0.3% of revenue, well under the 5% AAOIFI threshold — so any dividend purification is minimal.", "impermissibleRevenuePct": 0.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.3, "thresholdPct": 5, "pass": true, "note": "Interest income $104.7M on $32.67B total revenue (ASML Holding N.V. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Zoya", "position": "Classifies ASML as Shariah-compliant under its AAOIFI-based methodology.", "url": "https://zoya.finance/stocks/asml", "note": null }, { "source": "Musaffa", "position": "Classified HALAL as of February 2026 based on AAOIFI screens (report source: 2025 Annual Report).", "url": "https://musaffa.com/stock/ASML/", "note": null }, { "source": "Muslim Xchange", "position": "Marks ASML Shariah-compliant across its tracked methodologies as of April 2026.", "url": "https://muslimxchange.com/ticker/asml/", "note": null } ], "sources": [ { "label": "ASML latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=ASML%20Holding%20N.V.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "ASML Annual Report & filings (investor relations)", "url": "https://www.asml.com/en/investors", "external": true }, { "label": "Zoya — ASML Shariah compliance status", "url": "https://zoya.finance/stocks/asml", "external": true }, { "label": "Musaffa — ASML Shariah status (HALAL)", "url": "https://musaffa.com/stock/ASML/", "external": true }, { "label": "Muslim Xchange — ASML (Shariah-compliant)", "url": "https://muslimxchange.com/ticker/asml/", "external": true } ], "faqs": [ { "question": "Is ASML Holding N.V. (ASML) stock halal?", "answer": "Yes, under our AAOIFI-based methodology ASML Holding N.V. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does ASML Holding N.V. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 0.4% of market cap (limit < 30%); cash plus interest-bearing securities is 1.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is ASML Holding N.V. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from ASML Holding N.V.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.4, "cashPct": 1.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.4, "cashPct": 1.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 5.6, "cashPct": 17.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.astrazeneca-stock", "question": "Is AstraZeneca Stock Halal?", "entityName": "AstraZeneca PLC", "verdict": "halal", "verdictLabel": "Halal", "answer": "AstraZeneca PLC (AZN) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 11.6% of market cap and cash plus interest-bearing securities 2.8% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "AstraZeneca PLC operates as a global biopharmaceutical leader, dedicated to the entire process of bringing prescription medicines to market, from their initial discovery and development through manufacturing and commercialization. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 11.6% of market cap, cash plus interest-bearing securities 2.8%, and filing-verified impermissible income 0.6% (Interest income $360.0M on $58.74B total revenue (AstraZeneca PLC FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 192, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/astrazeneca-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/astrazeneca-stock.md", "entityType": "stock", "ticker": "AZN", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "AstraZeneca PLC operates as a global biopharmaceutical leader, dedicated to the entire process of bringing prescription medicines to market, from their initial discovery and development through manufacturing and commercialization. The company's extensive portfolio of treatments, including prominent examples like Tagrisso, Farxiga, and Symbicort, addresses critical areas such as cardiovascular, renal, metabolic, and oncological conditions. Furthermore, it provides essential solutions for COVID-19", "detail": "Interest income $360.0M on $58.74B total revenue (AstraZeneca PLC FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.6% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.6 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 11.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.6, "thresholdPct": 5, "pass": true, "note": "Interest income $360.0M on $58.74B total revenue (AstraZeneca PLC FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.6% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/AZN/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates AstraZeneca PLC (AZN) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 11.6% of market cap (limit 30%), cash plus interest-bearing securities 2.8% (limit 30%), impermissible income 0.6% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "AZN latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=AstraZeneca%20PLC&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "AstraZeneca PLC SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=AstraZeneca%20PLC&type=10-K", "external": true }, { "label": "Zoya — AZN Shariah compliance", "url": "https://zoya.finance/stocks/azn", "external": true }, { "label": "Musaffa — AZN", "url": "https://musaffa.com/stock/AZN/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is AstraZeneca PLC (AZN) stock halal?", "answer": "Yes, under our AAOIFI-based methodology AstraZeneca PLC passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does AstraZeneca PLC pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 11.6% of market cap (limit < 30%); cash plus interest-bearing securities is 2.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is AstraZeneca PLC held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from AstraZeneca PLC?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 11.6, "cashPct": 2.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 11.6, "cashPct": 2.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 28.1, "cashPct": 6.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.at-t-stock", "question": "Is AT&T Stock Halal?", "entityName": "AT&T Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "AT&T Inc. (T) does not pass Shariah screening: interest-bearing debt / market cap is 88.6% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Globally, AT&T Inc. delivers an array of telecommunication, media, and technology offerings. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 88.6% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 163, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/at-t-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/at-t-stock.md", "entityType": "stock", "ticker": "T", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Globally, AT&T Inc. delivers an array of telecommunication, media, and technology offerings. Within its Communications division, the company supplies wireless voice and data communication services. It also markets mobile devices, such as smartphones, wireless data access cards, and portable computing gadgets, alongside accessories like protective cases and hands-free equipment. These products are distributed through AT&T's proprietary outlets, authorized agents, and external retail partners. Fur", "detail": "Not determinative — fails the interest-bearing debt ratio (88.6% of market cap).", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 88.6, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 7.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": true, "note": "Not determinative — fails the interest-bearing debt ratio (88.6% of market cap)." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/T/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates AT&T Inc. (T) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 88.6% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "T latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=AT%26T%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "AT&T Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=AT%26T%20Inc.&type=10-K", "external": true }, { "label": "Zoya — T Shariah compliance", "url": "https://zoya.finance/stocks/t", "external": true }, { "label": "Musaffa — T", "url": "https://musaffa.com/stock/T/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is AT&T Inc. (T) stock halal?", "answer": "No. AT&T Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does AT&T Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 88.6% of market cap (limit < 30%); cash plus interest-bearing securities is 7.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is AT&T Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 88.6, "cashPct": 7.3, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 88.6, "cashPct": 7.3, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 34.5, "cashPct": 2.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.atlassian-stock", "question": "Is Atlassian Stock Halal?", "entityName": "Atlassian Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Atlassian Corporation (TEAM) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 4.3% of market cap and cash plus interest-bearing securities 4.9% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Atlassian Corporation, operating globally via its subsidiaries, specializes in creating, distributing, and supporting a diverse range of software solutions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 4.3% of market cap, cash plus interest-bearing securities 4.9%, and filing-verified impermissible income 2.2% (Interest income $112.3M on $5.22B total revenue (Atlassian Corporation FY2025 (fiscal year ended 2025-06-30, Form 10-K))…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 180, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/atlassian-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/atlassian-stock.md", "entityType": "stock", "ticker": "TEAM", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Atlassian Corporation, operating globally via its subsidiaries, specializes in creating, distributing, and supporting a diverse range of software solutions. Its extensive product suite features Jira Software and Jira Work Management, comprehensive project management platforms enabling technical and business teams to efficiently plan, organize, monitor, and execute tasks. Confluence serves as a collaborative workspace, centralizing knowledge to advance team efforts, while Trello provides a flexib", "detail": "Interest income $112.3M on $5.22B total revenue (Atlassian Corporation FY2025 (fiscal year ended 2025-06-30, Form 10-K)) = 2.2% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 2.2 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 4.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 4.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 2.2, "thresholdPct": 5, "pass": true, "note": "Interest income $112.3M on $5.22B total revenue (Atlassian Corporation FY2025 (fiscal year ended 2025-06-30, Form 10-K)) = 2.2% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/TEAM/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Atlassian Corporation (TEAM) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 4.3% of market cap (limit 30%), cash plus interest-bearing securities 4.9% (limit 30%), impermissible income 2.2% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "TEAM latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Atlassian%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Atlassian Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Atlassian%20Corporation&type=10-K", "external": true }, { "label": "Zoya — TEAM Shariah compliance", "url": "https://zoya.finance/stocks/team", "external": true }, { "label": "Musaffa — TEAM", "url": "https://musaffa.com/stock/TEAM/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Atlassian Corporation (TEAM) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Atlassian Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Atlassian Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 4.3% of market cap (limit < 30%); cash plus interest-bearing securities is 4.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Atlassian Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Atlassian Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 4.3, "cashPct": 4.9, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 4.3, "cashPct": 4.9, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 17.5, "cashPct": 20.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.autodesk-stock", "question": "Is Autodesk Stock Halal?", "entityName": "Autodesk, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Autodesk, Inc. (ADSK) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-04-30) interest-bearing debt is 5.9% of market cap and cash plus interest-bearing securities 7.0% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Autodesk, Inc. delivers advanced software and services for 3D design, engineering, and entertainment to a global clientele. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-04-30: interest-bearing debt is 5.9% of market cap, cash plus interest-bearing securities 7.0%, and filing-verified impermissible income 0.3% (Interest income $25.0M on $7.21B total revenue (Autodesk, Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)) = 0.3% …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 181, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/autodesk-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/autodesk-stock.md", "entityType": "stock", "ticker": "ADSK", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-04-30", "businessScreen": { "pass": true, "activity": "Autodesk, Inc. delivers advanced software and services for 3D design, engineering, and entertainment to a global clientele. Their diverse product line includes AutoCAD Civil 3D, a comprehensive solution for civil engineering tasks such as land development, transportation infrastructure, and environmental projects. For construction project management, they offer BIM 360, a cloud-based platform. Core design and drafting needs are met by AutoCAD and its specialized counterpart, AutoCAD LT. The comp", "detail": "Interest income $25.0M on $7.21B total revenue (Autodesk, Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)) = 0.3% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 5.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.3, "thresholdPct": 5, "pass": true, "note": "Interest income $25.0M on $7.21B total revenue (Autodesk, Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)) = 0.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/ADSK/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Autodesk, Inc. (ADSK) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 5.9% of market cap (limit 30%), cash plus interest-bearing securities 7% (limit 30%), impermissible income 0.3% of revenue (limit 5%) on 2026-04-30 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ADSK latest quarterly filing (balance sheet 2026-04-30)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Autodesk%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Autodesk, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Autodesk%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ADSK Shariah compliance", "url": "https://zoya.finance/stocks/adsk", "external": true }, { "label": "Musaffa — ADSK", "url": "https://musaffa.com/stock/ADSK/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Autodesk, Inc. (ADSK) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Autodesk, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-04-30). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Autodesk, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 5.9% of market cap (limit < 30%); cash plus interest-bearing securities is 7.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Autodesk, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Autodesk, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-04-30", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 5.9, "cashPct": 7, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 5.9, "cashPct": 7, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 20.8, "cashPct": 24.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.automatic-data-processing-stock", "question": "Is Automatic Data Processing Stock Halal?", "entityName": "Automatic Data Processing, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Automatic Data Processing, Inc. (ADP) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 4.4% of market cap and cash plus interest-bearing securities 3.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Automatic Data Processing, Inc. (ADP) is a global provider of cloud-based solutions designed for human capital management (HCM). The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 4.4% of market cap, cash plus interest-bearing securities 3.6%, and filing-verified impermissible income 1.6% (Interest income $319.5M on $20.56B total revenue (Automatic Data Processing, Inc. FY2025 (fiscal year ended 2025-06-30, …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 181, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/automatic-data-processing-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/automatic-data-processing-stock.md", "entityType": "stock", "ticker": "ADP", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Automatic Data Processing, Inc. (ADP) is a global provider of cloud-based solutions designed for human capital management (HCM). The company organizes its operations into two primary segments: Employer Services and Professional Employer Organization (PEO). Through its Employer Services division, ADP delivers strategic, cloud-powered platforms and comprehensive human resources (HR) outsourcing. This encompasses a wide array of services such as payroll processing, benefits administration, talent a", "detail": "Interest income $319.5M on $20.56B total revenue (Automatic Data Processing, Inc. FY2025 (fiscal year ended 2025-06-30, Form 10-K)) = 1.6% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.6 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 4.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.6, "thresholdPct": 5, "pass": true, "note": "Interest income $319.5M on $20.56B total revenue (Automatic Data Processing, Inc. FY2025 (fiscal year ended 2025-06-30, Form 10-K)) = 1.6% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/ADP/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Automatic Data Processing, Inc. (ADP) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 4.4% of market cap (limit 30%), cash plus interest-bearing securities 3.6% (limit 30%), impermissible income 1.6% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ADP latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Automatic%20Data%20Processing%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Automatic Data Processing, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Automatic%20Data%20Processing%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ADP Shariah compliance", "url": "https://zoya.finance/stocks/adp", "external": true }, { "label": "Musaffa — ADP", "url": "https://musaffa.com/stock/ADP/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Automatic Data Processing, Inc. (ADP) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Automatic Data Processing, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Automatic Data Processing, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 4.4% of market cap (limit < 30%); cash plus interest-bearing securities is 3.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Automatic Data Processing, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Automatic Data Processing, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 4.4, "cashPct": 3.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 4.4, "cashPct": 3.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 6.2, "cashPct": 5, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.autozone-stock", "question": "Is AutoZone Stock Halal?", "entityName": "AutoZone, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "AutoZone, Inc. (AZO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-05-09) interest-bearing debt is 18.3% of market cap and cash plus interest-bearing securities 0.5% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "AutoZone, Inc. operates as a leading retailer and distributor specializing in automotive replacement parts and accessories. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-05-09: interest-bearing debt is 18.3% of market cap, cash plus interest-bearing securities 0.5%, and filing-verified impermissible income 0.1% (Interest income $11.0M on $18.94B total revenue (AutoZone, Inc. FY2025 (fiscal year ended 2025-08-30, Form 10-K)) = 0.1%…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 179, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/autozone-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/autozone-stock.md", "entityType": "stock", "ticker": "AZO", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-05-09", "businessScreen": { "pass": true, "activity": "AutoZone, Inc. operates as a leading retailer and distributor specializing in automotive replacement parts and accessories. The company's comprehensive inventory caters to a diverse range of vehicles, including cars, sport utility vehicles, vans, and light trucks. Their product offerings encompass both new and remanufactured critical hard parts, essential maintenance items, various accessories, and a selection of non-automotive goods. Key automotive components available include A/C compressors, ", "detail": "Interest income $11.0M on $18.94B total revenue (AutoZone, Inc. FY2025 (fiscal year ended 2025-08-30, Form 10-K)) = 0.1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 18.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.1, "thresholdPct": 5, "pass": true, "note": "Interest income $11.0M on $18.94B total revenue (AutoZone, Inc. FY2025 (fiscal year ended 2025-08-30, Form 10-K)) = 0.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/AZO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates AutoZone, Inc. (AZO) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 18.3% of market cap (limit 30%), cash plus interest-bearing securities 0.5% (limit 30%), impermissible income 0.1% of revenue (limit 5%) on 2026-05-09 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "AZO latest quarterly filing (balance sheet 2026-05-09)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=AutoZone%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "AutoZone, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=AutoZone%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — AZO Shariah compliance", "url": "https://zoya.finance/stocks/azo", "external": true }, { "label": "Musaffa — AZO", "url": "https://musaffa.com/stock/AZO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is AutoZone, Inc. (AZO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology AutoZone, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-05-09). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does AutoZone, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-09: interest-bearing debt is 18.3% of market cap (limit < 30%); cash plus interest-bearing securities is 0.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is AutoZone, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from AutoZone, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-05-09", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 18.3, "cashPct": 0.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 18.3, "cashPct": 0.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 47.9, "cashPct": 1.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.baidu-stock", "question": "Is Baidu Stock Halal?", "entityName": "Baidu, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Baidu, Inc. (BIDU) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 4.9% of market cap and cash plus interest-bearing securities 6.4% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Baidu, Inc. is a prominent Chinese technology company that offers various internet-based services, primarily focusing on digital marketing and cloud computing, all delivered through its extensive online platform within the People's Republic of China. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 4.9% of market cap, cash plus interest-bearing securities 6.4%, and filing-verified impermissible income 0.9% (Interest income $1.20B on $129.08B total revenue (Baidu, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.9% —…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 199, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/baidu-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/baidu-stock.md", "entityType": "stock", "ticker": "BIDU", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Baidu, Inc. is a prominent Chinese technology company that offers various internet-based services, primarily focusing on digital marketing and cloud computing, all delivered through its extensive online platform within the People's Republic of China. The company's operations are segmented into two main divisions: Baidu Core and iQIYI. The Baidu Core segment encompasses a wide array of services, including online marketing derived from search queries and user feeds, comprehensive cloud solutions, ", "detail": "Interest income $1.20B on $129.08B total revenue (Baidu, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.9% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.9 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 4.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 6.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.9, "thresholdPct": 5, "pass": true, "note": "Interest income $1.20B on $129.08B total revenue (Baidu, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.9% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/BIDU/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Baidu, Inc. (BIDU) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 4.9% of market cap (limit 30%), cash plus interest-bearing securities 6.4% (limit 30%), impermissible income 0.9% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "BIDU latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Baidu%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Baidu, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Baidu%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — BIDU Shariah compliance", "url": "https://zoya.finance/stocks/bidu", "external": true }, { "label": "Musaffa — BIDU", "url": "https://musaffa.com/stock/BIDU/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Baidu, Inc. (BIDU) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Baidu, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Baidu, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 4.9% of market cap (limit < 30%); cash plus interest-bearing securities is 6.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Baidu, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Baidu, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 4.9, "cashPct": 6.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 4.9, "cashPct": 6.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 20.1, "cashPct": 26.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.baker-hughes-stock", "question": "Is Baker Hughes Stock Halal?", "entityName": "Baker Hughes Company", "verdict": "halal", "verdictLabel": "Halal", "answer": "Baker Hughes Company (BKR) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 25.8% of market cap and cash plus interest-bearing securities 23.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Based in Houston, Texas, Baker Hughes Company is a global provider of diverse technologies and services tailored for the energy and industrial sectors. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 25.8% of market cap, cash plus interest-bearing securities 23.6%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Baker Hughes Company FY2025 (fiscal year ended 2025-12-31,…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 185, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/baker-hughes-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/baker-hughes-stock.md", "entityType": "stock", "ticker": "BKR", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Based in Houston, Texas, Baker Hughes Company is a global provider of diverse technologies and services tailored for the energy and industrial sectors. The company operates through four primary business segments: Oilfield Services (OFS), Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS), and Digital Solutions (DS). Oilfield Services (OFS) assists oil and natural gas companies and other service providers with solutions for exploration, drilling, well evaluation, completion, produ", "detail": "Interest income not separately material in the annual filing (Baker Hughes Company FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0.9 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 25.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 23.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Baker Hughes Company FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/BKR/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Baker Hughes Company (BKR) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 25.8% of market cap (limit 30%), cash plus interest-bearing securities 23.6% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "BKR latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Baker%20Hughes%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Baker Hughes Company SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Baker%20Hughes%20Company&type=10-K", "external": true }, { "label": "Zoya — BKR Shariah compliance", "url": "https://zoya.finance/stocks/bkr", "external": true }, { "label": "Musaffa — BKR", "url": "https://musaffa.com/stock/BKR/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Baker Hughes Company (BKR) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Baker Hughes Company passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Baker Hughes Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 25.8% of market cap (limit < 30%); cash plus interest-bearing securities is 23.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Baker Hughes Company held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Baker Hughes Company?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 25.8, "cashPct": 23.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 25.8, "cashPct": 23.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 31.8, "cashPct": 29, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.bank-of-america-stock", "question": "Is Bank of America Stock Halal?", "entityName": "Bank of America Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Bank of America Corporation (BAC) does not pass Shariah screening: its core business fails the activity screen (Bank of America fails the Shariah business-activity screen because conventional, interest-based banking (riba) is its co), and interest-bearing debt / market cap is 96.5% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 62.9% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 72.3% against the < 5% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Bank of America is a conventional bank, which makes it a clear-cut non-compliant stock under Shariah screening. Its revenue is dominated by net interest income earned from deposits and interest-based lending across its consumer, commercial, wealth-management, and markets businesses. Because riba is the foundation of the business model, the qualitative business-activity screen fails at the outset.\n\nThe quantitative ratios reinforce the verdict by wide margins. Independent AAOIFI screening puts Bank of America's debt at roughly 82% of market capitalization and interest-bearing deposits around 75% — versus the 30% limits — while prohibited (interest) income is close to 19% of revenue, against the 5% cap. A bank's balance sheet is structurally incompatible with these thresholds.\n\nThis is why Zoya, HalalScreener (which scores it 0/100), and every mainstream Shariah screen classify Bank of America as not halal, and why it is excluded from Shariah-screened funds such as SPUS and HLAL. Muslim investors who want financial-sector exposure should look to fee-based payment networks (Visa, Mastercard), permissible fintech, or Shariah-compliant Islamic banks rather than conventional lenders.", "analysisWordCount": 172, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/bank-of-america-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/bank-of-america-stock.md", "entityType": "stock", "ticker": "BAC", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Bank of America Corporation is a diversified conventional bank, operating consumer banking, global wealth and investment management, global banking, and global markets. Its core revenue is net interest income earned from interest-based lending.", "detail": "Bank of America fails the Shariah business-activity screen because conventional, interest-based banking (riba) is its core business. The financial ratios also fail decisively: independent AAOIFI screening reports debt-to-market-cap around 82%, interest-bearing deposits around 75%, and prohibited income around 19% of revenue — all far beyond the AAOIFI limits (30%, 30%, and 5% respectively).", "impermissibleRevenuePct": 72.3 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 96.5, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 62.9, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 72.3, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-13. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-13. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null }, { "source": "Zoya", "position": "Classifies BAC as NOT Shariah-compliant — its conventional banking business fails the AAOIFI activity screen.", "url": "https://zoya.finance/stocks/bac", "note": null }, { "source": "HalalScreener", "position": "Rates BAC Not Halal (Grade F, 0/100) under AAOIFI Standard 21 — prohibited industry (Banks - Diversified); reports debt/market-cap 82.1%, interest-bearing deposits 75.0%, prohibited income 18.74%.", "url": "https://halalscreener.app/ar/stock/BAC", "note": null } ], "sources": [ { "label": "BAC latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Bank%20of%20America%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Bank of America Corporation 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=BAC&type=10-K", "external": true }, { "label": "Zoya — BAC Shariah compliance status (not compliant)", "url": "https://zoya.finance/stocks/bac", "external": true }, { "label": "HalalScreener — BAC Not Halal (Grade F, 0/100; AAOIFI Standard 21)", "url": "https://halalscreener.app/ar/stock/BAC", "external": true } ], "faqs": [ { "question": "Is Bank of America Corporation (BAC) stock halal?", "answer": "No. Bank of America Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Bank of America Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 96.5% of market cap (limit < 30%); cash plus interest-bearing securities is 62.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Bank of America Corporation held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Bank of America Corporation is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.bank-of-montreal-stock", "question": "Is Bank of Montreal Stock Halal?", "entityName": "Bank of Montreal", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Bank of Montreal (BMO.TO) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Banks - Diversified\" / sector \"Financial Services\" pattern-matches a prohibited core business), and interest-bearing debt / market cap is 101.1% against the < 30% limit (data as of 2026-04-30), and cash + interest-bearing securities / market cap is 238.8% against the < 30% limit (data as of 2026-04-30), and impermissible income / total revenue is 81.3% against the < 5% limit (data as of 2026-04-30). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Bank of Montreal is a diversified financial services institution primarily serving North America. Core business: Banks - Diversified (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, Bank of Montreal's balance-sheet ratios also fall outside AAOIFI's financial limits — interest-bearing debt 101.1% of market cap (limit 30%), cash plus interest-bearing securities 238.8% (limit 30%), impermissible income 81.3% of revenue (limit 5%), as of 2026-04-30; but the outcome does not turn on them — because the activity screen fails, BMO.TO is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 203, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/bank-of-montreal-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/bank-of-montreal-stock.md", "entityType": "stock", "ticker": "BMO.TO", "exchange": "TSX", "lastReviewed": "2026-06-14", "dataAsOf": "2026-04-30", "businessScreen": { "pass": false, "activity": "Bank of Montreal is a diversified financial services institution primarily serving North America. For individual customers, BMO offers core banking products such as checking and savings accounts, credit cards, mortgages, and specialized financial and investment advisory services. Its commercial banking division caters to both small businesses and larger corporations, providing business deposit accounts, commercial credit cards, loans, mortgages, cash management solutions, foreign exchange servic", "detail": "Core business: Banks - Diversified (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": 81.3 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 101.1, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 238.8, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 81.3, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/BMO.TO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Bank of Montreal (BMO.TO) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "BMO.TO latest filings on SEDAR+ (balance sheet 2026-04-30)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Bank of Montreal SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Bank%20of%20Montreal&type=10-K", "external": true }, { "label": "Musaffa — BMO.TO", "url": "https://musaffa.com/stock/BMO.TO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Bank of Montreal (BMO.TO) stock halal?", "answer": "No. Bank of Montreal fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Bank of Montreal pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 101.1% of market cap (limit < 30%); cash plus interest-bearing securities is 238.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Bank of Montreal held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.bce-stock", "question": "Is BCE Stock Halal?", "entityName": "BCE Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "BCE Inc. (BCE.TO) does not pass Shariah screening: interest-bearing debt / market cap is 133.5% against the < 30% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs WSHR. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "BCE illustrates how a company can operate in an entirely permissible industry and still fail Shariah screening. Selling wireless plans, internet, and television service raises no business-activity objection, and telecom is a sector that Shariah-screened global funds hold readily, names like Swisscom and Singapore Telecommunications appear in Wealthsimple's WSHR ETF. BCE itself, however, does not.\n\nThe reason is leverage. Building and maintaining national wireless and fibre networks consumes enormous capital, and BCE has funded its programs with a debt load that screening platforms flag as exceeding AAOIFI-style ratio thresholds. Musaffa publicly classifies BCE as not halal under its methodology. There is also a minor qualitative wrinkle in Bell Media, whose advertising and entertainment content includes material some scholars would treat as requiring dividend purification, though it is a small part of overall revenue and BCE does not disclose it at that granularity.\n\nBecause the failure is ratio-based rather than categorical, BCE's status could change if it materially reduces debt or if its market value rises substantially relative to borrowings. Income-oriented Muslim investors attracted by BCE's dividend yield should treat the current screener verdicts as the controlling fact, monitor for changes on a screening app, and look meanwhile at screened sectors, industrials, energy, materials, where compliant dividend payers currently exist on the TSX.", "analysisWordCount": 212, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/bce-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/bce-stock.md", "entityType": "stock", "ticker": "BCE.TO", "exchange": "TSX", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "BCE Inc. is Canada's largest communications company, operating through two segments: Bell Communication and Technology Services (Bell CTS), which provides wireless, internet, TV, and business communications services under brands including Bell, Virgin Plus, and Lucky Mobile, and Bell Media, which owns TV, radio, digital, and streaming properties including Crave, TSN, and RDS, monetized through subscriptions and advertising.", "detail": "Fails the AAOIFI business-activity screen on its core operations; see the analysis below.", "impermissibleRevenuePct": 0.3 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 133.5, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 4.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.3, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Wealthsimple Shariah World Equity Index ETF (WSHR)", "position": "Not held in WSHR as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "note": null }, { "url": null, "note": null }, { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Verify current SPUS schedule before citing as held (reference SOI 2026-02-28).", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Verify current HLAL holdings before citing as held (reference 2026-06-05).", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null } ], "sources": [ { "label": "BCE.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "BCE Investor Relations", "url": "https://www.bce.ca/investors", "external": true }, { "label": "Musaffa screener page for BCE", "url": "https://musaffa.com/stock/BCEIF/", "external": true }, { "label": "WSHR holdings list (Wealthsimple)", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "external": true } ], "faqs": [ { "question": "Is BCE Inc. (BCE.TO) stock halal?", "answer": "No. BCE Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does BCE Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 133.5% of market cap (limit < 30%); cash plus interest-bearing securities is 4.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is BCE Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, BCE Inc. is not held by WSHR. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 133.5, "cashPct": 4.3, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 133.5, "cashPct": 4.3, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 52.8, "cashPct": 1.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.berkshire-hathaway-stock", "question": "Is Berkshire Hathaway Stock Halal?", "entityName": "Berkshire Hathaway Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Berkshire Hathaway Inc. (BRK-B) does not pass Shariah screening: its core business fails the activity screen (Berkshire fails the Shariah business-activity screen because conventional insurance (GEICO and reinsurance) is a core, n), and cash + interest-bearing securities / market cap is 37.7% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 6.3% against the < 5% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Berkshire Hathaway is one of the most common 'is it halal?' questions because it is such a famous, well-run company — but on standard Shariah screens it does not pass, and the reason is structural rather than incidental. Berkshire's single largest business is conventional insurance: GEICO on the auto side and Berkshire Hathaway Reinsurance on the wholesale side. Conventional insurance is treated as impermissible by mainstream AAOIFI-aligned scholars because of the gharar (excessive uncertainty) and riba embedded in how premiums and reserves are structured and invested. Because insurance is a core segment, not a rounding error, the business-activity screen fails outright.\n\nThe financial ratios fail as well. Berkshire famously holds an enormous pile of cash and U.S. Treasury bills plus a large marketable-securities portfolio — on our screen, cash plus interest-bearing securities is about 38% of market capitalization, over the 30% AAOIFI threshold. Impermissible income (chiefly interest and insurance income) runs around 6% of revenue, over the 5% limit. Either ratio alone would flag the stock; combined with the business-activity failure, the verdict is unambiguous.\n\nThis is why both Zoya and Musaffa classify Berkshire as not Shariah-compliant, and why it does not appear in Shariah-screened funds like SPUS or HLAL, which exclude the financials and insurance sector by design. There is a notable irony — Berkshire's own largest single holding has at times been Apple, a stock many screens consider compliant — but you cannot get clean exposure to Berkshire's permissible pieces by buying the consolidated holding company. Muslim investors who want a diversified, buy-and-hold core position should look instead at Shariah-screened ETFs (such as SPUS or HLAL), which deliver broad market exposure with the insurance and conventional-finance names already removed.", "analysisWordCount": 281, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/berkshire-hathaway-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/berkshire-hathaway-stock.md", "entityType": "stock", "ticker": "BRK-B", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Berkshire Hathaway is a diversified holding company whose largest operating segment is insurance — GEICO (auto), Berkshire Hathaway Reinsurance, and Berkshire Hathaway Primary Group — alongside the BNSF railroad, Berkshire Hathaway Energy, and a broad set of manufacturing, retail, and service businesses. It also holds a very large portfolio of marketable equity securities and cash/Treasury bills. Insurance underwriting and the investment of insurance float are central to the business model.", "detail": "Berkshire fails the Shariah business-activity screen because conventional insurance (GEICO and reinsurance) is a core, not incidental, line of business — conventional insurance involves gharar and riba and is treated as impermissible by mainstream AAOIFI-aligned screens. On the financial side it also breaches two AAOIFI ratio limits: cash plus interest-bearing securities is roughly 38% of market cap (versus the 30% limit), reflecting its very large Treasury-bill and investment holdings, and impermissible income (largely interest and insurance income) is around 6% of revenue (versus the 5% limit). The presence of permissible operating businesses such as BNSF and See's Candies does not cure the consolidated business-activity and ratio failures.", "impermissibleRevenuePct": 6.3 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 13.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 37.7, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 6.3, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-13. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-13. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.wahedinvest.com/hlal", "note": null }, { "source": "Zoya", "position": "Classifies Berkshire Hathaway (both BRK.B and BRK.A) as NOT Shariah-compliant under its AAOIFI-based methodology; dividends from a non-compliant stock are treated as impermissible income to be purified.", "url": "https://zoya.finance/stocks/brk-b", "note": null }, { "source": "Musaffa", "position": "Classified NOT HALAL as of November 2025 (report source: 2025 Q3) based on AAOIFI business-activity and financial-ratio screens.", "url": "https://musaffa.com/stock/BRK.B", "note": null } ], "sources": [ { "label": "BRK-B latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Berkshire%20Hathaway%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Berkshire Hathaway Inc. 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=BRK-B&type=10-K", "external": true }, { "label": "Zoya — BRK.B Shariah compliance status (not compliant)", "url": "https://zoya.finance/stocks/brk-b", "external": true }, { "label": "Musaffa — BRK.B Shariah status (NOT HALAL, Nov 2025)", "url": "https://musaffa.com/stock/BRK.B", "external": true }, { "label": "SP Funds SPUS — S&P 500 Sharia Industry Exclusions methodology (excludes financials/insurance)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "Berkshire Hathaway Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Berkshire%20Hathaway%20Inc.&type=10-K", "external": true }, { "label": "Musaffa — BRK-B", "url": "https://musaffa.com/stock/BRK-B/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Berkshire Hathaway Inc. (BRK-B) stock halal?", "answer": "No. Berkshire Hathaway Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Berkshire Hathaway Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 13.8% of market cap (limit < 30%); cash plus interest-bearing securities is 37.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Berkshire Hathaway Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Berkshire Hathaway Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.best-buy-co-stock", "question": "Is Best Buy Stock Halal?", "entityName": "Best Buy Co., Inc.", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Best Buy Co., Inc. (BBY) passes the screens we can compute (data as of 2026-05-02) — interest-bearing debt / market cap 7.1%, cash + interest-bearing securities / market cap 10.6%, impermissible income / total revenue 0.0% — but one screen requires case-by-case judgment.", "analysis": "Best Buy Co., Inc. operates as a prominent technology retailer across the United States and Canada. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nComputed screens are mixed as of 2026-05-02: debt 7.1%, cash/securities 10.6%, impermissible income pending full filing verification. Treat as conditional until the impermissible-income line is confirmed against the annual report.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not size up until the conditional line is verified against the filing or a screener you trust; the dated ratio table on this page shows exactly what is still open.", "analysisWordCount": 153, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/best-buy-co-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/best-buy-co-stock.md", "entityType": "stock", "ticker": "BBY", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-05-02", "businessScreen": { "pass": true, "activity": "Best Buy Co., Inc. operates as a prominent technology retailer across the United States and Canada. Its business structure is segmented into Domestic and International operations. The company's extensive product selection includes a wide array of computing devices such as desktops, notebooks, and associated peripherals, alongside mobile phones (which generate commissions from network carriers), networking equipment, and tablets (including e-readers). Customers can also find smartwatches and vari", "detail": "Interest income not separately material in the annual filing (Best Buy Co., Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 7.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 10.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Best Buy Co., Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/BBY/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Best Buy Co., Inc. (BBY) conditional: financial ratios pass (interest-bearing debt 7.1% of market cap (limit 30%), cash plus interest-bearing securities 10.6% (limit 30%), impermissible income 0% of revenue (limit 5%)) on 2026-05-02 figures, but an open business-activity question remains — verify the condition noted on this page against the latest filing before treating it as a clear pass.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "BBY latest quarterly filing (balance sheet 2026-05-02)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Best%20Buy%20Co.%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Best Buy Co., Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Best%20Buy%20Co.%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — BBY Shariah compliance", "url": "https://zoya.finance/stocks/bby", "external": true }, { "label": "Musaffa — BBY", "url": "https://musaffa.com/stock/BBY/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Best Buy Co., Inc. (BBY) stock halal?", "answer": "Best Buy Co., Inc. is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does Best Buy Co., Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-02: interest-bearing debt is 7.1% of market cap (limit < 30%); cash plus interest-bearing securities is 10.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Best Buy Co., Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-05-02", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 7.1, "cashPct": 10.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 7.1, "cashPct": 10.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 7.9, "cashPct": 11.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.bilibili-stock", "question": "Is Bilibili Stock Halal?", "entityName": "Bilibili Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Bilibili Inc. (BILI) does not pass Shariah screening: its core business fails the activity screen (Interest income only — verify other impermissible revenue lines in the 10-K), and cash + interest-bearing securities / market cap is 47.6% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Bilibili Inc. is a prominent Chinese entity focused on providing online entertainment experiences, primarily catering to the younger generations across the People's Republic of China. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOur verdict rests primarily on the business-activity screen: Industry: Electronic Gaming & Multimedia · Sector: Technology. Verify revenue segments in the latest 10-K for impermissible lines. Financial ratios alone cannot cure a failed activity screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 167, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/bilibili-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/bilibili-stock.md", "entityType": "stock", "ticker": "BILI", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Bilibili Inc. is a prominent Chinese entity focused on providing online entertainment experiences, primarily catering to the younger generations across the People's Republic of China. Its comprehensive digital platform boasts a diverse selection of content, including various video services, mobile games, value-added subscriptions, and dedicated animation, comic, and game (ACG) themed comics and audio. The company's video offerings specifically comprise content created by professional users, prof", "detail": "Interest income only — verify other impermissible revenue lines in the 10-K", "impermissibleRevenuePct": 1.4 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 18.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 47.6, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.4, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/BILI/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Bilibili Inc. (BILI) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "BILI latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Bilibili%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Bilibili Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Bilibili%20Inc.&type=10-K", "external": true }, { "label": "Zoya — BILI Shariah compliance", "url": "https://zoya.finance/stocks/bili", "external": true }, { "label": "Musaffa — BILI", "url": "https://musaffa.com/stock/BILI/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Bilibili Inc. (BILI) stock halal?", "answer": "No. Bilibili Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Bilibili Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 18.8% of market cap (limit < 30%); cash plus interest-bearing securities is 47.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Bilibili Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 18.8, "cashPct": 47.6, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 18.8, "cashPct": 47.6, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 23.1, "cashPct": 58.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.biogen-stock", "question": "Is Biogen Stock Halal?", "entityName": "Biogen Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Biogen Inc. (BIIB) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 21.3% of market cap and cash plus interest-bearing securities 14.5% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Biogen Inc. is a leading biotechnology firm dedicated to the discovery, development, production, and distribution of treatments for complex neurological and neurodegenerative conditions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 21.3% of market cap, cash plus interest-bearing securities 14.5%, and filing-verified impermissible income 0.9% (Interest income $87.8M on $9.81B total revenue (Biogen Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.9% — u…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 188, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/biogen-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/biogen-stock.md", "entityType": "stock", "ticker": "BIIB", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Biogen Inc. is a leading biotechnology firm dedicated to the discovery, development, production, and distribution of treatments for complex neurological and neurodegenerative conditions. Its established portfolio includes a range of medications addressing multiple sclerosis (MS), such as TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA. For spinal muscular atrophy (SMA), Biogen provides SPINRAZA, while FUMADERM is available for the treatment of plaque psoriasis. Among its other key of", "detail": "Interest income $87.8M on $9.81B total revenue (Biogen Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.9% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.9 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 21.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 14.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.9, "thresholdPct": 5, "pass": true, "note": "Interest income $87.8M on $9.81B total revenue (Biogen Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.9% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/BIIB/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Biogen Inc. (BIIB) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 21.3% of market cap (limit 30%), cash plus interest-bearing securities 14.5% (limit 30%), impermissible income 0.9% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "BIIB latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Biogen%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Biogen Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Biogen%20Inc.&type=10-K", "external": true }, { "label": "Zoya — BIIB Shariah compliance", "url": "https://zoya.finance/stocks/biib", "external": true }, { "label": "Musaffa — BIIB", "url": "https://musaffa.com/stock/BIIB/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Biogen Inc. (BIIB) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Biogen Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Biogen Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 21.3% of market cap (limit < 30%); cash plus interest-bearing securities is 14.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Biogen Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Biogen Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 21.3, "cashPct": 14.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 21.3, "cashPct": 14.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 21.3, "cashPct": 14.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.bitcoin", "question": "Is Bitcoin Halal?", "entityName": "Bitcoin", "verdict": "scholars_differ", "verdictLabel": "Scholars Differ", "answer": "Contemporary scholars are genuinely divided. The mainstream permissive position — held by several AAOIFI-aligned scholars and national bodies — treats Bitcoin as permissible digital property (mal) for spot purchase and long-term holding, while prohibiting leverage, lending it at yield, and high-speculation trading. The prohibitive position cites gharar (excessive uncertainty), absence of intrinsic value, and speculative dominance. There is no settled consensus; both positions are held by credible scholars.", "analysis": "Bitcoin sits at the center of a genuine, unresolved scholarly disagreement, and any resource that tells you \"Bitcoin is halal\" or \"Bitcoin is haram\" without qualification is flattening a live debate. The permissive position — adopted by a substantial group of contemporary scholars and several national fatwa bodies — analyzes Bitcoin as digital property (mal) with recognized exchange value: buying it spot and holding it is then a permissible exchange, like any commodity, with zakat owed on the holding. The prohibitive position — also held by serious scholars and some national bodies — objects on grounds of extreme gharar (uncertainty), absence of underlying productive value, dominance of speculation over use, and in some formulations the claim that currency issuance belongs to the state.\n\nBoth camps agree on the edges: leveraged and margin trading of Bitcoin is impermissible (riba plus maysir), lending Bitcoin for yield is riba, and using it for prohibited transactions is prohibited regardless of the asset's own status.\n\nPractically: this is a follow-your-scholar question. If you adopt the permissive view, the discipline is spot purchase only, self-custody or simple custodial holding, no yield products, no leverage, position sizes that survive volatility without wrecking your finances, and zakat calculated annually on market value. If you adopt the prohibitive view, nothing in your financial life actually requires crypto exposure.", "analysisWordCount": 219, "conditions": "For those following the permissive view: spot purchase, no leverage or margin, no lending/yield products, and zakat owed once holdings cross nisab.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/bitcoin", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/bitcoin.md", "entityType": "crypto", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Decentralized proof-of-work cryptocurrency; fixed supply; no yield mechanism at the protocol level.", "detail": "Bitcoin itself generates no interest — the Shariah debate is over its status as money/property and speculation, not riba in the asset.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Permissive position (multiple contemporary scholars and fatwa bodies)", "position": "Bitcoin is digital property permissible to hold and trade spot, with zakat due on holdings.", "url": null, "note": null }, { "source": "Prohibitive position (other contemporary scholars)", "position": "Excessive gharar, no intrinsic value, and speculative use make cryptocurrency impermissible.", "url": null, "note": null } ], "sources": [ { "label": "Is crypto halal? (HalalWallet)", "url": "/is-crypto-halal", "external": false }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is cryptocurrency halal? (HalalWallet guide)", "url": "/is-crypto-halal", "external": false } ], "faqs": [ { "question": "Do I pay zakat on Bitcoin?", "answer": "Yes — under the permissive view, crypto holdings are zakatable wealth: 2.5% once your total zakatable assets exceed nisab and a lunar year has passed." }, { "question": "Is Bitcoin mining halal?", "answer": "Scholars who permit Bitcoin generally permit mining as compensation for a verification service, paid in the network's native asset. Those who prohibit Bitcoin prohibit mining it as well." } ] }, { "id": "verdict.blackberry-limited-stock", "question": "Is BlackBerry Stock Halal?", "entityName": "BlackBerry Limited", "verdict": "halal", "verdictLabel": "Halal", "answer": "BlackBerry Limited (BB) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-02-28) interest-bearing debt is 3.6% of market cap and cash plus interest-bearing securities 6.7% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "BlackBerry Limited stands as a global technology company, delivering intelligent security solutions, software, and comprehensive services to government bodies and businesses worldwide. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-02-28: interest-bearing debt is 3.6% of market cap, cash plus interest-bearing securities 6.7%, and filing-verified impermissible income 3.0% (Interest income $17.0M on $558.1M total revenue (BlackBerry Limited FY2026 (fiscal year ended 2026-02-28, Form 10-K)) = …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 185, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/blackberry-limited-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/blackberry-limited-stock.md", "entityType": "stock", "ticker": "BB", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-02-28", "businessScreen": { "pass": true, "activity": "BlackBerry Limited stands as a global technology company, delivering intelligent security solutions, software, and comprehensive services to government bodies and businesses worldwide. Its operational structure is divided into three primary segments: Cybersecurity, Internet of Things (IoT), and Licensing & Other ventures. Within its Cybersecurity division, the company offers the sophisticated BlackBerry Cyber Suite. This platform leverages Cylance's artificial intelligence and machine learning c", "detail": "Interest income $17.0M on $558.1M total revenue (BlackBerry Limited FY2026 (fiscal year ended 2026-02-28, Form 10-K)) = 3% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 3.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 6.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 3, "thresholdPct": 5, "pass": true, "note": "Interest income $17.0M on $558.1M total revenue (BlackBerry Limited FY2026 (fiscal year ended 2026-02-28, Form 10-K)) = 3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/BB/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates BlackBerry Limited (BB) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 3.6% of market cap (limit 30%), cash plus interest-bearing securities 6.7% (limit 30%), impermissible income 3% of revenue (limit 5%) on 2026-02-28 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "BB latest quarterly filing (balance sheet 2026-02-28)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=BlackBerry%20Limited&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "BlackBerry Limited SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=BlackBerry%20Limited&type=10-K", "external": true }, { "label": "Zoya — BB Shariah compliance", "url": "https://zoya.finance/stocks/bb", "external": true }, { "label": "Musaffa — BB", "url": "https://musaffa.com/stock/BB/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is BlackBerry Limited (BB) stock halal?", "answer": "Yes, under our AAOIFI-based methodology BlackBerry Limited passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-02-28). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does BlackBerry Limited pass the AAOIFI financial ratio screen?", "answer": "As of 2026-02-28: interest-bearing debt is 3.6% of market cap (limit < 30%); cash plus interest-bearing securities is 6.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is BlackBerry Limited held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from BlackBerry Limited?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-02-28", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 3.6, "cashPct": 6.7, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 3.6, "cashPct": 6.7, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 15.8, "cashPct": 28.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.blackrock-stock", "question": "Is BlackRock Stock Halal?", "entityName": "BlackRock, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "BlackRock, Inc. (BLK) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Asset Management\" / sector \"Financial Services\" pattern-matches a prohibited core business). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "BlackRock, Inc. functions as a publicly traded company specializing in asset management. Core business: Asset Management (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, BlackRock, Inc.'s balance-sheet ratios in fact sit within AAOIFI's financial limits — interest-bearing debt 8% of market cap (limit 30%), cash plus interest-bearing securities 6.1% (limit 30%), impermissible income 2.8% of revenue (limit 5%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, BLK is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 201, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/blackrock-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/blackrock-stock.md", "entityType": "stock", "ticker": "BLK", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "BlackRock, Inc. functions as a publicly traded company specializing in asset management. Its diverse clientele includes a broad spectrum of institutional investors such as corporate, public, and union pension funds, insurance companies, endowments, governmental bodies, charitable foundations, sovereign wealth funds, corporations, official institutions, and banks. The firm also serves intermediary and individual investors. In addition to its primary role in investment management, BlackRock offers", "detail": "Core business: Asset Management (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": 2.8 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 6.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 2.8, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/BLK/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates BlackRock, Inc. (BLK) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "BLK latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=BlackRock%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "BlackRock, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=BlackRock%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — BLK Shariah compliance", "url": "https://zoya.finance/stocks/blk", "external": true }, { "label": "Musaffa — BLK", "url": "https://musaffa.com/stock/BLK/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is BlackRock, Inc. (BLK) stock halal?", "answer": "No. BlackRock, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does BlackRock, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 8.0% of market cap (limit < 30%); cash plus interest-bearing securities is 6.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is BlackRock, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.block-stock", "question": "Is Block Stock Halal?", "entityName": "Block, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Block, Inc. (XYZ) does not pass Shariah screening: cash + interest-bearing securities / market cap is 32.5% against the < 30% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Block is a hybrid: part payment processor, part consumer lender, part bitcoin brokerage. Of its $24.19 billion of 2025 revenue, the largest clean component is commerce enablement ($11.51 billion), the fees Square and Cash App earn for processing payments. The complications come from the other two categories. Financial solutions revenue ($4.18 billion) is built substantially on credit products: Square Loans for merchants, Cash App Borrow for consumers, and Afterpay's buy-now-pay-later business, and Block's segment disclosures show $230.6 million of interest revenue plus $1.34 billion of transaction, loan, and consumer receivable losses in 2025, which tells you lending is now a core engine of the business, not a sideline.\n\nThe bitcoin ecosystem line ($8.50 billion, about 35% of revenue) needs careful reading. Block recognizes the entire amount a customer pays for bitcoin as revenue and the bitcoin's cost as cost of revenue, so this is mostly pass-through volume with thin margins rather than a third of the company's economics. Whether facilitating bitcoin trading is halal is itself a question on which scholars differ, separate from the riba issues in the lending products.\n\nNeither SPUS (June 11, 2026 holdings) nor HLAL (February 28, 2026 SEC-filed holdings) holds Block. For a Muslim investor, the combination of growing interest-bearing credit products and a large crypto brokerage operation makes this a name where screen outcomes depend heavily on methodology and on which period's mix is measured; check a live screener for the current verdict rather than assuming the payment-processing core settles the question.", "analysisWordCount": 248, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/block-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/block-stock.md", "entityType": "stock", "ticker": "XYZ", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Block, Inc. operates two ecosystems, Square (merchant commerce and payments) and Cash App (consumer finance), and reports revenue in three categories per its 2025 10-K: commerce enablement ($11.51B), financial solutions ($4.18B), and bitcoin ecosystem ($8.50B), totaling $24.19 billion for 2025. Total gross profit was $10.36 billion, with Cash App contributing $6.34 billion and Square $3.94 billion.", "detail": "Several lines raise Shariah questions. Financial solutions revenue ($4.18B, about 17% of revenue) includes lending-driven products: Square Loans (merchant loans), Cash App Borrow (consumer loans), and Afterpay BNPL; the 10-K segment note also discloses $230.6 million of interest revenue within segment results for 2025, and the income statement includes $1.34 billion of transaction, loan, and consumer receivable losses. Bitcoin ecosystem revenue ($8.50B, about 35% of revenue) is recognized on a gross basis when customers buy bitcoin through Cash App, with the cost of the bitcoin recorded as cost of revenue, so it is high-revenue but thin-margin pass-through; crypto permissibility itself is a separate scholarly debate. Commerce enablement (payment processing fees) is the conventional fee-based core.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 19.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 32.5, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": null, "note": "Not determinative — this verdict is set by another screen / scholarly assessment, so the impermissible-income line does not change the outcome." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "XYZ latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Block%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Block 2025 10-K segment and revenue disclosure (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/R54.htm", "external": true }, { "label": "Block Q4/FY2025 shareholder letter (SEC EDGAR, 8-K exhibit)", "url": "https://www.sec.gov/Archives/edgar/data/1512673/000119312526076557/d108590dex991.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Block, Inc. (XYZ) stock halal?", "answer": "No. Block, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Block, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 19.2% of market cap (limit < 30%); cash plus interest-bearing securities is 32.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Block, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Block, Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 19.2, "cashPct": 32.5, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 19.2, "cashPct": 32.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 19.6, "cashPct": 33.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.bloom-energy-stock", "question": "Is Bloom Energy Stock Halal?", "entityName": "Bloom Energy Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Bloom Energy Corporation (BE) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 3.6% of market cap and cash plus interest-bearing securities 3.4% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Bloom Energy Corporation engineers, produces, markets, and installs cutting-edge solid-oxide fuel cell systems designed for on-site electricity generation, serving clients both within the United States and internationally. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 3.6% of market cap, cash plus interest-bearing securities 3.4%, and filing-verified impermissible income 1.7% (Interest income $34.1M on $2.02B total revenue (Bloom Energy Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 189, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/bloom-energy-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/bloom-energy-stock.md", "entityType": "stock", "ticker": "BE", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Bloom Energy Corporation engineers, produces, markets, and installs cutting-edge solid-oxide fuel cell systems designed for on-site electricity generation, serving clients both within the United States and internationally. Their core offering, the Bloom Energy Server, is an advanced power platform capable of converting various fuels, including natural gas, biogas, hydrogen, or a blend of these, directly into electricity using an electrochemical process that eliminates the need for combustion. Th", "detail": "Interest income $34.1M on $2.02B total revenue (Bloom Energy Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.7% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.7 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 3.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.7, "thresholdPct": 5, "pass": true, "note": "Interest income $34.1M on $2.02B total revenue (Bloom Energy Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.7% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/BE/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Bloom Energy Corporation (BE) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 3.6% of market cap (limit 30%), cash plus interest-bearing securities 3.4% (limit 30%), impermissible income 1.7% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "BE latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Bloom%20Energy%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Bloom Energy Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Bloom%20Energy%20Corporation&type=10-K", "external": true }, { "label": "Zoya — BE Shariah compliance", "url": "https://zoya.finance/stocks/be", "external": true }, { "label": "Musaffa — BE", "url": "https://musaffa.com/stock/BE/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Bloom Energy Corporation (BE) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Bloom Energy Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Bloom Energy Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 3.6% of market cap (limit < 30%); cash plus interest-bearing securities is 3.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Bloom Energy Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Bloom Energy Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 3.6, "cashPct": 3.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 3.6, "cashPct": 3.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 57.1, "cashPct": 53.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.bnb", "question": "Is BNB Halal?", "entityName": "BNB", "verdict": "scholars_differ", "verdictLabel": "Scholars Differ", "answer": "BNB, the native token of the BNB Chain and Binance ecosystem, follows the base cryptocurrency disagreement; several screeners and the Shariyah Review Bureau rate the token itself compliant. The critical caveat is usage: BNB is tightly linked to the Binance platform, where futures, margin, leveraged products, and interest-bearing Earn programs are impermissible. The token can be held and spot-traded under the permissive view, but its halal status depends heavily on avoiding those platform features.", "analysis": "BNB is best understood as two questions in one. The first is the now-familiar cryptocurrency debate: under the permissive view BNB is a legitimate utility token — used to pay fees, obtain trading discounts, and power applications on the BNB Chain — and bodies such as the Shariyah Review Bureau and several screeners rate the token itself compliant; under the prohibitive view, crypto's gharar and speculation rule it out, with some scholars adding concern about BNB's concentration around a single company.\n\nThe second question is what makes BNB distinctive: it is tightly bound to Binance, the world's largest exchange, which offers a mix of permissible and clearly impermissible products on the same platform. Spot trading of Shariah-screened coins is generally permissible, but Binance Futures, margin trading, crypto loans, and interest-bearing Earn programs involve leverage and riba and are not. So even a holder who accepts the permissive view on the token must be disciplined about how they use the surrounding platform.\n\nThe practical takeaway: if you follow the permissive view, treat BNB as spot-only — hold or trade it without leverage, and stay away from futures, margin, loans, and interest-bearing Earn. For staking, prefer a certified profit-sharing structure (such as the Amanie-certified, Wakala-based Sharia Earn) over fixed-yield programs. If you follow the prohibitive view of cryptocurrency, BNB is avoided with the rest.", "analysisWordCount": 222, "conditions": "Hold and spot-trade only. Do not use Binance futures, margin, loans, or interest-bearing Earn. For staking, prefer certified profit-sharing structures (e.g. the Wakala-based Sharia Earn) over fixed-yield programs.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/bnb", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/bnb.md", "entityType": "crypto", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Native token of the BNB Chain and the Binance exchange ecosystem; used for transaction fees, trading-fee discounts, and on-chain applications, and can be staked. Closely tied to the Binance platform.", "detail": "The token itself has no interest mechanism, but the surrounding Binance platform offers impermissible products (futures, margin, loans, interest-bearing Earn) that users must avoid.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Permissive position", "position": "BNB is a utility token with a real use case (fees, discounts, on-chain applications); screeners and the Shariyah Review Bureau rate the token itself compliant.", "url": null, "note": null }, { "source": "Usage caveat", "position": "BNB is tied to Binance, which offers impermissible products — futures, margin, loans, and interest-bearing Earn. The token's permissibility in practice depends on the holder avoiding those features (spot only).", "url": null, "note": null }, { "source": "Prohibitive position", "position": "Scholars who reject cryptocurrency broadly on gharar and speculation object to BNB regardless of its utility; some add concern over its concentration around a single exchange.", "url": null, "note": null } ], "sources": [ { "label": "Is crypto halal? (HalalWallet)", "url": "/is-crypto-halal", "external": false }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Shariyah Review Bureau — cryptocurrency assessments (BNB: Compliant)", "url": "https://shariyah.net/cryptocurrency/", "external": true }, { "label": "Which Binance features are permissible vs impermissible", "url": "https://sharifbot.com/blogs/news/is-binance-halal", "external": true } ], "faqs": [ { "question": "Is BNB halal?", "answer": "Scholars differ. The token itself is rated compliant by several screeners and by the Shariyah Review Bureau, and the permissive view treats it as a utility token. But BNB is tied to Binance, so its practical halal status depends on you avoiding the platform's impermissible features — futures, margin, loans, and interest-bearing Earn — and using spot only." }, { "question": "Can I use Binance to hold BNB and stay halal?", "answer": "Spot trading and holding Shariah-screened coins like BNB on Binance is generally considered permissible. What is not permissible is Binance Futures, margin trading, crypto loans, and interest-bearing Earn products. Treat the platform like a bank: the tool is neutral, but specific interest- and leverage-based features are off-limits." } ] }, { "id": "verdict.booking-holdings-stock", "question": "Is Booking Stock Halal?", "entityName": "Booking Holdings Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Booking Holdings Inc. (BKNG) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 14.4% of market cap and cash plus interest-bearing securities 12.5% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Booking Holdings Inc. is a leading global provider of online travel and dining reservation services. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 14.4% of market cap, cash plus interest-bearing securities 12.5%, and filing-verified impermissible income 3.4% (Interest income $921.0M on $26.92B total revenue (Booking Holdings Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 177, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/booking-holdings-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/booking-holdings-stock.md", "entityType": "stock", "ticker": "BKNG", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Booking Holdings Inc. is a leading global provider of online travel and dining reservation services. The company manages a portfolio of well-known digital platforms. Among these, Booking.com specializes in online accommodation bookings, while Rentalcars.com is dedicated to facilitating vehicle rentals. Priceline offers a comprehensive range of online travel booking options, encompassing hotels, flights, rental cars, vacation packages, and cruises, alongside hotel distribution services. Agoda als", "detail": "Interest income $921.0M on $26.92B total revenue (Booking Holdings Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 3.4% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 3.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 14.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 12.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 3.4, "thresholdPct": 5, "pass": true, "note": "Interest income $921.0M on $26.92B total revenue (Booking Holdings Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 3.4% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/BKNG/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Booking Holdings Inc. (BKNG) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 14.4% of market cap (limit 30%), cash plus interest-bearing securities 12.5% (limit 30%), impermissible income 3.4% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "BKNG latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Booking%20Holdings%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Booking Holdings Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Booking%20Holdings%20Inc.&type=10-K", "external": true }, { "label": "Zoya — BKNG Shariah compliance", "url": "https://zoya.finance/stocks/bkng", "external": true }, { "label": "Musaffa — BKNG", "url": "https://musaffa.com/stock/BKNG/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Booking Holdings Inc. (BKNG) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Booking Holdings Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Booking Holdings Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 14.4% of market cap (limit < 30%); cash plus interest-bearing securities is 12.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Booking Holdings Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Booking Holdings Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 14.4, "cashPct": 12.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 14.4, "cashPct": 12.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 66.4, "cashPct": 57.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.boston-scientific-stock", "question": "Is Boston Scientific Stock Halal?", "entityName": "Boston Scientific Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Boston Scientific Corporation (BSX) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 15.6% of market cap and cash plus interest-bearing securities 2.2% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Boston Scientific Corporation (BSX) operates as a global leader in medical technology, specializing in the design, manufacturing, and commercialization of innovative medical devices tailored for a diverse array of interventional medical specialties across the globe. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 15.6% of market cap, cash plus interest-bearing securities 2.2%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Boston Scientific Corporation FY2025 (fiscal year ended 20…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 197, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/boston-scientific-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/boston-scientific-stock.md", "entityType": "stock", "ticker": "BSX", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Boston Scientific Corporation (BSX) operates as a global leader in medical technology, specializing in the design, manufacturing, and commercialization of innovative medical devices tailored for a diverse array of interventional medical specialties across the globe. Its business is strategically organized into three principal segments: MedSurg, Rhythm and Neuro, and Cardiovascular. Within these divisions, the company provides a comprehensive portfolio of solutions addressing various gastrointest", "detail": "Interest income not separately material in the annual filing (Boston Scientific Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 15.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Boston Scientific Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/BSX/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Boston Scientific Corporation (BSX) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 15.6% of market cap (limit 30%), cash plus interest-bearing securities 2.2% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "BSX latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Boston%20Scientific%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Boston Scientific Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Boston%20Scientific%20Corporation&type=10-K", "external": true }, { "label": "Zoya — BSX Shariah compliance", "url": "https://zoya.finance/stocks/bsx", "external": true }, { "label": "Musaffa — BSX", "url": "https://musaffa.com/stock/BSX/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Boston Scientific Corporation (BSX) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Boston Scientific Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Boston Scientific Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 15.6% of market cap (limit < 30%); cash plus interest-bearing securities is 2.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Boston Scientific Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Boston Scientific Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 15.6, "cashPct": 2.2, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 15.6, "cashPct": 2.2, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 24.6, "cashPct": 3.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.broadcom-stock", "question": "Is Broadcom Stock Halal?", "entityName": "Broadcom Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Broadcom Inc. (AVGO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-05-03) interest-bearing debt is 3.6% of market cap and cash plus interest-bearing securities 1.1% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETFs SPUS and HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Broadcom combines a large semiconductor business - networking and custom AI chips, wireless components used in smartphones, broadband and storage silicon - with an infrastructure software arm built through the CA Technologies, Symantec enterprise-security and VMware acquisitions. Both segments sell technology products to businesses, so the business-activity screen raises no significant flags: there is no advertising platform, no lending arm, no entertainment content in Broadcom's disclosed revenue.\n\nThe Shariah question for Broadcom has historically been quantitative rather than qualitative. The company is a serial acquirer that finances deals with conventional debt, and the VMware purchase added substantial borrowings. Screens that measure debt against market capitalization (AAOIFI, S&P, Dow Jones, FTSE variants) have continued to pass Broadcom because its market value has grown enormously, keeping the ratio under the typical one-third threshold; investors should understand that a sharp fall in the share price, with debt unchanged, mechanically pushes that ratio up. This is the classic case where a stock's compliance is sensitive to market moves rather than to what the company sells.\n\nAs of June 11, 2026, the documented third-party picture is uniformly positive: Broadcom is held by both SPUS (4.91% weight) and HLAL (5.15% weight), and both Zoya and Musaffa publicly rate it compliant/halal under AAOIFI-based methodologies. Incidental interest income on corporate cash would call for standard purification of a small portion of returns. The main monitoring item for a Muslim investor is the debt-to-market-cap ratio at each quarterly screening, given the acquisition-driven balance sheet.", "analysisWordCount": 245, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/broadcom-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/broadcom-stock.md", "entityType": "stock", "ticker": "AVGO", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-05-03", "businessScreen": { "pass": true, "activity": "Broadcom is a designer of semiconductors and infrastructure software. Its 10-K reports two segments: semiconductor solutions (networking, broadband, wireless, storage and industrial chips, including custom AI accelerators for hyperscalers) and infrastructure software (mainframe and enterprise software from the CA, Symantec enterprise-security and VMware acquisitions).", "detail": "Broadcom's revenue lines - chips and enterprise infrastructure software - do not include advertising platforms, lending, insurance or entertainment content; no revenue line in its filings is identified as directly impermissible. The Shariah-relevant feature is on the financial side: Broadcom carries substantial conventional debt taken on to fund large acquisitions (most recently VMware), which matters for ratio screens rather than the business screen. It also earns interest income on cash (incidental).", "impermissibleRevenuePct": 0.5 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 3.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.5, "thresholdPct": 5, "pass": true, "note": "Interest income $347.0M on $63.89B total revenue (Broadcom Inc. FY2025 (fiscal year ended 2025-11-02, Form 10-K)) = 0.5% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-11 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund.", "url": "https://funds.wahedinvest.com/", "note": null }, { "source": "Zoya", "position": "Zoya's public stock page rates AVGO Shariah-compliant under its AAOIFI-based screen (checked 2026-06-11).", "url": "https://zoya.finance/stocks/avgo", "note": null }, { "source": "Musaffa", "position": "Musaffa's public stock page classifies AVGO as HALAL under its AAOIFI-based methodology, as of March 2026.", "url": "https://musaffa.com/stock/AVGO/", "note": null } ], "sources": [ { "label": "AVGO latest quarterly filing (balance sheet 2026-05-03)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Broadcom%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Broadcom 10-K filings - SEC EDGAR (CIK 0001730168)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001730168&type=10-K", "external": true }, { "label": "SPUS holdings (sp-funds.com, table dated 06/11/2026)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL fund page with official Holdings link (funds.wahedinvest.com)", "url": "https://funds.wahedinvest.com/", "external": true }, { "label": "Zoya public compliance page for AVGO", "url": "https://zoya.finance/stocks/avgo", "external": true }, { "label": "Musaffa public compliance page for AVGO", "url": "https://musaffa.com/stock/AVGO/", "external": true } ], "faqs": [ { "question": "Is Broadcom Inc. (AVGO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Broadcom Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-05-03). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Broadcom Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-03: interest-bearing debt is 3.6% of market cap (limit < 30%); cash plus interest-bearing securities is 1.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Broadcom Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Broadcom Inc. is held by SPUS and HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Broadcom Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-05-03", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 3.6, "cashPct": 1.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 3.6, "cashPct": 1.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 36.2, "cashPct": 11, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.brookfield-asset-management-stock", "question": "Is Brookfield Asset Management Stock Halal?", "entityName": "Brookfield Asset Management Ltd.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Brookfield Asset Management Ltd. (BAM.TO) does not pass Shariah screening: its core business fails the activity screen (Brookfield Asset Management (BAM), and impermissible income / total revenue is 7.5% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Brookfield Asset Management (BAM.TO) — alternative asset manager and financial services; fails the business-activity screen (conventional finance).\n\nOur verdict rests primarily on the business-activity screen: Brookfield Asset Management (BAM.TO) — alternative asset manager and financial services; fails the business-activity screen (conventional finance). Financial ratios alone cannot cure a failed activity screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 137, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/brookfield-asset-management-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/brookfield-asset-management-stock.md", "entityType": "stock", "ticker": "BAM.TO", "exchange": "TSX", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Brookfield Asset Management Ltd. functions as a specialized firm managing alternative assets. Its diverse portfolio includes a renewable power and transition division that develops, owns, and operates power generation assets utilizing hydroelectric, wind, solar, and broader energy transition technologies. The company's infrastructure segment similarly engages in the acquisition, management, and expansion of critical utilities, transportation networks, midstream facilities, data infrastructure, a", "detail": "Brookfield Asset Management (BAM.TO) — alternative asset manager and financial services; fails the business-activity screen (conventional finance).", "impermissibleRevenuePct": 7.5 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 3.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 7.5, "thresholdPct": 5, "pass": false, "note": "Interest income $343.9M on $4.61B total revenue (Brookfield Asset Management Ltd. FY2025 (fiscal year ended 2025-12-31, annual report (SEDAR+))) = 7.5% — above AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/BAM.TO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Brookfield Asset Management Ltd. (BAM.TO) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "BAM.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Brookfield Asset Management Ltd. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Brookfield%20Asset%20Management%20Ltd.&type=10-K", "external": true }, { "label": "Musaffa — BAM.TO", "url": "https://musaffa.com/stock/BAM.TO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Brookfield Asset Management Ltd. (BAM.TO) stock halal?", "answer": "No. Brookfield Asset Management Ltd. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Brookfield Asset Management Ltd. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 3.9% of market cap (limit < 30%); cash plus interest-bearing securities is 1.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Brookfield Asset Management Ltd. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.bunge-global-stock", "question": "Is Bunge Global Stock Halal?", "entityName": "Bunge Global S.A.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Bunge Global S.A. (BG) does not pass Shariah screening: interest-bearing debt / market cap is 59.4% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Bunge Global S.A., established in 1818 and headquartered in St. Louis, Missouri, operates as a prominent international agribusiness and food corporation. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 59.4% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 172, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/bunge-global-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/bunge-global-stock.md", "entityType": "stock", "ticker": "BG", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Bunge Global S.A., established in 1818 and headquartered in St. Louis, Missouri, operates as a prominent international agribusiness and food corporation. Its diverse operations are categorized into four main divisions: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy. The Agribusiness segment involves the sourcing, storage, transportation, processing, and sale of agricultural goods and their derivatives. Key commodities include various oilseeds such as soybeans, rapesee", "detail": "Interest income $202.0M on $70.33B total revenue (Bunge Global S.A. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.3% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.3 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 59.4, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 6.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.3, "thresholdPct": 5, "pass": true, "note": "Interest income $202.0M on $70.33B total revenue (Bunge Global S.A. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/BG/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Bunge Global S.A. (BG) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 59.4% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "BG latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Bunge%20Global%20S.A.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Bunge Global S.A. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Bunge%20Global%20S.A.&type=10-K", "external": true }, { "label": "Zoya — BG Shariah compliance", "url": "https://zoya.finance/stocks/bg", "external": true }, { "label": "Musaffa — BG", "url": "https://musaffa.com/stock/BG/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Bunge Global S.A. (BG) stock halal?", "answer": "No. Bunge Global S.A. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Bunge Global S.A. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 59.4% of market cap (limit < 30%); cash plus interest-bearing securities is 6.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Bunge Global S.A. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 59.4, "cashPct": 6.9, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 59.4, "cashPct": 6.9, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 30.8, "cashPct": 3.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.cadence-design-systems-stock", "question": "Is Cadence Design Systems Stock Halal?", "entityName": "Cadence Design Systems, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Cadence Design Systems, Inc. (CDNS) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 2.7% of market cap and cash plus interest-bearing securities 1.5% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Cadence Design Systems, Inc. operates globally, delivering a comprehensive suite of solutions that includes software, specialized hardware, professional services, and pre-designed integrated circuit (IC) building blocks. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 2.7% of market cap, cash plus interest-bearing securities 1.5%, and filing-verified impermissible income 1.9% (Interest income $101.6M on $5.30B total revenue (Cadence Design Systems, Inc. FY2025 (fiscal year ended 2025-12-31, Form…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 188, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/cadence-design-systems-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/cadence-design-systems-stock.md", "entityType": "stock", "ticker": "CDNS", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Cadence Design Systems, Inc. operates globally, delivering a comprehensive suite of solutions that includes software, specialized hardware, professional services, and pre-designed integrated circuit (IC) building blocks. The company's robust functional verification offerings feature dedicated emulation and prototyping hardware. This portfolio encompasses JasperGold for formal verification, Xcelium for parallel logic simulation, Palladium as an enterprise-grade emulation platform, and Protium, a ", "detail": "Interest income $101.6M on $5.30B total revenue (Cadence Design Systems, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.9% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.9 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 2.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.9, "thresholdPct": 5, "pass": true, "note": "Interest income $101.6M on $5.30B total revenue (Cadence Design Systems, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.9% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/CDNS/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Cadence Design Systems, Inc. (CDNS) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 2.7% of market cap (limit 30%), cash plus interest-bearing securities 1.5% (limit 30%), impermissible income 1.9% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CDNS latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Cadence%20Design%20Systems%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Cadence Design Systems, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Cadence%20Design%20Systems%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — CDNS Shariah compliance", "url": "https://zoya.finance/stocks/cdns", "external": true }, { "label": "Musaffa — CDNS", "url": "https://musaffa.com/stock/CDNS/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Cadence Design Systems, Inc. (CDNS) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Cadence Design Systems, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Cadence Design Systems, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 2.7% of market cap (limit < 30%); cash plus interest-bearing securities is 1.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Cadence Design Systems, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Cadence Design Systems, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 2.7, "cashPct": 1.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 2.7, "cashPct": 1.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 24, "cashPct": 12.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.campbell-soup-stock", "question": "Is Campbell Soup Stock Halal?", "entityName": "Campbell Soup Company", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Campbell Soup Company (CPB) does not pass Shariah screening: interest-bearing debt / market cap is 103.1% against the < 30% limit (data as of 2026-05-03). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Campbell Soup Company (CPB) is a leading international producer and marketer of a wide variety of food and beverage products. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-05-03): interest-bearing debt / market cap at 103.1% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 171, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/campbell-soup-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/campbell-soup-stock.md", "entityType": "stock", "ticker": "CPB", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-05-03", "businessScreen": { "pass": true, "activity": "Campbell Soup Company (CPB) is a leading international producer and marketer of a wide variety of food and beverage products. The enterprise conducts its business through two main operational divisions: Meals & Beverages and Snacks. The Meals & Beverages segment serves both retail and food service industries throughout the United States and Canada. Its extensive product range includes classic Campbell's condensed and ready-to-enjoy soups; Swanson brand broths and stocks; Pacific Foods' line of b", "detail": "Interest income $17.0M on $10.25B total revenue (Campbell Soup Company FY2025 (fiscal year ended 2025-08-03, Form 10-K)) = 0.2% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 103.1, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest income $17.0M on $10.25B total revenue (Campbell Soup Company FY2025 (fiscal year ended 2025-08-03, Form 10-K)) = 0.2% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/CPB/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Campbell Soup Company (CPB) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 103.1% against a 30% limit on 2026-05-03 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CPB latest quarterly filing (balance sheet 2026-05-03)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Campbell%20Soup%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Campbell Soup Company SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Campbell%20Soup%20Company&type=10-K", "external": true }, { "label": "Zoya — CPB Shariah compliance", "url": "https://zoya.finance/stocks/cpb", "external": true }, { "label": "Musaffa — CPB", "url": "https://musaffa.com/stock/CPB/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Campbell Soup Company (CPB) stock halal?", "answer": "No. Campbell Soup Company fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Campbell Soup Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-03: interest-bearing debt is 103.1% of market cap (limit < 30%); cash plus interest-bearing securities is 5.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Campbell Soup Company held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-05-03", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 103.1, "cashPct": 5.9, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 103.1, "cashPct": 5.9, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 46.3, "cashPct": 2.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.canadian-imperial-bank-of-commerce-stock", "question": "Is Canadian Imperial Bank of Commerce Stock Halal?", "entityName": "Canadian Imperial Bank of Commerce", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Canadian Imperial Bank of Commerce (CM.TO) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Banks - Diversified\" / sector \"Financial Services\" pattern-matches a prohibited core business), and interest-bearing debt / market cap is 123.4% against the < 30% limit (data as of 2026-04-30), and impermissible income / total revenue is 78.6% against the < 5% limit (data as of 2026-04-30). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Canadian Imperial Bank of Commerce (CIBC), established in Toronto, Canada, in 1867, functions as a comprehensive financial institution, providing an extensive range of products and services. Core business: Banks - Diversified (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, Canadian Imperial Bank of Commerce's balance-sheet ratios also fall outside AAOIFI's financial limits — interest-bearing debt 123.4% of market cap (limit 30%), cash plus interest-bearing securities 11.4% (limit 30%), impermissible income 78.6% of revenue (limit 5%), as of 2026-04-30; but the outcome does not turn on them — because the activity screen fails, CM.TO is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 218, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/canadian-imperial-bank-of-commerce-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/canadian-imperial-bank-of-commerce-stock.md", "entityType": "stock", "ticker": "CM.TO", "exchange": "TSX", "lastReviewed": "2026-06-14", "dataAsOf": "2026-04-30", "businessScreen": { "pass": false, "activity": "Canadian Imperial Bank of Commerce (CIBC), established in Toronto, Canada, in 1867, functions as a comprehensive financial institution, providing an extensive range of products and services. Its varied client base encompasses individuals, businesses, governmental entities, and institutional clients throughout Canada, the United States, and global markets. The bank organizes its operations into four principal segments: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth", "detail": "Core business: Banks - Diversified (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": 78.6 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 123.4, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 11.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 78.6, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/CM.TO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Canadian Imperial Bank of Commerce (CM.TO) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CM.TO latest filings on SEDAR+ (balance sheet 2026-04-30)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Canadian Imperial Bank of Commerce SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Canadian%20Imperial%20Bank%20of%20Commerce&type=10-K", "external": true }, { "label": "Musaffa — CM.TO", "url": "https://musaffa.com/stock/CM.TO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Canadian Imperial Bank of Commerce (CM.TO) stock halal?", "answer": "No. Canadian Imperial Bank of Commerce fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Canadian Imperial Bank of Commerce pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 123.4% of market cap (limit < 30%); cash plus interest-bearing securities is 11.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Canadian Imperial Bank of Commerce held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.canadian-national-railway-stock", "question": "Is Canadian National Railway Stock Halal?", "entityName": "Canadian National Railway Company", "verdict": "halal", "verdictLabel": "Halal", "answer": "Canadian National Railway Company (CNR.TO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 22.1% of market cap and cash plus interest-bearing securities 0.6% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETF WSHR, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Canadian National Railway is one of the relatively few TSX large caps that consistently appears inside Shariah-screened products. Its business, moving freight by rail across Canada and the United States, is permissible, and the company appears in both the Wealthsimple Shariah World Equity Index ETF (WSHR) holdings and the S&P/TSX 60 Shariah index, meaning it has passed independent Shariah screening by the certifying bodies behind those products. Zoya also publicly lists CN's stock as Shariah-compliant based on its most recent financials.\n\nOne honest nuance worth understanding: as a common carrier, CN hauls whatever its customers ship, and somewhere in its intermodal containers and boxcars there will be alcohol and tobacco products mixed in with everything else. Scholars who have examined transportation businesses generally treat carriage of mixed lawful goods as incidental and tolerated, since the railway neither produces nor sells these products and cannot practically separate them; this is why railways routinely pass the business screen at major screening bodies. Investors who want to be more careful can ask their screening app for the purification percentage and donate that portion of dividends.\n\nAs with any individual stock, compliance is a snapshot, not a permanent status. CN carries debt like most capital-intensive railways, and its financial ratios should be re-verified on a current screening platform before investing. But among Canadian blue chips, CN has historically been one of the cleaner options for a Shariah-conscious portfolio.", "analysisWordCount": 234, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/canadian-national-railway-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/canadian-national-railway-stock.md", "entityType": "stock", "ticker": "CNR.TO", "exchange": "TSX", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Canadian National Railway operates an approximately 18,000-mile rail network spanning Canada and the U.S. Midwest and Gulf Coast, generating freight revenue from commodity groups including petroleum and chemicals, metals and minerals, forest products, coal, grain and fertilizers, intermodal, and automotive. Rail freight transportation and related logistics services are its single line of business.", "detail": "Rail freight transportation is a permissible business. CN does not operate a consumer financing arm; any interest income on cash is incidental and should be checked on a current screener for purification purposes. As a common carrier, CN's intermodal and carload traffic inevitably includes mixed consumer goods, which may include alcohol or tobacco shipments among general freight; screening methodologies generally tolerate transportation of mixed goods as incidental to a permissible core business, though some scholars advise purifying any identifiable income from haram freight. CN does not disclose freight revenue at the level of alcohol or tobacco product categories.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 22.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": true, "note": "CN's non-operating 'Other income' ($88M, FY2025) is mainly land-disposal gains and FX, not interest; interest income is negligible — well under 5%." } ], "scholarPositions": [ { "source": "Wealthsimple Shariah World Equity Index ETF (WSHR)", "position": "Held in WSHR as of 2026-06-11 — passed the Shariah screen applied by the index provider.", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "note": null }, { "url": null, "note": null }, { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Verify current SPUS schedule before citing as held (reference SOI 2026-02-28).", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Verify current HLAL holdings before citing as held (reference 2026-06-05).", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null } ], "sources": [ { "label": "CNR.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "CN Investor Relations", "url": "https://www.cn.ca/en/investors/", "external": true }, { "label": "Zoya screener page for CNI", "url": "https://zoya.finance/stocks/cni", "external": true }, { "label": "WSHR holdings list (Wealthsimple)", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "external": true }, { "label": "S&P/TSX 60 Shariah index page (spglobal.com)", "url": "https://www.spglobal.com/spdji/en/indices/equity/sp-tsx-60-shariah-index/", "external": true } ], "faqs": [ { "question": "Is Canadian National Railway Company (CNR.TO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Canadian National Railway Company passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Canadian National Railway Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 22.1% of market cap (limit < 30%); cash plus interest-bearing securities is 0.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Canadian National Railway Company held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Canadian National Railway Company is held by WSHR. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Canadian National Railway Company?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 22.1, "cashPct": 0.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 22.1, "cashPct": 0.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 37.3, "cashPct": 1, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.canadian-natural-resources-limited-stock", "question": "Is Canadian Natural Resources Stock Halal?", "entityName": "Canadian Natural Resources Limited", "verdict": "halal", "verdictLabel": "Halal", "answer": "Canadian Natural Resources Limited (CNQ.TO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 12.9% of market cap and cash plus interest-bearing securities 0.6% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETF WSHR, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Canadian Natural Resources is among the most consistently screened-in large caps on the TSX. Its business, finding and producing crude oil, natural gas, and natural gas liquids, is permissible, and unlike a convenience retailer or a bank it has essentially no consumer-facing lines that drag impermissible categories into the revenue mix. Zoya and Musaffa both publicly classify CNQ as Shariah-compliant based on its latest financial reports, and the stock is held in Wealthsimple's WSHR ETF and included in the S&P/TSX 60 Shariah index.\n\nThe considerations that remain are the standard quantitative ones. Oil sands mining and upgrading is capital-intensive, and CNQ carries interest-bearing debt that fluctuates as a ratio with its share price and balance-sheet decisions; the publicly available screener verdicts indicate it is currently within thresholds, but the status should be confirmed live before any purchase. A small purification amount on dividends, reflecting incidental interest income, is typical and your screening app can calculate it.\n\nFor a Canadian Muslim investor, CNQ offers what is otherwise scarce on the TSX: a large, liquid, dividend-paying blue chip that passes independent Shariah screening from multiple sources. The energy-price cyclicality of its earnings is an investment-risk question rather than a compliance one, and investors should size positions accordingly.", "analysisWordCount": 205, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/canadian-natural-resources-limited-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/canadian-natural-resources-limited-stock.md", "entityType": "stock", "ticker": "CNQ.TO", "exchange": "TSX", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Canadian Natural Resources is one of Canada's largest oil and natural gas producers, engaged in the exploration, development, production, and marketing of crude oil, natural gas, and natural gas liquids. Core operations are in Western Canada, including the Horizon oil sands mining and upgrading operations and thermal in situ assets, with additional interests in the UK North Sea and Offshore Africa, plus midstream pipeline and co-generation assets and an investment in the North West Redwater Partnership refinery.", "detail": "Oil and gas exploration and production is a permissible business activity. CNQ has no consumer-facing retail or financing operations; impermissible revenue exposure is limited to incidental items such as interest on cash balances, which a current screener can quantify for purification. Debt is the quantitative item to monitor, as with all capital-intensive producers; both Zoya and Musaffa currently classify the stock as compliant, and it is held in WSHR.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 12.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": true, "note": "Canadian Natural reports interest & other financing expense ($834M, FY2025) and no material interest income; impermissible (riba) income is negligible — well under 5%." } ], "scholarPositions": [ { "source": "Wealthsimple Shariah World Equity Index ETF (WSHR)", "position": "Held in WSHR as of 2026-06-11 — passed the Shariah screen applied by the index provider.", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "note": null }, { "url": null, "note": null }, { "url": null, "note": null }, { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Verify current SPUS schedule before citing as held (reference SOI 2026-02-28).", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Verify current HLAL holdings before citing as held (reference 2026-06-05).", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null } ], "sources": [ { "label": "CNQ.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Canadian Natural Resources Investor Relations", "url": "https://www.cnrl.com/investors/", "external": true }, { "label": "Zoya screener page for CNQ", "url": "https://zoya.finance/stocks/cnq", "external": true }, { "label": "Musaffa screener page for CNQ.TO", "url": "https://musaffa.com/stock/CNQ.TO/", "external": true }, { "label": "WSHR holdings list (Wealthsimple)", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "external": true }, { "label": "S&P/TSX 60 Shariah index page (spglobal.com)", "url": "https://www.spglobal.com/spdji/en/indices/equity/sp-tsx-60-shariah-index/", "external": true } ], "faqs": [ { "question": "Is Canadian Natural Resources Limited (CNQ.TO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Canadian Natural Resources Limited passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Canadian Natural Resources Limited pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 12.9% of market cap (limit < 30%); cash plus interest-bearing securities is 0.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Canadian Natural Resources Limited held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Canadian Natural Resources Limited is held by WSHR. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Canadian Natural Resources Limited?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 12.9, "cashPct": 0.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 12.9, "cashPct": 0.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 18.4, "cashPct": 0.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.canadian-pacific-kansas-city-stock", "question": "Is Canadian Pacific Kansas City Stock Halal?", "entityName": "Canadian Pacific Kansas City Ltd.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Canadian Pacific Kansas City Ltd. (CP.TO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 21.8% of market cap and cash plus interest-bearing securities 0.4% — both inside the 30% AAOIFI thresholds. It is not held by Shariah-screened ETFs WSHR. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Canadian Pacific Kansas City runs a permissible core business: hauling freight by rail across the only network that directly links Canada, the United States, and Mexico. Both Zoya and Musaffa publicly classify the stock as Shariah-compliant based on its most recent financial reports, and CPKC appears as a constituent of the S&P/TSX 60 Shariah index, which applies independent Shariah screening to Canada's large-cap universe.\n\nThe same common-carrier nuance that applies to CN applies here. A railway moves mixed goods for thousands of customers, and some fraction of that freight will be alcohol, tobacco, or other impermissible products. Screening bodies generally treat this as incidental to a permissible transportation business rather than a disqualifying activity, since the railway neither produces nor retails those goods. Investors who wish to be thorough can use their screening app's purification figure for dividends.\n\nThe more material consideration for CPKC specifically is its balance sheet. The company took on substantial debt to complete the Kansas City Southern acquisition, and debt levels are the variable most likely to move it in or out of compliance under ratio-based methodologies. The current public screener verdicts are positive, but this is a name where checking the latest compliance status before buying, and periodically afterward, genuinely matters.", "analysisWordCount": 206, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/canadian-pacific-kansas-city-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/canadian-pacific-kansas-city-stock.md", "entityType": "stock", "ticker": "CP.TO", "exchange": "TSX", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Canadian Pacific Kansas City (CPKC) operates the first single-line rail network connecting Canada, the United States, and Mexico, formed by Canadian Pacific's 2023 combination with Kansas City Southern. It earns freight revenue across commodity groups including grain, coal, potash, fertilizers and sulphur, forest products, energy, chemicals and plastics, metals, minerals and consumer products, automotive, and intermodal.", "detail": "Rail freight transportation is a permissible business. As with CN, CPKC is a common carrier whose mixed freight may include alcohol or tobacco products among general consumer goods; screening methodologies generally tolerate transport of mixed goods as incidental to a permissible core business. CPKC does not disclose freight revenue for alcohol or tobacco categories. Debt taken on in connection with the Kansas City Southern acquisition is the main quantitative item to watch; current screeners nonetheless classify the stock as compliant.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 21.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": true, "note": "CPKC reports net interest expense ($876M, FY2025) and 'Other income' of -$1M; interest income is negligible — well under 5%." } ], "scholarPositions": [ { "source": "Wealthsimple Shariah World Equity Index ETF (WSHR)", "position": "Not held in WSHR as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "note": null }, { "url": null, "note": null }, { "url": null, "note": null }, { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Verify current SPUS schedule before citing as held (reference SOI 2026-02-28).", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Verify current HLAL holdings before citing as held (reference 2026-06-05).", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null } ], "sources": [ { "label": "CP.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "CPKC Investor Relations", "url": "https://investor.cpkcr.com/", "external": true }, { "label": "Zoya screener page for CP", "url": "https://zoya.finance/stocks/cp", "external": true }, { "label": "Musaffa screener page for CP.TO", "url": "https://musaffa.com/stock/CP.TO/", "external": true }, { "label": "S&P/TSX 60 Shariah index page (spglobal.com)", "url": "https://www.spglobal.com/spdji/en/indices/equity/sp-tsx-60-shariah-index/", "external": true }, { "label": "WSHR holdings list (Wealthsimple)", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "external": true } ], "faqs": [ { "question": "Is Canadian Pacific Kansas City Ltd. (CP.TO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Canadian Pacific Kansas City Ltd. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Canadian Pacific Kansas City Ltd. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 21.8% of market cap (limit < 30%); cash plus interest-bearing securities is 0.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Canadian Pacific Kansas City Ltd. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Canadian Pacific Kansas City Ltd. is not held by WSHR. Absence can reflect a failed screen or index scope — verify current holdings before citing." }, { "question": "Do I need to purify dividends from Canadian Pacific Kansas City Ltd.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 21.8, "cashPct": 0.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 21.8, "cashPct": 0.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 27.7, "cashPct": 0.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.capital-one-financial-stock", "question": "Is Capital One Financial Stock Halal?", "entityName": "Capital One Financial Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Capital One Financial Corporation (COF) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Financial - Credit Services\" / sector \"Financial Services\" pattern-matches a prohibited core business), and interest-bearing debt / market cap is 44.0% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 146.8% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 84.8% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Capital One Financial Corporation, identified by its ticker COF, operates as a prominent financial services holding company. Core business: Financial - Credit Services (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, Capital One Financial Corporation's balance-sheet ratios also fall outside AAOIFI's financial limits — interest-bearing debt 44% of market cap (limit 30%), cash plus interest-bearing securities 146.8% (limit 30%), impermissible income 84.8% of revenue (limit 5%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, COF is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 209, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/capital-one-financial-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/capital-one-financial-stock.md", "entityType": "stock", "ticker": "COF", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Capital One Financial Corporation, identified by its ticker COF, operates as a prominent financial services holding company. It oversees essential subsidiaries such as Capital One Bank (USA), National Association, and Capital One, National Association, which collectively offer a broad spectrum of financial products and services throughout the United States, Canada, and the United Kingdom. The company structures its extensive operations into three core divisions: Credit Card, Consumer Banking, an", "detail": "Core business: Financial - Credit Services (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": 61.9 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 44, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 146.8, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 84.8, "thresholdPct": 5, "pass": false, "note": "Interest income $58.70B on $69.25B total revenue (Capital One Financial Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 84.8% — above AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/COF/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Capital One Financial Corporation (COF) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "COF latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Capital%20One%20Financial%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Capital One Financial Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Capital%20One%20Financial%20Corporation&type=10-K", "external": true }, { "label": "Zoya — COF Shariah compliance", "url": "https://zoya.finance/stocks/cof", "external": true }, { "label": "Musaffa — COF", "url": "https://musaffa.com/stock/COF/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Capital One Financial Corporation (COF) stock halal?", "answer": "No. Capital One Financial Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Capital One Financial Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 44.0% of market cap (limit < 30%); cash plus interest-bearing securities is 146.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Capital One Financial Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.cardano", "question": "Is Cardano Halal?", "entityName": "Cardano", "verdict": "scholars_differ", "verdictLabel": "Scholars Differ", "answer": "Cardano follows the same core cryptocurrency disagreement as Ethereum, including a proof-of-stake staking layer. As a spot asset, ADA is permissible digital property under the permissive view — the Shariyah Review Bureau (Central Bank of Bahrain) has rated Cardano compliant — and excessive gharar under the prohibitive one. Staking ADA is separately debated along the same lines as other proof-of-stake networks.", "analysis": "Cardano occupies the same position as Ethereum and Solana in the halal debate. As a spot asset, ADA inherits the broad cryptocurrency disagreement — permissible digital property with a genuine use case under the permissive view, excessive gharar and speculation under the prohibitive one. A point in its favour on the permissive side: the Shariyah Review Bureau, a scholar panel operating under the Central Bank of Bahrain, has published an assessment rating Cardano compliant, which carries more weight than an app's automated label.\n\nThe second layer is staking. Cardano uses a delegated proof-of-stake design, so ADA holders can delegate to stake pools and earn rewards. The scholarly split mirrors the rest of the proof-of-stake world: genuine protocol participation that earns variable, activity-derived rewards is treated by some scholars as service income (ujrah) and can be permissible, while fixed-return programs that effectively lend out your ADA are treated as impermissible riba.\n\nThe practical takeaway: if you follow the permissive view, hold ADA spot without leverage, avoid interest-based lending protocols, and approach staking through genuine protocol delegation rather than fixed-yield products, following the scholar or methodology you trust. If you follow the prohibitive view, ADA is avoided with other cryptocurrencies.", "analysisWordCount": 198, "conditions": "For those following the permissive view: hold spot without leverage; avoid interest-based lending and yield protocols; treat staking/delegation per your scholar's position, favouring genuine protocol validation over fixed-APY programs.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/cardano", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/cardano.md", "entityType": "crypto", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Proof-of-stake layer-1 smart-contract platform; native asset ADA pays transaction fees and can be delegated/staked; the network hosts applications ranging from permissible to impermissible.", "detail": "The asset itself carries no interest. The Shariyah Review Bureau has assessed Cardano as compliant; staking and DeFi yield remain separate questions.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Permissive position", "position": "ADA is permissible digital property with a real utility; protocol staking/delegation can be permissible as validation service income (ujrah/mudarabah).", "url": null, "note": null }, { "source": "Prohibitive position", "position": "Cryptocurrency broadly fails on gharar and speculation; earning a return on staked ADA resembles a return on loaned capital.", "url": null, "note": null }, { "source": "Shariyah Review Bureau (Central Bank of Bahrain)", "position": "Assessed Cardano as Compliant in its published crypto review, indicating the base asset clears the Bureau's Shariah screen.", "url": "https://shariyah.net/cryptocurrency/", "note": null } ], "sources": [ { "label": "Is crypto halal? (HalalWallet)", "url": "/is-crypto-halal", "external": false }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Shariyah Review Bureau — cryptocurrency assessments (Cardano: Compliant)", "url": "https://shariyah.net/cryptocurrency/", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is cryptocurrency halal? (HalalWallet guide)", "url": "/is-crypto-halal", "external": false } ], "faqs": [ { "question": "Is Cardano (ADA) halal?", "answer": "Scholars differ along the same lines as other cryptocurrencies. The permissive view treats ADA as legitimate digital property — and the Shariyah Review Bureau has rated Cardano compliant — while the prohibitive view rejects crypto broadly on gharar and speculation. Hold spot without leverage and avoid interest-based DeFi." }, { "question": "Is staking ADA halal?", "answer": "It is debated like other proof-of-stake staking. Genuine protocol delegation earning variable rewards can be treated as service income (ujrah); fixed-APY exchange programs that lend your ADA are widely treated as impermissible riba. See our crypto staking verdict." } ] }, { "id": "verdict.carnival-corporation-stock", "question": "Is Carnival Stock Halal?", "entityName": "Carnival Corporation & plc", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Carnival Corporation & plc (CCL) does not pass Shariah screening: interest-bearing debt / market cap is 62.6% against the < 30% limit (data as of 2026-02-28). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Carnival Corporation & plc operates as a prominent global entity in the leisure travel sector. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-02-28): interest-bearing debt / market cap at 62.6% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 166, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/carnival-corporation-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/carnival-corporation-stock.md", "entityType": "stock", "ticker": "CCL", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-02-28", "businessScreen": { "pass": true, "activity": "Carnival Corporation & plc operates as a prominent global entity in the leisure travel sector. Its extensive fleet of vessels navigates to nearly 700 different ports globally, sailing under a diverse portfolio of acclaimed brands such as Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises (UK), and Cunard. Beyond its core cruise operations, the company also provides port services and other related offerings. It", "detail": "Interest income $51.0M on $26.62B total revenue (Carnival Corporation & plc FY2025 (fiscal year ended 2025-11-30, Form 10-K)) = 0.2% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 62.6, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest income $51.0M on $26.62B total revenue (Carnival Corporation & plc FY2025 (fiscal year ended 2025-11-30, Form 10-K)) = 0.2% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/CCL/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Carnival Corporation & plc (CCL) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 62.6% against a 30% limit on 2026-02-28 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CCL latest quarterly filing (balance sheet 2026-02-28)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Carnival%20Corporation%20%26%20plc&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Carnival Corporation & plc SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Carnival%20Corporation%20%26%20plc&type=10-K", "external": true }, { "label": "Zoya — CCL Shariah compliance", "url": "https://zoya.finance/stocks/ccl", "external": true }, { "label": "Musaffa — CCL", "url": "https://musaffa.com/stock/CCL/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Carnival Corporation & plc (CCL) stock halal?", "answer": "No. Carnival Corporation & plc fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Carnival Corporation & plc pass the AAOIFI financial ratio screen?", "answer": "As of 2026-02-28: interest-bearing debt is 62.6% of market cap (limit < 30%); cash plus interest-bearing securities is 3.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Carnival Corporation & plc held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-02-28", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 62.6, "cashPct": 3.5, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 62.6, "cashPct": 3.5, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 49, "cashPct": 2.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.carrier-global-stock", "question": "Is Carrier Global Stock Halal?", "entityName": "Carrier Global Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Carrier Global Corporation (CARR) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 20.9% of market cap and cash plus interest-bearing securities 2.4% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Carrier Global Corporation is a worldwide provider of advanced technological solutions covering heating, ventilation, and air conditioning (HVAC), refrigeration, fire safety, security, and intelligent building automation. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 20.9% of market cap, cash plus interest-bearing securities 2.4%, and filing-verified impermissible income 0.8% (Interest income $169.0M on $21.75B total revenue (Carrier Global Corporation FY2025 (fiscal year ended 2025-12-31, Form …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 188, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/carrier-global-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/carrier-global-stock.md", "entityType": "stock", "ticker": "CARR", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Carrier Global Corporation is a worldwide provider of advanced technological solutions covering heating, ventilation, and air conditioning (HVAC), refrigeration, fire safety, security, and intelligent building automation. Its operations are structured across three primary business segments: HVAC, Refrigeration, and Fire & Security. The HVAC segment is dedicated to supplying products, controls, services, and complete solutions tailored to the heating, cooling, and ventilation requirements of both", "detail": "Interest income $169.0M on $21.75B total revenue (Carrier Global Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.8% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.8 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 20.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.8, "thresholdPct": 5, "pass": true, "note": "Interest income $169.0M on $21.75B total revenue (Carrier Global Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.8% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/CARR/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Carrier Global Corporation (CARR) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 20.9% of market cap (limit 30%), cash plus interest-bearing securities 2.4% (limit 30%), impermissible income 0.8% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CARR latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Carrier%20Global%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Carrier Global Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Carrier%20Global%20Corporation&type=10-K", "external": true }, { "label": "Zoya — CARR Shariah compliance", "url": "https://zoya.finance/stocks/carr", "external": true }, { "label": "Musaffa — CARR", "url": "https://musaffa.com/stock/CARR/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Carrier Global Corporation (CARR) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Carrier Global Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Carrier Global Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 20.9% of market cap (limit < 30%); cash plus interest-bearing securities is 2.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Carrier Global Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Carrier Global Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 20.9, "cashPct": 2.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 20.9, "cashPct": 2.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 32.7, "cashPct": 3.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.caterpillar-stock", "question": "Is Caterpillar Stock Halal?", "entityName": "Caterpillar Inc.", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Caterpillar Inc. (CAT) passes the screens we can compute (data as of 2026-03-31) — interest-bearing debt / market cap 10.3%, cash + interest-bearing securities / market cap 1.0%, impermissible income / total revenue 0.7% — but one screen requires case-by-case judgment.", "analysis": "Caterpillar's core business is unmistakably permissible: it is the world's largest manufacturer of construction and mining machinery, engines, and industrial turbines. The complication — and the reason qualified screeners reach different verdicts — is Cat Financial, its in-house financing arm that lends to customers and dealers to fund equipment purchases on an interest basis.\n\nHow much that financing arm counts decides the verdict. Methodologies that fully fold in Cat Financial's interest income put Caterpillar's impermissible income above the 5% AAOIFI limit — ShariaPortfolio reports 10.87% and marks it not compliant. Methodologies that net out or treat intra-group financing differently keep it under the line: Zoya reports about 0.72% and rates it compliant, and HalalScreener reports 3.42% for a B+ pass. The debt and cash ratios themselves are comfortably low on every methodology; the entire disagreement is about the financing income.\n\nThe practical takeaway: this is a conditional case, not a clean pass or fail. If you follow a screener that excludes or nets the captive-finance income (Zoya, HalalScreener), CAT is compliant and you purify the small interest share of dividends. If you follow a stricter, fully-consolidated methodology (ShariaPortfolio), CAT crosses the 5% line and is avoided. Pick the methodology your scholar or screener uses, and re-check after each quarterly filing since the financing mix moves the ratio.", "analysisWordCount": 217, "conditions": "Caterpillar's equipment-manufacturing core is permissible; the conditionality is its captive lender, Cat Financial. Screeners disagree on how much of its interest income counts: Zoya (~0.72%) and HalalScreener (3.42%) keep impermissible income under the 5% AAOIFI limit and rate it compliant, while ShariaPortfolio fully consolidates the financing income at 10.87% and marks it not compliant. Decide based on the methodology your scholar or screener follows, purify the interest share of dividends if you treat it as compliant, and re-check after each quarterly filing since the financing mix moves the ratio.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/caterpillar-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/caterpillar-stock.md", "entityType": "stock", "ticker": "CAT", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Caterpillar is the world's largest maker of construction and mining equipment, diesel and gas engines, and industrial turbines, organized into Construction Industries, Resource Industries, and Energy & Transportation segments. It also operates Cat Financial, a captive financing arm that provides loans and leases to customers and dealers to fund equipment purchases.", "detail": "The equipment-manufacturing core is permissible. The review point — and the reason screeners disagree — is Cat Financial, the interest-based captive lender. Methodologies that fully consolidate its interest income push Caterpillar's impermissible income above the 5% AAOIFI limit (ShariaPortfolio reports 10.87%), while methodologies that net or exclude intra-group financing keep it under the line (Zoya ~0.72%, HalalScreener ~3.42%). This is a genuine methodology divergence, not a data error.", "impermissibleRevenuePct": 0.7 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 10.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.7, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "HalalScreener", "position": "Rates CAT Halal (B+, score 75/100): debt-to-market-cap 6.6%, interest-bearing deposits 2.4%, prohibited income 3.42% — under the 5% AAOIFI limit on its methodology.", "url": "https://halalscreener.app/en/stock/CAT", "note": null }, { "source": "Zoya", "position": "Classifies CAT as Shariah-compliant; reports interest income at ~0.72% of the revenue+interest base for FY2025 on its methodology.", "url": "https://zoya.finance/stocks/cat", "note": null }, { "source": "ShariaPortfolio Screener", "position": "Marks CAT NOT compliant — impure income (including Cat Financial interest income) at 10.87% of total revenue, above the 5% threshold.", "url": "https://spscreener.mxcorporate.com/newstock/cat/", "note": null } ], "sources": [ { "label": "CAT latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Caterpillar%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Caterpillar 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CAT&type=10-K", "external": true }, { "label": "HalalScreener — CAT (Halal, B+, prohibited income 3.42%)", "url": "https://halalscreener.app/en/stock/CAT", "external": true }, { "label": "Zoya — CAT Shariah compliance (interest income ~0.72%)", "url": "https://zoya.finance/stocks/cat", "external": true }, { "label": "ShariaPortfolio Screener — CAT (Not Compliant, impure income 10.87%)", "url": "https://spscreener.mxcorporate.com/newstock/cat/", "external": true } ], "faqs": [ { "question": "Is Caterpillar Inc. (CAT) stock halal?", "answer": "Caterpillar Inc. is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does Caterpillar Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 10.3% of market cap (limit < 30%); cash plus interest-bearing securities is 1.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Caterpillar Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 10.3, "cashPct": 1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 10.3, "cashPct": 1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 45.1, "cashPct": 4.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.cboe-global-markets-stock", "question": "Is Cboe Global Markets Stock Halal?", "entityName": "Cboe Global Markets, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Cboe Global Markets, Inc. (CBOE) does not pass Shariah screening: its core business fails the activity screen (Cboe Global Markets (CBOE) operates securities and derivatives exchanges plus market-data services — fails the business-). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Cboe Global Markets (CBOE) operates securities and derivatives exchanges plus market-data services — fails the business-activity screen (financial exchange / capital markets infrastructure).\n\nOur verdict rests primarily on the business-activity screen: Cboe Global Markets (CBOE) operates securities and derivatives exchanges plus market-data services — fails the business-activity screen (financial exchange / capital markets infrastructure). Financial ratios alone cannot cure a failed activity screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 150, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/cboe-global-markets-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/cboe-global-markets-stock.md", "entityType": "stock", "ticker": "CBOE", "exchange": "CBOE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Cboe Global Markets, Inc. functions as a global operator of various financial exchanges, primarily renowned for its options trading platforms, all managed through its numerous subsidiaries. The company organizes its expansive business activities into five distinct segments. The Options segment specializes in the trading of listed market indices. Its North American Equities division facilitates transactions for listed stocks in the United States and Canada, also offering services for exchange-tra", "detail": "Cboe Global Markets (CBOE) operates securities and derivatives exchanges plus market-data services — fails the business-activity screen (financial exchange / capital markets infrastructure).", "impermissibleRevenuePct": 1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 4.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1, "thresholdPct": 5, "pass": true, "note": "Interest income $49.4M on $4.71B total revenue (Cboe Global Markets, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/CBOE/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Cboe Global Markets, Inc. (CBOE) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CBOE latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Cboe%20Global%20Markets%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Cboe Global Markets, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Cboe%20Global%20Markets%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — CBOE Shariah compliance", "url": "https://zoya.finance/stocks/cboe", "external": true }, { "label": "Musaffa — CBOE", "url": "https://musaffa.com/stock/CBOE/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Cboe Global Markets, Inc. (CBOE) stock halal?", "answer": "No. Cboe Global Markets, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Cboe Global Markets, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 4.7% of market cap (limit < 30%); cash plus interest-bearing securities is 7.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Cboe Global Markets, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.centene-stock", "question": "Is Centene Stock Halal?", "entityName": "Centene Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Centene Corporation (CNC) does not pass Shariah screening: interest-bearing debt / market cap is 50.9% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 73.8% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Centene Corporation functions as a diverse, multinational healthcare organization, primarily dedicated to delivering a comprehensive range of programs and services to underinsured and uninsured individuals throughout the United States. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 50.9% versus the < 30% limit; cash + interest-bearing securities / market cap at 73.8% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 171, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/centene-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/centene-stock.md", "entityType": "stock", "ticker": "CNC", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Centene Corporation functions as a diverse, multinational healthcare organization, primarily dedicated to delivering a comprehensive range of programs and services to underinsured and uninsured individuals throughout the United States. Its Managed Care division provides extensive health plan coverage for people enrolled in various government-sponsored initiatives. These initiatives include Medicaid, the State Children's Health Insurance Program (SCHIP), long-term services and support, foster car", "detail": "Interest/investment income $24.0M on $194.78B revenue = 0% (FMP as-reported XBRL, investmentincomenonoperating). Verify no other impermissible revenue segments in 10-K. (FY2025 (fiscal year ended 2025-12-31, Form 10-K).)", "impermissibleRevenuePct": 0 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 50.9, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 73.8, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest/investment income $24.0M on $194.78B revenue = 0% (FMP as-reported XBRL, investmentincomenonoperating). Verify no other impermissible revenue segments in 10-K. (FY2025 (fiscal year ended 2025-12-31, Form 10-K).)" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/CNC/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Centene Corporation (CNC) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 50.9% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CNC latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Centene%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Centene Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Centene%20Corporation&type=10-K", "external": true }, { "label": "Zoya — CNC Shariah compliance", "url": "https://zoya.finance/stocks/cnc", "external": true }, { "label": "Musaffa — CNC", "url": "https://musaffa.com/stock/CNC/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Centene Corporation (CNC) stock halal?", "answer": "No. Centene Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Centene Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 50.9% of market cap (limit < 30%); cash plus interest-bearing securities is 73.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Centene Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 50.9, "cashPct": 73.8, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 50.9, "cashPct": 73.8, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 20.2, "cashPct": 29.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.cf-industries-holdings-stock", "question": "Is CF Industries Stock Halal?", "entityName": "CF Industries Holdings, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "CF Industries Holdings, Inc. (CF) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 19.8% of market cap and cash plus interest-bearing securities 12.1% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "CF Industries Holdings, Inc. is a global producer and distributor of hydrogen and nitrogen-based products. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 19.8% of market cap, cash plus interest-bearing securities 12.1%, and filing-verified impermissible income 1.1% (Interest income $81.0M on $7.08B total revenue (CF Industries Holdings, Inc. FY2025 (fiscal year ended 2025-12-31, Form …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 178, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/cf-industries-holdings-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/cf-industries-holdings-stock.md", "entityType": "stock", "ticker": "CF", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "CF Industries Holdings, Inc. is a global producer and distributor of hydrogen and nitrogen-based products. These essential chemicals serve a variety of purposes worldwide, including energy generation, agricultural fertilization, environmental emissions reduction, and numerous other industrial applications. The company's core product lineup features vital nitrogen compounds such as anhydrous ammonia, granular urea, urea ammonium nitrate (UAN), and different forms of ammonium nitrate. In addition ", "detail": "Interest income $81.0M on $7.08B total revenue (CF Industries Holdings, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 19.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 12.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.1, "thresholdPct": 5, "pass": true, "note": "Interest income $81.0M on $7.08B total revenue (CF Industries Holdings, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/CF/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates CF Industries Holdings, Inc. (CF) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 19.8% of market cap (limit 30%), cash plus interest-bearing securities 12.1% (limit 30%), impermissible income 1.1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CF latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=CF%20Industries%20Holdings%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "CF Industries Holdings, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=CF%20Industries%20Holdings%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — CF Shariah compliance", "url": "https://zoya.finance/stocks/cf", "external": true }, { "label": "Musaffa — CF", "url": "https://musaffa.com/stock/CF/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is CF Industries Holdings, Inc. (CF) stock halal?", "answer": "Yes, under our AAOIFI-based methodology CF Industries Holdings, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does CF Industries Holdings, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 19.8% of market cap (limit < 30%); cash plus interest-bearing securities is 12.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is CF Industries Holdings, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from CF Industries Holdings, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 19.8, "cashPct": 12.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 19.8, "cashPct": 12.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 22.7, "cashPct": 14, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.charter-communications-stock", "question": "Is Charter Communications Stock Halal?", "entityName": "Charter Communications, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Charter Communications, Inc. (CHTR) does not pass Shariah screening: interest-bearing debt / market cap is 462.6% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Charter Communications, Inc. is a prominent U.S. broadband and cable operator, delivering services to residential and commercial customers nationwide. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 462.6% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 170, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/charter-communications-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/charter-communications-stock.md", "entityType": "stock", "ticker": "CHTR", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Charter Communications, Inc. is a prominent U.S. broadband and cable operator, delivering services to residential and commercial customers nationwide. Its offerings encompass a wide array of subscription video services, including on-demand content, high-definition channels, digital video recording (DVR), and pay-per-view options. Internet services form a crucial part of its portfolio, featuring robust security measures against cyber threats, high-performance in-home WiFi with provided routers, a", "detail": "Not determinative — fails the interest-bearing debt ratio (~463% of market cap).", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 462.6, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": true, "note": "Not determinative — fails the interest-bearing debt ratio (~463% of market cap)." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/CHTR/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Charter Communications, Inc. (CHTR) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 462.6% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CHTR latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Charter%20Communications%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Charter Communications, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Charter%20Communications%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — CHTR Shariah compliance", "url": "https://zoya.finance/stocks/chtr", "external": true }, { "label": "Musaffa — CHTR", "url": "https://musaffa.com/stock/CHTR/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Charter Communications, Inc. (CHTR) stock halal?", "answer": "No. Charter Communications, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Charter Communications, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 462.6% of market cap (limit < 30%); cash plus interest-bearing securities is 2.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Charter Communications, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 462.6, "cashPct": 2.5, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 462.6, "cashPct": 2.5, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 61.6, "cashPct": 0.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.chevron-stock", "question": "Is Chevron Stock Halal?", "entityName": "Chevron Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Chevron Corporation (CVX) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 12.1% of market cap and cash plus interest-bearing securities 1.4% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETF HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Chevron's core business is the same permissible energy activity as ExxonMobil's, producing oil and gas and refining and marketing fuels and chemicals, with no interest-based lending arm. On the business-activity test, Chevron passes cleanly. What makes Chevron interesting in this batch is that the two major US Shariah ETFs disagree about it right now.\n\nHLAL holds Chevron (51,440 shares in its SEC-filed schedule of investments as of February 28, 2026), but Chevron does not appear in the SPUS holdings as of June 11, 2026, even though it is an S&P 500 company and ExxonMobil, its closest peer, is a top-ten SPUS holding. Neither fund publishes the reasoning behind individual inclusions and exclusions, so we cannot state the cause with certainty. The most likely explanation lies in leverage: SPUS's methodology additionally requires debt-to-market-capitalization below 30%, and Chevron's interest and debt expense roughly doubled to $1,217 million in 2025 as it added debt around its Hess acquisition. A company can pass FTSE's Shariah ratio formula while failing S&P's stricter leverage cap at a given measurement date.\n\nFor a Muslim investor, the takeaway is that Chevron is a permissible-business energy name whose screen status is currently ratio-dependent and methodology-dependent: compliant under FTSE/HLAL, excluded by SPUS. That is exactly the kind of stock to verify in a live screener at the time of purchase, since a swing in debt or market value could move it back inside SPUS's threshold or out of HLAL's.", "analysisWordCount": 239, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/chevron-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/chevron-stock.md", "entityType": "stock", "ticker": "CVX", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Chevron Corporation is an integrated energy company engaged in upstream oil and gas exploration and production and downstream refining, marketing, and chemicals. Per its FY2025 10-K, sales and other operating revenues were $184,432 million and total revenues and other income were $189,031 million; net income attributable to Chevron was $12,299 million.", "detail": "Conventional oil, gas, refining, and chemicals is generally a permissible business activity and is not on AAOIFI's prohibited-industry list; Chevron does not run a meaningful interest-based lending business. FY2025 interest and debt expense was $1,217 million against $189,031 million of total revenue, which rose from $594 million in 2024 as the company took on more debt around its Hess acquisition. A noteworthy screen divergence exists: Chevron is HELD by HLAL but is NOT held by SPUS as of the checked dates (both screen US large caps). Neither fund publishes per-stock reasons; SPUS additionally requires debt-to-market-cap below 30%, so a higher leverage reading at SPUS's measurement date is the most plausible (but unconfirmed) explanation. Any incidental interest income was not separately quantified for this brief (null).", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 12.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.9, "thresholdPct": 5, "pass": true, "note": "'Other income' was $1.60B (includes interest income) on $184.4B sales (FY2025) ≤ 0.9% — upper bound; well under 5%." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "CVX latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Chevron%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Chevron FY2025 10-K consolidated statement of income (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/R3.htm", "external": true }, { "label": "Chevron FY2025 10-K (SEC EDGAR primary document)", "url": "https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/cvx-20251231.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Chevron Corporation (CVX) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Chevron Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Chevron Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 12.1% of market cap (limit < 30%); cash plus interest-bearing securities is 1.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Chevron Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Chevron Corporation is held by HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Chevron Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 12.1, "cashPct": 1.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 12.1, "cashPct": 1.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 13.8, "cashPct": 1.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.church-dwight-co-stock", "question": "Is Church & Dwight Stock Halal?", "entityName": "Church & Dwight Co., Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Church & Dwight Co., Inc. (CHD) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 9.6% of market cap and cash plus interest-bearing securities 2.2% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Church & Dwight Co., Inc. is a company dedicated to the creation, production, and marketing of a diverse portfolio encompassing household, personal care, and specialized industrial goods. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 9.6% of market cap, cash plus interest-bearing securities 2.2%, and filing-verified impermissible income 0.4% (Interest income $23.5M on $6.20B total revenue (Church & Dwight Co., Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 191, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/church-dwight-co-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/church-dwight-co-stock.md", "entityType": "stock", "ticker": "CHD", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Church & Dwight Co., Inc. is a company dedicated to the creation, production, and marketing of a diverse portfolio encompassing household, personal care, and specialized industrial goods. Its operations are structured into three principal divisions: Consumer Domestic, Consumer International, and the Specialty Products Division. The company offers a broad array of well-known consumer brands. Under the ARM & HAMMER umbrella, it provides cat litters, carpet fresheners, laundry detergents, baking so", "detail": "Interest income $23.5M on $6.20B total revenue (Church & Dwight Co., Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.4% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 9.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.4, "thresholdPct": 5, "pass": true, "note": "Interest income $23.5M on $6.20B total revenue (Church & Dwight Co., Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.4% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/CHD/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Church & Dwight Co., Inc. (CHD) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 9.6% of market cap (limit 30%), cash plus interest-bearing securities 2.2% (limit 30%), impermissible income 0.4% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CHD latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Church%20%26%20Dwight%20Co.%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Church & Dwight Co., Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Church%20%26%20Dwight%20Co.%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — CHD Shariah compliance", "url": "https://zoya.finance/stocks/chd", "external": true }, { "label": "Musaffa — CHD", "url": "https://musaffa.com/stock/CHD/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Church & Dwight Co., Inc. (CHD) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Church & Dwight Co., Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Church & Dwight Co., Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 9.6% of market cap (limit < 30%); cash plus interest-bearing securities is 2.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Church & Dwight Co., Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Church & Dwight Co., Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 9.6, "cashPct": 2.2, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 9.6, "cashPct": 2.2, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 24.8, "cashPct": 5.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.cigna-stock", "question": "Is Cigna Stock Halal?", "entityName": "Cigna Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Cigna Corporation (CI) does not pass Shariah screening: interest-bearing debt / market cap is 39.2% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Cigna Group, established in 1792 and headquartered in Bloomfield, Connecticut, provides insurance products and related services across the United States. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 39.2% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 171, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/cigna-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/cigna-stock.md", "entityType": "stock", "ticker": "CI", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Cigna Group, established in 1792 and headquartered in Bloomfield, Connecticut, provides insurance products and related services across the United States. The company operates through two primary segments. Its Evernorth division offers a comprehensive array of coordinated and specialized health solutions, including pharmacy services, benefits administration, care management and delivery, and advanced intelligence solutions. These offerings cater to a diverse clientele, such as health plans, emplo", "detail": "Interest income not separately material in the annual filing (Cigna Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0.5 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 39.2, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 10, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Cigna Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/CI/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Cigna Corporation (CI) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 39.2% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CI latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Cigna%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Cigna Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Cigna%20Corporation&type=10-K", "external": true }, { "label": "Zoya — CI Shariah compliance", "url": "https://zoya.finance/stocks/ci", "external": true }, { "label": "Musaffa — CI", "url": "https://musaffa.com/stock/CI/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Cigna Corporation (CI) stock halal?", "answer": "No. Cigna Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Cigna Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 39.2% of market cap (limit < 30%); cash plus interest-bearing securities is 10.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Cigna Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 39.2, "cashPct": 10, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 39.2, "cashPct": 10, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 20.2, "cashPct": 5.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.cintas-stock", "question": "Is Cintas Stock Halal?", "entityName": "Cintas Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Cintas Corporation (CTAS) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-02-28) interest-bearing debt is 3.8% of market cap and cash plus interest-bearing securities 0.3% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Cintas Corporation specializes in supplying professional uniforms and a range of essential business services primarily across the United States, Canada, and Latin America. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-02-28: interest-bearing debt is 3.8% of market cap, cash plus interest-bearing securities 0.3%, and filing-verified impermissible income 0.1% (Interest income $5.6M on $10.34B total revenue (Cintas Corporation FY2025 (fiscal year ended 2025-05-31, Form 10-K)) = 0…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 186, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/cintas-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/cintas-stock.md", "entityType": "stock", "ticker": "CTAS", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-02-28", "businessScreen": { "pass": true, "activity": "Cintas Corporation specializes in supplying professional uniforms and a range of essential business services primarily across the United States, Canada, and Latin America. The company's operations are divided into three main divisions: Uniform Rental and Facility Services, First Aid and Safety Services, and an 'All Other' segment. Within its Uniform Rental and Facility Services division, Cintas offers rental and maintenance for various workwear, including flame-resistant apparel, alongside floor", "detail": "Interest income $5.6M on $10.34B total revenue (Cintas Corporation FY2025 (fiscal year ended 2025-05-31, Form 10-K)) = 0.1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 3.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.1, "thresholdPct": 5, "pass": true, "note": "Interest income $5.6M on $10.34B total revenue (Cintas Corporation FY2025 (fiscal year ended 2025-05-31, Form 10-K)) = 0.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/CTAS/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Cintas Corporation (CTAS) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 3.8% of market cap (limit 30%), cash plus interest-bearing securities 0.3% (limit 30%), impermissible income 0.1% of revenue (limit 5%) on 2026-02-28 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CTAS latest quarterly filing (balance sheet 2026-02-28)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Cintas%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Cintas Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Cintas%20Corporation&type=10-K", "external": true }, { "label": "Zoya — CTAS Shariah compliance", "url": "https://zoya.finance/stocks/ctas", "external": true }, { "label": "Musaffa — CTAS", "url": "https://musaffa.com/stock/CTAS/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Cintas Corporation (CTAS) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Cintas Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-02-28). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Cintas Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-02-28: interest-bearing debt is 3.8% of market cap (limit < 30%); cash plus interest-bearing securities is 0.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Cintas Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Cintas Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-02-28", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 3.8, "cashPct": 0.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 3.8, "cashPct": 0.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 26, "cashPct": 1.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.cisco-stock", "question": "Is Cisco Systems Stock Halal?", "entityName": "Cisco Systems, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Cisco Systems, Inc. (CSCO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-04-25) interest-bearing debt is 6.6% of market cap and cash plus interest-bearing securities 3.5% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Cisco Systems is the long-standing leader in networking hardware — the routers and switches that move data across enterprise, telecom, and cloud networks — and has increasingly built out cybersecurity, collaboration, and observability software. All of this is permissible technology business, with no alcohol, gambling, tobacco, or conventional-finance lines, which is why Zoya, Musaffa, and Amal Invest all classify CSCO as halal.\n\nThe one financial detail worth knowing is interest income. Cisco holds a very large cash and investment portfolio, and Zoya reports the interest it earns at about 1.77% of revenue for fiscal 2025 — comfortably under the 5% AAOIFI limit, but not zero. The standard treatment is purification: donate the proportional share of any dividends attributable to that interest rather than avoiding the stock. Debt and cash ratios sit well within thresholds.\n\nThe practical takeaway: CSCO passes the business screen cleanly and the financial screen comfortably. Apply routine dividend purification for the small interest-income component, re-check the ratios after new filings, and avoid margin or options.", "analysisWordCount": 168, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/cisco-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/cisco-stock.md", "entityType": "stock", "ticker": "CSCO", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-04-25", "businessScreen": { "pass": true, "activity": "Cisco Systems designs and sells networking hardware (routers, switches), cybersecurity, collaboration, and observability software and services to enterprises, telecom carriers, and cloud providers. Per its 10-K, revenue is overwhelmingly from these permissible technology products and recurring software/subscription services.", "detail": "No prohibited business lines are disclosed. The review point is interest income on Cisco's large cash and investment portfolio — Zoya reports it at 1.77% of revenue for fiscal 2025, under the 5% AAOIFI threshold. Investors following standard purification should donate the proportional share of dividends attributable to that interest income.", "impermissibleRevenuePct": 1.8 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 6.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.8, "thresholdPct": 5, "pass": true, "note": "Interest income $1.00B on $56.65B total revenue (Cisco Systems, Inc. FY2025 (fiscal year ended 2025-07-26, Form 10-K)) = 1.8% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Zoya", "position": "Classifies CSCO as Shariah-compliant; reports interest income of $1.0B (1.77% of the revenue+interest base) for FY ending July 26, 2025.", "url": "https://zoya.finance/stocks/csco", "note": null }, { "source": "Musaffa", "position": "Classified HALAL as of February 2026 based on AAOIFI screens (report source: 2026 Q2).", "url": "https://musaffa.com/stock/CSCO/", "note": null }, { "source": "Amal Invest", "position": "Rates CSCO halal under AAOIFI screening — permissible networking/security business and compliant financial ratios.", "url": "https://amalinvest.com/halal-investing/stock/csco", "note": null } ], "sources": [ { "label": "CSCO latest quarterly filing (balance sheet 2026-04-25)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Cisco%20Systems%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Cisco Systems 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CSCO&type=10-K", "external": true }, { "label": "Zoya — CSCO Shariah compliance (interest income 1.77%)", "url": "https://zoya.finance/stocks/csco", "external": true }, { "label": "Musaffa — CSCO Shariah status (HALAL)", "url": "https://musaffa.com/stock/CSCO/", "external": true }, { "label": "Amal Invest — CSCO (halal)", "url": "https://amalinvest.com/halal-investing/stock/csco", "external": true } ], "faqs": [ { "question": "Is Cisco Systems, Inc. (CSCO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Cisco Systems, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-04-25). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Cisco Systems, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-25: interest-bearing debt is 6.6% of market cap (limit < 30%); cash plus interest-bearing securities is 3.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Cisco Systems, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Cisco Systems, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-04-25", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 6.6, "cashPct": 3.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 6.6, "cashPct": 3.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 24.9, "cashPct": 13.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.citigroup-stock", "question": "Is Citigroup Stock Halal?", "entityName": "Citigroup Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Citigroup Inc. (C) does not pass Shariah screening: its core business fails the activity screen (Citigroup fails the Shariah business-activity screen outright as a conventional bank), and interest-bearing debt / market cap is 314.1% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 84.9% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Citigroup is a conventional global bank, which places it outside Shariah-compliant investing on the business-activity screen — the most fundamental of the AAOIFI screens. Its income comes from interest-based lending, trading, and the full range of conventional banking and wealth services, so interest (riba) is not an incidental line item but the substance of the enterprise.\n\nThe financial ratios only reinforce this: impermissible income runs around 85% of revenue and interest-bearing liabilities dwarf the 30%-of-market-cap debt limit — both far outside AAOIFI tolerances. Zoya and Muslim Xchange both classify Citigroup as not compliant.\n\nThe practical takeaway: like every conventional bank, Citigroup is avoided under Islamic screening, and no purification calculation can change that because the prohibited income is the core business. Muslims seeking financial-sector exposure are generally directed toward Islamic banks, takaful (Islamic insurance) operators, or Shariah-compliant financial-technology firms whose revenue is fee-based rather than interest-based.", "analysisWordCount": 146, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/citigroup-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/citigroup-stock.md", "entityType": "stock", "ticker": "C", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Citigroup is a global, diversified conventional bank whose revenue is built on interest-based lending, trading, and conventional banking — core riba finance. It operates across Services, Markets, Banking, U.S. Personal Banking, and Wealth segments.", "detail": "Citigroup fails the Shariah business-activity screen outright as a conventional bank. Interest-based income dominates revenue (our screen shows ~85% impermissible income), and interest-bearing debt vastly exceeds the 30%-of-market-cap limit. This is a structural failure with no purification remedy.", "impermissibleRevenuePct": 84.9 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 314.1, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 9.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 84.9, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Zoya", "position": "Classifies Citigroup (C) as not Shariah-compliant — conventional banking business.", "url": "https://zoya.finance/stocks/c", "note": null }, { "source": "Muslim Xchange", "position": "Marks Citigroup Shariah NOT compliant as of March 2026.", "url": "https://muslimxchange.com/ticker/c/", "note": null } ], "sources": [ { "label": "C latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Citigroup%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Citigroup 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=C&type=10-K", "external": true }, { "label": "Zoya — Citigroup (C) not Shariah-compliant", "url": "https://zoya.finance/stocks/c", "external": true }, { "label": "Muslim Xchange — Citigroup (Not compliant)", "url": "https://muslimxchange.com/ticker/c/", "external": true } ], "faqs": [ { "question": "Is Citigroup Inc. (C) stock halal?", "answer": "No. Citigroup Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Citigroup Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 314.1% of market cap (limit < 30%); cash plus interest-bearing securities is 9.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Citigroup Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.cloudflare-stock", "question": "Is Cloudflare Stock Halal?", "entityName": "Cloudflare, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Cloudflare, Inc. (NET) does not pass Shariah screening: impermissible income / total revenue is 6.1% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Cloudflare, Inc. functions as a global provider of cloud-based services. The company delivers a comprehensive, integrated cloud security platform designed to safeguard a diverse array of digital environments, encompassing public and private clouds, on-premises infrastructure, Software-as-a-Service (SaaS) applications, and Internet of Things (IoT) devices. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): impermissible income / total revenue at 6.1% versus the < 5% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 195, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/cloudflare-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/cloudflare-stock.md", "entityType": "stock", "ticker": "NET", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Cloudflare, Inc. functions as a global provider of cloud-based services. The company delivers a comprehensive, integrated cloud security platform designed to safeguard a diverse array of digital environments, encompassing public and private clouds, on-premises infrastructure, Software-as-a-Service (SaaS) applications, and Internet of Things (IoT) devices. Its security portfolio features tools such as cloud firewalls, bot mitigation, distributed denial-of-service (DDoS) protection, IoT security, ", "detail": "Interest income $131.2M on $2,167.9M revenue (FY2025) = 6.1% — above AAOIFI's 5% limit. (Cloudflare FY2025 results.)", "impermissibleRevenuePct": 6.1 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 4.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 6.1, "thresholdPct": 5, "pass": false, "note": "Interest income $131.2M on $2,167.9M revenue (FY2025) = 6.1% — above AAOIFI's 5% limit. (Cloudflare FY2025 results.)" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/NET/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Cloudflare, Inc. (NET) non-compliant: it fails on financial ratios — impermissible income / total revenue is 6.1% against a 5% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "NET latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Cloudflare%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Cloudflare, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Cloudflare%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — NET Shariah compliance", "url": "https://zoya.finance/stocks/net", "external": true }, { "label": "Musaffa — NET", "url": "https://musaffa.com/stock/NET/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Cloudflare, Inc. (NET) stock halal?", "answer": "No. Cloudflare, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Cloudflare, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 4.1% of market cap (limit < 30%); cash plus interest-bearing securities is 5.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Cloudflare, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 4.1, "cashPct": 5.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 4.1, "cashPct": 5.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 54.2, "cashPct": 67.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.cme-group-stock", "question": "Is CME Stock Halal?", "entityName": "CME Group Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "CME Group Inc. (CME) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Financial - Data & Stock Exchanges\" / sector \"Financial Services\" pattern-matches a prohibited core b). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "CME Group Inc., through its various subsidiaries, manages international marketplaces for the exchange of futures and options on futures contracts worldwide. Core business: Financial - Data & Stock Exchanges (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, CME Group Inc.'s balance-sheet ratios in fact sit within AAOIFI's financial limits — interest-bearing debt 3.5% of market cap (limit 30%), cash plus interest-bearing securities 2.6% (limit 30%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, CME is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 208, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/cme-group-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/cme-group-stock.md", "entityType": "stock", "ticker": "CME", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "CME Group Inc., through its various subsidiaries, manages international marketplaces for the exchange of futures and options on futures contracts worldwide. Its extensive array of product offerings includes futures and options linked to a broad spectrum of underlying assets, such as interest rates, equity indices, foreign exchange, agricultural commodities, energy, and metals, alongside fixed-income products. The company additionally furnishes essential clearinghouse services, which entail the v", "detail": "Core business: Financial - Data & Stock Exchanges (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 3.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": true, "note": "Not determinative — fails the business-activity screen (financial exchange)." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/CME/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates CME Group Inc. (CME) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CME latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=CME%20Group%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "CME Group Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=CME%20Group%20Inc.&type=10-K", "external": true }, { "label": "Zoya — CME Shariah compliance", "url": "https://zoya.finance/stocks/cme", "external": true }, { "label": "Musaffa — CME", "url": "https://musaffa.com/stock/CME/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is CME Group Inc. (CME) stock halal?", "answer": "No. CME Group Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does CME Group Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 3.5% of market cap (limit < 30%); cash plus interest-bearing securities is 2.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is CME Group Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.coinbase", "question": "Is Coinbase (platform) Halal?", "entityName": "Coinbase (platform)", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "For scholars who permit cryptocurrency at all, buying and holding established coins on Coinbase is permissible — but the platform's yield products are not: staking rewards via custodial programs, USDC rewards (interest-like yield on a dollar-pegged token), and margin/futures all fail mainstream screens. Spot buying and self-custody withdrawals are the permissible path.", "analysis": "For Muslims who follow scholars permitting cryptocurrency at all, Coinbase's core function — spot purchases of crypto held in custody — is the permissible part. You pay cash, you receive the asset, settlement is immediate in substance. The platform's compliance problems are concentrated in its yield products: staking-as-a-service on some assets is debated (see our crypto staking verdict), but USDC rewards are functionally interest on a dollar-pegged balance, and lending features that generate yield from your deposits are riba in modern packaging.\n\nThere is also the asset-selection problem. Coinbase lists hundreds of tokens, most of which fail any serious utility or gharar analysis — memecoins, governance tokens of lending protocols, and assets whose only function is speculation. The platform makes no distinction; you must.\n\nThe conditional path: buy established assets you have independently verified as permissible under your scholar's criteria, hold them spot (no margin, no futures), decline every yield-bearing feature including USDC rewards, and treat the convenience of the platform as exactly that — convenience, not endorsement.", "analysisWordCount": 168, "conditions": "Spot purchases of coins you've verified as permissible, held without leverage. No USDC rewards, no custodial 'Earn' yield, no futures/margin. Staking is itself debated — see the crypto staking verdict.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/coinbase", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/coinbase.md", "entityType": "fintech_product", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Crypto exchange: spot trading, custodial staking, USDC rewards, derivatives (non-US), institutional custody.", "detail": "Platform-use verdict; COIN stock is screened separately. The crypto-permissibility question itself is upstream (see Bitcoin/Ethereum verdicts and /is-crypto-halal).", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Mainstream halal-crypto position", "position": "Established non-interest-generating cryptocurrencies are permissible to hold long-term; yield products built on lending are riba.", "url": null, "note": null }, { "source": "Prohibitive crypto position (several dar al-iftas)", "position": "A significant body of scholars holds that cryptocurrencies lack intrinsic value and recognized legal-tender status and are dominated by gharar and speculation, making them impermissible regardless of platform. On this view Coinbase's spot trading is itself the problem, not only its staking and USDC-reward products.", "url": null, "note": null } ], "sources": [ { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Is crypto halal? (HalalWallet)", "url": "/is-crypto-halal", "external": false }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Halal Stock Screeners Compared", "url": "/investing/stock-screeners", "external": false }, { "label": "SPUS vs HLAL — Halal ETF Comparison", "url": "/spus-vs-hlal", "external": false } ], "faqs": [ { "question": "Is buying Bitcoin on Coinbase halal?", "answer": "Scholars who permit Bitcoin treat spot purchase and holding as permissible; the platform itself doesn't change the ruling. Avoid Coinbase's yield products (USDC rewards, custodial staking) and any leverage." }, { "question": "Are USDC rewards on Coinbase halal?", "answer": "No — a guaranteed percentage yield on a dollar-pegged balance is functionally interest and fails Shariah screens." } ] }, { "id": "verdict.coinbase-global-stock", "question": "Is Coinbase Global Stock Halal?", "entityName": "Coinbase Global, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Coinbase Global, Inc. (COIN) does not pass Shariah screening: its core business fails the activity screen (Coinbase's 10-K discloses several interest-linked and Shariah-debated lines within 2025 results: stablecoin revenue of $). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Coinbase's revenue mix has shifted in a direction that matters for Shariah screening. Trading fees, the original business, were $4.06 billion in 2025, or 59% of net revenue. The fastest-growing piece is stablecoin revenue, $1.35 billion in 2025, which is Coinbase's share of income generated by the USDC ecosystem; that income derives substantially from interest earned on the reserves backing USDC. Add the separately disclosed interest and finance fee income ($247 million) and corporate interest income ($298 million), and a material portion of Coinbase's total revenue is interest-linked, well above the roughly 5% tolerance used in common AAOIFI-style screens if a screener classifies those lines as impermissible.\n\nThere are two additional layers of scholarly debate. First, blockchain rewards ($677 million in 2025) come from staking, which some scholars treat as permissible service income and others view as problematic. Second, the core exchange business depends on whether trading the listed crypto assets is itself halal, a question on which credible scholars still differ coin by coin. Unlike Visa or Mastercard, where the company's own revenue is clearly fee-based, Coinbase's own income statement contains the contested categories.\n\nCoinbase is not held by SPUS (June 11, 2026 holdings) or HLAL (February 28, 2026 SEC-filed holdings). A Muslim investor considering COIN should recognize that the interest-linked share of revenue has been growing because of USDC, and should check a current screener verdict rather than relying on the assumption that an exchange only earns trading commissions.", "analysisWordCount": 241, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/coinbase-global-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/coinbase-global-stock.md", "entityType": "stock", "ticker": "COIN", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Coinbase operates the largest US cryptocurrency exchange and custody platform. Per its 2025 10-K (filed February 12, 2026), total revenue was approximately $7.2 billion: net revenue of $6.88 billion plus corporate interest and other income of $297.9 million. Net revenue comprised transaction revenue of $4.06 billion (59%) and subscription and services revenue of $2.83 billion (41%).", "detail": "Coinbase's 10-K discloses several interest-linked and Shariah-debated lines within 2025 results: stablecoin revenue of $1.349 billion (Coinbase's share of income from the USDC ecosystem, which derives substantially from interest earned on USDC reserves); interest and finance fee income of $247.0 million; corporate interest and other income of $297.9 million; and blockchain (staking) rewards of $677.4 million, a category on which scholars differ separately from interest. Transaction revenue ($4.06 billion of fees on crypto trades) raises the underlying question of whether crypto trading itself is permissible, on which scholarly opinion is divided.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 18.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 25.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": null, "note": "Not determinative — this verdict is set by the business-activity screen, so the impermissible-income line does not change the outcome." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "COIN latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Coinbase%20Global%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Coinbase Q4/FY2025 shareholder letter (SEC EDGAR, 8-K exhibit)", "url": "https://www.sec.gov/Archives/edgar/data/1679788/000167978826000011/q425shareholderletter.htm", "external": true }, { "label": "Coinbase 2025 10-K filing page (company IR)", "url": "https://investor.coinbase.com/financials/sec-filings/sec-filings-details/default.aspx?FilingId=19142207", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Coinbase Global, Inc. (COIN) stock halal?", "answer": "No. Coinbase Global, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Coinbase Global, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 18.6% of market cap (limit < 30%); cash plus interest-bearing securities is 25.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Coinbase Global, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Coinbase Global, Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.conagra-brands-stock", "question": "Is Conagra Brands Stock Halal?", "entityName": "Conagra Brands, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Conagra Brands, Inc. (CAG) does not pass Shariah screening: interest-bearing debt / market cap is 99.7% against the < 30% limit (data as of 2026-02-22). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Conagra Brands, Inc., a prominent manufacturer of packaged food products, conducts its business across North America through its various subsidiary companies. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-02-22): interest-bearing debt / market cap at 99.7% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 172, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/conagra-brands-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/conagra-brands-stock.md", "entityType": "stock", "ticker": "CAG", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-02-22", "businessScreen": { "pass": true, "activity": "Conagra Brands, Inc., a prominent manufacturer of packaged food products, conducts its business across North America through its various subsidiary companies. The firm organizes its extensive operations into four distinct segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice. The Grocery & Snacks division primarily distributes non-perishable food items through various retail channels within the United States. In contrast, the Refrigerated & Frozen segment focuses on s", "detail": "Interest income $2.5M on $11.61B total revenue (Conagra Brands, Inc. FY2025 (fiscal year ended 2025-05-25, Form 10-K)) = 0% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 99.7, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income $2.5M on $11.61B total revenue (Conagra Brands, Inc. FY2025 (fiscal year ended 2025-05-25, Form 10-K)) = 0% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/CAG/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Conagra Brands, Inc. (CAG) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 99.7% against a 30% limit on 2026-02-22 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CAG latest quarterly filing (balance sheet 2026-02-22)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Conagra%20Brands%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Conagra Brands, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Conagra%20Brands%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — CAG Shariah compliance", "url": "https://zoya.finance/stocks/cag", "external": true }, { "label": "Musaffa — CAG", "url": "https://musaffa.com/stock/CAG/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Conagra Brands, Inc. (CAG) stock halal?", "answer": "No. Conagra Brands, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Conagra Brands, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-02-22: interest-bearing debt is 99.7% of market cap (limit < 30%); cash plus interest-bearing securities is 0.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Conagra Brands, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-02-22", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 99.7, "cashPct": 0.8, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 99.7, "cashPct": 0.8, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 34.1, "cashPct": 0.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.constellation-brands-stock", "question": "Is Constellation Brands Stock Halal?", "entityName": "Constellation Brands, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Constellation Brands, Inc. (STZ) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Beverages - Wineries & Distilleries\" / sector \"Consumer Defensive\" pattern-matches a prohibited core), and interest-bearing debt / market cap is 41.5% against the < 30% limit (data as of 2026-02-28). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Constellation Brands, Inc., operating through its subsidiaries, is a global producer, importer, and distributor of a diverse range of beer, wine, and spirits. Core business: Beverages - Wineries & Distilleries (Consumer Defensive sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, Constellation Brands, Inc.'s balance-sheet ratios also fall outside AAOIFI's financial limits — interest-bearing debt 41.5% of market cap (limit 30%), cash plus interest-bearing securities 0.4% (limit 30%), impermissible income 0% of revenue (limit 5%), as of 2026-02-28; but the outcome does not turn on them — because the activity screen fails, STZ is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 215, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/constellation-brands-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/constellation-brands-stock.md", "entityType": "stock", "ticker": "STZ", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-02-28", "businessScreen": { "pass": false, "activity": "Constellation Brands, Inc., operating through its subsidiaries, is a global producer, importer, and distributor of a diverse range of beer, wine, and spirits. The company's extensive market presence spans the United States, Canada, Mexico, New Zealand, and Italy. Its prominent beer brands include Corona Extra, Corona Premier, Corona Familiar, Corona Light, Corona Refresca, Corona Hard Seltzer, Modelo Especial, Modelo Negra, Modelo Chelada, Pacifico, and Victoria. Within its wine portfolio, consu", "detail": "Core business: Beverages - Wineries & Distilleries (Consumer Defensive sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 41.5, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Constellation Brands, Inc. FY2026 (fiscal year ended 2026-02-28, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/STZ/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Constellation Brands, Inc. (STZ) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "STZ latest quarterly filing (balance sheet 2026-02-28)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Constellation%20Brands%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Constellation Brands, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Constellation%20Brands%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — STZ Shariah compliance", "url": "https://zoya.finance/stocks/stz", "external": true }, { "label": "Musaffa — STZ", "url": "https://musaffa.com/stock/STZ/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Constellation Brands, Inc. (STZ) stock halal?", "answer": "No. Constellation Brands, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Constellation Brands, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-02-28: interest-bearing debt is 41.5% of market cap (limit < 30%); cash plus interest-bearing securities is 0.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Constellation Brands, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.constellation-energy-stock", "question": "Is Constellation Energy Stock Halal?", "entityName": "Constellation Energy Corporation", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Constellation Energy Corporation (CEG) passes the screens we can compute (data as of 2026-03-31) — interest-bearing debt / market cap 24.5%, cash + interest-bearing securities / market cap 1.3%, impermissible income / total revenue 0.0% — but one screen requires case-by-case judgment.", "analysis": "Constellation Energy Corporation operates as a U.S.-based firm dedicated to producing and distributing electricity. The open question on this name is its revenue mix — review the latest 10-K segment disclosure before treating the screen as settled.\n\nComputed screens are mixed as of 2026-03-31: debt 24.5%, cash/securities 1.3%, impermissible income pending full filing verification. Treat as conditional until the impermissible-income line is confirmed against the annual report.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not size up until the conditional line is verified against the filing or a screener you trust; the dated ratio table on this page shows exactly what is still open.", "analysisWordCount": 155, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/constellation-energy-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/constellation-energy-stock.md", "entityType": "stock", "ticker": "CEG", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Constellation Energy Corporation operates as a U.S.-based firm dedicated to producing and distributing electricity. Its activities are organized across five primary geographical segments: the Mid-Atlantic, Midwest, New York, ERCOT, and various other power markets. In addition to electrical power, the company supplies natural gas, sustainable energy solutions, and an array of associated energy products and services. Possessing a significant generation capability of 32,400 megawatts, its power por", "detail": "Interest income not separately material in the annual filing (Constellation Energy Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 24.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Constellation Energy Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/CEG/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Constellation Energy Corporation (CEG) conditional: financial ratios pass (interest-bearing debt 24.5% of market cap (limit 30%), cash plus interest-bearing securities 1.3% (limit 30%), impermissible income 0% of revenue (limit 5%)) on 2026-03-31 figures, but an open business-activity question remains — verify the condition noted on this page against the latest filing before treating it as a clear pass.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CEG latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Constellation%20Energy%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Constellation Energy Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Constellation%20Energy%20Corporation&type=10-K", "external": true }, { "label": "Zoya — CEG Shariah compliance", "url": "https://zoya.finance/stocks/ceg", "external": true }, { "label": "Musaffa — CEG", "url": "https://musaffa.com/stock/CEG/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Constellation Energy Corporation (CEG) stock halal?", "answer": "Constellation Energy Corporation is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does Constellation Energy Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 24.5% of market cap (limit < 30%); cash plus interest-bearing securities is 1.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Constellation Energy Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 24.5, "cashPct": 1.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 24.5, "cashPct": 1.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 23.2, "cashPct": 1.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.constellation-software-stock", "question": "Is Constellation Software Stock Halal?", "entityName": "Constellation Software Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Constellation Software Inc. (CSU.TO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 11.9% of market cap and cash plus interest-bearing securities 6.8% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Constellation Software Inc., through its various subsidiaries, focuses on the acquisition, development, and long-term management of niche software businesses. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 11.9% of market cap, cash plus interest-bearing securities 6.8%, and filing-verified impermissible income 1.3% (Interest income $151.6M on $11.83B total revenue (Constellation Software Inc. FY2025 (fiscal year ended 2025-12-31, annu…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 180, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/constellation-software-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/constellation-software-stock.md", "entityType": "stock", "ticker": "CSU.TO", "exchange": "TSX", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Constellation Software Inc., through its various subsidiaries, focuses on the acquisition, development, and long-term management of niche software businesses. These specialized software enterprises operate across Canada, the United States, the United Kingdom, and the broader European continent. They provide highly specialized and essential software solutions that are crucial for specific industries. The company's diverse client base includes both governmental bodies and private sector organizati", "detail": "Interest income $151.6M on $11.83B total revenue (Constellation Software Inc. FY2025 (fiscal year ended 2025-12-31, annual report (SEDAR+))) = 1.3% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 11.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 6.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.3, "thresholdPct": 5, "pass": true, "note": "Interest income $151.6M on $11.83B total revenue (Constellation Software Inc. FY2025 (fiscal year ended 2025-12-31, annual report (SEDAR+))) = 1.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/CSU.TO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Constellation Software Inc. (CSU.TO) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 11.9% of market cap (limit 30%), cash plus interest-bearing securities 6.8% (limit 30%), impermissible income 1.3% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CSU.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Constellation Software Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Constellation%20Software%20Inc.&type=10-K", "external": true }, { "label": "Musaffa — CSU.TO", "url": "https://musaffa.com/stock/CSU.TO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Constellation Software Inc. (CSU.TO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Constellation Software Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Constellation Software Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 11.9% of market cap (limit < 30%); cash plus interest-bearing securities is 6.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Constellation Software Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Constellation Software Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 11.9, "cashPct": 6.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 11.9, "cashPct": 6.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 31.1, "cashPct": 17.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.costco-wholesale-stock", "question": "Is Costco Wholesale Stock Halal?", "entityName": "Costco Wholesale Corporation", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Costco Wholesale Corporation (COST) passes the screens we can compute (data as of 2026-05-10) — interest-bearing debt / market cap 1.3%, cash + interest-bearing securities / market cap 4.6%, impermissible income / total revenue 0.2% — but one screen requires case-by-case judgment. It is not held by Shariah-screened ETFs SPUS or HLAL.", "analysis": "Costco is a membership warehouse-club retailer with $275 billion of fiscal 2025 total revenue, of which $269.9 billion is merchandise net sales and $5.3 billion is membership fees. The membership-fee model is a clean service-fee business, and warehouse retailing is permissible, so the Shariah analysis again turns on what is on the shelves and on the balance sheet.\n\nCostco sells alcohol, tobacco, and conventional groceries, and runs pharmacies. None of the impermissible categories is separately disclosed, so their exact share cannot be cited, but for a broad-line club retailer they are typically a minority of sales, the situation in which many scholars permit holding the stock and purifying the corresponding portion of dividends. Costco also reports net interest income of $589 million in fiscal 2025, an interest-linked item that screeners weigh against their tolerance.\n\nCostco is in the S&P 500 but is not held by SPUS as of June 11, 2026, and is absent from HLAL. The cause could be the alcohol and tobacco categories breaching the industry tolerance or a financial-ratio threshold, but SPUS does not publish per-stock reasons, so it cannot be stated definitively. For a Muslim investor, Costco currently sits outside both major US Shariah funds; the practical step is to check a live screener that estimates its impermissible-revenue share and to apply dividend purification if a screener nonetheless passes it.", "analysisWordCount": 224, "conditions": "Our computed AAOIFI financial-ratio screen passes on the latest filing data, but both major U.S. Shariah-screened ETFs — SPUS (S&P Shariah methodology) and HLAL (FTSE Shariah methodology) — exclude Costco Wholesale Corporation from their holdings as of our June 2026 check, even though it is in their parent indices. Professional screens apply filing-level business-activity analysis (alcohol, pork, tobacco, or media revenue share) and different ratio bases that an automated ratio screen cannot replicate. That divergence usually signals an impermissible-revenue question. Treat this as unresolved until the segment revenue in the latest annual filing is verified line by line.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/costco-wholesale-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/costco-wholesale-stock.md", "entityType": "stock", "ticker": "COST", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-05-10", "businessScreen": { "pass": true, "activity": "Costco Wholesale Corporation operates membership warehouse clubs. Per its fiscal 2025 10-K (year ended August 31, 2025; filed October 8, 2025), total revenue was $275,235 million: net sales $269,912M plus membership fees $5,323M. Reportable geographic segments by total revenue were United States $200,046M, Canada $36,923M, and Other International $38,266M.", "detail": "Warehouse-club retailing is permissible, but Costco sells alcohol, tobacco, and conventional groceries, and operates pharmacies; alcohol and tobacco revenue is not separately disclosed in segment reporting, so the share is not quantifiable from filings (generally a minority of total sales for a broad-line retailer, within the range where many scholars permit holding with purification). Membership fees ($5.3 billion) are a clean service-fee revenue line. Costco also reports interest income, net of $589 million within other income in fiscal 2025 (above the line of interest expense), which is interest-linked income measured against AAOIFI tolerance. Costco is an S&P 500 constituent but is absent from SPUS as of 2026-06-11; the alcohol/tobacco categories or a financial ratio could be the cause, but SPUS does not publish a stock-level reason.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 1.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 4.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "COST latest quarterly filing (balance sheet 2026-05-10)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Costco%20Wholesale%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Costco Q4/Fiscal 2025 operating results (company IR)", "url": "https://investor.costco.com/news/news-details/2025/Costco-Wholesale-Corporation-Reports-Fourth-Quarter-and-Fiscal-Year-2025-Operating-Results/default.aspx", "external": true }, { "label": "Costco FY2025 10-K (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Costco Wholesale Corporation (COST) stock halal?", "answer": "Costco Wholesale Corporation is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does Costco Wholesale Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-10: interest-bearing debt is 1.3% of market cap (limit < 30%); cash plus interest-bearing securities is 4.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Costco Wholesale Corporation held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Costco Wholesale Corporation is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-05-10", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 1.3, "cashPct": 4.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 1.3, "cashPct": 4.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 6.7, "cashPct": 23.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.cpp", "question": "Is CPP (Canada Pension Plan) Halal?", "entityName": "CPP (Canada Pension Plan)", "verdict": "halal", "verdictLabel": "Halal", "answer": "CPP contributions are mandatory — deducted by law from earnings — and the mainstream scholarly position on compulsory state pension schemes is that participation carries no sin and receiving benefits is permissible, even though the fund itself invests conventionally. The contributor neither chooses the scheme nor controls its investments; benefits are treated as a lawful entitlement from the state. (Voluntary top-up schemes are a separate analysis.)", "analysis": "CPP contributions are mandatory — deducted at source by law — and the mainstream scholarly treatment of compulsory state pension schemes reflects that: a Muslim bears no sin for participating in a system they cannot opt out of, and the benefits received in retirement are lawful income. The fund's investments (CPP Investments holds bonds and other instruments a private Muslim investor would screen out) are the state's action, not the contributor's; fiqh does not burden individuals with the investment decisions of a compulsory scheme.\n\nReceiving CPP benefits is therefore permissible without purification gymnastics — the dominant position treats the benefit as a statutory entitlement rather than a return on a voluntary riba investment. Scholars who advise extra caution suggest donating a portion of benefits as precaution, but this is supererogatory, not required by the mainstream view.\n\nWhere Muslims do have choices — voluntary contributions in certain self-employment configurations, or analogous voluntary schemes — the analysis shifts toward the rules for chosen investments, and compliant alternatives (RRSP/TFSA with screened holdings) deserve preference for retirement saving beyond the mandatory layer.", "analysisWordCount": 178, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/cpp", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/cpp.md", "entityType": "service", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Mandatory Canadian state pension: payroll contributions invested by CPP Investments, paying retirement, disability, and survivor benefits.", "detail": "The fund invests conventionally (including bonds), but the compulsion analysis governs — contributors have no opt-out or control.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Mainstream contemporary position", "position": "Mandatory state schemes impose no liability on the participant; benefits received are lawful. The analysis parallels rulings on U.S. Social Security.", "url": null, "note": null }, { "source": "Contemporary fatwa on mandatory state pensions", "position": "Because CPP participation is compulsory and the contributor neither lends at interest nor chooses the fund's investments, the dominant contemporary view is that receiving CPP benefits is lawful — the participant bears no responsibility for how the CPP Investment Board manages the pool.", "url": null, "note": null } ], "sources": [ { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "Government of Canada — Canada Pension Plan", "url": "https://www.canada.ca/en/services/benefits/publicpensions/cpp.html", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is It Halal? — Quick Reference Hub", "url": "/is-it-halal", "external": false }, { "label": "AMJA (Assembly of Muslim Jurists of America)", "url": "https://www.amjaonline.org", "external": true } ], "faqs": [ { "question": "Do I owe zakat on CPP contributions?", "answer": "Not on contributions while inaccessible — the dominant view excludes funds you cannot access from zakatable wealth. Benefits become zakatable as received and held." }, { "question": "I didn't choose CPP's investments — am I responsible for how the fund invests?", "answer": "No. Participation is mandatory and you have no control over the CPP Investment Board's holdings, so the responsibility does not fall on you. The benefits you eventually receive are treated as lawful compensation for compulsory contributions." } ] }, { "id": "verdict.credit-card-rewards", "question": "Is Credit Card Rewards Halal?", "entityName": "Credit Card Rewards", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Cashback and points earned on your own spending are treated by the widely followed contemporary position as a permissible discount or gift from the card issuer — provided the card itself is used permissibly (statement paid in full, no cash advances, no interest ever paid). Stricter scholars who object to credit card contracts altogether object to the rewards with them. Sign-up bonuses and bank-account opening bonuses involve additional debate.", "analysis": "The rewards themselves are not the problem — the contract underneath them is. The widely followed contemporary position treats cashback and points earned on your own spending as a permissible discount or gift from the card network: no riba flows to you, and the merchant-funded interchange that finances rewards is a cost of the payment system, not interest. A minority of scholars discourage rewards cards entirely because the issuer's profit pool is interest charged to other cardholders, making rewards a distribution from a riba-based business.\n\nWhat turns a rewards card impermissible for you personally is carrying a balance. The cardholder agreement is a contract that charges interest on revolving debt, and a Muslim who pays interest is participating in riba directly — no quantity of cashback offsets that. Cash-advance fees and most \"convenience\" features on cards carry the same problem.\n\nThe discipline that keeps it permissible under the majority view: pay the statement balance in full every single month without exception, never take cash advances, and treat the rewards as a rebate on spending you would have done anyway. If you cannot guarantee the pay-in-full discipline, a debit card costs you far less than the fiqh question costs you.", "analysisWordCount": 199, "conditions": "Pay the statement balance in full every month, never pay interest or cash-advance fees, and treat rewards as a discount on permissible spending — not a reason to overspend.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/credit-card-rewards", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/credit-card-rewards.md", "entityType": "service", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Issuer-funded rebates (cashback, points, miles) on credit card spending.", "detail": "The analysis is downstream of the credit-card-contract question — see the linked credit card guide.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Widely followed contemporary position", "position": "Rewards on your own permissible spending are a gift/discount from the issuer and permissible to keep.", "url": null, "note": null }, { "source": "Stricter position (some AMJA scholars)", "position": "The credit card contract's riba clause taints the arrangement; both the card and its rewards should be avoided.", "url": null, "note": null } ], "sources": [ { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "Halal credit card guide (HalalWallet)", "url": "/halal-credit-card", "external": false }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is It Halal? — Quick Reference Hub", "url": "/is-it-halal", "external": false }, { "label": "AMJA (Assembly of Muslim Jurists of America)", "url": "https://www.amjaonline.org", "external": true } ], "faqs": [ { "question": "Is credit card cashback riba?", "answer": "No — riba is a stipulated excess on a loan between borrower and lender. Cashback flows from issuer to cardholder as a rebate on spending, which the permissive position classifies as a gift or discount, conditional on the card being used without ever paying interest." }, { "question": "Are credit card sign-up bonuses and points halal?", "answer": "Scholars who permit cashback generally treat sign-up bonuses and points the same way — a promotional gift or rebate from the issuer, permissible as long as you pay the balance in full and never incur interest. The stricter view that objects to the card contract's riba clause would discourage them." } ] }, { "id": "verdict.credo-technology-group-holding-stock", "question": "Is Credo Technology Stock Halal?", "entityName": "Credo Technology Group Holding Ltd", "verdict": "halal", "verdictLabel": "Halal", "answer": "Credo Technology Group Holding Ltd (CRDO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-05-02) interest-bearing debt is 0.0% of market cap and cash plus interest-bearing securities 3.1% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Credo Technology Group Holding Ltd (CRDO) specializes in delivering advanced high-speed connectivity solutions for both optical and electrical Ethernet applications. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-05-02: interest-bearing debt is 0.0% of market cap, cash plus interest-bearing securities 3.1%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Credo Technology Group Holding Ltd FY2026 (fiscal year end…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 183, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/credo-technology-group-holding-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/credo-technology-group-holding-stock.md", "entityType": "stock", "ticker": "CRDO", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-05-02", "businessScreen": { "pass": true, "activity": "Credo Technology Group Holding Ltd (CRDO) specializes in delivering advanced high-speed connectivity solutions for both optical and electrical Ethernet applications. Its operational reach extends globally, encompassing the United States, Mexico, Mainland China, Hong Kong, and various other international regions. The company's product offerings include integrated circuits (ICs), active electrical cables (AECs), and SerDes chiplets, all developed utilizing its proprietary serializer/deserializer (", "detail": "Interest income not separately material in the annual filing (Credo Technology Group Holding Ltd FY2026 (fiscal year ended 2026-05-02, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 1.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Credo Technology Group Holding Ltd FY2026 (fiscal year ended 2026-05-02, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/CRDO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Credo Technology Group Holding Ltd (CRDO) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 0% of market cap (limit 30%), cash plus interest-bearing securities 3.1% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-05-02 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CRDO latest quarterly filing (balance sheet 2026-05-02)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Credo%20Technology%20Group%20Holding%20Ltd&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Credo Technology Group Holding Ltd SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Credo%20Technology%20Group%20Holding%20Ltd&type=10-K", "external": true }, { "label": "Zoya — CRDO Shariah compliance", "url": "https://zoya.finance/stocks/crdo", "external": true }, { "label": "Musaffa — CRDO", "url": "https://musaffa.com/stock/CRDO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Credo Technology Group Holding Ltd (CRDO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Credo Technology Group Holding Ltd passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-05-02). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Credo Technology Group Holding Ltd pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-02: interest-bearing debt is 0.0% of market cap (limit < 30%); cash plus interest-bearing securities is 3.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Credo Technology Group Holding Ltd held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Credo Technology Group Holding Ltd?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-05-02", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0, "cashPct": 3.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0, "cashPct": 3.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 0.9, "cashPct": 62.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.crowdstrike-holdings-stock", "question": "Is CrowdStrike Stock Halal?", "entityName": "CrowdStrike Holdings, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "CrowdStrike Holdings, Inc. (CRWD) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-04-30) interest-bearing debt is 0.4% of market cap and cash plus interest-bearing securities 2.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "CrowdStrike Holdings, Inc. delivers cloud-native cybersecurity solutions. Its comprehensive suite safeguards endpoints, cloud workloads, user identities, and critical data. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-04-30: interest-bearing debt is 0.4% of market cap, cash plus interest-bearing securities 2.6%, and filing-verified impermissible income 4.1% (Interest/investment income $195.0M on $4.81B revenue = 4.1% (FMP as-reported XBRL, investmentincomeinterest). Verify no …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 179, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/crowdstrike-holdings-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/crowdstrike-holdings-stock.md", "entityType": "stock", "ticker": "CRWD", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-04-30", "businessScreen": { "pass": true, "activity": "CrowdStrike Holdings, Inc. delivers cloud-native cybersecurity solutions. Its comprehensive suite safeguards endpoints, cloud workloads, user identities, and critical data. The company's offerings span a wide range, including threat intelligence, managed security services, IT operations management, proactive threat hunting, Zero Trust identity protection, and log management capabilities. CrowdStrike primarily generates revenue through subscription sales of its flagship Falcon platform and its ar", "detail": "Interest/investment income $195.0M on $4.81B revenue = 4.1% (FMP as-reported XBRL, investmentincomeinterest). Verify no other impermissible revenue segments in 10-K.", "impermissibleRevenuePct": 4.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 4.1, "thresholdPct": 5, "pass": true, "note": "Interest/investment income $195.0M on $4.81B revenue = 4.1% (FMP as-reported XBRL, investmentincomeinterest). Verify no other impermissible revenue segments in 10-K." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/CRWD/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates CrowdStrike Holdings, Inc. (CRWD) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 0.4% of market cap (limit 30%), cash plus interest-bearing securities 2.6% (limit 30%), impermissible income 4.1% of revenue (limit 5%) on 2026-04-30 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CRWD latest quarterly filing (balance sheet 2026-04-30)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=CrowdStrike%20Holdings%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "CrowdStrike Holdings, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=CrowdStrike%20Holdings%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — CRWD Shariah compliance", "url": "https://zoya.finance/stocks/crwd", "external": true }, { "label": "Musaffa — CRWD", "url": "https://musaffa.com/stock/CRWD/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is CrowdStrike Holdings, Inc. (CRWD) stock halal?", "answer": "Yes, under our AAOIFI-based methodology CrowdStrike Holdings, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-04-30). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does CrowdStrike Holdings, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 0.4% of market cap (limit < 30%); cash plus interest-bearing securities is 2.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is CrowdStrike Holdings, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from CrowdStrike Holdings, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-04-30", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.4, "cashPct": 2.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.4, "cashPct": 2.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 6.8, "cashPct": 40.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.crypto-staking", "question": "Is Crypto Staking Halal?", "entityName": "Crypto Staking", "verdict": "scholars_differ", "verdictLabel": "Scholars Differ", "answer": "The ruling depends on what 'staking' actually is in each case. Native proof-of-stake validation — locking your own coins to validate transactions, earning protocol rewards — is treated by several contemporary scholars as permissible service income. Custodial 'staking' and 'earn' programs that lend your coins to third parties for a fixed yield are widely treated as riba-bearing loans. Many products marketed as staking are the second kind.", "analysis": "\"Staking\" is one word covering several contracts, and the ruling tracks the contract, not the word. Native proof-of-stake validation — locking your own coins to perform validation work and earning protocol-issued rewards — is the most defensible form: the permissive analysis treats rewards as compensation for a real service to the network (or as rent on a productive asset), and a meaningful group of contemporary scholars accepts this. The opposing analysis sees a predetermined return on locked capital — economically indistinguishable from interest — and rejects it.\n\nEverything beyond native validation gets worse. Delegated staking through an exchange adds a custodial intermediary but can remain acceptable under the permissive view if the underlying activity is still validation. \"Staking\" products that actually lend your coins to margin traders or DeFi borrowers and pay you from interest-like revenue are riba regardless of branding — this is where many exchange \"earn\" programs actually sit, and the product disclosures rarely make the distinction obvious.\n\nIf you follow the permissive view: verify what actually happens to your coins (validation vs. lending), prefer direct or non-custodial staking, avoid anything marketed as fixed-yield \"earn,\" and treat rewards as zakatable income. If you follow the prohibitive view on yield generally, staking has no compliant form.", "analysisWordCount": 207, "conditions": "If following the permissive view on protocol staking: stake only via native validation (or non-lending delegation), never through custodial earn programs offering fixed yield on lent coins.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/crypto-staking", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/crypto-staking.md", "entityType": "service", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Two distinct structures share the name: (1) protocol-level validation staking; (2) custodial yield programs built on lending deposited coins.", "detail": "The structural distinction is the entire analysis — verify which structure any given product uses.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Permissive position on protocol staking", "position": "Validation rewards are compensation for a network service, not a return on a loan.", "url": null, "note": null }, { "source": "Prohibitive position", "position": "Returns on locked capital resemble riba regardless of mechanism; avoidance is required.", "url": null, "note": null } ], "sources": [ { "label": "Is crypto halal? (HalalWallet)", "url": "/is-crypto-halal", "external": false }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is It Halal? — Quick Reference Hub", "url": "/is-it-halal", "external": false }, { "label": "AMJA (Assembly of Muslim Jurists of America)", "url": "https://www.amjaonline.org", "external": true } ], "faqs": [ { "question": "Is Coinbase staking halal?", "answer": "Custodial staking programs sit in the debated-to-impermissible range: if the program lends your coins or guarantees yield, it fails the screens that permit protocol staking. Scholars who permit staking generally mean native validation, not exchange earn products." }, { "question": "Is exchange staking different from running my own validator?", "answer": "Yes, and it matters to the ruling. Delegating to or running a validator ties the reward to a genuine network service, which the permissive camp accepts. Exchange 'staking' products often pool funds and pay a fixed advertised APY that resembles a guaranteed return on a deposit — closer to the riba concern the prohibitive camp raises." } ] }, { "id": "verdict.csx-stock", "question": "Is CSX Stock Halal?", "entityName": "CSX Corporation", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "CSX Corporation (CSX) passes the screens we can compute (data as of 2026-03-31) — interest-bearing debt / market cap 21.3%, cash + interest-bearing securities / market cap 1.3%, impermissible income / total revenue 0.0% — but one screen requires case-by-case judgment.", "analysis": "CSX Corporation, operating through its subsidiaries, stands as a leading provider of rail-based cargo transportation services. The open question on this name is its revenue mix — review the latest 10-K segment disclosure before treating the screen as settled.\n\nComputed screens are mixed as of 2026-03-31: debt 21.3%, cash/securities 1.3%, impermissible income pending full filing verification. Treat as conditional until the impermissible-income line is confirmed against the annual report.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not size up until the conditional line is verified against the filing or a screener you trust; the dated ratio table on this page shows exactly what is still open.", "analysisWordCount": 156, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/csx-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/csx-stock.md", "entityType": "stock", "ticker": "CSX", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "CSX Corporation, operating through its subsidiaries, stands as a leading provider of rail-based cargo transportation services. The company offers a wide range of services, including general rail freight, the movement of intermodal containers and trailers, and specialized transport solutions such as efficient rail-to-truck transfers and the handling of bulk commodities. CSX facilitates the shipment of a diverse array of goods, encompassing industrial chemicals, agricultural and food products, aut", "detail": "Interest income not separately material in the annual filing (CSX Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 21.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (CSX Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/CSX/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates CSX Corporation (CSX) conditional: financial ratios pass (interest-bearing debt 21.3% of market cap (limit 30%), cash plus interest-bearing securities 1.3% (limit 30%), impermissible income 0% of revenue (limit 5%)) on 2026-03-31 figures, but an open business-activity question remains — verify the condition noted on this page against the latest filing before treating it as a clear pass.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CSX latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=CSX%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "CSX Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=CSX%20Corporation&type=10-K", "external": true }, { "label": "Zoya — CSX Shariah compliance", "url": "https://zoya.finance/stocks/csx", "external": true }, { "label": "Musaffa — CSX", "url": "https://musaffa.com/stock/CSX/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is CSX Corporation (CSX) stock halal?", "answer": "CSX Corporation is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does CSX Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 21.3% of market cap (limit < 30%); cash plus interest-bearing securities is 1.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is CSX Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 21.3, "cashPct": 1.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 21.3, "cashPct": 1.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 42.7, "cashPct": 2.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.cvs-health-stock", "question": "Is CVS Health Stock Halal?", "entityName": "CVS Health Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "CVS Health Corporation (CVS) does not pass Shariah screening: interest-bearing debt / market cap is 48.5% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "CVS Health Corporation is a prominent healthcare services provider operating across the United States. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 48.5% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 165, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/cvs-health-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/cvs-health-stock.md", "entityType": "stock", "ticker": "CVS", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "CVS Health Corporation is a prominent healthcare services provider operating across the United States. The company's Health Care Benefits division delivers a range of health insurance offerings, including traditional plans, voluntary coverage, and consumer-directed options, alongside associated services. Its diverse clientele spans employer organizations, private individuals, university students, part-time and hourly staff, various health plans, healthcare providers, government bodies, state-spo", "detail": "Interest income not separately material in the annual filing (CVS Health Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 48.5, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 9.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (CVS Health Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/CVS/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates CVS Health Corporation (CVS) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 48.5% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "CVS latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=CVS%20Health%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "CVS Health Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=CVS%20Health%20Corporation&type=10-K", "external": true }, { "label": "Zoya — CVS Shariah compliance", "url": "https://zoya.finance/stocks/cvs", "external": true }, { "label": "Musaffa — CVS", "url": "https://musaffa.com/stock/CVS/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is CVS Health Corporation (CVS) stock halal?", "answer": "No. CVS Health Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does CVS Health Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 48.5% of market cap (limit < 30%); cash plus interest-bearing securities is 9.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is CVS Health Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 48.5, "cashPct": 9.1, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 48.5, "cashPct": 9.1, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 24.9, "cashPct": 4.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.datadog-stock", "question": "Is Datadog Stock Halal?", "entityName": "Datadog, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Datadog, Inc. (DDOG) does not pass Shariah screening: impermissible income / total revenue is 5.7% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Datadog, Inc. offers a comprehensive cloud-based monitoring and analytics solution, serving the needs of developers, IT operations personnel, and business stakeholders across North America and internationally. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): impermissible income / total revenue at 5.7% versus the < 5% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 176, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/datadog-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/datadog-stock.md", "entityType": "stock", "ticker": "DDOG", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Datadog, Inc. offers a comprehensive cloud-based monitoring and analytics solution, serving the needs of developers, IT operations personnel, and business stakeholders across North America and internationally. This Software-as-a-Service (SaaS) offering skillfully combines and automates several crucial functions, including infrastructure oversight, application performance tracking, log management, and security surveillance, all designed to deliver live, end-to-end visibility into its customers' t", "detail": "Interest income $194.4M on $3.43B total revenue (Datadog, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 5.7% — above AAOIFI's 5% limit.", "impermissibleRevenuePct": 5.7 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 1.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 5.7, "thresholdPct": 5, "pass": false, "note": "Interest income $194.4M on $3.43B total revenue (Datadog, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 5.7% — above AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/DDOG/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Datadog, Inc. (DDOG) non-compliant: it fails on financial ratios — impermissible income / total revenue is 5.7% against a 5% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "DDOG latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Datadog%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Datadog, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Datadog%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — DDOG Shariah compliance", "url": "https://zoya.finance/stocks/ddog", "external": true }, { "label": "Musaffa — DDOG", "url": "https://musaffa.com/stock/DDOG/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Datadog, Inc. (DDOG) stock halal?", "answer": "No. Datadog, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Datadog, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 1.2% of market cap (limit < 30%); cash plus interest-bearing securities is 5.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Datadog, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 1.2, "cashPct": 5.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 1.2, "cashPct": 5.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 14.2, "cashPct": 68.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.day-trading", "question": "Is Day Trading Halal?", "entityName": "Day Trading", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Buying and selling Shariah-compliant stocks within the same day is not inherently impermissible — short holding periods don't invalidate a real sale. In practice, however, most day trading fails the screens for structural reasons: U.S. pattern-day-trader rules effectively require margin accounts (interest-based), common tactics include short selling and options (impermissible), and the activity often slides into maysir-like speculation. Halal day trading is possible in principle but demands an unusual discipline: cash account, settled funds, screened stocks, no shorting, no derivatives.", "analysis": "Day trading is conditional rather than prohibited because short holding periods don't invalidate a sale — fiqh has no minimum holding period for owned property. A same-day sale of a Shariah-screened stock bought with settled cash is a real transaction. What makes most actual day trading impermissible is the infrastructure around it: margin accounts (riba), pattern-day-trading rules that effectively require margin in the U.S., trading unsettled funds (selling what you don't yet own), options and futures (impermissible instruments), and short selling (selling what you never owned).\n\nThere is also the maysir question, which scholars weigh seriously: when activity becomes rapid speculation on price wiggles — no analysis of the underlying business, positions held minutes, outcomes resembling coin flips with commissions — several contemporary scholars classify it as gambling-like regardless of the instruments' individual permissibility. Intent and method matter; the line between active investing and wagering is real even if it isn't sharp.\n\nThe compliant configuration is restrictive enough that few day traders would recognize it: cash account only, settled funds only, screened stocks only, no margin, no shorts, no derivatives — and an honest self-assessment of whether what you're doing is commerce or a casino with a ticker tape.", "analysisWordCount": 199, "conditions": "Cash account only (note PDT rules constrain this in the U.S.), trade only settled funds, only Shariah-screened stocks, no short selling, no options or futures, and honest self-assessment against gambling-like behavior.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/day-trading", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/day-trading.md", "entityType": "service", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "High-frequency intraday buying and selling of securities.", "detail": "Ruling attaches to the instruments and account structure used, not the holding period itself.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Mainstream contemporary position", "position": "Short holding periods are permissible for real, settled trades in compliant stocks; margin, shorting, and derivatives are not.", "url": null, "note": null }, { "source": "Cautionary position", "position": "The practice as commonly performed approaches maysir and is best avoided.", "url": null, "note": null } ], "sources": [ { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "OIC International Islamic Fiqh Academy resolutions", "url": "https://iifa-aifi.org/en", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is It Halal? — Quick Reference Hub", "url": "/is-it-halal", "external": false }, { "label": "AMJA (Assembly of Muslim Jurists of America)", "url": "https://www.amjaonline.org", "external": true } ], "faqs": [ { "question": "Is short selling halal?", "answer": "No — selling what you do not own, borrowed via an interest-bearing securities loan, fails multiple Shariah requirements and is prohibited by broad consensus." }, { "question": "Is day trading on margin or leverage halal?", "answer": "No. Margin and leverage mean borrowing at interest, which is riba, on top of the speculation concern. Same-day trading of compliant, fully-settled shares bought with your own cash is permissible to the majority, but the moment leverage enters it becomes impermissible." } ] }, { "id": "verdict.deckers-outdoor-stock", "question": "Is Deckers Outdoor Stock Halal?", "entityName": "Deckers Outdoor Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Deckers Outdoor Corporation (DECK) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 2.4% of market cap and cash plus interest-bearing securities 12.1% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETF SPUS, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Deckers is a straightforward consumer-goods case for halal investors. The company sells shoes and apparel through well-known brands — chiefly UGG and HOKA — via wholesale and its own stores and websites. That is a permissible core business: there is no conventional banking, insurance, or gambling revenue line in the 10-K segment structure.\n\nOn the financial side, Deckers carries modest debt relative to its market value and earns a small amount of interest on corporate cash. Our filing-verified screen shows interest income around 1.2% of revenue, comfortably under the 5% AAOIFI limit. Standard practice is to purify that incidental slice of dividends rather than avoid the stock entirely.\n\nThird-party screeners largely agree. Zoya publicly classifies DECK as Shariah-compliant, and Musaffa lists it HALAL as of early 2026. Institutional confirmation comes from SPUS: the SP Funds S&P 500 Sharia ETF held Deckers in its SEC-filed schedule of investments dated February 28, 2026 — meaning it passed the S&P Shariah industry-exclusion and ratio screens at that date. HLAL's published top holdings as of June 2026 did not include DECK in the top 25; mid-cap names can enter or exit screened indices as market caps shift, so check current ETF holdings before citing index membership.\n\nPractical takeaway: the business screen is clean, ratios pass with room to spare, and professional screeners treat Deckers as compliant — with routine purification on the small interest-income component and attention to the dated ratio table on this page.", "analysisWordCount": 241, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/deckers-outdoor-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/deckers-outdoor-stock.md", "entityType": "stock", "ticker": "DECK", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Deckers Outdoor Corporation designs, markets, and distributes footwear, apparel, and accessories. Its 10-K reports three brand segments: UGG (premium footwear and apparel), HOKA (performance running and outdoor footwear plus select apparel), and Other brands (Teva, Koolaburra, AHNU, Sanuk). Revenue comes from wholesale partners and direct-to-consumer e-commerce and retail — a permissible consumer-goods model with no conventional lending, insurance, or gambling as core activities.", "detail": "Core revenue is footwear and apparel sales. The main financial-screen item is incidental interest income on corporate cash — about 1.2% of revenue on our filing-verified screen (FY2026 10-K), under the 5% AAOIFI threshold. No alcohol, tobacco, or gaming lines are disclosed as material revenue streams in the segment discussion.", "impermissibleRevenuePct": 1.2 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 2.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 12.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.2, "thresholdPct": 5, "pass": true, "note": "Interest income $63.6M on $5.45B total revenue (Deckers Outdoor Corporation FY2026 (fiscal year ended 2026-03-31, Form 10-K)) = 1.2% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-15 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "note": null }, { "source": "Zoya", "position": "Rates DECK Shariah-compliant under its AAOIFI-based screen (checked 2026-06-15); reports interest income ~1.17% of revenue for FY ending 2026-03-31.", "url": "https://zoya.finance/stocks/deck", "note": null }, { "source": "Musaffa", "position": "Classified HALAL as of February 2026 (2026 Q3 report source on public page).", "url": "https://musaffa.com/stock/DECK/", "note": null } ], "sources": [ { "label": "DECK latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Deckers%20Outdoor%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Deckers Outdoor Corporation 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000910521&type=10-K", "external": true }, { "label": "SPUS Schedule of Investments (2026-02-28) — Deckers held", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "Zoya — DECK Shariah compliance status", "url": "https://zoya.finance/stocks/deck", "external": true }, { "label": "Musaffa — DECK Shariah status (HALAL, Feb 2026)", "url": "https://musaffa.com/stock/DECK/", "external": true }, { "label": "HLAL holdings reference (top holdings, 2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Deckers Outdoor Corporation (DECK) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Deckers Outdoor Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Deckers Outdoor Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 2.4% of market cap (limit < 30%); cash plus interest-bearing securities is 12.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Deckers Outdoor Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Deckers Outdoor Corporation is held by SPUS. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Deckers Outdoor Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 2.4, "cashPct": 12.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 2.4, "cashPct": 12.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 10.2, "cashPct": 51.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.dell-technologies-stock", "question": "Is Dell Technologies Stock Halal?", "entityName": "Dell Technologies Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Dell Technologies Inc. (DELL) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-05-01) interest-bearing debt is 11.9% of market cap and cash plus interest-bearing securities 4.4% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Dell Technologies Inc. is a worldwide technology leader that designs, develops, manufactures, markets, sells, and provides support for a broad spectrum of information technology (IT) solutions, products, and services. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-05-01: interest-bearing debt is 11.9% of market cap, cash plus interest-bearing securities 4.4%, and filing-verified impermissible income 0.2% (Interest income $279.0M on $113.54B total revenue (Dell Technologies Inc. FY2026 (fiscal year ended 2026-01-30, Form 10-…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 192, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/dell-technologies-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/dell-technologies-stock.md", "entityType": "stock", "ticker": "DELL", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-05-01", "businessScreen": { "pass": true, "activity": "Dell Technologies Inc. is a worldwide technology leader that designs, develops, manufactures, markets, sells, and provides support for a broad spectrum of information technology (IT) solutions, products, and services. The company's business activities are structured into three primary segments: the Infrastructure Solutions Group (ISG), the Client Solutions Group (CSG), and VMware. The ISG division focuses on delivering enterprise-grade offerings, including both traditional and next-generation st", "detail": "Interest income $279.0M on $113.54B total revenue (Dell Technologies Inc. FY2026 (fiscal year ended 2026-01-30, Form 10-K)) = 0.2% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 11.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 4.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest income $279.0M on $113.54B total revenue (Dell Technologies Inc. FY2026 (fiscal year ended 2026-01-30, Form 10-K)) = 0.2% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/DELL/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Dell Technologies Inc. (DELL) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 11.9% of market cap (limit 30%), cash plus interest-bearing securities 4.4% (limit 30%), impermissible income 0.2% of revenue (limit 5%) on 2026-05-01 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "DELL latest quarterly filing (balance sheet 2026-05-01)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Dell%20Technologies%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Dell Technologies Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Dell%20Technologies%20Inc.&type=10-K", "external": true }, { "label": "Zoya — DELL Shariah compliance", "url": "https://zoya.finance/stocks/dell", "external": true }, { "label": "Musaffa — DELL", "url": "https://musaffa.com/stock/DELL/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Dell Technologies Inc. (DELL) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Dell Technologies Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-05-01). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Dell Technologies Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-01: interest-bearing debt is 11.9% of market cap (limit < 30%); cash plus interest-bearing securities is 4.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Dell Technologies Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Dell Technologies Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-05-01", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 11.9, "cashPct": 4.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 11.9, "cashPct": 4.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 27.1, "cashPct": 10.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.delta-air-lines-stock", "question": "Is Delta Air Lines Stock Halal?", "entityName": "Delta Air Lines, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Delta Air Lines, Inc. (DAL) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 26.0% of market cap and cash plus interest-bearing securities 9.3% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Delta Air Lines, Inc. operates scheduled air transport services for both passengers and freight, serving destinations across the United States and internationally. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 26.0% of market cap, cash plus interest-bearing securities 9.3%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Delta Air Lines, Inc. FY2025 (fiscal year ended 2025-12-31…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 186, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/delta-air-lines-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/delta-air-lines-stock.md", "entityType": "stock", "ticker": "DAL", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Delta Air Lines, Inc. operates scheduled air transport services for both passengers and freight, serving destinations across the United States and internationally. Its operations are structured into two main segments: its core airline business and a refinery division. Domestically, its network is anchored by primary hubs in Atlanta, Minneapolis-St. Paul, Detroit, and Salt Lake City, further supported by coastal gateways such as Boston, Los Angeles, New York (LaGuardia and JFK), and Seattle. Glob", "detail": "Interest income not separately material in the annual filing (Delta Air Lines, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 1.6 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 26, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 9.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Delta Air Lines, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/DAL/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Delta Air Lines, Inc. (DAL) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 26% of market cap (limit 30%), cash plus interest-bearing securities 9.3% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "DAL latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Delta%20Air%20Lines%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Delta Air Lines, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Delta%20Air%20Lines%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — DAL Shariah compliance", "url": "https://zoya.finance/stocks/dal", "external": true }, { "label": "Musaffa — DAL", "url": "https://musaffa.com/stock/DAL/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Delta Air Lines, Inc. (DAL) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Delta Air Lines, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Delta Air Lines, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 26.0% of market cap (limit < 30%); cash plus interest-bearing securities is 9.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Delta Air Lines, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Delta Air Lines, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 26, "cashPct": 9.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 26, "cashPct": 9.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 16.8, "cashPct": 6, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.devon-energy-stock", "question": "Is Devon Energy Stock Halal?", "entityName": "Devon Energy Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Devon Energy Corporation (DVN) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 29.8% of market cap and cash plus interest-bearing securities 6.4% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "As an independent energy producer, Devon Energy Corporation primarily focuses on the exploration, development, and extraction of oil, natural gas, and natural gas liquids within the United States. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 29.8% of market cap, cash plus interest-bearing securities 6.4%, and filing-verified impermissible income 0.3% (Interest income $56.0M on $17.19B total revenue (Devon Energy Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 191, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/devon-energy-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/devon-energy-stock.md", "entityType": "stock", "ticker": "DVN", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "As an independent energy producer, Devon Energy Corporation primarily focuses on the exploration, development, and extraction of oil, natural gas, and natural gas liquids within the United States. The company manages roughly 5,134 gross wells. Established in 1971, its corporate headquarters are located in Oklahoma City, Oklahoma.", "detail": "Interest income $56.0M on $17.19B total revenue (Devon Energy Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.3% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 29.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 6.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.3, "thresholdPct": 5, "pass": true, "note": "Interest income $56.0M on $17.19B total revenue (Devon Energy Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/DVN/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Devon Energy Corporation (DVN) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 29.8% of market cap (limit 30%), cash plus interest-bearing securities 6.4% (limit 30%), impermissible income 0.3% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "DVN latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Devon%20Energy%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Devon Energy Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Devon%20Energy%20Corporation&type=10-K", "external": true }, { "label": "Zoya — DVN Shariah compliance", "url": "https://zoya.finance/stocks/dvn", "external": true }, { "label": "Musaffa — DVN", "url": "https://musaffa.com/stock/DVN/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Devon Energy Corporation (DVN) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Devon Energy Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Devon Energy Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 29.8% of market cap (limit < 30%); cash plus interest-bearing securities is 6.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Devon Energy Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Devon Energy Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 29.8, "cashPct": 6.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 29.8, "cashPct": 6.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 25.8, "cashPct": 5.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.dexcom-stock", "question": "Is DexCom Stock Halal?", "entityName": "DexCom, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "DexCom, Inc. (DXCM) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 4.3% of market cap and cash plus interest-bearing securities 8.3% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "DexCom, Inc. is a medical technology company primarily focused on innovating, developing, and marketing continuous glucose monitoring (CGM) systems. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 4.3% of market cap, cash plus interest-bearing securities 8.3%, and filing-verified impermissible income 2.4% (Interest income $112.7M on $4.66B total revenue (DexCom, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.4% —…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 183, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/dexcom-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/dexcom-stock.md", "entityType": "stock", "ticker": "DXCM", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "DexCom, Inc. is a medical technology company primarily focused on innovating, developing, and marketing continuous glucose monitoring (CGM) systems. Operating across the United States and internationally, the firm provides its solutions for individuals managing diabetes as well as for healthcare practitioners. Its product portfolio features the DexCom G6, a comprehensive CGM system for diabetes management; the Dexcom Real-Time API, enabling authorized third-party developers to integrate live CGM", "detail": "Interest income $112.7M on $4.66B total revenue (DexCom, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.4% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 2.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 4.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 8.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 2.4, "thresholdPct": 5, "pass": true, "note": "Interest income $112.7M on $4.66B total revenue (DexCom, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.4% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/DXCM/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates DexCom, Inc. (DXCM) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 4.3% of market cap (limit 30%), cash plus interest-bearing securities 8.3% (limit 30%), impermissible income 2.4% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "DXCM latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=DexCom%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "DexCom, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=DexCom%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — DXCM Shariah compliance", "url": "https://zoya.finance/stocks/dxcm", "external": true }, { "label": "Musaffa — DXCM", "url": "https://musaffa.com/stock/DXCM/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is DexCom, Inc. (DXCM) stock halal?", "answer": "Yes, under our AAOIFI-based methodology DexCom, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does DexCom, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 4.3% of market cap (limit < 30%); cash plus interest-bearing securities is 8.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is DexCom, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from DexCom, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 4.3, "cashPct": 8.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 4.3, "cashPct": 8.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 18.7, "cashPct": 36.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.diamondback-energy-stock", "question": "Is Diamondback Energy Stock Halal?", "entityName": "Diamondback Energy, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Diamondback Energy, Inc. (FANG) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 25.7% of market cap and cash plus interest-bearing securities 0.3% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Diamondback Energy, Inc. operates as an independent enterprise focused on oil and natural gas. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 25.7% of market cap, cash plus interest-bearing securities 0.3%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Diamondback Energy, Inc. FY2025 (fiscal year ended 2025-12…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 177, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/diamondback-energy-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/diamondback-energy-stock.md", "entityType": "stock", "ticker": "FANG", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Diamondback Energy, Inc. operates as an independent enterprise focused on oil and natural gas. Its core business involves the acquisition, development, exploration, and production of unconventional and onshore hydrocarbon reserves, predominantly located within the Permian Basin across West Texas and New Mexico. The company's development efforts primarily target significant geological formations, including the Spraberry and Wolfcamp in the Midland Basin, as well as the Wolfcamp and Bone Spring wi", "detail": "Interest income not separately material in the annual filing (Diamondback Energy, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 25.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Diamondback Energy, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/FANG/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Diamondback Energy, Inc. (FANG) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 25.7% of market cap (limit 30%), cash plus interest-bearing securities 0.3% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "FANG latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Diamondback%20Energy%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Diamondback Energy, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Diamondback%20Energy%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — FANG Shariah compliance", "url": "https://zoya.finance/stocks/fang", "external": true }, { "label": "Musaffa — FANG", "url": "https://musaffa.com/stock/FANG/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Diamondback Energy, Inc. (FANG) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Diamondback Energy, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Diamondback Energy, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 25.7% of market cap (limit < 30%); cash plus interest-bearing securities is 0.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Diamondback Energy, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Diamondback Energy, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 25.7, "cashPct": 0.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 25.7, "cashPct": 0.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 19.8, "cashPct": 0.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.dogecoin", "question": "Is Dogecoin Halal?", "entityName": "Dogecoin", "verdict": "scholars_differ", "verdictLabel": "Scholars Differ", "answer": "Even scholars who permit established cryptocurrencies are markedly more cautious on memecoins. Dogecoin has functioning payment infrastructure but unlimited supply and a price driven almost entirely by social speculation — the gharar and maysir (gambling-like speculation) concerns that prohibitive scholars raise against all crypto apply with much greater force here. Most halal-crypto frameworks rate memecoins non-compliant or 'questionable'; a minority treat DOGE like any other spot-tradable digital asset.", "analysis": "Dogecoin tests the limits of even the permissive crypto positions. The asset has functioning payment infrastructure and a long-running network, which keeps it out of the \"obvious scam\" category — but its unlimited issuance schedule and a price driven almost entirely by social-media momentum mean the concerns prohibitive scholars raise against all crypto (gharar, maysir, speculation detached from value) apply here with full force. Most halal-crypto frameworks that score assets rate memecoins non-compliant or questionable, and the few that pass DOGE do so mechanically, by treating any spot-tradable digital asset identically.\n\nThe honest framing: if your scholar prohibits crypto generally, Dogecoin is prohibited a fortiori. If your scholar permits crypto, Dogecoin still sits at the worst end of the permitted spectrum — an asset whose expected behavior is gambling-like price swings on sentiment, which is precisely the maysir dynamic Islamic finance exists to keep you out of.\n\nThere is no portfolio purpose Dogecoin serves that a screened equity or an established crypto asset does not serve with less fiqh risk. Treat it as entertainment you can morally and financially afford to lose, or — more simply — leave it alone.", "analysisWordCount": 190, "conditions": "Those following permissive crypto rulings should still note that speculation-driven assets sit poorly with the prohibition of maysir; long-term 'investment' theses for memecoins are weak by construction.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/dogecoin", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/dogecoin.md", "entityType": "crypto", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Proof-of-work memecoin with unlimited annual issuance; primarily traded speculatively, limited merchant adoption.", "detail": "No protocol yield; the issue is speculative character and value basis, not riba.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Majority of halal-crypto screening frameworks", "position": "Memecoins are rated non-compliant or questionable due to speculative dominance and weak value basis.", "url": null, "note": null }, { "source": "Minority position", "position": "Spot purchase of any non-yield digital asset follows the general crypto ruling.", "url": null, "note": null } ], "sources": [ { "label": "Is crypto halal? (HalalWallet)", "url": "/is-crypto-halal", "external": false }, { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is cryptocurrency halal? (HalalWallet guide)", "url": "/is-crypto-halal", "external": false }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true } ], "faqs": [ { "question": "Why is Dogecoin treated differently from Bitcoin?", "answer": "Unlimited supply and an almost purely speculative price basis amplify the gharar and maysir concerns. Bitcoin's fixed supply and store-of-value usage give permissive scholars a basis that memecoins lack." }, { "question": "If Bitcoin is treated as permissible, why isn't Dogecoin?", "answer": "Halal-crypto frameworks distinguish on adoption, utility, and whether price reflects genuine use or pure speculation. Bitcoin has a fixed supply and broad store-of-value adoption; Dogecoin began as a joke, has uncapped issuance, and trades almost entirely on hype — so most screeners rate it questionable or non-compliant even when they pass Bitcoin." } ] }, { "id": "verdict.dollar-general-stock", "question": "Is Dollar General Stock Halal?", "entityName": "Dollar General Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Dollar General Corporation (DG) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-05-01) interest-bearing debt is 18.1% of market cap and cash plus interest-bearing securities 5.3% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Dollar General Corporation is a prominent discount retail chain that offers a wide array of merchandise across the southern, southwestern, Midwestern, and eastern regions of the United States. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-05-01: interest-bearing debt is 18.1% of market cap, cash plus interest-bearing securities 5.3%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Dollar General Corporation FY2025 (fiscal year ended 2026-…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 190, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/dollar-general-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/dollar-general-stock.md", "entityType": "stock", "ticker": "DG", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-05-01", "businessScreen": { "pass": true, "activity": "Dollar General Corporation is a prominent discount retail chain that offers a wide array of merchandise across the southern, southwestern, Midwestern, and eastern regions of the United States. Its extensive product assortment primarily features consumable items. This includes household essentials such as paper products, cleaning supplies, and laundry detergents; a wide array of food options, ranging from shelf-stable groceries like cereals, pasta, canned goods, condiments, and baking ingredients", "detail": "Interest income not separately material in the annual filing (Dollar General Corporation FY2025 (fiscal year ended 2026-01-30, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 18.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Dollar General Corporation FY2025 (fiscal year ended 2026-01-30, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/DG/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Dollar General Corporation (DG) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 18.1% of market cap (limit 30%), cash plus interest-bearing securities 5.3% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-05-01 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "DG latest quarterly filing (balance sheet 2026-05-01)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Dollar%20General%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Dollar General Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Dollar%20General%20Corporation&type=10-K", "external": true }, { "label": "Zoya — DG Shariah compliance", "url": "https://zoya.finance/stocks/dg", "external": true }, { "label": "Musaffa — DG", "url": "https://musaffa.com/stock/DG/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Dollar General Corporation (DG) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Dollar General Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-05-01). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Dollar General Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-01: interest-bearing debt is 18.1% of market cap (limit < 30%); cash plus interest-bearing securities is 5.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Dollar General Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Dollar General Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-05-01", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 18.1, "cashPct": 5.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 18.1, "cashPct": 5.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 14.4, "cashPct": 4.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.dollar-tree-stock", "question": "Is Dollar Tree Stock Halal?", "entityName": "Dollar Tree, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Dollar Tree, Inc. (DLTR) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-05-02) interest-bearing debt is 18.0% of market cap and cash plus interest-bearing securities 4.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Dollar Tree, Inc. (DLTR) operates as a leading discount retailer, managing its extensive operations through two principal divisions: Dollar Tree and Family Dollar. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-05-02: interest-bearing debt is 18.0% of market cap, cash plus interest-bearing securities 4.6%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Dollar Tree, Inc. FY2025 (fiscal year ended 2026-01-31, Fo…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 186, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/dollar-tree-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/dollar-tree-stock.md", "entityType": "stock", "ticker": "DLTR", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-05-02", "businessScreen": { "pass": true, "activity": "Dollar Tree, Inc. (DLTR) operates as a leading discount retailer, managing its extensive operations through two principal divisions: Dollar Tree and Family Dollar. The Dollar Tree segment distinguishes itself by offering all its merchandise at a consistent price of $1.25. Its product range is broad, encompassing essential consumables like confectionery, various food items, health and personal care products, household cleaning chemicals, paper goods, and frozen or refrigerated foods. Beyond these", "detail": "Interest income not separately material in the annual filing (Dollar Tree, Inc. FY2025 (fiscal year ended 2026-01-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 18, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 4.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Dollar Tree, Inc. FY2025 (fiscal year ended 2026-01-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/DLTR/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Dollar Tree, Inc. (DLTR) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 18% of market cap (limit 30%), cash plus interest-bearing securities 4.6% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-05-02 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "DLTR latest quarterly filing (balance sheet 2026-05-02)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Dollar%20Tree%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Dollar Tree, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Dollar%20Tree%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — DLTR Shariah compliance", "url": "https://zoya.finance/stocks/dltr", "external": true }, { "label": "Musaffa — DLTR", "url": "https://musaffa.com/stock/DLTR/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Dollar Tree, Inc. (DLTR) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Dollar Tree, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-05-02). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Dollar Tree, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-02: interest-bearing debt is 18.0% of market cap (limit < 30%); cash plus interest-bearing securities is 4.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Dollar Tree, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Dollar Tree, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-05-02", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 18, "cashPct": 4.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 18, "cashPct": 4.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 28.5, "cashPct": 7.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.dollarama-stock", "question": "Is Dollarama Stock Halal?", "entityName": "Dollarama Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Dollarama Inc. (DOL.TO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-01-31) interest-bearing debt is 5.6% of market cap and cash plus interest-bearing securities 0.6% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETF WSHR, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Dollarama is about as clean as consumer retail gets on the TSX from a business-activity standpoint. Unlike convenience stores or grocers, its disclosed merchandise mix, roughly half consumables like cleaning supplies, snacks, and health and beauty products, plus general merchandise and seasonal goods, contains no tobacco, no alcohol, and no lottery products. The product categories the company itself lists in its Annual Information Form are the everyday household items a dollar store is known for.\n\nIndependent screening supports this picture: Dollarama appears in the published holdings of Wealthsimple's Shariah World Equity Index ETF (WSHR), whose underlying index is certified by Islamic researchers at Ratings Intelligence Partners and excludes companies deriving more than five percent of income from alcohol, tobacco, conventional finance, and other impermissible categories, as well as companies with excessive leverage. Inclusion in a certified Shariah index is a meaningful third-party signal that both the business screen and the financial ratios were passing at the time of the index review.\n\nThe usual caveats are lighter here but still apply. Dollarama uses debt in its capital structure, including for its store network and its Australian expansion, so ratio-based compliance should be confirmed on a live screener before buying. But among Canadian consumer names, Dollarama is one of the few where the business screen raises no identifiable red flags from the company's own disclosures.", "analysisWordCount": 223, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/dollarama-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/dollarama-stock.md", "entityType": "stock", "ticker": "DOL.TO", "exchange": "TSX", "lastReviewed": "2026-06-15", "dataAsOf": "2026-01-31", "businessScreen": { "pass": true, "activity": "Dollarama is Canada's leading value retailer, selling a broad assortment at low fixed price points through stores across Canada (and, via its 2025 acquisition, The Reject Shop in Australia). Per its fiscal 2026 Annual Information Form, the merchandise mix was approximately 49% consumable products (cleaning supplies, health and beauty, pet food, confectionery, drinks, snacks, food), 38% general merchandise (housewares, kitchenware, hardware, electronics, toys, apparel, party and office supplies), and 13% seasonal items.", "detail": "Dollarama's disclosed merchandise categories in its Annual Information Form do not include tobacco, alcohol, or lottery products; the categories listed are household consumables, food and beverages (non-alcoholic), general merchandise, and seasonal goods. No impermissible revenue lines are identifiable from the company's public filings. As always, incidental items such as interest on cash should be checked on a current screener for purification purposes.", "impermissibleRevenuePct": 0.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 5.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.4, "thresholdPct": 5, "pass": true, "note": "Interest income $25.7M on $7.26B total revenue (Dollarama Inc. FY2026 (fiscal year ended 2026-01-31, annual report (SEDAR+))) = 0.4% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Wealthsimple Shariah World Equity Index ETF (WSHR)", "position": "Held in WSHR as of 2026-06-11 — passed the Shariah screen applied by the index provider.", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "note": null }, { "url": null, "note": null }, { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Verify current SPUS schedule before citing as held (reference SOI 2026-02-28).", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Verify current HLAL holdings before citing as held (reference 2026-06-05).", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null } ], "sources": [ { "label": "DOL.TO latest filings on SEDAR+ (balance sheet 2026-01-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Dollarama Fiscal 2026 Annual Information Form (merchandise mix)", "url": "https://www.dollarama.com/en-CA/corp/wp-content/uploads/2026/04/2026-Annual-Information-Form-EN.pdf", "external": true }, { "label": "WSHR holdings list (Wealthsimple)", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "external": true }, { "label": "Zoya — DOL.TO Shariah compliance", "url": "https://zoya.finance/stocks/dol-to", "external": true } ], "faqs": [ { "question": "Is Dollarama Inc. (DOL.TO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Dollarama Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-01-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Dollarama Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-01-31: interest-bearing debt is 5.6% of market cap (limit < 30%); cash plus interest-bearing securities is 0.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Dollarama Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Dollarama Inc. is held by WSHR. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Dollarama Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-04-30", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 5.6, "cashPct": 0.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 5.6, "cashPct": 0.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 45.3, "cashPct": 9.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.dominion-energy-stock", "question": "Is Dominion Energy Stock Halal?", "entityName": "Dominion Energy, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Dominion Energy, Inc. (D) does not pass Shariah screening: interest-bearing debt / market cap is 85.9% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Headquartered in Richmond, Virginia, Dominion Energy, Inc., founded in 1983 (and formerly known as Dominion Resources, Inc.), is a prominent American energy firm primarily engaged in the generation and supply of power across the United States. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 85.9% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 187, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/dominion-energy-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/dominion-energy-stock.md", "entityType": "stock", "ticker": "D", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Headquartered in Richmond, Virginia, Dominion Energy, Inc., founded in 1983 (and formerly known as Dominion Resources, Inc.), is a prominent American energy firm primarily engaged in the generation and supply of power across the United States. The company's operations are divided into four primary divisions. The Dominion Energy Virginia division is responsible for the regulated production, transmission, and local delivery of electricity, serving an estimated 2.7 million residential, commercial, ", "detail": "Interest income not separately material in the annual filing (Dominion Energy, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 1.5 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 85.9, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Dominion Energy, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/D/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Dominion Energy, Inc. (D) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 85.9% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "D latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Dominion%20Energy%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Dominion Energy, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Dominion%20Energy%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — D Shariah compliance", "url": "https://zoya.finance/stocks/d", "external": true }, { "label": "Musaffa — D", "url": "https://musaffa.com/stock/D/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Dominion Energy, Inc. (D) stock halal?", "answer": "No. Dominion Energy, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Dominion Energy, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 85.9% of market cap (limit < 30%); cash plus interest-bearing securities is 0.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Dominion Energy, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 85.9, "cashPct": 0.8, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 85.9, "cashPct": 0.8, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 43.3, "cashPct": 0.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.doordash-stock", "question": "Is DoorDash Stock Halal?", "entityName": "DoorDash, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "DoorDash, Inc. (DASH) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 4.2% of market cap and cash plus interest-bearing securities 8.4% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "DoorDash, Inc. operates a comprehensive logistics platform globally and within the United States, linking merchants, consumers, and delivery personnel ('dashers'). The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 4.2% of market cap, cash plus interest-bearing securities 8.4%, and filing-verified impermissible income 1.5% (Interest income $211.0M on $13.72B total revenue (DoorDash, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.5…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 183, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/doordash-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/doordash-stock.md", "entityType": "stock", "ticker": "DASH", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "DoorDash, Inc. operates a comprehensive logistics platform globally and within the United States, linking merchants, consumers, and delivery personnel ('dashers'). Through its primary marketplaces, DoorDash and Wolt, the company provides essential services designed to help merchants overcome critical challenges, including customer acquisition, delivery logistics, data insights and analytics, merchandising support, payment processing, and customer assistance. Additionally, DoorDash offers subscri", "detail": "Interest income $211.0M on $13.72B total revenue (DoorDash, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.5% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.5 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 4.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 8.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.5, "thresholdPct": 5, "pass": true, "note": "Interest income $211.0M on $13.72B total revenue (DoorDash, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.5% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/DASH/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates DoorDash, Inc. (DASH) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 4.2% of market cap (limit 30%), cash plus interest-bearing securities 8.4% (limit 30%), impermissible income 1.5% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "DASH latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=DoorDash%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "DoorDash, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=DoorDash%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — DASH Shariah compliance", "url": "https://zoya.finance/stocks/dash", "external": true }, { "label": "Musaffa — DASH", "url": "https://musaffa.com/stock/DASH/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is DoorDash, Inc. (DASH) stock halal?", "answer": "Yes, under our AAOIFI-based methodology DoorDash, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does DoorDash, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 4.2% of market cap (limit < 30%); cash plus interest-bearing securities is 8.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is DoorDash, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from DoorDash, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 4.2, "cashPct": 8.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 4.2, "cashPct": 8.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 13.8, "cashPct": 28.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.dow-stock", "question": "Is Dow Stock Halal?", "entityName": "Dow Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Dow Inc. (DOW) does not pass Shariah screening: interest-bearing debt / market cap is 74.3% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Dow Inc. is a global leader in materials science, delivering diverse solutions for key industries such as packaging, infrastructure development, mobility, and consumer products. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 74.3% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 175, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/dow-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/dow-stock.md", "entityType": "stock", "ticker": "DOW", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Dow Inc. is a global leader in materials science, delivering diverse solutions for key industries such as packaging, infrastructure development, mobility, and consumer products. The company's reach extends across numerous regions, including the United States, Canada, Europe, the Middle East, Africa, India, the Asia Pacific, and Latin America. Its operations are structured into three main divisions: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materia", "detail": "Interest income $152.0M on $39.97B total revenue (Dow Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.4% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.4 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 74.3, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 16.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.4, "thresholdPct": 5, "pass": true, "note": "Interest income $152.0M on $39.97B total revenue (Dow Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.4% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/DOW/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Dow Inc. (DOW) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 74.3% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "DOW latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Dow%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Dow Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Dow%20Inc.&type=10-K", "external": true }, { "label": "Zoya — DOW Shariah compliance", "url": "https://zoya.finance/stocks/dow", "external": true }, { "label": "Musaffa — DOW", "url": "https://musaffa.com/stock/DOW/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Dow Inc. (DOW) stock halal?", "answer": "No. Dow Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Dow Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 74.3% of market cap (limit < 30%); cash plus interest-bearing securities is 16.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Dow Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 74.3, "cashPct": 16.8, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 74.3, "cashPct": 16.8, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 30.3, "cashPct": 6.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.dupont-de-nemours-stock", "question": "Is DuPont de Nemours Stock Halal?", "entityName": "DuPont de Nemours, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "DuPont de Nemours, Inc. (DD) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 16.0% of market cap and cash plus interest-bearing securities 3.8% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "DuPont de Nemours, Inc. is a global provider of advanced materials and innovative solutions, serving markets across North America, Latin America, Europe, the Middle East, Africa, and the Asia Pacific region. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 16.0% of market cap, cash plus interest-bearing securities 3.8%, and filing-verified impermissible income 1.4% (Interest income $98.0M on $6.85B total revenue (DuPont de Nemours, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 194, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/dupont-de-nemours-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/dupont-de-nemours-stock.md", "entityType": "stock", "ticker": "DD", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "DuPont de Nemours, Inc. is a global provider of advanced materials and innovative solutions, serving markets across North America, Latin America, Europe, the Middle East, Africa, and the Asia Pacific region. The company's operations are organized into three primary segments: Electronics & Industrial, Mobility & Materials, and Water & Protection. The Electronics & Industrial division focuses on supplying critical materials and advanced systems. This includes products for the advanced printing sec", "detail": "Interest income $98.0M on $6.85B total revenue (DuPont de Nemours, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.4% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 16, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.4, "thresholdPct": 5, "pass": true, "note": "Interest income $98.0M on $6.85B total revenue (DuPont de Nemours, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.4% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/DD/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates DuPont de Nemours, Inc. (DD) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 16% of market cap (limit 30%), cash plus interest-bearing securities 3.8% (limit 30%), impermissible income 1.4% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "DD latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=DuPont%20de%20Nemours%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "DuPont de Nemours, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=DuPont%20de%20Nemours%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — DD Shariah compliance", "url": "https://zoya.finance/stocks/dd", "external": true }, { "label": "Musaffa — DD", "url": "https://musaffa.com/stock/DD/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is DuPont de Nemours, Inc. (DD) stock halal?", "answer": "Yes, under our AAOIFI-based methodology DuPont de Nemours, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does DuPont de Nemours, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 16.0% of market cap (limit < 30%); cash plus interest-bearing securities is 3.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is DuPont de Nemours, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from DuPont de Nemours, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 16, "cashPct": 3.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 16, "cashPct": 3.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 14.8, "cashPct": 3.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.eaton-corporation-stock", "question": "Is Eaton Stock Halal?", "entityName": "Eaton Corporation plc", "verdict": "halal", "verdictLabel": "Halal", "answer": "Eaton Corporation plc (ETN) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 13.9% of market cap and cash plus interest-bearing securities 0.5% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Eaton Corporation plc, established in 1911 and headquartered in Dublin, Ireland, functions as an international enterprise specializing in power management solutions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 13.9% of market cap, cash plus interest-bearing securities 0.5%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Eaton Corporation plc FY2025 (fiscal year ended 2025-12-31…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 183, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/eaton-corporation-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/eaton-corporation-stock.md", "entityType": "stock", "ticker": "ETN", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Eaton Corporation plc, established in 1911 and headquartered in Dublin, Ireland, functions as an international enterprise specializing in power management solutions. The company's Electrical Americas and Global division supplies a comprehensive array of electrical and industrial components. This encompasses power distribution and assembly systems, residential products, advanced power quality and connectivity devices, wiring components, and circuit protection. Additionally, it offers utility powe", "detail": "Interest income not separately material in the annual filing (Eaton Corporation plc FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 13.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Eaton Corporation plc FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/ETN/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Eaton Corporation plc (ETN) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 13.9% of market cap (limit 30%), cash plus interest-bearing securities 0.5% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ETN latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Eaton%20Corporation%20plc&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Eaton Corporation plc SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Eaton%20Corporation%20plc&type=10-K", "external": true }, { "label": "Zoya — ETN Shariah compliance", "url": "https://zoya.finance/stocks/etn", "external": true }, { "label": "Musaffa — ETN", "url": "https://musaffa.com/stock/ETN/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Eaton Corporation plc (ETN) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Eaton Corporation plc passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Eaton Corporation plc pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 13.9% of market cap (limit < 30%); cash plus interest-bearing securities is 0.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Eaton Corporation plc held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Eaton Corporation plc?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 13.9, "cashPct": 0.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 13.9, "cashPct": 0.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 38.4, "cashPct": 1.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.ebay-stock", "question": "Is eBay Stock Halal?", "entityName": "eBay Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "eBay Inc. (EBAY) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 14.0% of market cap and cash plus interest-bearing securities 8.0% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "eBay Inc. manages an extensive global e-commerce ecosystem designed to facilitate transactions between buyers and sellers. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 14.0% of market cap, cash plus interest-bearing securities 8.0%, and filing-verified impermissible income 1.8% (Interest income $198.0M on $11.10B total revenue (eBay Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.8% — u…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 181, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/ebay-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/ebay-stock.md", "entityType": "stock", "ticker": "EBAY", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "eBay Inc. manages an extensive global e-commerce ecosystem designed to facilitate transactions between buyers and sellers. This framework primarily encompasses its flagship website, ebay.com, alongside its suite of dedicated mobile applications. Through these digital platforms, users are empowered to list, discover, purchase, and pay for a vast array of goods. These transactions occur across a multitude of channels—online, mobile, and even certain traditional avenues—involving a diverse array of", "detail": "Interest income $198.0M on $11.10B total revenue (eBay Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.8% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.8 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 14, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.8, "thresholdPct": 5, "pass": true, "note": "Interest income $198.0M on $11.10B total revenue (eBay Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.8% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/EBAY/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates eBay Inc. (EBAY) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 14% of market cap (limit 30%), cash plus interest-bearing securities 8% (limit 30%), impermissible income 1.8% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "EBAY latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=eBay%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "eBay Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=eBay%20Inc.&type=10-K", "external": true }, { "label": "Zoya — EBAY Shariah compliance", "url": "https://zoya.finance/stocks/ebay", "external": true }, { "label": "Musaffa — EBAY", "url": "https://musaffa.com/stock/EBAY/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is eBay Inc. (EBAY) stock halal?", "answer": "Yes, under our AAOIFI-based methodology eBay Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does eBay Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 14.0% of market cap (limit < 30%); cash plus interest-bearing securities is 8.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is eBay Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from eBay Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 14, "cashPct": 8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 14, "cashPct": 8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 37.7, "cashPct": 21.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.ecolab-stock", "question": "Is Ecolab Stock Halal?", "entityName": "Ecolab Inc.", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Ecolab Inc. (ECL) passes the screens we can compute (data as of 2026-03-31) — interest-bearing debt / market cap 12.2%, cash + interest-bearing securities / market cap 0.7%, impermissible income / total revenue 0.0% — but one screen requires case-by-case judgment.", "analysis": "Ecolab Inc. delivers essential water, hygiene, and infection prevention products and services to clients across the United States and globally. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nComputed screens are mixed as of 2026-03-31: debt 12.2%, cash/securities 0.7%, impermissible income pending full filing verification. Treat as conditional until the impermissible-income line is confirmed against the annual report.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not size up until the conditional line is verified against the filing or a screener you trust; the dated ratio table on this page shows exactly what is still open.", "analysisWordCount": 157, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/ecolab-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/ecolab-stock.md", "entityType": "stock", "ticker": "ECL", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Ecolab Inc. delivers essential water, hygiene, and infection prevention products and services to clients across the United States and globally. The company organizes its operations into several key segments: Global Industrial, Global Institutional & Specialty, Global Healthcare & Life Sciences, and an \"Other\" segment. Through its Global Industrial division, Ecolab furnishes a range of water treatment, process applications, and cleaning and sanitizing solutions. These offerings cater to a diverse", "detail": "Interest income not separately material in the annual filing (Ecolab Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 12.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Ecolab Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/ECL/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Ecolab Inc. (ECL) conditional: financial ratios pass (interest-bearing debt 12.2% of market cap (limit 30%), cash plus interest-bearing securities 0.7% (limit 30%), impermissible income 0% of revenue (limit 5%)) on 2026-03-31 figures, but an open business-activity question remains — verify the condition noted on this page against the latest filing before treating it as a clear pass.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ECL latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Ecolab%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Ecolab Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Ecolab%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ECL Shariah compliance", "url": "https://zoya.finance/stocks/ecl", "external": true }, { "label": "Musaffa — ECL", "url": "https://musaffa.com/stock/ECL/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Ecolab Inc. (ECL) stock halal?", "answer": "Ecolab Inc. is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does Ecolab Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 12.2% of market cap (limit < 30%); cash plus interest-bearing securities is 0.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Ecolab Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 12.2, "cashPct": 0.7, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 12.2, "cashPct": 0.7, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 36.3, "cashPct": 2.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.edwards-lifesciences-stock", "question": "Is Edwards Lifesciences Stock Halal?", "entityName": "Edwards Lifesciences Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Edwards Lifesciences Corporation (EW) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 1.3% of market cap and cash plus interest-bearing securities 7.5% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Edwards Lifesciences Corporation is a global medical technology firm specializing in sophisticated products and technologies for structural heart conditions, alongside critical care and surgical patient monitoring. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 1.3% of market cap, cash plus interest-bearing securities 7.5%, and filing-verified impermissible income 2.4% (Interest income $148.4M on $6.07B total revenue (Edwards Lifesciences Corporation FY2025 (fiscal year ended 2025-12-31, …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 187, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/edwards-lifesciences-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/edwards-lifesciences-stock.md", "entityType": "stock", "ticker": "EW", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Edwards Lifesciences Corporation is a global medical technology firm specializing in sophisticated products and technologies for structural heart conditions, alongside critical care and surgical patient monitoring. With operations spanning the United States, Europe, Japan, and various international territories, the company offers a comprehensive suite of solutions. Their structural heart disease portfolio encompasses transcatheter heart valve replacement systems designed for minimally invasive p", "detail": "Interest income $148.4M on $6.07B total revenue (Edwards Lifesciences Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.4% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 2.8 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 1.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 7.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 2.4, "thresholdPct": 5, "pass": true, "note": "Interest income $148.4M on $6.07B total revenue (Edwards Lifesciences Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.4% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/EW/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Edwards Lifesciences Corporation (EW) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 1.3% of market cap (limit 30%), cash plus interest-bearing securities 7.5% (limit 30%), impermissible income 2.4% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "EW latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Edwards%20Lifesciences%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Edwards Lifesciences Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Edwards%20Lifesciences%20Corporation&type=10-K", "external": true }, { "label": "Zoya — EW Shariah compliance", "url": "https://zoya.finance/stocks/ew", "external": true }, { "label": "Musaffa — EW", "url": "https://musaffa.com/stock/EW/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Edwards Lifesciences Corporation (EW) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Edwards Lifesciences Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Edwards Lifesciences Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 1.3% of market cap (limit < 30%); cash plus interest-bearing securities is 7.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Edwards Lifesciences Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Edwards Lifesciences Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 1.3, "cashPct": 7.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 1.3, "cashPct": 7.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 4.7, "cashPct": 27.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.electronic-arts-stock", "question": "Is Electronic Arts Stock Halal?", "entityName": "Electronic Arts Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Electronic Arts Inc. (EA) does not pass Shariah screening: its core business fails the activity screen (Electronic Arts (EA) is a video game publisher — core revenue is from gaming (FIFA/EA Sports FC, Apex, etc). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Electronic Arts (EA) is a video game publisher — core revenue is from gaming (FIFA/EA Sports FC, Apex, etc.). Major Shariah screeners classify substantial gaming/entertainment publishers as non-compliant on business-activity grounds.\n\nOur verdict rests primarily on the business-activity screen: Electronic Arts (EA) is a video game publisher — core revenue is from gaming (FIFA/EA Sports FC, Apex, etc.). Major Shariah screeners classify substantial gaming/entertainment publishers as non-compliant on business-activity grounds. Financial ratios alone cannot cure a failed activity screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 166, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/electronic-arts-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/electronic-arts-stock.md", "entityType": "stock", "ticker": "EA", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Electronic Arts Inc., established in 1982 and based in Redwood City, California, is a global leader in the creation, promotion, publication, and distribution of interactive entertainment. The company delivers a wide array of games, content, and services for various platforms, including gaming consoles, personal computers, smartphones, and tablets across the globe. EA develops and releases titles spanning popular genres such as sports, racing, first-person shooters, action, role-playing, and simu", "detail": "Electronic Arts (EA) is a video game publisher — core revenue is from gaming (FIFA/EA Sports FC, Apex, etc.). Major Shariah screeners classify substantial gaming/entertainment publishers as non-compliant on business-activity grounds.", "impermissibleRevenuePct": 0.9 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 2.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.9, "thresholdPct": 5, "pass": true, "note": "Interest income $70.0M on $7.53B total revenue (Electronic Arts Inc. FY2026 (fiscal year ended 2026-03-31, Form 10-K)) = 0.9% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/EA/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Electronic Arts Inc. (EA) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "EA latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Electronic%20Arts%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Electronic Arts Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Electronic%20Arts%20Inc.&type=10-K", "external": true }, { "label": "Zoya — EA Shariah compliance", "url": "https://zoya.finance/stocks/ea", "external": true }, { "label": "Musaffa — EA", "url": "https://musaffa.com/stock/EA/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Electronic Arts Inc. (EA) stock halal?", "answer": "No. Electronic Arts Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Electronic Arts Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 2.9% of market cap (limit < 30%); cash plus interest-bearing securities is 5.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Electronic Arts Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 2.9, "cashPct": 5.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 2.9, "cashPct": 5.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 11.3, "cashPct": 22.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.elevance-health-stock", "question": "Is Elevance Health Stock Halal?", "entityName": "Elevance Health Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Elevance Health Inc. (ELV) does not pass Shariah screening: interest-bearing debt / market cap is 36.3% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 40.5% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Operating as a major health benefits organization, Elevance Health Inc. commits to guiding consumers, families, and communities across their entire health and wellness path. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 36.3% versus the < 30% limit; cash + interest-bearing securities / market cap at 40.5% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 166, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/elevance-health-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/elevance-health-stock.md", "entityType": "stock", "ticker": "ELV", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Operating as a major health benefits organization, Elevance Health Inc. commits to guiding consumers, families, and communities across their entire health and wellness path. It facilitates access to vital care, assistance, and tools designed to enable healthier living for approximately 118 million individuals. The company's comprehensive offerings span medical, digital, pharmaceutical, behavioral health, clinical, and other care solutions. Founded in 1944 and based in Indianapolis, Indiana, this", "detail": "Interest income not separately material in the annual filing (Elevance Health Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 36.3, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 40.5, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Elevance Health Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/ELV/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Elevance Health Inc. (ELV) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 36.3% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ELV latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Elevance%20Health%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Elevance Health Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Elevance%20Health%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ELV Shariah compliance", "url": "https://zoya.finance/stocks/elv", "external": true }, { "label": "Musaffa — ELV", "url": "https://musaffa.com/stock/ELV/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Elevance Health Inc. (ELV) stock halal?", "answer": "No. Elevance Health Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Elevance Health Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 36.3% of market cap (limit < 30%); cash plus interest-bearing securities is 40.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Elevance Health Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 36.3, "cashPct": 40.5, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 36.3, "cashPct": 40.5, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 25.3, "cashPct": 28.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.eli-lilly-stock", "question": "Is Eli Lilly Stock Halal?", "entityName": "Eli Lilly and Company", "verdict": "halal", "verdictLabel": "Halal", "answer": "Eli Lilly and Company (LLY) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 4.1% of market cap and cash plus interest-bearing securities 0.5% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETF HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Eli Lilly is a clean case for halal investors. It is a pure-play pharmaceutical company — its business is discovering, manufacturing, and selling prescription medicines, most prominently the Mounjaro and Zepbound diabetes-and-obesity franchise that has driven its recent growth. Producing and selling medicine is a permissible activity, so the business-activity screen passes without complication, and the stock is held by the Wahed FTSE USA Shariah ETF (HLAL), which independently confirms it clears the FTSE Shariah screen.\n\nThe financial ratios are comfortably inside AAOIFI limits. Eli Lilly carries modest interest-bearing debt relative to its very large market capitalization, holds little excess interest-bearing cash, and earns only a tiny sliver of interest income — about 0.2% of revenue on our screen, with independent screeners reporting figures in the 0.26%–0.42% range. All three of these are far below their thresholds, which is why screeners including Zoya, Musaffa, and ShariaPortfolio all classify the stock as compliant.\n\nThe practical takeaway: Eli Lilly passes both the business and financial screens cleanly today. As always, a pass is dated — ratios move with the share price and new filings — so check the data-as-of date on this page, and purify the small proportional share of any dividends attributable to incidental interest income. Avoid margin and options on the position.", "analysisWordCount": 212, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/eli-lilly-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/eli-lilly-stock.md", "entityType": "stock", "ticker": "LLY", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Eli Lilly and Company is a global pharmaceutical company that discovers, develops, and sells prescription medicines. Its revenue is concentrated in diabetes and obesity care (the Mounjaro and Zepbound tirzepatide franchise), along with oncology, immunology, and neuroscience drugs. Manufacturing and selling pharmaceuticals is a permissible business activity.", "detail": "Core pharmaceutical revenue raises no business-screen issues. The only review point is interest income earned on corporate cash — roughly 0.2% of revenue on our screen (independent screeners report it in the 0.26%–0.42% range), far below the 5% AAOIFI threshold. Investors following standard purification practice should donate the proportional share of dividends attributable to that income. No alcohol, gambling, tobacco, or interest-based lending lines are disclosed in the 10-K.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 4.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest income $153.3M on $65.18B total revenue (Eli Lilly and Company FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.2% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-13 — passed the FTSE Shariah screen applied by the fund.", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null }, { "source": "Zoya", "position": "Classifies LLY as Shariah-compliant under its AAOIFI-based methodology, reviewed at least quarterly.", "url": "https://zoya.finance/stocks/lly", "note": null }, { "source": "Musaffa", "position": "Classified HALAL as of May 2026 based on AAOIFI business-activity and financial-ratio screens (report source: 2026 Q1).", "url": "https://musaffa.com/stock/LLY/", "note": null }, { "source": "ShariaPortfolio Screener", "position": "Rates LLY Shariah Compliant under AAOIFI; reports impure revenue at 0.26% of total revenue, well within the 5% limit.", "url": "https://spscreener.mxcorporate.com/newstock/lly/", "note": null } ], "sources": [ { "label": "LLY latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Eli%20Lilly%20and%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Eli Lilly and Company 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=LLY&type=10-K", "external": true }, { "label": "HLAL (Wahed FTSE USA Shariah ETF) holdings — Eli Lilly held (top-10 position, Jun 2026)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true }, { "label": "Zoya — LLY Shariah compliance status (compliant)", "url": "https://zoya.finance/stocks/lly", "external": true }, { "label": "Musaffa — LLY Shariah status (HALAL, May 2026)", "url": "https://musaffa.com/stock/LLY/", "external": true }, { "label": "ShariaPortfolio Screener — LLY Shariah Compliant (AAOIFI)", "url": "https://spscreener.mxcorporate.com/newstock/lly/", "external": true } ], "faqs": [ { "question": "Is Eli Lilly and Company (LLY) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Eli Lilly and Company passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Eli Lilly and Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 4.1% of market cap (limit < 30%); cash plus interest-bearing securities is 0.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Eli Lilly and Company held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Eli Lilly and Company is held by HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Eli Lilly and Company?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 4.1, "cashPct": 0.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 4.1, "cashPct": 0.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 37.2, "cashPct": 4.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.emerson-electric-stock", "question": "Is Emerson Electric Stock Halal?", "entityName": "Emerson Electric Co.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Emerson Electric Co. (EMR) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 16.9% of market cap and cash plus interest-bearing securities 2.2% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Emerson Electric Co. is an international technology and engineering firm that delivers diverse solutions to industrial, commercial, and residential clients across the Americas, Asia, the Middle East, Africa, and Europe. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 16.9% of market cap, cash plus interest-bearing securities 2.2%, and filing-verified impermissible income 0.8% (Interest income $150.0M on $18.02B total revenue (Emerson Electric Co. FY2025 (fiscal year ended 2025-09-30, Form 10-K))…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 192, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/emerson-electric-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/emerson-electric-stock.md", "entityType": "stock", "ticker": "EMR", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Emerson Electric Co. is an international technology and engineering firm that delivers diverse solutions to industrial, commercial, and residential clients across the Americas, Asia, the Middle East, Africa, and Europe. The company's operations are divided into two main segments: Automation Solutions, and Commercial & Residential Solutions. Through its Automation Solutions division, Emerson provides a range of products including advanced measurement and analytical instruments, industrial valves,", "detail": "Interest income $150.0M on $18.02B total revenue (Emerson Electric Co. FY2025 (fiscal year ended 2025-09-30, Form 10-K)) = 0.8% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.8 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 16.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.8, "thresholdPct": 5, "pass": true, "note": "Interest income $150.0M on $18.02B total revenue (Emerson Electric Co. FY2025 (fiscal year ended 2025-09-30, Form 10-K)) = 0.8% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/EMR/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Emerson Electric Co. (EMR) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 16.9% of market cap (limit 30%), cash plus interest-bearing securities 2.2% (limit 30%), impermissible income 0.8% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "EMR latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Emerson%20Electric%20Co.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Emerson Electric Co. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Emerson%20Electric%20Co.&type=10-K", "external": true }, { "label": "Zoya — EMR Shariah compliance", "url": "https://zoya.finance/stocks/emr", "external": true }, { "label": "Musaffa — EMR", "url": "https://musaffa.com/stock/EMR/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Emerson Electric Co. (EMR) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Emerson Electric Co. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Emerson Electric Co. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 16.9% of market cap (limit < 30%); cash plus interest-bearing securities is 2.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Emerson Electric Co. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Emerson Electric Co.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 16.9, "cashPct": 2.2, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 16.9, "cashPct": 2.2, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 32.1, "cashPct": 4.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.enbridge-stock", "question": "Is Enbridge Stock Halal?", "entityName": "Enbridge Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Enbridge Inc. (ENB.TO) does not pass Shariah screening: interest-bearing debt / market cap is 88.1% against the < 30% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs WSHR. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Enbridge is a useful case study in the difference between what a company does and how it is financed. Moving crude oil and natural gas through pipelines, and distributing gas to utility customers, are permissible activities; nothing about the business itself raises a Shariah objection. If the screen stopped at business activity, Enbridge would pass.\n\nThe problem is the balance sheet. Pipelines and utility networks are enormously capital-intensive, and Enbridge, like most of its peers, funds that asset base with a heavy load of interest-bearing debt. Under AAOIFI-style quantitative screens, companies whose interest-bearing debt exceeds the threshold relative to market capitalization or assets fail regardless of how clean the underlying business is. Zoya currently classifies Enbridge as not Shariah-compliant on this basis, and the stock is absent from Shariah-screened products like Wealthsimple's WSHR ETF.\n\nUnlike a bank, however, Enbridge's status is not categorical. Debt ratios move with debt paydown and with the share price, so a stock that fails on leverage can re-enter compliance in the future. Investors who like the energy-infrastructure space should monitor a screening app rather than writing the name off permanently, and consider that other Canadian energy names with lighter balance sheets currently screen as compliant.", "analysisWordCount": 200, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/enbridge-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/enbridge-stock.md", "entityType": "stock", "ticker": "ENB.TO", "exchange": "TSX", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Enbridge is a North American energy infrastructure company whose reporting segments include Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation. It operates the Mainline crude oil pipeline system, extensive natural gas transmission and utility distribution networks in Canada and the United States, and a growing renewable power portfolio.", "detail": "Fails the AAOIFI business-activity screen on its core operations; see the analysis below.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 88.1, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": null, "note": "Not determinative — this verdict is set by the interest-bearing debt ratio, so the impermissible-income line does not change the outcome." } ], "scholarPositions": [ { "source": "Wealthsimple Shariah World Equity Index ETF (WSHR)", "position": "Not held in WSHR as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "note": null }, { "url": null, "note": null }, { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Verify current SPUS schedule before citing as held (reference SOI 2026-02-28).", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Verify current HLAL holdings before citing as held (reference 2026-06-05).", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null } ], "sources": [ { "label": "ENB.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Enbridge Investor Relations", "url": "https://www.enbridge.com/investment-center", "external": true }, { "label": "Zoya screener page for ENB", "url": "https://zoya.finance/stocks/enb", "external": true }, { "label": "WSHR holdings list (Wealthsimple)", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "external": true } ], "faqs": [ { "question": "Is Enbridge Inc. (ENB.TO) stock halal?", "answer": "No. Enbridge Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Enbridge Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 88.1% of market cap (limit < 30%); cash plus interest-bearing securities is 1.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Enbridge Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Enbridge Inc. is not held by WSHR. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 88.1, "cashPct": 1.5, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 88.1, "cashPct": 1.5, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 48, "cashPct": 0.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.enphase-energy-stock", "question": "Is Enphase Energy Stock Halal?", "entityName": "Enphase Energy, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Enphase Energy, Inc. (ENPH) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 8.0% of market cap and cash plus interest-bearing securities 12.9% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Enphase Energy, Inc., along with its subsidiaries, is dedicated to developing, manufacturing, and distributing home energy solutions for the global solar photovoltaic industry. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 8.0% of market cap, cash plus interest-bearing securities 12.9%, and filing-verified impermissible income 4.3% (Interest income $62.7M on $1.47B total revenue (Enphase Energy, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) =…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 186, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/enphase-energy-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/enphase-energy-stock.md", "entityType": "stock", "ticker": "ENPH", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Enphase Energy, Inc., along with its subsidiaries, is dedicated to developing, manufacturing, and distributing home energy solutions for the global solar photovoltaic industry. Their core offering is a semiconductor-based microinverter, designed to convert energy at the individual solar module level. This technology seamlessly integrates with their proprietary networking and software, providing advanced energy monitoring and control capabilities. The company's product portfolio also includes AC ", "detail": "Interest income $62.7M on $1.47B total revenue (Enphase Energy, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 4.3% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 4.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 12.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 4.3, "thresholdPct": 5, "pass": true, "note": "Interest income $62.7M on $1.47B total revenue (Enphase Energy, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 4.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/ENPH/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Enphase Energy, Inc. (ENPH) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 8% of market cap (limit 30%), cash plus interest-bearing securities 12.9% (limit 30%), impermissible income 4.3% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ENPH latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Enphase%20Energy%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Enphase Energy, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Enphase%20Energy%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ENPH Shariah compliance", "url": "https://zoya.finance/stocks/enph", "external": true }, { "label": "Musaffa — ENPH", "url": "https://musaffa.com/stock/ENPH/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Enphase Energy, Inc. (ENPH) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Enphase Energy, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Enphase Energy, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 8.0% of market cap (limit < 30%); cash plus interest-bearing securities is 12.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Enphase Energy, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Enphase Energy, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 8, "cashPct": 12.9, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 8, "cashPct": 12.9, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 21, "cashPct": 34.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.eog-resources-stock", "question": "Is EOG Resources Stock Halal?", "entityName": "EOG Resources, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "EOG Resources, Inc. (EOG) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 11.4% of market cap and cash plus interest-bearing securities 5.3% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "EOG Resources, Inc., alongside its subsidiaries, is actively involved in the exploration, development, production, and commercialization of crude oil, natural gas, and natural gas liquids. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 11.4% of market cap, cash plus interest-bearing securities 5.3%, and filing-verified impermissible income — (Net other expense; interest income immaterial vs $22.6B revenue. (EOG FY2025 10-K.)…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 182, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/eog-resources-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/eog-resources-stock.md", "entityType": "stock", "ticker": "EOG", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "EOG Resources, Inc., alongside its subsidiaries, is actively involved in the exploration, development, production, and commercialization of crude oil, natural gas, and natural gas liquids. The company's primary operational hubs for production are located in New Mexico and Texas within the United States, as well as the Republic of Trinidad and Tobago. As of December 31, 2021, its total estimated net proved reserves amounted to 3,747 million barrels of oil equivalent. This figure comprised 1,548 m", "detail": "Net other expense; interest income immaterial vs $22.6B revenue. (EOG FY2025 10-K.)", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 11.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": true, "note": "Net other expense; interest income immaterial vs $22.6B revenue. (EOG FY2025 10-K.)" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/EOG/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates EOG Resources, Inc. (EOG) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 11.4% of market cap (limit 30%), cash plus interest-bearing securities 5.3% (limit 30%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "EOG latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=EOG%20Resources%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "EOG Resources, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=EOG%20Resources%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — EOG Shariah compliance", "url": "https://zoya.finance/stocks/eog", "external": true }, { "label": "Musaffa — EOG", "url": "https://musaffa.com/stock/EOG/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is EOG Resources, Inc. (EOG) stock halal?", "answer": "Yes, under our AAOIFI-based methodology EOG Resources, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does EOG Resources, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 11.4% of market cap (limit < 30%); cash plus interest-bearing securities is 5.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is EOG Resources, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from EOG Resources, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 11.4, "cashPct": 5.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 11.4, "cashPct": 5.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 15.6, "cashPct": 7.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.eq-bank", "question": "Is EQ Bank Halal?", "entityName": "EQ Bank", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "EQ Bank's entire value proposition is paying high interest on deposits — its Personal Account, Savings Plus, GICs, and notice accounts are all interest-bearing by design, and the bank's revenue comes from conventional lending. There is no meaningful non-interest usage path, which separates it from neobanks whose checking products are interest-free.", "analysis": "EQ Bank is a focused case because its entire value proposition is the thing Islam prohibits. The bank's marketing, product design, and rate tables all center on paying high interest on deposits — the Personal Account, Savings Plus, notice accounts, and GICs are all interest-bearing instruments, and a guaranteed return on deposited principal is riba al-nasi'ah by definition. There is no configuration of an EQ Bank account that avoids this while retaining any reason to use the product; the interest is not a feature you can decline, it is the product.\n\nThis makes EQ Bank simpler to rule on than conventional full-service banks, where a Muslim might justifiably hold a non-interest chequing account for transactional necessity. EQ offers no such neutral product worth holding.\n\nCanadian Muslims wanting their cash to work harder have a short but real list of alternatives: halal investment portfolios for money with a time horizon, and simple non-interest transactional accounts for liquidity. The forgone interest is the cost of the ruling — and if past interest has accumulated in an EQ account, donate it without expectation of reward and move the principal, which remains clean.", "analysisWordCount": 189, "conditions": null, "purificationNote": "Existing customers should move deposits to a compliant alternative and dispose of accrued interest to charity without expecting reward.", "url": "https://www.halalwallet.ca/is-it-halal/eq-bank", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/eq-bank.md", "entityType": "fintech_product", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": false, "activity": "Digital bank (Equitable Bank): high-interest savings, GICs, mortgages — a conventional interest-based bank.", "detail": "Interest on every deposit product; conventional mortgage lending on the asset side.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Scholarly consensus", "position": "Deliberately earning stipulated interest on deposits is riba and impermissible.", "url": null, "note": null }, { "source": "AAOIFI Shariah Standards (deposits)", "position": "EQ Bank's entire proposition is a high interest rate on deposits; AAOIFI treats stipulated returns on deposits as riba, so unlike a neobank used only for fee-free transactions, EQ Bank's core product cannot be used as intended without engaging in riba.", "url": "https://aaoifi.com", "note": null } ], "sources": [ { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Halal Stock Screeners Compared", "url": "/investing/stock-screeners", "external": false }, { "label": "SPUS vs HLAL — Halal ETF Comparison", "url": "/spus-vs-hlal", "external": false } ], "faqs": [ { "question": "Why is EQ Bank rated not halal when other neobanks are conditional?", "answer": "Conditional ratings apply where a genuine interest-free usage path exists (e.g. a checking account that pays no interest). EQ Bank pays interest on all its deposit accounts by design, leaving no compliant way to use the product." }, { "question": "Can I use EQ Bank just for fee-free transactions and ignore the interest?", "answer": "Any account can be used for permissible transactions, but EQ Bank's interest accrues automatically as its headline feature. If you must use it, opt out of interest where possible and purify whatever is credited by donating it without seeking reward — though a non-interest-marketed account is preferable." } ] }, { "id": "verdict.ethereum", "question": "Is Ethereum Halal?", "entityName": "Ethereum", "verdict": "scholars_differ", "verdictLabel": "Scholars Differ", "answer": "The base disagreement over cryptocurrency applies to Ethereum, with an added layer: since the network moved to proof-of-stake, ETH can be staked for yield. Holding ETH spot follows the same divided rulings as Bitcoin. Staking is separately debated — some scholars treat protocol staking rewards as permissible service income for validating the network, others as an impermissible return on locked capital.", "analysis": "Ethereum inherits the entire Bitcoin disagreement and adds a layer of its own. As a spot asset, ETH follows the same divided rulings: permissible digital property under the permissive view, excessive gharar under the prohibitive one. The added layer is that Ethereum is a productive network — ETH pays for computation on a platform hosting real applications — which some scholars treat as strengthening the asset's claim to genuine utility relative to pure stores of value.\n\nProof-of-stake is the live sub-debate. Since the merge, ETH holders can stake to validate the network and earn rewards. Scholars who permit it analogize the reward to a service fee for validation work performed (or to renting out a productive asset); scholars who prohibit it see a return generated on locked capital with no real work by the holder — functionally interest. Liquid staking and \"staking\" products that actually lend your ETH to borrowers are much closer to riba and are treated more severely even by the permissive camp.\n\nThe cautious path for those following permissive scholars: spot holding without leverage; if staking, only direct protocol validation or non-lending delegation, never yield products that re-lend your assets; and the same zakat and position-sizing discipline that applies to all volatile holdings.", "analysisWordCount": 206, "conditions": "For those following the permissive view: spot holding without leverage; avoid lending protocols and yield products built on interest; treat staking per your scholar's position.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/ethereum", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/ethereum.md", "entityType": "crypto", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Proof-of-stake smart-contract platform; native asset ETH is used for transaction fees and staking; the network hosts DeFi protocols ranging from permissible to clearly impermissible (interest-based lending).", "detail": "The asset itself carries no interest; the ecosystem includes impermissible uses, which scholars generally rule do not contaminate holding the base asset.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Permissive position", "position": "ETH is permissible digital property; protocol staking can be permissible as validation income.", "url": null, "note": null }, { "source": "Prohibitive position", "position": "Cryptocurrency broadly fails on gharar and speculation; staking yield resembles return on loaned capital.", "url": null, "note": null } ], "sources": [ { "label": "Is crypto halal? (HalalWallet)", "url": "/is-crypto-halal", "external": false }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is cryptocurrency halal? (HalalWallet guide)", "url": "/is-crypto-halal", "external": false } ], "faqs": [ { "question": "Is staking Ethereum halal?", "answer": "Scholars differ. The permissive analysis treats native protocol staking as payment for validating transactions (a service). Custodial 'staking' programs that lend your ETH are widely treated as impermissible. See our crypto staking verdict for the full breakdown." }, { "question": "If I hold ETH but never stake it, does the staking objection still apply?", "answer": "No — the staking debate is separate from simply holding. If you buy and hold ETH as digital property and never stake it or earn yield, your position rests only on the broader 'is crypto halal' question, where scholars differ. Staking introduces a distinct dispute about whether the reward resembles a return on locked capital." } ] }, { "id": "verdict.etsy-stock", "question": "Is Etsy Stock Halal?", "entityName": "Etsy, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Etsy, Inc. (ETSY) does not pass Shariah screening: interest-bearing debt / market cap is 45.3% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Etsy, Inc. oversees online retail platforms designed to link independent merchants with a global customer base. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 45.3% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 167, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/etsy-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/etsy-stock.md", "entityType": "stock", "ticker": "ETSY", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Etsy, Inc. oversees online retail platforms designed to link independent merchants with a global customer base. Its primary marketplace is dedicated to unique and handcrafted items, while its Depop division focuses on the resale of apparel. The company's revenue streams largely originate from diverse marketplace fees, such as those for product listings, transactions, and payment processing, as well as from advertising services and optional seller utilities like shipping labels. Furthermore, Etsy", "detail": "Interest income only — verify other impermissible revenue lines in the 10-K", "impermissibleRevenuePct": 1.5 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 45.3, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 21.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.5, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/ETSY/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Etsy, Inc. (ETSY) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 45.3% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ETSY latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Etsy%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Etsy, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Etsy%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ETSY Shariah compliance", "url": "https://zoya.finance/stocks/etsy", "external": true }, { "label": "Musaffa — ETSY", "url": "https://musaffa.com/stock/ETSY/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Etsy, Inc. (ETSY) stock halal?", "answer": "No. Etsy, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Etsy, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 45.3% of market cap (limit < 30%); cash plus interest-bearing securities is 21.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Etsy, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 45.3, "cashPct": 21.6, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 45.3, "cashPct": 21.6, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 111.3, "cashPct": 53.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.exelon-stock", "question": "Is Exelon Stock Halal?", "entityName": "Exelon Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Exelon Corporation (EXC) does not pass Shariah screening: interest-bearing debt / market cap is 108.0% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Exelon Corporation, a utility holding company established in 1999 and headquartered in Chicago, Illinois, operates across the United States and Canada. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 108.0% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 172, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/exelon-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/exelon-stock.md", "entityType": "stock", "ticker": "EXC", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Exelon Corporation, a utility holding company established in 1999 and headquartered in Chicago, Illinois, operates across the United States and Canada. The company primarily focuses on the generation, delivery, and marketing of energy. It maintains a diverse portfolio of power production facilities, utilizing nuclear, fossil fuel, wind, hydroelectric, biomass, and solar technologies. Exelon engages in the sale of electricity to both wholesale and retail clients, while also providing natural gas,", "detail": "Interest income not separately material in the annual filing (Exelon Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 108, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Exelon Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/EXC/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Exelon Corporation (EXC) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 108% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "EXC latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Exelon%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Exelon Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Exelon%20Corporation&type=10-K", "external": true }, { "label": "Zoya — EXC Shariah compliance", "url": "https://zoya.finance/stocks/exc", "external": true }, { "label": "Musaffa — EXC", "url": "https://musaffa.com/stock/EXC/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Exelon Corporation (EXC) stock halal?", "answer": "No. Exelon Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Exelon Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 108.0% of market cap (limit < 30%); cash plus interest-bearing securities is 2.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Exelon Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 108, "cashPct": 2.7, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 108, "cashPct": 2.7, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 43.4, "cashPct": 1.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.expedia-group-stock", "question": "Is Expedia Stock Halal?", "entityName": "Expedia Group, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Expedia Group, Inc. (EXPE) does not pass Shariah screening: cash + interest-bearing securities / market cap is 31.2% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Expedia Group, Inc. operates as a leading online travel company, serving customers both within the United States and across international markets. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): cash + interest-bearing securities / market cap at 31.2% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 174, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/expedia-group-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/expedia-group-stock.md", "entityType": "stock", "ticker": "EXPE", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Expedia Group, Inc. operates as a leading online travel company, serving customers both within the United States and across international markets. The enterprise structures its extensive operations into three primary divisions: Retail, Business-to-Business (B2B), and Trivago. Its comprehensive brand portfolio caters to diverse travel needs. Key retail brands include Brand Expedia, a full-service online travel platform offering localized websites; Hotels.com, specializing in the marketing and dis", "detail": "Interest income $255.0M on $14.73B total revenue (Expedia Group, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.7% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.7 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 17.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 31.2, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.7, "thresholdPct": 5, "pass": true, "note": "Interest income $255.0M on $14.73B total revenue (Expedia Group, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.7% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/EXPE/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Expedia Group, Inc. (EXPE) non-compliant: it fails on financial ratios — cash + interest-bearing securities / market cap is 31.2% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "EXPE latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Expedia%20Group%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Expedia Group, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Expedia%20Group%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — EXPE Shariah compliance", "url": "https://zoya.finance/stocks/expe", "external": true }, { "label": "Musaffa — EXPE", "url": "https://musaffa.com/stock/EXPE/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Expedia Group, Inc. (EXPE) stock halal?", "answer": "No. Expedia Group, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Expedia Group, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 17.4% of market cap (limit < 30%); cash plus interest-bearing securities is 31.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Expedia Group, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 17.4, "cashPct": 31.2, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 17.4, "cashPct": 31.2, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 16.9, "cashPct": 30.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.exxon-mobil-stock", "question": "Is Exxon Mobil Stock Halal?", "entityName": "Exxon Mobil Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Exxon Mobil Corporation (XOM) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 7.7% of market cap and cash plus interest-bearing securities 1.4% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETFs SPUS and HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Exxon Mobil is one of the more straightforward large-cap names for Shariah purposes. Its business, producing oil and gas, refining fuels, and making chemicals, is a conventional energy activity that does not appear on AAOIFI's list of prohibited industries, and it does not run an interest-based lending operation. So the analysis comes down to financial ratios, principally how much interest-bearing debt the company carries and how much interest income it earns relative to revenue.\n\nOn those measures ExxonMobil screens favorably. Despite its enormous size, it is relatively low-leverage: FY2025 interest expense was just $603 million against total revenue and other income of $332,238 million and net income of $28,844 million. A company throwing off that much cash with such modest interest expense generally sits comfortably inside the debt thresholds Shariah screens use. Investors who object to fossil fuels on environmental grounds may still choose to avoid it, but that is an ESG preference, not a Shariah prohibition.\n\nThe professional evidence aligns: ExxonMobil is held by both major US Shariah ETFs. SPUS lists it at about 1.74% of the fund as of June 11, 2026, and HLAL's SEC-filed schedule of investments shows a position as of February 28, 2026. When both funds, applying two different index methodologies (S&P Shariah and FTSE Shariah), hold the same stock, that is strong corroboration that it passes professional screens as of those dates. As always, ratio-based compliance is a snapshot, so confirm with a live screener before investing.", "analysisWordCount": 243, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/exxon-mobil-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/exxon-mobil-stock.md", "entityType": "stock", "ticker": "XOM", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Exxon Mobil Corporation is an integrated oil, gas, and chemicals company spanning upstream (oil and gas production), energy products (refining/fuels), chemical products, and specialty products. Per its FY2025 10-K, total revenues and other income were $332,238 million (sales and other operating revenue $323,905 million; income from equity affiliates $5,064 million; other income $3,269 million), and net income attributable to ExxonMobil was $28,844 million.", "detail": "Conventional oil, gas, refining, and chemicals is generally treated as a permissible business activity (it is not on AAOIFI's prohibited-industry list). ExxonMobil does not operate a meaningful interest-based lending business. On leverage, the company is comparatively low-debt for its size: FY2025 interest expense was only $603 million against $332,238 million of total revenue and $28,844 million of net income, indicating modest interest-bearing debt relative to its scale and market value, which is consistent with its inclusion in the major Shariah ETFs. Any incidental interest income on cash balances would count toward the roughly 5% AAOIFI tolerance but was not separately quantified for this brief (null).", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 7.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.5, "thresholdPct": 5, "pass": true, "note": "Corporate & Financing interest revenue was $1,628M on $332.2B total revenues & other income (FY2025 10-K) = 0.5%." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-11 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "XOM latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Exxon%20Mobil%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "ExxonMobil FY2025 10-K consolidated statement of income (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/34088/000003408826000045/R3.htm", "external": true }, { "label": "ExxonMobil FY2025 10-K (SEC EDGAR primary document)", "url": "https://www.sec.gov/Archives/edgar/data/34088/000003408826000045/xom-20251231.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Exxon Mobil Corporation (XOM) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Exxon Mobil Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Exxon Mobil Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 7.7% of market cap (limit < 30%); cash plus interest-bearing securities is 1.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Exxon Mobil Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Exxon Mobil Corporation is held by SPUS and HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Exxon Mobil Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 7.7, "cashPct": 1.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 7.7, "cashPct": 1.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 10.3, "cashPct": 1.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.fair-isaac-stock", "question": "Is Fair Isaac Stock Halal?", "entityName": "Fair Isaac Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Fair Isaac Corporation (FICO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 13.3% of market cap and cash plus interest-bearing securities 0.8% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Fair Isaac Corporation, also known as FICO, delivers advanced analytics, software solutions, and data management services designed to help businesses optimize, automate, and interconnect their crucial decision-making processes. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 13.3% of market cap, cash plus interest-bearing securities 0.8%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Fair Isaac Corporation FY2025 (fiscal year ended 2025-09-3…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 190, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/fair-isaac-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/fair-isaac-stock.md", "entityType": "stock", "ticker": "FICO", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Fair Isaac Corporation, also known as FICO, delivers advanced analytics, software solutions, and data management services designed to help businesses optimize, automate, and interconnect their crucial decision-making processes. These offerings reach clients across the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. The company operates through two main divisions: Software and Scores. The Software segment provides pre-configured decision management solutions catering to a ", "detail": "Interest income not separately material in the annual filing (Fair Isaac Corporation FY2025 (fiscal year ended 2025-09-30, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0.6 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 13.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Fair Isaac Corporation FY2025 (fiscal year ended 2025-09-30, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/FICO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Fair Isaac Corporation (FICO) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 13.3% of market cap (limit 30%), cash plus interest-bearing securities 0.8% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "FICO latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Fair%20Isaac%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Fair Isaac Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Fair%20Isaac%20Corporation&type=10-K", "external": true }, { "label": "Zoya — FICO Shariah compliance", "url": "https://zoya.finance/stocks/fico", "external": true }, { "label": "Musaffa — FICO", "url": "https://musaffa.com/stock/FICO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Fair Isaac Corporation (FICO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Fair Isaac Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Fair Isaac Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 13.3% of market cap (limit < 30%); cash plus interest-bearing securities is 0.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Fair Isaac Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Fair Isaac Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 13.3, "cashPct": 0.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 13.3, "cashPct": 0.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 177.7, "cashPct": 10.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.fastenal-stock", "question": "Is Fastenal Stock Halal?", "entityName": "Fastenal Company", "verdict": "halal", "verdictLabel": "Halal", "answer": "Fastenal Company (FAST) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 0.2% of market cap and cash plus interest-bearing securities 0.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Fastenal Company, along with its associated entities, operates as a global wholesale supplier of industrial and construction materials, with significant operations throughout North America, including the United States, Canada, and Mexico, and other international markets. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 0.2% of market cap, cash plus interest-bearing securities 0.6%, and filing-verified impermissible income 0.1% (Interest income $5.5M on $8.20B total revenue (Fastenal Company FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.1%…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 198, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/fastenal-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/fastenal-stock.md", "entityType": "stock", "ticker": "FAST", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Fastenal Company, along with its associated entities, operates as a global wholesale supplier of industrial and construction materials, with significant operations throughout North America, including the United States, Canada, and Mexico, and other international markets. Branded as Fastenal, the company offers a comprehensive range of fasteners, such as threaded bolts, nuts, screws, studs, and washers, which are vital for manufacturing processes, building developments, and equipment servicing. B", "detail": "Interest income $5.5M on $8.20B total revenue (Fastenal Company FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.1, "thresholdPct": 5, "pass": true, "note": "Interest income $5.5M on $8.20B total revenue (Fastenal Company FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/FAST/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Fastenal Company (FAST) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 0.2% of market cap (limit 30%), cash plus interest-bearing securities 0.6% (limit 30%), impermissible income 0.1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "FAST latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Fastenal%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Fastenal Company SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Fastenal%20Company&type=10-K", "external": true }, { "label": "Zoya — FAST Shariah compliance", "url": "https://zoya.finance/stocks/fast", "external": true }, { "label": "Musaffa — FAST", "url": "https://musaffa.com/stock/FAST/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Fastenal Company (FAST) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Fastenal Company passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Fastenal Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 0.2% of market cap (limit < 30%); cash plus interest-bearing securities is 0.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Fastenal Company held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Fastenal Company?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.2, "cashPct": 0.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.2, "cashPct": 0.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 2.4, "cashPct": 5.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.fhsa", "question": "Is FHSA Halal?", "entityName": "FHSA", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "The First Home Savings Account combines RRSP-style deductible contributions with TFSA-style tax-free withdrawals for a first home — a powerful tool for Muslims saving toward a halal home purchase. The wrapper is permissible; the ruling follows the holdings. Filled with screened equities or halal ETFs, it's an excellent vehicle to build a down payment for halal home financing.", "analysis": "The First Home Savings Account is the most generous wrapper in the Canadian system — RRSP-style deductible contributions plus TFSA-style tax-free withdrawal for a first home — and the wrapper itself is fully permissible. For a Muslim saving toward a halal home purchase (where the eventual financing will likely be a Murabaha or Musharakah structure with a meaningful down payment), the FHSA is close to purpose-built: it shelters exactly the kind of medium-term, goal-dated saving that down payments require.\n\nThe compliance question is, as with every registered account, the holdings. Banks default FHSA money into savings interest and GICs — riba. The compliant configuration is an FHSA at a brokerage holding screened equities or halal ETFs, with the usual caveat that equity volatility argues for de-risking as the purchase date approaches: in a compliant portfolio that means shifting toward cash (uninvested, non-interest-bearing) rather than toward bonds.\n\nA Muslim household planning a first home within fifteen years should almost certainly open one before any taxable saving: the deduction plus tax-free withdrawal is unmatched, and using it costs nothing in compliance terms once the holdings are right.", "analysisWordCount": 185, "conditions": "Hold Shariah-compliant investments only; avoid the default GIC/savings-interest options banks promote for FHSAs.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/fhsa", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/fhsa.md", "entityType": "service", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Canadian registered account for first-home savings: deductible contributions, tax-free qualified withdrawals; holds cash, GICs, stocks, ETFs.", "detail": "Wrapper-level analysis; the holdings decide the ruling.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Mainstream contemporary position", "position": "Registered account wrappers are neutral; permissibility follows the underlying assets.", "url": null, "note": null }, { "source": "Practical guidance from Canadian advisors", "position": "Advisors note the FHSA's purpose — saving toward a first home — aligns well with avoiding a conventional interest mortgage, but the account stays halal only if it holds screened investments rather than the high-interest savings or GIC options FHSA providers commonly default to.", "url": null, "note": null } ], "sources": [ { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "Canada Revenue Agency — First Home Savings Account", "url": "https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is It Halal? — Quick Reference Hub", "url": "/is-it-halal", "external": false }, { "label": "AMJA (Assembly of Muslim Jurists of America)", "url": "https://www.amjaonline.org", "external": true } ], "faqs": [ { "question": "Can I use an FHSA to save for a halal mortgage down payment?", "answer": "Yes — that's arguably its best use for Muslim buyers: tax-deductible contributions grow tax-free in halal investments, then withdraw tax-free toward a home purchased through halal financing." }, { "question": "Can I pair an FHSA with a halal mortgage like Manzil or EQRAZ?", "answer": "Yes — an FHSA invested in screened assets is a sound way to build a down payment for an Islamic (murabaha or musharaka) mortgage from providers like Manzil or EQRAZ. The tax deduction and tax-free withdrawal for a first home are permissible benefits; just avoid interest-bearing FHSA cash products." } ] }, { "id": "verdict.first-solar-stock", "question": "Is First Solar Stock Halal?", "entityName": "First Solar, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "First Solar, Inc. (FSLR) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 1.5% of market cap and cash plus interest-bearing securities 8.4% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "First Solar, Inc. is a global provider of photovoltaic (PV) solar energy solutions, operating in numerous international markets including the United States, Japan, France, Canada, India, and Australia. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 1.5% of market cap, cash plus interest-bearing securities 8.4%, and filing-verified impermissible income 1.6% (Interest income $81.8M on $5.22B total revenue (First Solar, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 192, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/first-solar-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/first-solar-stock.md", "entityType": "stock", "ticker": "FSLR", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "First Solar, Inc. is a global provider of photovoltaic (PV) solar energy solutions, operating in numerous international markets including the United States, Japan, France, Canada, India, and Australia. The company's primary activity involves the engineering, manufacturing, and sale of cadmium telluride solar modules, which are designed to convert solar radiation directly into electricity. Its clientele is broad, serving system developers and operators, utility companies, independent power produc", "detail": "Interest income $81.8M on $5.22B total revenue (First Solar, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.6% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.6 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 1.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 8.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.6, "thresholdPct": 5, "pass": true, "note": "Interest income $81.8M on $5.22B total revenue (First Solar, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.6% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/FSLR/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates First Solar, Inc. (FSLR) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 1.5% of market cap (limit 30%), cash plus interest-bearing securities 8.4% (limit 30%), impermissible income 1.6% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "FSLR latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=First%20Solar%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "First Solar, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=First%20Solar%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — FSLR Shariah compliance", "url": "https://zoya.finance/stocks/fslr", "external": true }, { "label": "Musaffa — FSLR", "url": "https://musaffa.com/stock/FSLR/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is First Solar, Inc. (FSLR) stock halal?", "answer": "Yes, under our AAOIFI-based methodology First Solar, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does First Solar, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 1.5% of market cap (limit < 30%); cash plus interest-bearing securities is 8.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is First Solar, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from First Solar, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 1.5, "cashPct": 8.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 1.5, "cashPct": 8.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 3.2, "cashPct": 18.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.fmc-stock", "question": "Is FMC Stock Halal?", "entityName": "FMC Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "FMC Corporation (FMC) does not pass Shariah screening: interest-bearing debt / market cap is 307.8% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "FMC Corporation functions as an agricultural science enterprise, delivering products for crop safeguarding, plant wellness, and professional pest and turf management. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 307.8% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 172, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/fmc-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/fmc-stock.md", "entityType": "stock", "ticker": "FMC", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "FMC Corporation functions as an agricultural science enterprise, delivering products for crop safeguarding, plant wellness, and professional pest and turf management. The company is responsible for creating, commercializing, and selling various crop protection chemicals, including insecticides, herbicides, and fungicides, alongside biologicals, crop nutrition supplements, and seed treatment solutions. These innovations are employed in farming to boost harvest quantity and quality by mitigating d", "detail": "Interest income not separately material in the annual filing (FMC Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 307.8, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 26.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (FMC Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/FMC/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates FMC Corporation (FMC) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 307.8% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "FMC latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=FMC%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "FMC Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=FMC%20Corporation&type=10-K", "external": true }, { "label": "Zoya — FMC Shariah compliance", "url": "https://zoya.finance/stocks/fmc", "external": true }, { "label": "Musaffa — FMC", "url": "https://musaffa.com/stock/FMC/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is FMC Corporation (FMC) stock halal?", "answer": "No. FMC Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does FMC Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 307.8% of market cap (limit < 30%); cash plus interest-bearing securities is 26.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is FMC Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 307.8, "cashPct": 26.4, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 307.8, "cashPct": 26.4, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 48.4, "cashPct": 4.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.ford-motor-stock", "question": "Is Ford Motor Stock Halal?", "entityName": "Ford Motor Company", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Ford Motor Company (F) does not pass Shariah screening: interest-bearing debt / market cap is 274.6% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 53.3% against the < 30% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Ford's core business, designing and building trucks, SUVs, vans, and cars, is a permissible activity, so the Shariah question turns almost entirely on its in-house bank. Ford Credit is a conventional captive finance company that lends to retail buyers and dealers and earns interest. In FY2025 it generated $13,271 million of revenue, about 7.1% of Ford's $187,267 million total. That alone is enough to push Ford past the roughly 5% impermissible-revenue tolerance that AAOIFI-style stock screens typically apply.\n\nThe deeper issue is the balance sheet. A captive lender funds its loan book with large amounts of interest-bearing debt, so Ford carries both interest income (on the asset side, through Ford Credit) and heavy interest-bearing borrowings. Most Shariah screens also cap interest-bearing debt relative to market value or assets, and an automaker with a finance arm tends to breach those debt thresholds as well as the revenue test. This is why Ford and General Motors are recurring 'fail' names in halal screening even though making vehicles is permissible.\n\nConsistent with that, Ford is not held by SPUS (S&P 500 Shariah Industry Exclusions, checked June 11, 2026) or by HLAL (FTSE USA Shariah, SEC-filed holdings February 28, 2026). For a Muslim retail investor, the practical takeaway is that the financing segment, not the cars, is the obstacle, and verifying a live screener before any purchase is essential because the precise ratios move each reporting period.", "analysisWordCount": 233, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/ford-motor-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/ford-motor-stock.md", "entityType": "stock", "ticker": "F", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Ford Motor Company designs, manufactures, and sells trucks, SUVs, cars, and commercial vehicles, and operates a captive financing arm. Per its FY2025 10-K, total revenues were $187,267 million, of which the automotive and services businesses (reported as 'Company excluding Ford Credit') generated $173,996 million and Ford Credit generated $13,271 million. Ford reorganized its automotive operations into Ford Blue (gas/hybrid), Ford Model e (electric), and Ford Pro (commercial), alongside Ford Credit. Ford reported a net loss of $8,162 million for 2025.", "detail": "Ford Credit is a conventional captive auto-finance operation that earns interest on retail installment loans, leases, and dealer floorplan financing. Per the FY2025 10-K income statement, Ford Credit revenue was $13,271 million, approximately 7.1% of Ford's $187,267 million total revenue, with $11,121 million of Ford Credit interest, operating, and other expenses. This interest-based financing segment is the principal reason Ford commonly fails Shariah business screens: its revenue share exceeds the roughly 5% impermissible-income tolerance used in AAOIFI-style screening, and Ford also carries substantial interest-bearing debt (the bulk of which funds Ford Credit's receivables). Ford reported $1,254 million of interest expense on Company debt excluding Ford Credit in 2025. The core vehicle-manufacturing business is itself a permissible activity.", "impermissibleRevenuePct": 0.8 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 274.6, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 53.3, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.8, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "F latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Ford%20Motor%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Ford FY2025 10-K consolidated income statement (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/37996/000003799626000015/R3.htm", "external": true }, { "label": "Ford FY2025 10-K (SEC EDGAR primary document)", "url": "https://www.sec.gov/Archives/edgar/data/37996/000003799626000015/f-20251231.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Ford Motor Company (F) stock halal?", "answer": "No. Ford Motor Company fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Ford Motor Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 274.6% of market cap (limit < 30%); cash plus interest-bearing securities is 53.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Ford Motor Company held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Ford Motor Company is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 274.6, "cashPct": 53.3, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 274.6, "cashPct": 53.3, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 55.6, "cashPct": 10.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.forex-trading", "question": "Is Forex Trading Halal?", "entityName": "Forex Trading", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Retail forex trading as commonly practiced is impermissible. Currency exchange (sarf) is permitted in Shariah only with immediate settlement — hand to hand, like for like. Retail platforms violate this through leveraged positions (interest-based broker financing), overnight rollover/swap fees (explicit riba), and contracts that never settle in actual currency delivery. So-called 'Islamic accounts' that waive swap fees address one issue but typically retain leverage and non-delivery, which is why most scholars still prohibit them.", "analysis": "Currency exchange is one of the oldest regulated transactions in Islamic law — sarf — and its rule is strict: exchange must be immediate, hand to hand (or its modern settlement equivalent). Retail forex trading as commonly practiced violates this on multiple counts simultaneously. Positions are leveraged loans from the broker (riba), held open overnight with swap interest charged or credited (riba again), in contracts that never settle into actual currency delivery (violating sarf's immediacy), with a use-pattern that is pure price speculation (maysir). The majority scholarly position is unambiguous: retail margin forex is impermissible.\n\n\"Islamic\" or swap-free forex accounts remove the overnight interest charge, and brokers market them heavily to Muslim traders. Most scholars who have examined them remain unconvinced: the leverage is still a loan, the contracts still don't settle, and the swap fee often reappears as a widened spread or admin fee. A minority view accepts swap-free spot trading without leverage, which describes almost no retail forex activity in practice.\n\nGenuine currency needs — converting money for travel, remittances, or business — are fully permissible at spot. It is the leveraged speculation product that fails, not currency exchange itself.", "analysisWordCount": 192, "conditions": null, "purificationNote": "Currency exchange for genuine need (travel, remittance, business) at spot rates is fully permissible — the prohibition targets leveraged speculative trading, not exchanging money.", "url": "https://www.halalwallet.ca/is-it-halal/forex-trading", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/forex-trading.md", "entityType": "service", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": false, "activity": "Speculative trading of currency pairs through leveraged retail platforms (CFDs/margin FX).", "detail": "AAOIFI Shariah Standard No. 1 governs currency trading: spot settlement is required; deferred or leveraged currency exchange is riba al-nasi'ah.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "AAOIFI Shariah Standard No. 1 (Trading in Currencies)", "position": "Currency exchange requires immediate settlement; deferral and leverage render it impermissible.", "url": "https://aaoifi.com", "note": null }, { "source": "Broad contemporary consensus", "position": "Leveraged retail forex is impermissible; 'swap-free' accounts do not cure leverage and non-delivery.", "url": null, "note": null } ], "sources": [ { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "OIC International Islamic Fiqh Academy resolutions", "url": "https://iifa-aifi.org/en", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is It Halal? — Quick Reference Hub", "url": "/is-it-halal", "external": false }, { "label": "AMJA (Assembly of Muslim Jurists of America)", "url": "https://www.amjaonline.org", "external": true } ], "faqs": [ { "question": "Are 'Islamic' or swap-free forex accounts halal?", "answer": "Removing overnight swap fees addresses one riba element, but the accounts still rely on leverage (broker financing) and contracts with no actual currency delivery. Most scholars therefore prohibit them too." }, { "question": "Is exchanging currency for travel halal?", "answer": "Yes — spot exchange at the current rate with immediate settlement is fully permissible sarf." } ] }, { "id": "verdict.fortinet-stock", "question": "Is Fortinet Stock Halal?", "entityName": "Fortinet, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Fortinet, Inc. (FTNT) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 0.5% of market cap and cash plus interest-bearing securities 3.1% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 0.5% of market cap, cash plus interest-bearing securities 3.1%, and filing-verified impermissible income 2.4% (Interest income $162.3M on $6.80B total revenue (Fortinet, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.4%…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 191, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/fortinet-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/fortinet-stock.md", "entityType": "stock", "ticker": "FTNT", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. At its core, the company offers FortiGate, a powerful platform combining hardware and software licenses that provides a comprehensive suite of security and networking functionalities. This includes firewall capabilities, intrusion prevention, anti-malware defense, virtual private network", "detail": "Interest income $162.3M on $6.80B total revenue (Fortinet, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.4% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 2.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 2.4, "thresholdPct": 5, "pass": true, "note": "Interest income $162.3M on $6.80B total revenue (Fortinet, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.4% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/FTNT/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Fortinet, Inc. (FTNT) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 0.5% of market cap (limit 30%), cash plus interest-bearing securities 3.1% (limit 30%), impermissible income 2.4% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "FTNT latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Fortinet%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Fortinet, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Fortinet%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — FTNT Shariah compliance", "url": "https://zoya.finance/stocks/ftnt", "external": true }, { "label": "Musaffa — FTNT", "url": "https://musaffa.com/stock/FTNT/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Fortinet, Inc. (FTNT) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Fortinet, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Fortinet, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 0.5% of market cap (limit < 30%); cash plus interest-bearing securities is 3.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Fortinet, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Fortinet, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.5, "cashPct": 3.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.5, "cashPct": 3.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 5, "cashPct": 33.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.fox-stock", "question": "Is Fox Stock Halal?", "entityName": "Fox Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Fox Corporation (FOX) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 25.6% of market cap and cash plus interest-bearing securities 13.9% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Fox Corporation is a prominent media conglomerate primarily focused on news, sports, and entertainment operations within the United States. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 25.6% of market cap, cash plus interest-bearing securities 13.9%, and filing-verified impermissible income 1.1% (Interest income $176.0M on $16.30B total revenue (Fox Corporation FY2025 (fiscal year ended 2025-06-30, Form 10-K)) = 1.…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 182, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/fox-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/fox-stock.md", "entityType": "stock", "ticker": "FOX", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Fox Corporation is a prominent media conglomerate primarily focused on news, sports, and entertainment operations within the United States. Its business is structured across three main divisions: Cable Network Programming; Television; and a segment encompassing Other, Corporate, and Eliminations. The Cable Network Programming division is responsible for creating and licensing news, business news, and sports content. This content is then disseminated across the U.S. through both traditional and v", "detail": "Interest income $176.0M on $16.30B total revenue (Fox Corporation FY2025 (fiscal year ended 2025-06-30, Form 10-K)) = 1.1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 25.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 13.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.1, "thresholdPct": 5, "pass": true, "note": "Interest income $176.0M on $16.30B total revenue (Fox Corporation FY2025 (fiscal year ended 2025-06-30, Form 10-K)) = 1.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/FOX/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Fox Corporation (FOX) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 25.6% of market cap (limit 30%), cash plus interest-bearing securities 13.9% (limit 30%), impermissible income 1.1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "FOX latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Fox%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Fox Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Fox%20Corporation&type=10-K", "external": true }, { "label": "Zoya — FOX Shariah compliance", "url": "https://zoya.finance/stocks/fox", "external": true }, { "label": "Musaffa — FOX", "url": "https://musaffa.com/stock/FOX/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Fox Corporation (FOX) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Fox Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Fox Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 25.6% of market cap (limit < 30%); cash plus interest-bearing securities is 13.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Fox Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Fox Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 25.6, "cashPct": 13.9, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 25.6, "cashPct": 13.9, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 30.3, "cashPct": 16.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.franco-nevada-stock", "question": "Is Franco-Nevada Stock Halal?", "entityName": "Franco-Nevada Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Franco-Nevada Corporation (FNV.TO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 0.0% of market cap and cash plus interest-bearing securities 1.8% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Franco-Nevada Corporation operates as a specialized royalty and streaming company, predominantly focused on gold. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 0.0% of market cap, cash plus interest-bearing securities 1.8%, and filing-verified impermissible income 1.5% (Interest income $28.7M on $1.85B total revenue (Franco-Nevada Corporation FY2025 (fiscal year ended 2025-12-31, annual r…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 176, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/franco-nevada-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/franco-nevada-stock.md", "entityType": "stock", "ticker": "FNV.TO", "exchange": "TSX", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Franco-Nevada Corporation operates as a specialized royalty and streaming company, predominantly focused on gold. The firm maintains a global presence, with operations spanning Latin America, the United States, Canada, and other international regions. Its business activities are structured into two distinct divisions: Mining and Energy. The company strategically manages a diverse portfolio, emphasizing precious metals such as gold, silver, and platinum group metals, alongside energy commodities ", "detail": "Interest income $28.7M on $1.85B total revenue (Franco-Nevada Corporation FY2025 (fiscal year ended 2025-12-31, annual report (SEDAR+))) = 1.5% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.5 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.5, "thresholdPct": 5, "pass": true, "note": "Interest income $28.7M on $1.85B total revenue (Franco-Nevada Corporation FY2025 (fiscal year ended 2025-12-31, annual report (SEDAR+))) = 1.5% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/FNV.TO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Franco-Nevada Corporation (FNV.TO) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 0% of market cap (limit 30%), cash plus interest-bearing securities 1.8% (limit 30%), impermissible income 1.5% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "FNV.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Franco-Nevada Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Franco-Nevada%20Corporation&type=10-K", "external": true }, { "label": "Musaffa — FNV.TO", "url": "https://musaffa.com/stock/FNV.TO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Franco-Nevada Corporation (FNV.TO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Franco-Nevada Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Franco-Nevada Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 0.0% of market cap (limit < 30%); cash plus interest-bearing securities is 1.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Franco-Nevada Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Franco-Nevada Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0, "cashPct": 1.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0, "cashPct": 1.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 0, "cashPct": 8.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.freeport-mcmoran-stock", "question": "Is Freeport-McMoRan Stock Halal?", "entityName": "Freeport-McMoRan Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Freeport-McMoRan Inc. (FCX) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 9.6% of market cap and cash plus interest-bearing securities 4.1% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Freeport-McMoRan Inc. is a prominent mining enterprise conducting extensive operations across North America, South America, and Indonesia. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 9.6% of market cap, cash plus interest-bearing securities 4.1%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Freeport-McMoRan Inc. FY2025 (fiscal year ended 2025-12-31…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 179, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/freeport-mcmoran-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/freeport-mcmoran-stock.md", "entityType": "stock", "ticker": "FCX", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Freeport-McMoRan Inc. is a prominent mining enterprise conducting extensive operations across North America, South America, and Indonesia. The company primarily focuses on the exploration and extraction of key mineral resources such as copper, gold, molybdenum, and silver, alongside other valuable metals. Additionally, it maintains a significant presence in the oil and gas sector. Its diverse portfolio of assets features the notable Grasberg minerals district in Indonesia; numerous sites in the ", "detail": "Interest income not separately material in the annual filing (Freeport-McMoRan Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0.9 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 9.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 4.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Freeport-McMoRan Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/FCX/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Freeport-McMoRan Inc. (FCX) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 9.6% of market cap (limit 30%), cash plus interest-bearing securities 4.1% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "FCX latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Freeport-McMoRan%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Freeport-McMoRan Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Freeport-McMoRan%20Inc.&type=10-K", "external": true }, { "label": "Zoya — FCX Shariah compliance", "url": "https://zoya.finance/stocks/fcx", "external": true }, { "label": "Musaffa — FCX", "url": "https://musaffa.com/stock/FCX/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Freeport-McMoRan Inc. (FCX) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Freeport-McMoRan Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Freeport-McMoRan Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 9.6% of market cap (limit < 30%); cash plus interest-bearing securities is 4.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Freeport-McMoRan Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Freeport-McMoRan Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 9.6, "cashPct": 4.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 9.6, "cashPct": 4.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 16, "cashPct": 6.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.gamestop-stock", "question": "Is GameStop Stock Halal?", "entityName": "GameStop Corp.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "GameStop Corp. (GME) does not pass Shariah screening: interest-bearing debt / market cap is 42.7% against the < 30% limit (data as of 2026-05-02), and cash + interest-bearing securities / market cap is 85.7% against the < 30% limit (data as of 2026-05-02), and impermissible income / total revenue is 7.5% against the < 5% limit (data as of 2026-05-02). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "GameStop is an unusual 'is it halal?' case because the problem is not what the company does — it is how the company is capitalized. GameStop's actual business, selling video games, hardware, collectibles, and electronics through stores and online, is permissible retail and clears the business-activity screen without issue.\n\nWhere it fails is the financial-ratio screens, and the cause is its post-2021 balance sheet. During the meme-stock era GameStop raised billions of dollars by issuing new shares and now sits on an enormous pile of cash and marketable securities relative to the size of its operating business. On our screen, cash plus interest-bearing securities is about 86% of market capitalization — nearly three times the 30% AAOIFI limit — its debt ratio is also above the limit, and the interest income earned on that cash hoard runs around 7.5% of revenue, above the 5% threshold. Any one of these would flag the stock; together they make it clearly non-compliant.\n\nThis is why Zoya, Musaffa, and Amal Invest all classify GameStop as not Shariah-compliant. It is a useful reminder that a permissible business can still fail screening on its financials — in GameStop's case, because so much of its market value is now interest-bearing cash rather than the retail operation itself. Muslim investors looking for retail or consumer exposure should use a screener to find names that pass on both the business and the financial tests.", "analysisWordCount": 235, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/gamestop-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/gamestop-stock.md", "entityType": "stock", "ticker": "GME", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-05-02", "businessScreen": { "pass": true, "activity": "GameStop Corp. is a specialty retailer of video games, gaming hardware, collectibles, and consumer electronics, operating physical stores and e-commerce in the US and internationally. Retailing games and electronics is itself a permissible business activity.", "detail": "GameStop's retail business activity is permissible — the stock fails on the financial-ratio screens, not the business screen. After raising several billion dollars through equity issuance, GameStop holds a very large cash and marketable-securities position: cash plus interest-bearing securities is roughly 86% of market capitalization, far above the 30% AAOIFI limit. Its debt-to-market-cap ratio is also above the 30% limit, and interest income earned on the large cash pile is around 7.5% of revenue, above the 5% limit. The combination of these breaches is why screeners classify it as non-compliant.", "impermissibleRevenuePct": 7.5 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 42.7, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 85.7, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 7.5, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Zoya", "position": "Classifies GME as NOT Shariah-compliant under its AAOIFI-based methodology; dividends from a non-compliant stock are treated as impermissible income to be purified.", "url": "https://zoya.finance/stocks/gme", "note": null }, { "source": "Musaffa", "position": "Classified NOT HALAL as of December 2025 based on AAOIFI business-activity and financial-ratio screens (report source: 2025 Q3).", "url": "https://musaffa.com/stock/GME", "note": null }, { "source": "Amal Invest", "position": "Rates GME Haram (not Shariah-compliant) as of April 2026 under AAOIFI screening — fails the financial-ratio screen due to debt and interest income.", "url": "https://amalinvest.com/halal-investing/stock/gme", "note": null } ], "sources": [ { "label": "GME latest quarterly filing (balance sheet 2026-05-02)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=GameStop%20Corp.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "GameStop Corp. 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=GME&type=10-K", "external": true }, { "label": "Zoya — GME Shariah compliance status (not compliant)", "url": "https://zoya.finance/stocks/gme", "external": true }, { "label": "Musaffa — GME Shariah status (NOT HALAL, Dec 2025)", "url": "https://musaffa.com/stock/GME", "external": true }, { "label": "Amal Invest — GME Shariah screening (Haram, Apr 2026)", "url": "https://amalinvest.com/halal-investing/stock/gme", "external": true } ], "faqs": [ { "question": "Is GameStop Corp. (GME) stock halal?", "answer": "No. GameStop Corp. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does GameStop Corp. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-02: interest-bearing debt is 42.7% of market cap (limit < 30%); cash plus interest-bearing securities is 85.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is GameStop Corp. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-05-02", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 42.7, "cashPct": 85.7, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 42.7, "cashPct": 85.7, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 38, "cashPct": 76.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.general-motors-stock", "question": "Is General Motors Stock Halal?", "entityName": "General Motors Company", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "General Motors Company (GM) does not pass Shariah screening: interest-bearing debt / market cap is 175.9% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 33.6% against the < 30% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "General Motors tells the same story as Ford. Building vehicles is permissible, but GM owns GM Financial, a full conventional auto lender that earns interest on car loans, leases, and dealer financing. In FY2025 GM Financial produced $17,048 million of revenue, roughly 9.2% of GM's $185,019 million total, an even larger finance share than Ford's. That comfortably exceeds the approximately 5% impermissible-revenue ceiling used in AAOIFI-style screens.\n\nAs with any automaker that owns a captive bank, the debt side compounds the problem. GM Financial funds its loan and lease book with substantial interest-bearing borrowings, so GM tends to fail the interest-bearing-debt ratio tests that Shariah screens apply in addition to the revenue test. The result is that GM, like Ford, is a consistent screening failure despite a permissible manufacturing core.\n\nGM is not held by SPUS (checked June 11, 2026) or HLAL (SEC-filed holdings, February 28, 2026). A Muslim investor attracted to the auto sector should understand that the financing arm is the disqualifier, and that pure-play suppliers or manufacturers without large captive lenders are more likely to pass. Always confirm with a current screener, since the exact ratios shift each period.", "analysisWordCount": 192, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/general-motors-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/general-motors-stock.md", "entityType": "stock", "ticker": "GM", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "General Motors designs, manufactures, and sells trucks, SUVs, cars, and automobile parts globally, and operates GM Financial, its wholly owned captive auto-finance subsidiary. Per its FY2025 10-K, total net sales and revenue were $185,019 million, of which automotive revenue was approximately $167,971 million (US $138,108 million and non-US $29,863 million) and GM Financial generated $17,048 million.", "detail": "GM Financial is a conventional captive finance business that earns interest on retail auto loans, leases, and dealer commercial lending. Per the FY2025 10-K geographic/segment disclosure, GM Financial revenue was $17,048 million, approximately 9.2% of GM's $185,019 million total net sales and revenue, up from $15,836 million in 2024. This interest-based finance segment, together with the large interest-bearing debt that funds its receivables portfolio, is the principal reason GM commonly fails Shariah business and financial-ratio screens (its finance-revenue share is well above the roughly 5% impermissible-income tolerance). The underlying vehicle-manufacturing business is a permissible activity.", "impermissibleRevenuePct": 0.5 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 175.9, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 33.6, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.5, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "GM latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=General%20Motors%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "GM FY2025 10-K GM Financial revenue / segment geographic detail (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/R116.htm", "external": true }, { "label": "GM FY2025 10-K (SEC EDGAR primary document)", "url": "https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is General Motors Company (GM) stock halal?", "answer": "No. General Motors Company fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does General Motors Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 175.9% of market cap (limit < 30%); cash plus interest-bearing securities is 33.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is General Motors Company held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, General Motors Company is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 175.9, "cashPct": 33.6, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 175.9, "cashPct": 33.6, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 45.5, "cashPct": 8.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.gics", "question": "Is GICs (Guaranteed Investment Certificates) Halal?", "entityName": "GICs (Guaranteed Investment Certificates)", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "A GIC is a loan to the bank repaid with guaranteed interest — the textbook definition of riba al-nasi'ah. The guarantee of principal plus a stipulated return is precisely what Shariah prohibits, regardless of term length or rate. 'Market-linked' GICs that guarantee principal and pay equity-linked returns still rest on an interest-bearing deposit structure and fail screens as well.", "analysis": "A Guaranteed Investment Certificate is the textbook case of riba al-nasi'ah: you lend the bank a principal sum, the bank guarantees its return plus a stipulated percentage, and the \"investment\" consists entirely of that guaranteed increase. Every element scholars examine — guaranteed principal, predetermined return, no shared risk in any productive venture — lands on the prohibited side. There is no scholarly position that permits conventional GICs, and \"market-linked\" GICs don't escape: the guaranteed floor is still a loan with increase, with extra gharar layered on the upside formula.\n\nThe honest difficulty is that GICs solve a real problem — capital-guaranteed short-term saving — for which compliant Canadian alternatives are thin. The genuine substitutes are structural: non-interest cash for true safety (accepting inflation as the cost of the ruling), sukuk funds where accessible for modest yield with asset backing, and halal equity funds only for money that can tolerate drawdowns.\n\nIf you hold GICs now: principal is clean, accumulated interest is not — donate it without expectation of reward at maturity, and don't roll over. The renewal notice is the moment the ruling becomes actionable.", "analysisWordCount": 185, "conditions": null, "purificationNote": "Existing GIC holders should not roll over at maturity; dispose of interest received to charity without expecting reward and move principal to compliant alternatives.", "url": "https://www.halalwallet.ca/is-it-halal/gics", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/gics.md", "entityType": "service", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": false, "activity": "Canadian term deposits paying guaranteed interest, issued by banks and credit unions.", "detail": "Stipulated return on a guaranteed deposit — riba by construction.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Scholarly consensus", "position": "Guaranteed interest on deposits is riba and impermissible.", "url": null, "note": null }, { "source": "AAOIFI Shariah Standards (deposits)", "position": "AAOIFI classifies a guaranteed return on a capital-protected deposit as riba; because a GIC guarantees both principal and a fixed interest rate, it falls squarely within the prohibition with no recognized scholarly dissent.", "url": "https://aaoifi.com", "note": null } ], "sources": [ { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Financial Consumer Agency of Canada", "url": "https://www.canada.ca/en/financial-consumer-agency.html", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is It Halal? — Quick Reference Hub", "url": "/is-it-halal", "external": false }, { "label": "AMJA (Assembly of Muslim Jurists of America)", "url": "https://www.amjaonline.org", "external": true } ], "faqs": [ { "question": "Are market-linked GICs halal?", "answer": "No — although returns track an equity index, the structure remains a guaranteed deposit with the bank, and the principal guarantee plus return formula keeps it within the riba framework. Halal capital-protection needs are better met with screened low-volatility investments." }, { "question": "What's the halal alternative to a GIC?", "answer": "There is no exact halal equivalent of guaranteed interest. The closest compliant options are profit-sharing deposit structures and low-risk screened investments — compared in our bank accounts hub." } ] }, { "id": "verdict.grab-holdings-limited-stock", "question": "Is Grab Stock Halal?", "entityName": "Grab Holdings Limited", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Grab Holdings Limited (GRAB) does not pass Shariah screening: cash + interest-bearing securities / market cap is 47.8% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 7.1% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Grab Holdings Limited operates a leading super-application, providing a wide array of services including transportation, food and package delivery, financial technology solutions, and business support offerings. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): cash + interest-bearing securities / market cap at 47.8% versus the < 30% limit; impermissible income / total revenue at 7.1% versus the < 5% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 168, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/grab-holdings-limited-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/grab-holdings-limited-stock.md", "entityType": "stock", "ticker": "GRAB", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Grab Holdings Limited operates a leading super-application, providing a wide array of services including transportation, food and package delivery, financial technology solutions, and business support offerings. These services are all accessible through a single mobile platform. Its operations span eight Southeast Asian countries, namely Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. The company maintains its corporate headquarters in Singapore.", "detail": "Interest income ~$240M on ~$3.4B revenue (FY2025) ≈ 7.1% — above the 5% limit. (Grab FY2025 filing.)", "impermissibleRevenuePct": 7.1 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 14.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 47.8, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 7.1, "thresholdPct": 5, "pass": false, "note": "Interest income ~$240M on ~$3.4B revenue (FY2025) ≈ 7.1% — above the 5% limit. (Grab FY2025 filing.)" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/GRAB/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Grab Holdings Limited (GRAB) non-compliant: it fails on financial ratios — cash + interest-bearing securities / market cap is 47.8% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "GRAB latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Grab%20Holdings%20Limited&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Grab Holdings Limited SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Grab%20Holdings%20Limited&type=10-K", "external": true }, { "label": "Zoya — GRAB Shariah compliance", "url": "https://zoya.finance/stocks/grab", "external": true }, { "label": "Musaffa — GRAB", "url": "https://musaffa.com/stock/GRAB/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Grab Holdings Limited (GRAB) stock halal?", "answer": "No. Grab Holdings Limited fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Grab Holdings Limited pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 14.9% of market cap (limit < 30%); cash plus interest-bearing securities is 47.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Grab Holdings Limited held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 14.9, "cashPct": 47.8, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 14.9, "cashPct": 47.8, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 16.6, "cashPct": 53.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.gsk-stock", "question": "Is GSK Stock Halal?", "entityName": "GSK plc", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "GSK plc (GSK) does not pass Shariah screening: interest-bearing debt / market cap is 31.8% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "GSK plc, a global pharmaceutical entity founded in 1715 and headquartered in Brentford, United Kingdom, dedicates its efforts to the research, development, and manufacturing of a wide array of medical solutions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 31.8% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 181, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/gsk-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/gsk-stock.md", "entityType": "stock", "ticker": "GSK", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "GSK plc, a global pharmaceutical entity founded in 1715 and headquartered in Brentford, United Kingdom, dedicates its efforts to the research, development, and manufacturing of a wide array of medical solutions. Until May 2022, the company was known as GlaxoSmithKline plc. Its primary objective is to prevent and treat illnesses by producing both vaccines and a comprehensive range of specialty and general medicines for markets across the United Kingdom, the United States, and internationally. The", "detail": "Interest income $56.0M on $32.67B total revenue (GSK plc FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.2% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 31.8, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest income $56.0M on $32.67B total revenue (GSK plc FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.2% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/GSK/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates GSK plc (GSK) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 31.8% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "GSK latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=GSK%20plc&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "GSK plc SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=GSK%20plc&type=10-K", "external": true }, { "label": "Zoya — GSK Shariah compliance", "url": "https://zoya.finance/stocks/gsk", "external": true }, { "label": "Musaffa — GSK", "url": "https://musaffa.com/stock/GSK/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is GSK plc (GSK) stock halal?", "answer": "No. GSK plc fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does GSK plc pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 31.8% of market cap (limit < 30%); cash plus interest-bearing securities is 5.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is GSK plc held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 31.8, "cashPct": 5.7, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 31.8, "cashPct": 5.7, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 30.3, "cashPct": 5.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.halliburton-stock", "question": "Is Halliburton Stock Halal?", "entityName": "Halliburton Company", "verdict": "halal", "verdictLabel": "Halal", "answer": "Halliburton Company (HAL) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 21.6% of market cap and cash plus interest-bearing securities 6.1% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Halliburton Company (HAL) is a global supplier of products and services tailored for the energy sector. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 21.6% of market cap, cash plus interest-bearing securities 6.1%, and filing-verified impermissible income 0.4% (Interest/investment income $88.0M on $22.18B revenue = 0.4% (FMP as-reported XBRL, investmentincomeinterest). Verify no …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 176, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/halliburton-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/halliburton-stock.md", "entityType": "stock", "ticker": "HAL", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Halliburton Company (HAL) is a global supplier of products and services tailored for the energy sector. Its operations are structured into two primary divisions: Completion and Production, and Drilling and Evaluation. The Completion and Production segment focuses on enhancing well output through techniques like stimulation and sand control. It provides cementing services for well integrity, including casing and bonding, alongside a range of specialized downhole completion tools such as intellige", "detail": "Interest/investment income $88.0M on $22.18B revenue = 0.4% (FMP as-reported XBRL, investmentincomeinterest). Verify no other impermissible revenue segments in 10-K. (FY2025 (fiscal year ended 2025-12-31, Form 10-K).)", "impermissibleRevenuePct": 0.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 21.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 6.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.4, "thresholdPct": 5, "pass": true, "note": "Interest/investment income $88.0M on $22.18B revenue = 0.4% (FMP as-reported XBRL, investmentincomeinterest). Verify no other impermissible revenue segments in 10-K. (FY2025 (fiscal year ended 2025-12-31, Form 10-K).)" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/HAL/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Halliburton Company (HAL) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 21.6% of market cap (limit 30%), cash plus interest-bearing securities 6.1% (limit 30%), impermissible income 0.4% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "HAL latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Halliburton%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Halliburton Company SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Halliburton%20Company&type=10-K", "external": true }, { "label": "Zoya — HAL Shariah compliance", "url": "https://zoya.finance/stocks/hal", "external": true }, { "label": "Musaffa — HAL", "url": "https://musaffa.com/stock/HAL/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Halliburton Company (HAL) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Halliburton Company passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Halliburton Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 21.6% of market cap (limit < 30%); cash plus interest-bearing securities is 6.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Halliburton Company held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Halliburton Company?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 21.6, "cashPct": 6.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 21.6, "cashPct": 6.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 28.5, "cashPct": 8, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.hca-healthcare-stock", "question": "Is HCA Healthcare Stock Halal?", "entityName": "HCA Healthcare, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "HCA Healthcare, Inc. (HCA) does not pass Shariah screening: interest-bearing debt / market cap is 55.9% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "HCA Healthcare, Inc., operating through its subsidiaries, delivers a comprehensive array of healthcare services throughout the United States. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 55.9% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 169, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/hca-healthcare-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/hca-healthcare-stock.md", "entityType": "stock", "ticker": "HCA", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "HCA Healthcare, Inc., operating through its subsidiaries, delivers a comprehensive array of healthcare services throughout the United States. The organization manages a network of general and acute care hospitals that provide a full spectrum of medical and surgical care, encompassing inpatient services, intensive care, cardiac treatment, diagnostic procedures, and emergency services. These hospitals additionally offer a broad range of outpatient care, such as ambulatory surgery, laboratory testi", "detail": "Interest income not separately material in the annual filing (HCA Healthcare, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 55.9, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (HCA Healthcare, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/HCA/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates HCA Healthcare, Inc. (HCA) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 55.9% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "HCA latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=HCA%20Healthcare%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "HCA Healthcare, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=HCA%20Healthcare%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — HCA Shariah compliance", "url": "https://zoya.finance/stocks/hca", "external": true }, { "label": "Musaffa — HCA", "url": "https://musaffa.com/stock/HCA/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is HCA Healthcare, Inc. (HCA) stock halal?", "answer": "No. HCA Healthcare, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does HCA Healthcare, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 55.9% of market cap (limit < 30%); cash plus interest-bearing securities is 1.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is HCA Healthcare, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 55.9, "cashPct": 1.1, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 55.9, "cashPct": 1.1, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 78.1, "cashPct": 1.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.henry-schein-stock", "question": "Is Henry Schein Stock Halal?", "entityName": "Henry Schein, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Henry Schein, Inc. (HSIC) does not pass Shariah screening: interest-bearing debt / market cap is 36.8% against the < 30% limit (data as of 2026-03-28). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Henry Schein, Inc. (HSIC) is a global leader in delivering a comprehensive suite of healthcare products and services. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-28): interest-bearing debt / market cap at 36.8% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 169, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/henry-schein-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/henry-schein-stock.md", "entityType": "stock", "ticker": "HSIC", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-28", "businessScreen": { "pass": true, "activity": "Henry Schein, Inc. (HSIC) is a global leader in delivering a comprehensive suite of healthcare products and services. The company caters to a diverse clientele across the globe, including dental professionals and laboratories, physician practices, governmental entities, and various institutional and alternative healthcare facilities. Its operations are organized into two principal segments: Health Care Distribution, and Technology and Value-Added Services. The Health Care Distribution division s", "detail": "Interest income $33.0M on $13.18B total revenue (Henry Schein, Inc. FY2025 (fiscal year ended 2025-12-27, Form 10-K)) = 0.3% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.3 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 36.8, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.3, "thresholdPct": 5, "pass": true, "note": "Interest income $33.0M on $13.18B total revenue (Henry Schein, Inc. FY2025 (fiscal year ended 2025-12-27, Form 10-K)) = 0.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/HSIC/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Henry Schein, Inc. (HSIC) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 36.8% against a 30% limit on 2026-03-28 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "HSIC latest quarterly filing (balance sheet 2026-03-28)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Henry%20Schein%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Henry Schein, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Henry%20Schein%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — HSIC Shariah compliance", "url": "https://zoya.finance/stocks/hsic", "external": true }, { "label": "Musaffa — HSIC", "url": "https://musaffa.com/stock/HSIC/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Henry Schein, Inc. (HSIC) stock halal?", "answer": "No. Henry Schein, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Henry Schein, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-28: interest-bearing debt is 36.8% of market cap (limit < 30%); cash plus interest-bearing securities is 1.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Henry Schein, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-28", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 36.8, "cashPct": 1.5, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 36.8, "cashPct": 1.5, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 30.1, "cashPct": 1.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.hess-stock", "question": "Is Hess Stock Halal?", "entityName": "Hess Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Hess Corporation (HES) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2025-03-31) interest-bearing debt is 18.8% of market cap and cash plus interest-bearing securities 2.9% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Hess Corporation is an integrated energy company involved in the entire lifecycle of hydrocarbon assets. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2025-03-31: interest-bearing debt is 18.8% of market cap, cash plus interest-bearing securities 2.9%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Hess Corporation FY2024 (fiscal year ended 2024-12-31, For…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 177, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/hess-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/hess-stock.md", "entityType": "stock", "ticker": "HES", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2025-03-31", "businessScreen": { "pass": true, "activity": "Hess Corporation is an integrated energy company involved in the entire lifecycle of hydrocarbon assets. Its core business includes the exploration, development, production, acquisition, transportation, and sale of crude oil, natural gas liquids (NGLs), and natural gas. The firm's activities are organized into two primary divisions: Exploration and Production (E&P) and Midstream. Hess conducts production operations across the United States, Guyana, the Malaysia/Thailand Joint Development Area, a", "detail": "Interest income not separately material in the annual filing (Hess Corporation FY2024 (fiscal year ended 2024-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0.9 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 18.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Hess Corporation FY2024 (fiscal year ended 2024-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/HES/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Hess Corporation (HES) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 18.8% of market cap (limit 30%), cash plus interest-bearing securities 2.9% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2025-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "HES latest quarterly filing (balance sheet 2025-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Hess%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Hess Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Hess%20Corporation&type=10-K", "external": true }, { "label": "Zoya — HES Shariah compliance", "url": "https://zoya.finance/stocks/hes", "external": true }, { "label": "Musaffa — HES", "url": "https://musaffa.com/stock/HES/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Hess Corporation (HES) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Hess Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2025-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Hess Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2025-03-31: interest-bearing debt is 18.8% of market cap (limit < 30%); cash plus interest-bearing securities is 2.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Hess Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Hess Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2025-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 18.8, "cashPct": 2.9, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 18.8, "cashPct": 2.9, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 32, "cashPct": 4.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.hewlett-packard-enterprise-stock", "question": "Is Hewlett Packard Enterprise Stock Halal?", "entityName": "Hewlett Packard Enterprise Company", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Hewlett Packard Enterprise Company (HPE) does not pass Shariah screening: interest-bearing debt / market cap is 33.3% against the < 30% limit (data as of 2026-04-30). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Hewlett Packard Enterprise (HPE) is a global technology firm that provides comprehensive solutions, empowering clients across the Americas, Europe, the Middle East, Africa, Asia Pacific, and Japan to efficiently capture, analyze, and utilize their data. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-04-30): interest-bearing debt / market cap at 33.3% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 186, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/hewlett-packard-enterprise-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/hewlett-packard-enterprise-stock.md", "entityType": "stock", "ticker": "HPE", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-04-30", "businessScreen": { "pass": true, "activity": "Hewlett Packard Enterprise (HPE) is a global technology firm that provides comprehensive solutions, empowering clients across the Americas, Europe, the Middle East, Africa, Asia Pacific, and Japan to efficiently capture, analyze, and utilize their data. The company's diverse product range features adaptable servers for various computing demands, including general-purpose, workload-optimized, and specific lines like HPE ProLiant rack and tower servers, HPE BladeSystem, and HPE Synergy. HPE also o", "detail": "Not determinative — fails AAOIFI debt ratio (33.3% of market cap). Interest income immaterial.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 33.3, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 8.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": true, "note": "Not determinative — fails AAOIFI debt ratio (33.3% of market cap). Interest income immaterial." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/HPE/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Hewlett Packard Enterprise Company (HPE) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 33.3% against a 30% limit on 2026-04-30 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "HPE latest quarterly filing (balance sheet 2026-04-30)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Hewlett%20Packard%20Enterprise%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Hewlett Packard Enterprise Company SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Hewlett%20Packard%20Enterprise%20Company&type=10-K", "external": true }, { "label": "Zoya — HPE Shariah compliance", "url": "https://zoya.finance/stocks/hpe", "external": true }, { "label": "Musaffa — HPE", "url": "https://musaffa.com/stock/HPE/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Hewlett Packard Enterprise Company (HPE) stock halal?", "answer": "No. Hewlett Packard Enterprise Company fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Hewlett Packard Enterprise Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 33.3% of market cap (limit < 30%); cash plus interest-bearing securities is 8.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Hewlett Packard Enterprise Company held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-04-30", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 33.3, "cashPct": 8.3, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 33.3, "cashPct": 8.3, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 26.7, "cashPct": 6.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.high-yield-savings-accounts", "question": "Is High-Yield Savings Accounts Halal?", "entityName": "High-Yield Savings Accounts", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "A high-yield savings account pays interest on deposited money — that is riba by definition, and the rate being attractive does not change the ruling. Donating the interest does not make earning it permissible; the near-unanimous guidance is to avoid interest-bearing accounts and, where interest has already accrued, dispose of it to charity without expecting reward. Compliant alternatives exist, including profit-sharing deposit structures.", "analysis": "A high-yield savings account is the least ambiguous product in consumer finance from a Shariah perspective: you deposit money, the bank guarantees your principal and pays you a stipulated return on it. That is the definition of riba al-nasi'ah — a guaranteed increase on a loan — and the attractiveness of the rate has no bearing on the ruling. There is no scholarly position that permits earning conventional savings interest, and the \"necessity\" arguments that exist for insurance or housing have no application here, because not earning interest deprives you of nothing you need.\n\nWhat Muslims actually need from a savings vehicle — capital preservation plus some return — has legitimate analogues: Shariah-compliant money market alternatives, sukuk funds, halal ETFs for longer horizons, and profit-sharing deposit accounts where Islamic banks operate. In the U.S. and Canada the practical default for an emergency fund is simply a non-interest checking account; the forgone yield is the cost of the ruling, and it is usually smaller than it feels.\n\nIf you currently hold a HYSA: the principal is yours and clean. The accumulated interest is not — donate it to charity without expectation of reward, and redirect the balance to a compliant vehicle at your convenience.", "analysisWordCount": 203, "conditions": null, "purificationNote": "Interest already accrued must not be kept or personally benefited from; give it to charity without expecting spiritual reward, and move the funds to a compliant account.", "url": "https://www.halalwallet.ca/is-it-halal/high-yield-savings-accounts", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/high-yield-savings-accounts.md", "entityType": "service", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": false, "activity": "Bank deposit accounts paying elevated interest rates on balances.", "detail": "Interest on a guaranteed deposit is riba al-nasi'ah — the textbook case.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Scholarly consensus", "position": "Stipulated interest on deposits is riba and impermissible to earn deliberately.", "url": null, "note": null }, { "source": "AAOIFI Shariah Standards (deposits)", "position": "Under AAOIFI standards a deposit that guarantees principal plus a stipulated yield is a loan that returns more than was lent — the textbook definition of riba — so a high-yield savings account is impermissible to hold for its interest, distinct from a fee-free transactional account.", "url": "https://aaoifi.com", "note": null } ], "sources": [ { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Halal savings accounts (HalalWallet)", "url": "/halal-savings-accounts", "external": false }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is It Halal? — Quick Reference Hub", "url": "/is-it-halal", "external": false }, { "label": "AMJA (Assembly of Muslim Jurists of America)", "url": "https://www.amjaonline.org", "external": true } ], "faqs": [ { "question": "What if I donate all the interest to charity?", "answer": "Earning interest remains haram regardless of disposal — donation is the required cleanup for interest already received, not a license to keep earning it. Move to a non-interest or profit-sharing account." }, { "question": "What halal alternatives exist for parking cash?", "answer": "Non-interest checking, Shariah-compliant savings structures (profit-sharing/mudarabah-based), and halal money-market alternatives — compared in our halal savings guide." } ] }, { "id": "verdict.hilton-worldwide-holdings-stock", "question": "Is Hilton Worldwide Stock Halal?", "entityName": "Hilton Worldwide Holdings Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Hilton Worldwide Holdings Inc. (HLT) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 15.7% of market cap and cash plus interest-bearing securities 0.8% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Hilton Worldwide Holdings Inc. operates as a prominent global hospitality enterprise, focusing on the management, franchising, and leasing of hotel and resort properties. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 15.7% of market cap, cash plus interest-bearing securities 0.8%, and filing-verified impermissible income — (Net other expense; interest income immaterial vs $12.0B revenue. (Hilton FY2025 10-K.)…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 180, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/hilton-worldwide-holdings-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/hilton-worldwide-holdings-stock.md", "entityType": "stock", "ticker": "HLT", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Hilton Worldwide Holdings Inc. operates as a prominent global hospitality enterprise, focusing on the management, franchising, and leasing of hotel and resort properties. Its business model is primarily structured around two main divisions: the Management and Franchise segment, and the Ownership segment. A significant part of its activities includes directly overseeing hotel operations and permitting the use of its distinctive brand names, trademarks, and service marks through licensing agreemen", "detail": "Net other expense; interest income immaterial vs $12.0B revenue. (Hilton FY2025 10-K.)", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 15.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": true, "note": "Net other expense; interest income immaterial vs $12.0B revenue. (Hilton FY2025 10-K.)" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/HLT/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Hilton Worldwide Holdings Inc. (HLT) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 15.7% of market cap (limit 30%), cash plus interest-bearing securities 0.8% (limit 30%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "HLT latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Hilton%20Worldwide%20Holdings%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Hilton Worldwide Holdings Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Hilton%20Worldwide%20Holdings%20Inc.&type=10-K", "external": true }, { "label": "Zoya — HLT Shariah compliance", "url": "https://zoya.finance/stocks/hlt", "external": true }, { "label": "Musaffa — HLT", "url": "https://musaffa.com/stock/HLT/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Hilton Worldwide Holdings Inc. (HLT) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Hilton Worldwide Holdings Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Hilton Worldwide Holdings Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 15.7% of market cap (limit < 30%); cash plus interest-bearing securities is 0.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Hilton Worldwide Holdings Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Hilton Worldwide Holdings Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 15.7, "cashPct": 0.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 15.7, "cashPct": 0.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 75.4, "cashPct": 3.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.honeywell-international-stock", "question": "Is Honeywell International Stock Halal?", "entityName": "Honeywell International Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Honeywell International Inc. (HON) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 26.3% of market cap and cash plus interest-bearing securities 8.9% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Honeywell International Inc. functions as a global leader in diversified technology and manufacturing. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 26.3% of market cap, cash plus interest-bearing securities 8.9%, and filing-verified impermissible income 1.0% (Interest income $369.0M on $37.44B total revenue (Honeywell International Inc. FY2025 (fiscal year ended 2025-12-31, For…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 175, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/honeywell-international-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/honeywell-international-stock.md", "entityType": "stock", "ticker": "HON", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Honeywell International Inc. functions as a global leader in diversified technology and manufacturing. Its Aerospace division furnishes a comprehensive array of products and services for the aviation and space industries. This includes crucial components like auxiliary power units, propulsion systems, integrated avionics, environmental control mechanisms, and electrical power solutions. The segment also supplies engine controls, flight safety systems, communication and navigation hardware, and a", "detail": "Interest income $369.0M on $37.44B total revenue (Honeywell International Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 26.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 8.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1, "thresholdPct": 5, "pass": true, "note": "Interest income $369.0M on $37.44B total revenue (Honeywell International Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/HON/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Honeywell International Inc. (HON) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 26.3% of market cap (limit 30%), cash plus interest-bearing securities 8.9% (limit 30%), impermissible income 1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "HON latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Honeywell%20International%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Honeywell International Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Honeywell%20International%20Inc.&type=10-K", "external": true }, { "label": "Zoya — HON Shariah compliance", "url": "https://zoya.finance/stocks/hon", "external": true }, { "label": "Musaffa — HON", "url": "https://musaffa.com/stock/HON/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Honeywell International Inc. (HON) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Honeywell International Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Honeywell International Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 26.3% of market cap (limit < 30%); cash plus interest-bearing securities is 8.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Honeywell International Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Honeywell International Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 26.3, "cashPct": 8.9, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 26.3, "cashPct": 8.9, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 49.7, "cashPct": 16.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.hubspot-stock", "question": "Is HubSpot Stock Halal?", "entityName": "HubSpot, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "HubSpot, Inc. (HUBS) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 2.6% of market cap and cash plus interest-bearing securities 17.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "HubSpot, Inc. offers an expansive, cloud-hosted customer relationship management (CRM) platform, catering to businesses across the Americas, Europe, and the Asia Pacific. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 2.6% of market cap, cash plus interest-bearing securities 17.6%, and filing-verified impermissible income 2.1% (Interest income $66.2M on $3.13B total revenue (HubSpot, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.1% —…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 186, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/hubspot-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/hubspot-stock.md", "entityType": "stock", "ticker": "HUBS", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "HubSpot, Inc. offers an expansive, cloud-hosted customer relationship management (CRM) platform, catering to businesses across the Americas, Europe, and the Asia Pacific. This integrated system features fundamental modules for marketing, sales, customer service, and content management. Additionally, the platform is equipped with a wide array of specialized tools to optimize operations, such as search engine optimization (SEO), blogging, website management, instant messaging, AI-driven chatbots, ", "detail": "Interest income $66.2M on $3.13B total revenue (HubSpot, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 2.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 2.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 17.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 2.1, "thresholdPct": 5, "pass": true, "note": "Interest income $66.2M on $3.13B total revenue (HubSpot, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/HUBS/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates HubSpot, Inc. (HUBS) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 2.6% of market cap (limit 30%), cash plus interest-bearing securities 17.6% (limit 30%), impermissible income 2.1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "HUBS latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=HubSpot%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "HubSpot, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=HubSpot%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — HUBS Shariah compliance", "url": "https://zoya.finance/stocks/hubs", "external": true }, { "label": "Musaffa — HUBS", "url": "https://musaffa.com/stock/HUBS/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is HubSpot, Inc. (HUBS) stock halal?", "answer": "Yes, under our AAOIFI-based methodology HubSpot, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does HubSpot, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 2.6% of market cap (limit < 30%); cash plus interest-bearing securities is 17.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is HubSpot, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from HubSpot, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 2.6, "cashPct": 17.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 2.6, "cashPct": 17.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 6.5, "cashPct": 44.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.humana-stock", "question": "Is Humana Stock Halal?", "entityName": "Humana Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Humana Inc. (HUM) does not pass Shariah screening: interest-bearing debt / market cap is 30.7% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 48.2% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Humana Inc., a prominent health and well-being enterprise, operates across the United States through its various subsidiary companies. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 30.7% versus the < 30% limit; cash + interest-bearing securities / market cap at 48.2% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 160, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/humana-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/humana-stock.md", "entityType": "stock", "ticker": "HUM", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Humana Inc., a prominent health and well-being enterprise, operates across the United States through its various subsidiary companies. Its operational structure is divided into three main segments: Retail, Group and Specialty, and Healthcare Services. The firm provides a wide array of medical and supplementary insurance plans directly to individual consumers. Furthermore, Humana collaborates with government entities; it holds a contract with the Centers for Medicare and Medicaid Services (CMS) t", "detail": "Interest income not separately material in the annual filing (Humana Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 30.7, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 48.2, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Humana Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/HUM/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Humana Inc. (HUM) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 30.7% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "HUM latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Humana%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Humana Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Humana%20Inc.&type=10-K", "external": true }, { "label": "Zoya — HUM Shariah compliance", "url": "https://zoya.finance/stocks/hum", "external": true }, { "label": "Musaffa — HUM", "url": "https://musaffa.com/stock/HUM/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Humana Inc. (HUM) stock halal?", "answer": "No. Humana Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Humana Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 30.7% of market cap (limit < 30%); cash plus interest-bearing securities is 48.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Humana Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 30.7, "cashPct": 48.2, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 30.7, "cashPct": 48.2, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 25.3, "cashPct": 39.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.illinois-tool-works-stock", "question": "Is Illinois Tool Works Stock Halal?", "entityName": "Illinois Tool Works Inc.", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Illinois Tool Works Inc. (ITW) passes the screens we can compute (data as of 2026-03-31) — interest-bearing debt / market cap 12.4%, cash + interest-bearing securities / market cap 1.1%, impermissible income / total revenue 0.0% — but one screen requires case-by-case judgment.", "analysis": "Illinois Tool Works Inc. is a global enterprise specializing in the production and distribution of a wide array of industrial goods and specialized equipment. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nComputed screens are mixed as of 2026-03-31: debt 12.4%, cash/securities 1.1%, impermissible income pending full filing verification. Treat as conditional until the impermissible-income line is confirmed against the annual report.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not size up until the conditional line is verified against the filing or a screener you trust; the dated ratio table on this page shows exactly what is still open.", "analysisWordCount": 161, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/illinois-tool-works-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/illinois-tool-works-stock.md", "entityType": "stock", "ticker": "ITW", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Illinois Tool Works Inc. is a global enterprise specializing in the production and distribution of a wide array of industrial goods and specialized equipment. The company operates through seven distinct divisions: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM division supplies plastic and metal components, various fastening solutions, and integrated assemblies for automobiles, ligh", "detail": "Interest income not separately material in the annual filing (Illinois Tool Works Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 12.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Illinois Tool Works Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/ITW/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Illinois Tool Works Inc. (ITW) conditional: financial ratios pass (interest-bearing debt 12.4% of market cap (limit 30%), cash plus interest-bearing securities 1.1% (limit 30%), impermissible income 0% of revenue (limit 5%)) on 2026-03-31 figures, but an open business-activity question remains — verify the condition noted on this page against the latest filing before treating it as a clear pass.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ITW latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Illinois%20Tool%20Works%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Illinois Tool Works Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Illinois%20Tool%20Works%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ITW Shariah compliance", "url": "https://zoya.finance/stocks/itw", "external": true }, { "label": "Musaffa — ITW", "url": "https://musaffa.com/stock/ITW/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Illinois Tool Works Inc. (ITW) stock halal?", "answer": "Illinois Tool Works Inc. is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does Illinois Tool Works Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 12.4% of market cap (limit < 30%); cash plus interest-bearing securities is 1.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Illinois Tool Works Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 12.4, "cashPct": 1.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 12.4, "cashPct": 1.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 56.2, "cashPct": 5.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.illumina-stock", "question": "Is Illumina Stock Halal?", "entityName": "Illumina, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Illumina, Inc. (ILMN) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-29) interest-bearing debt is 8.2% of market cap and cash plus interest-bearing securities 4.7% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Illumina, Inc. specializes in delivering advanced genetic and genomic analysis tools, primarily through sequencing and array technologies. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-29: interest-bearing debt is 8.2% of market cap, cash plus interest-bearing securities 4.7%, and filing-verified impermissible income 0.9% (Interest income $40.0M on $4.34B total revenue (Illumina, Inc. FY2025 (fiscal year ended 2025-12-28, Form 10-K)) = 0.9% …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 181, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/illumina-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/illumina-stock.md", "entityType": "stock", "ticker": "ILMN", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-29", "businessScreen": { "pass": true, "activity": "Illumina, Inc. specializes in delivering advanced genetic and genomic analysis tools, primarily through sequencing and array technologies. The company's offerings empower clients across various sectors to integrate genomic insights into both research and clinical environments, with applications spanning critical fields like life sciences, cancer diagnostics, reproductive health, agriculture, and innovative new domains. Illumina's portfolio encompasses specialized instrumentation and necessary co", "detail": "Interest income $40.0M on $4.34B total revenue (Illumina, Inc. FY2025 (fiscal year ended 2025-12-28, Form 10-K)) = 0.9% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.9 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 8.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 4.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.9, "thresholdPct": 5, "pass": true, "note": "Interest income $40.0M on $4.34B total revenue (Illumina, Inc. FY2025 (fiscal year ended 2025-12-28, Form 10-K)) = 0.9% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/ILMN/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Illumina, Inc. (ILMN) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 8.2% of market cap (limit 30%), cash plus interest-bearing securities 4.7% (limit 30%), impermissible income 0.9% of revenue (limit 5%) on 2026-03-29 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ILMN latest quarterly filing (balance sheet 2026-03-29)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Illumina%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Illumina, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Illumina%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ILMN Shariah compliance", "url": "https://zoya.finance/stocks/ilmn", "external": true }, { "label": "Musaffa — ILMN", "url": "https://musaffa.com/stock/ILMN/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Illumina, Inc. (ILMN) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Illumina, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-29). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Illumina, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-29: interest-bearing debt is 8.2% of market cap (limit < 30%); cash plus interest-bearing securities is 4.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Illumina, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Illumina, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-29", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 8.2, "cashPct": 4.7, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 8.2, "cashPct": 4.7, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 30.3, "cashPct": 17.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.imperial-oil-limited-stock", "question": "Is Imperial Oil Stock Halal?", "entityName": "Imperial Oil Limited", "verdict": "halal", "verdictLabel": "Halal", "answer": "Imperial Oil Limited (IMO.TO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 4.3% of market cap and cash plus interest-bearing securities 1.3% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Imperial Oil Limited operates as a Canadian energy enterprise, primarily engaged in the exploration, production, and marketing of crude oil and natural gas. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 4.3% of market cap, cash plus interest-bearing securities 1.3%, and filing-verified impermissible income — (Net other income immaterial; interest income negligible vs revenue. (Imperial Oil FY2025.)…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 180, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/imperial-oil-limited-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/imperial-oil-limited-stock.md", "entityType": "stock", "ticker": "IMO.TO", "exchange": "TSX", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Imperial Oil Limited operates as a Canadian energy enterprise, primarily engaged in the exploration, production, and marketing of crude oil and natural gas. Its extensive operations are segmented into three main areas: Upstream, Downstream, and Chemical. The Upstream division focuses on discovering and extracting crude oil, natural gas, synthetic oil, and bitumen. As of December 31, 2021, this segment reported 386 million oil-equivalent barrels in proven undeveloped reserves. The Downstream segm", "detail": "Net other income immaterial; interest income negligible vs revenue. (Imperial Oil FY2025.)", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 4.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": true, "note": "Net other income immaterial; interest income negligible vs revenue. (Imperial Oil FY2025.)" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/IMO.TO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Imperial Oil Limited (IMO.TO) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 4.3% of market cap (limit 30%), cash plus interest-bearing securities 1.3% (limit 30%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "IMO.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Imperial Oil Limited SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Imperial%20Oil%20Limited&type=10-K", "external": true }, { "label": "Musaffa — IMO.TO", "url": "https://musaffa.com/stock/IMO.TO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Imperial Oil Limited (IMO.TO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Imperial Oil Limited passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Imperial Oil Limited pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 4.3% of market cap (limit < 30%); cash plus interest-bearing securities is 1.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Imperial Oil Limited held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Imperial Oil Limited?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 4.3, "cashPct": 1.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 4.3, "cashPct": 1.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 7.8, "cashPct": 2.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.intel-stock", "question": "Is Intel Stock Halal?", "entityName": "Intel Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Intel Corporation (INTC) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-28) interest-bearing debt is 7.8% of market cap and cash plus interest-bearing securities 5.6% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETF HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Intel's business activity is straightforwardly permissible: it designs and manufactures chips, with fiscal 2025 revenue of $52.85 billion coming from client processors ($32.23 billion), data-center and AI products ($16.92 billion), foundry services, and smaller product lines. There is no haram revenue category in the business itself, so for Shariah purposes Intel is evaluated on its financial ratios, such as debt levels and any interest income relative to AAOIFI thresholds, which move with each reporting period.\n\nThe interesting and honest data point for investors is that the two largest US Shariah ETFs currently disagree on Intel. HLAL's SEC-filed schedule of investments (February 28, 2026) shows a position in Intel, while Intel is absent from the SPUS holdings table dated June 11, 2026, even though Intel is an S&P 500 company. The funds track different indexes (FTSE USA Shariah vs S&P 500 Shariah Industry Exclusions) whose financial-ratio screens differ in formula and measurement dates, and neither publishes stock-level explanations, so we cannot state the precise reason for the divergence.\n\nFor a Muslim retail investor, the takeaway is that Intel's core business is clean but its screen status is ratio-dependent and currently differs across professional methodologies. That makes Intel exactly the kind of stock to verify in a live screener at the time of purchase rather than relying on a cached verdict, especially given the large debt-funded foundry buildout that can move its ratios from quarter to quarter.", "analysisWordCount": 235, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/intel-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/intel-stock.md", "entityType": "stock", "ticker": "INTC", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-28", "businessScreen": { "pass": true, "activity": "Intel designs and manufactures semiconductors, including client CPUs, data-center processors, and foundry services. Per its FY2025 10-K (fiscal year ended December 27, 2025), total net revenue was $52.85 billion, with Client Computing Group revenue of $32.23 billion, Data Center and AI revenue of $16.92 billion, Intel Foundry revenue of $17.83 billion (predominantly intersegment; external foundry revenue was $307 million), and all-other revenue of $3.56 billion before eliminations.", "detail": "Semiconductor design and manufacturing is a permissible business activity with no haram product lines. Intel reports interest and investment income within non-operating results, but the specific 2025 amount was not verified for this brief (null rather than estimated); any such income would count toward the ~5% AAOIFI impermissible-income tolerance and is the kind of item stock-level screeners track. Note an observable divergence between the two major Shariah ETFs: Intel appears in HLAL's SEC-filed holdings (as of 2026-02-28) but does not appear in the SPUS holdings list dated 2026-06-11; neither fund publishes per-stock reasons, so the cause (e.g., financial-ratio screens applied at different dates) is not verifiable.", "impermissibleRevenuePct": 1.9 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 7.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.9, "thresholdPct": 5, "pass": true, "note": "Interest income $1.01B on $52.85B total revenue (Intel Corporation FY2025 (fiscal year ended 2025-12-27, Form 10-K)) = 1.9% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "INTC latest quarterly filing (balance sheet 2026-03-28)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Intel%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Intel FY2025 10-K segment disclosure (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/50863/000005086326000011/R12.htm", "external": true }, { "label": "Intel SEC filings (company IR)", "url": "https://www.intc.com/filings-reports/all-sec-filings/xbrl_doc_only/4151", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Intel Corporation (INTC) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Intel Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-28). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Intel Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-28: interest-bearing debt is 7.8% of market cap (limit < 30%); cash plus interest-bearing securities is 5.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Intel Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Intel Corporation is held by HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Intel Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-28", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 7.8, "cashPct": 5.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 7.8, "cashPct": 5.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 21.9, "cashPct": 16, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.intercontinental-exchange-stock", "question": "Is Intercontinental Exchange Stock Halal?", "entityName": "Intercontinental Exchange, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Intercontinental Exchange, Inc. (ICE) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Financial - Data & Stock Exchanges\" / sector \"Financial Services\" pattern-matches a prohibited core b). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Intercontinental Exchange, Inc. (ICE) manages a global network of regulated financial venues, encompassing exchanges, clearing houses, and listing platforms. Core business: Financial - Data & Stock Exchanges (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, Intercontinental Exchange, Inc.'s balance-sheet ratios in fact sit within AAOIFI's financial limits — interest-bearing debt 25.6% of market cap (limit 30%), cash plus interest-bearing securities 3% (limit 30%), impermissible income 1.1% of revenue (limit 5%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, ICE is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 213, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/intercontinental-exchange-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/intercontinental-exchange-stock.md", "entityType": "stock", "ticker": "ICE", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Intercontinental Exchange, Inc. (ICE) manages a global network of regulated financial venues, encompassing exchanges, clearing houses, and listing platforms. These operations serve diverse markets, including commodities, financial instruments, fixed income products, and equities, with a geographical footprint spanning key financial centers such as the United States, United Kingdom, European Union, Singapore, Israel, and Canada. The company's business is segmented into three core areas: Exchanges", "detail": "Core business: Financial - Data & Stock Exchanges (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": 1.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 25.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.1, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/ICE/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Intercontinental Exchange, Inc. (ICE) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ICE latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Intercontinental%20Exchange%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Intercontinental Exchange, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Intercontinental%20Exchange%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ICE Shariah compliance", "url": "https://zoya.finance/stocks/ice", "external": true }, { "label": "Musaffa — ICE", "url": "https://musaffa.com/stock/ICE/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Intercontinental Exchange, Inc. (ICE) stock halal?", "answer": "No. Intercontinental Exchange, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Intercontinental Exchange, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 25.6% of market cap (limit < 30%); cash plus interest-bearing securities is 3.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Intercontinental Exchange, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.international-business-machines-stock", "question": "Is International Business Machines Stock Halal?", "entityName": "International Business Machines Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "International Business Machines Corporation (IBM) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 25.9% of market cap and cash plus interest-bearing securities 4.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "International Business Machines Corporation (IBM) delivers comprehensive technology solutions and services across the globe. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 25.9% of market cap, cash plus interest-bearing securities 4.6%, and filing-verified impermissible income — (Net other income $3M on $67.5B revenue (FY2025) — immaterial; interest income not separately material. (IBM FY2025 10-K.…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 178, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/international-business-machines-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/international-business-machines-stock.md", "entityType": "stock", "ticker": "IBM", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "International Business Machines Corporation (IBM) delivers comprehensive technology solutions and services across the globe. The company's operations are structured into four primary segments: Software, Consulting, Infrastructure, and Financing. The Software division provides hybrid cloud platforms and a range of software offerings, including Red Hat's enterprise open-source solutions. It also develops software for business automation, AIOps and management, integration, and application servers, ", "detail": "Net other income $3M on $67.5B revenue (FY2025) — immaterial; interest income not separately material. (IBM FY2025 10-K.)", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 25.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 4.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": true, "note": "Net other income $3M on $67.5B revenue (FY2025) — immaterial; interest income not separately material. (IBM FY2025 10-K.)" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/IBM/", "note": null }, { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-15 — passed the S&P 500 Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-15 — passed the FTSE USA Shariah screen applied by the fund.", "url": "https://funds.wahedinvest.com/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates International Business Machines Corporation (IBM) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 25.9% of market cap (limit 30%), cash plus interest-bearing securities 4.6% (limit 30%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "IBM latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=International%20Business%20Machines%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "International Business Machines Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=International%20Business%20Machines%20Corporation&type=10-K", "external": true }, { "label": "Zoya — IBM Shariah compliance", "url": "https://zoya.finance/stocks/ibm", "external": true }, { "label": "Musaffa — IBM", "url": "https://musaffa.com/stock/IBM/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is International Business Machines Corporation (IBM) stock halal?", "answer": "Yes, under our AAOIFI-based methodology International Business Machines Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does International Business Machines Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 25.9% of market cap (limit < 30%); cash plus interest-bearing securities is 4.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is International Business Machines Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from International Business Machines Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 25.9, "cashPct": 4.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 25.9, "cashPct": 4.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 42.5, "cashPct": 7.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.qqq-etf", "question": "Is Invesco QQQ (Nasdaq-100 ETF) Halal?", "entityName": "Invesco QQQ (Nasdaq-100 ETF)", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "QQQ tracks the Nasdaq-100 without Shariah screening. It is tech-heavy — and many of its largest holdings (Apple, Microsoft, Nvidia) pass screening — but it still includes companies that fail the business-activity or interest-based ratio screens and it earns interest on cash, so the fund itself is not Shariah-compliant. For screened, growth-tilted U.S. exposure use HLAL (which is heavily technology-weighted) or a screened S&P 500 fund like SPUS.", "analysis": "QQQ tracks the Nasdaq-100, the hundred largest non-financial companies listed on the Nasdaq. Because the index rules exclude financial-sector companies, QQQ avoids the conventional banks that most obviously disqualify the S&P 500 — which is why some investors assume it must be halal. It is not, and the reasons are more subtle than with VOO or SPY.\n\nFirst, excluding the financial sector is not the same as Shariah screening. The Nasdaq-100 still includes companies whose interest-bearing debt or interest income exceeds the AAOIFI thresholds, and some with incidental impermissible revenue lines. Second, the fund itself earns interest on uninvested cash. Third, there is simply no Shariah supervisory board or purification mechanism attached to a conventional index fund. So even with a permissible technology tilt and many compliant top holdings — Apple, Microsoft, Nvidia all pass screening individually — the unscreened wrapper as a whole is not compliant.\n\nFor investors who hold QQQ specifically because they want a growth- and technology-heavy portfolio, the good news is that the closest halal substitute happens to share that profile: HLAL (Wahed FTSE USA Shariah ETF) is roughly 40%+ technology-weighted and fully Shariah-screened, with a Shariah board and a published purification ratio. SPUS is the screened S&P 500 option if you want broader large-cap coverage. Either gives you the tech exposure you were after without the unscreened holdings and interest income.", "analysisWordCount": 226, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/qqq-etf", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/qqq-etf.md", "entityType": "fintech_product", "ticker": "QQQ", "exchange": "Nasdaq", "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": false, "activity": "A passive ETF tracking the Nasdaq-100 — the 100 largest non-financial companies on the Nasdaq — with no Shariah screening applied.", "detail": "QQQ excludes financial-sector companies by index design, which removes the conventional banks, but it still holds names that fail the AAOIFI financial-ratio screens (excessive interest-bearing debt or interest income) and others with impermissible revenue lines, and it earns interest on cash. The unscreened wrapper is therefore not compliant despite a permissible tech tilt.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Mainstream AAOIFI-aligned view", "position": "An unscreened Nasdaq-100 fund is not permissible to hold: even with financials excluded by index rules, it contains companies that breach the debt/interest ratio limits or have impermissible revenue, and the fund earns interest.", "url": "https://www.wahed.com/blog/what-makes-an-etf-halal", "note": null }, { "source": "Practical alternative", "position": "HLAL (Wahed FTSE USA Shariah ETF) is heavily technology-weighted and Shariah-screened, making it a closer halal substitute for a growth/tech tilt; SPUS is the screened S&P 500 option.", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null } ], "sources": [ { "label": "Wahed — what makes an ETF halal (standard S&P 500 ETFs are not)", "url": "https://www.wahed.com/blog/what-makes-an-etf-halal", "external": true }, { "label": "AAOIFI Shariah Standard No. 21 (investment in shares)", "url": "https://aaoifi.com", "external": true }, { "label": "HLAL — Wahed FTSE USA Shariah ETF holdings", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Halal Stock Screeners Compared", "url": "/investing/stock-screeners", "external": false }, { "label": "SPUS vs HLAL — Halal ETF Comparison", "url": "/spus-vs-hlal", "external": false } ], "faqs": [ { "question": "Is QQQ halal?", "answer": "No. QQQ tracks the Nasdaq-100 without Shariah screening. Although it excludes financial companies by index design and is tech-heavy, it still holds companies that fail the AAOIFI debt/interest ratio screens or have impermissible revenue, and it earns interest on cash — so the fund is not Shariah-compliant. HLAL is a screened, tech-tilted alternative." }, { "question": "Is the Nasdaq-100 more halal than the S&P 500?", "answer": "It removes conventional banks by index rule, so on the surface it looks closer — but it is still unscreened, so it retains companies that breach the financial-ratio limits and earns interest. Neither index is halal as a fund. For a screened, technology-heavy option, HLAL is the better fit; SPUS covers the screened S&P 500." } ] }, { "id": "verdict.johnson-johnson-stock", "question": "Is Johnson & Johnson Stock Halal?", "entityName": "Johnson & Johnson", "verdict": "halal", "verdictLabel": "Halal", "answer": "Johnson & Johnson (JNJ) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-29) interest-bearing debt is 3.0% of market cap and cash plus interest-bearing securities 3.8% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETFs SPUS and HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Johnson & Johnson is a pure healthcare company since spinning off its consumer-health division (Kenvue) in 2023, and its business activity is squarely permissible. Its fiscal 2025 revenue of $94.2 billion comes from two segments: Innovative Medicine, the pharmaceuticals business ($60.4 billion), and MedTech, the medical-devices business ($33.8 billion). Making and selling medicines and devices does not implicate any prohibited industry, so for Shariah purposes J&J is evaluated on its financial ratios rather than its products.\n\nOn that financial screen, the professional evidence is strongly aligned. J&J is held by both major US Shariah ETFs: it is a top-15 position in SPUS at about 1.59% of the fund as of June 11, 2026, and it appears in HLAL's SEC-filed schedule of investments as of February 28, 2026. Two funds applying different index methodologies both including the same stock is robust corroboration that it passes professional screens at those dates, with any incidental interest income and debt within tolerance.\n\nA Muslim investor may still want to weigh non-Shariah ethical factors that are separate from the business-activity screen, such as J&J's long-running talc product-liability litigation; these are matters of conscience rather than riba or prohibited-industry rules and do not change the screening outcome. Overall, J&J currently presents as a screen-passing, clean-business healthcare name across the major methodologies, with the standard reminder that ratio-based compliance is a snapshot worth re-confirming in a live screener.", "analysisWordCount": 231, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/johnson-johnson-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/johnson-johnson-stock.md", "entityType": "stock", "ticker": "JNJ", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-29", "businessScreen": { "pass": true, "activity": "Johnson & Johnson is a healthcare company operating two segments after the 2023 spinoff of its consumer-health business (Kenvue): Innovative Medicine (pharmaceuticals) and MedTech (medical devices). Per its fiscal 2025 results (year ended December 31, 2025), total worldwide revenue (sales to customers) was $94,193 million: Innovative Medicine $60,401M and MedTech $33,792M.", "detail": "Developing and selling pharmaceuticals and medical devices is a permissible business with no prohibited product line, which is why J&J is a staple of Islamic equity portfolios. The Shariah inputs are financial: J&J earns interest and investment income on its cash and pays interest on debt, both measured against AAOIFI ratio thresholds (specific 2025 amounts not separately verified here). Non-riba ethical considerations some investors weigh, such as the talc product liability litigation, are reputational/ethical rather than a Shariah business-activity screen issue. J&J is currently held by BOTH SPUS (175,794 shares, ~1.59% of fund as of 2026-06-11, a top-15 position) and HLAL (66,114 shares as of 2026-02-28), indicating it passes both major US Shariah methodologies as of those dates.", "impermissibleRevenuePct": 1.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.1, "thresholdPct": 5, "pass": true, "note": "Interest/investment income $1.06B on $94.19B revenue = 1.1% (FMP as-reported XBRL, investmentincomeinterest). Verify no other impermissible revenue segments in 10-K." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-11 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "JNJ latest quarterly filing (balance sheet 2026-03-29)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Johnson%20%26%20Johnson&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Johnson & Johnson Q4 and Full-Year 2025 results (company)", "url": "https://www.jnj.com/media-center/press-releases/johnson-johnson-reports-q4-and-full-year-2025-results", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Johnson & Johnson (JNJ) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Johnson & Johnson passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-29). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Johnson & Johnson pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-29: interest-bearing debt is 3.0% of market cap (limit < 30%); cash plus interest-bearing securities is 3.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Johnson & Johnson held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Johnson & Johnson is held by SPUS and HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Johnson & Johnson?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-29", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 3, "cashPct": 3.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 3, "cashPct": 3.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 27.4, "cashPct": 11, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.johnson-controls-international-stock", "question": "Is Johnson Controls International Stock Halal?", "entityName": "Johnson Controls International plc", "verdict": "halal", "verdictLabel": "Halal", "answer": "Johnson Controls International plc (JCI) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 10.8% of market cap and cash plus interest-bearing securities 0.8% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Johnson Controls International plc (JCI) operates as a global entity specializing in the engineering, production, installation, and upkeep of various building products and integrated systems. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 10.8% of market cap, cash plus interest-bearing securities 0.8%, and filing-verified impermissible income 0.1% (Interest income $19.0M on $23.60B total revenue (Johnson Controls International plc FY2025 (fiscal year ended 2025-09-30…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 186, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/johnson-controls-international-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/johnson-controls-international-stock.md", "entityType": "stock", "ticker": "JCI", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Johnson Controls International plc (JCI) operates as a global entity specializing in the engineering, production, installation, and upkeep of various building products and integrated systems. Its business activities span the United States, Europe, Asia Pacific, and other international regions, structured across four segments: Building Solutions North America, Building Solutions EMEA/LA, Building Solutions Asia Pacific, and Global Products. The company provides a comprehensive suite of services, ", "detail": "Interest income $19.0M on $23.60B total revenue (Johnson Controls International plc FY2025 (fiscal year ended 2025-09-30, Form 10-K)) = 0.1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 10.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.1, "thresholdPct": 5, "pass": true, "note": "Interest income $19.0M on $23.60B total revenue (Johnson Controls International plc FY2025 (fiscal year ended 2025-09-30, Form 10-K)) = 0.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/JCI/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Johnson Controls International plc (JCI) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 10.8% of market cap (limit 30%), cash plus interest-bearing securities 0.8% (limit 30%), impermissible income 0.1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "JCI latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Johnson%20Controls%20International%20plc&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Johnson Controls International plc SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Johnson%20Controls%20International%20plc&type=10-K", "external": true }, { "label": "Zoya — JCI Shariah compliance", "url": "https://zoya.finance/stocks/jci", "external": true }, { "label": "Musaffa — JCI", "url": "https://musaffa.com/stock/JCI/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Johnson Controls International plc (JCI) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Johnson Controls International plc passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Johnson Controls International plc pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 10.8% of market cap (limit < 30%); cash plus interest-bearing securities is 0.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Johnson Controls International plc held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Johnson Controls International plc?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 10.8, "cashPct": 0.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 10.8, "cashPct": 0.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 24.8, "cashPct": 1.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.jpmorgan-chase-stock", "question": "Is JPMorgan Chase Stock Halal?", "entityName": "JPMorgan Chase & Co.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "JPMorgan Chase & Co. (JPM) does not pass Shariah screening: its core business fails the activity screen (Net interest income of $95), and interest-bearing debt / market cap is 146.8% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 221.8% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 69.1% against the < 5% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "JPMorgan Chase is a straightforward case, and there is no meaningful scholarly debate about it. The company is a conventional bank: it takes deposits, lends money at interest, and earns the spread. Its own 2025 disclosures show $95.4 billion of net interest income against $182.4 billion of total net revenue, meaning roughly half of everything JPMorgan earns is interest. The other half (noninterest revenue) also includes fees from conventional credit products, conventional investment banking, and trading.\n\nEvery mainstream Shariah screening framework excludes conventional banks at the first step, the business activity screen, before financial ratios are even considered. AAOIFI standards prohibit investment in institutions whose core business is interest-based lending, and the screening tolerance of roughly 5% impermissible revenue is not remotely close to JPMorgan's interest income share. Consistent with that, JPM is not held by SPUS or HLAL, both of which exclude the financials sector wholesale.\n\nFor a Muslim retail investor the conclusion is simple: JPM does not pass any recognized Shariah screen, and no major Islamic screener or fund treats it as investable. Investors looking for exposure to the financial-services economy within a halal framework generally look instead at fee-based businesses that pass screening or at dedicated Islamic financial institutions.", "analysisWordCount": 202, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/jpmorgan-chase-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/jpmorgan-chase-stock.md", "entityType": "stock", "ticker": "JPM", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "JPMorgan Chase is the largest US bank, operating consumer and community banking, commercial and investment banking, and asset and wealth management. Per the firm's 2025 annual report MD&A, full-year 2025 total net revenue was $182.4 billion, of which net interest income was $95.4 billion and noninterest revenue was $87.0 billion. Its core business is taking deposits and lending at interest.", "detail": "Net interest income of $95.4 billion was approximately 52% of 2025 total net revenue ($182.4 billion), per JPMorgan's own 2025 financial disclosures. Interest-based lending and deposit-taking are the firm's primary business, not an incidental revenue line. This places JPM far beyond any recognized Shariah business-screen tolerance (AAOIFI-style screens typically tolerate only about 5% impermissible revenue). Conventional banks are also excluded at the sector level by AAOIFI standards and by the S&P and FTSE Shariah index methodologies.", "impermissibleRevenuePct": 69.1 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 146.8, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 221.8, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 69.1, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "JPM latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=JPMorgan%20Chase%20%26%20Co.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "JPMorgan Chase 2025 Management's Discussion & Analysis (company IR)", "url": "https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/managements-discussion-analysis-2025.pdf", "external": true }, { "label": "JPMorgan Chase SEC filings (EDGAR company page)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000019617&type=10-K", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is JPMorgan Chase & Co. (JPM) stock halal?", "answer": "No. JPMorgan Chase & Co. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does JPMorgan Chase & Co. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 146.8% of market cap (limit < 30%); cash plus interest-bearing securities is 221.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is JPMorgan Chase & Co. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, JPMorgan Chase & Co. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.kimberly-clark-stock", "question": "Is Kimberly-Clark Stock Halal?", "entityName": "Kimberly-Clark Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Kimberly-Clark Corporation (KMB) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 20.9% of market cap and cash plus interest-bearing securities 1.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Kimberly-Clark Corporation, a Dallas, Texas-based entity established in 1872, operates as a global purveyor of personal hygiene and paper-based consumer goods. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 20.9% of market cap, cash plus interest-bearing securities 1.6%, and filing-verified impermissible income 0.1% (Interest income $24.0M on $17.22B total revenue (Kimberly-Clark Corporation FY2025 (fiscal year ended 2025-12-31, Form 1…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 182, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/kimberly-clark-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/kimberly-clark-stock.md", "entityType": "stock", "ticker": "KMB", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Kimberly-Clark Corporation, a Dallas, Texas-based entity established in 1872, operates as a global purveyor of personal hygiene and paper-based consumer goods. The company's business activities are structured into three distinct divisions. The Personal Care segment focuses on products like disposable infant diapers, training pants, baby wipes, and items designed for feminine and incontinence care. Well-known brands under this umbrella include Huggies, Kotex, and Depend, among others. Its Consume", "detail": "Interest income $24.0M on $17.22B total revenue (Kimberly-Clark Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 20.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.1, "thresholdPct": 5, "pass": true, "note": "Interest income $24.0M on $17.22B total revenue (Kimberly-Clark Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/KMB/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Kimberly-Clark Corporation (KMB) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 20.9% of market cap (limit 30%), cash plus interest-bearing securities 1.6% (limit 30%), impermissible income 0.1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "KMB latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Kimberly-Clark%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Kimberly-Clark Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Kimberly-Clark%20Corporation&type=10-K", "external": true }, { "label": "Zoya — KMB Shariah compliance", "url": "https://zoya.finance/stocks/kmb", "external": true }, { "label": "Musaffa — KMB", "url": "https://musaffa.com/stock/KMB/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Kimberly-Clark Corporation (KMB) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Kimberly-Clark Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Kimberly-Clark Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 20.9% of market cap (limit < 30%); cash plus interest-bearing securities is 1.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Kimberly-Clark Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Kimberly-Clark Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 20.9, "cashPct": 1.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 20.9, "cashPct": 1.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 41.2, "cashPct": 3.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.kinder-morgan-stock", "question": "Is Kinder Morgan Stock Halal?", "entityName": "Kinder Morgan, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Kinder Morgan, Inc. (KMI) does not pass Shariah screening: interest-bearing debt / market cap is 45.1% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Kinder Morgan, Inc. operates as a leading energy infrastructure company across North America. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 45.1% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 164, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/kinder-morgan-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/kinder-morgan-stock.md", "entityType": "stock", "ticker": "KMI", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Kinder Morgan, Inc. operates as a leading energy infrastructure company across North America. Its extensive operations are categorized into four primary business segments: Natural Gas Pipelines, Products Pipelines, Terminals, and CO2. The Natural Gas Pipelines segment manages a vast network of interstate and intrastate natural gas pipelines, along with underground storage systems. This includes natural gas gathering systems, processing and treatment facilities, natural gas liquids fractionation ", "detail": "Interest income not separately material in the annual filing (Kinder Morgan, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 1 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 45.1, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Kinder Morgan, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/KMI/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Kinder Morgan, Inc. (KMI) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 45.1% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "KMI latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Kinder%20Morgan%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Kinder Morgan, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Kinder%20Morgan%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — KMI Shariah compliance", "url": "https://zoya.finance/stocks/kmi", "external": true }, { "label": "Musaffa — KMI", "url": "https://musaffa.com/stock/KMI/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Kinder Morgan, Inc. (KMI) stock halal?", "answer": "No. Kinder Morgan, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Kinder Morgan, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 45.1% of market cap (limit < 30%); cash plus interest-bearing securities is 0.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Kinder Morgan, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 45.1, "cashPct": 0.1, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 45.1, "cashPct": 0.1, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 43.9, "cashPct": 0.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.klarna", "question": "Is Klarna Halal?", "entityName": "Klarna", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Klarna offers both interest-free and interest-bearing plans, so the ruling depends on which product you use. Pay-in-4 at a true 0% in all scenarios is treated by many scholars as a permissible deferred-payment arrangement; Klarna's longer financing plans charge interest (riba) and are impermissible. Late-fee structures are the main caution even on 0% plans.", "analysis": "Klarna is the classic \"it depends which button you press\" case in Islamic finance. The same checkout offers a Pay-in-4 plan that charges the consumer nothing, and monthly financing plans that charge interest of up to roughly 36% APR. The second category is straightforward riba and impermissible by consensus. The debate is entirely about the first: a deferred-payment sale at no premium is permissible in classical fiqh, and many contemporary scholars extend that to 0% BNPL plans — while others object that late fees function as a penalty resembling interest, or that the merchant-funded model embeds the cost invisibly.\n\nThe practical line most scholars draw: a plan is only acceptable if it costs you zero in every scenario, including the scenario where you are late. If a missed installment triggers a fee that compensates the lender, the structure starts to look like a deferred-interest contract. There is also a behavioral dimension scholars increasingly flag — BNPL's entire business model encourages purchases you would not make with cash in hand, which sits uneasily with the Islamic emphasis on avoiding unnecessary debt.\n\nIf you use Klarna at all, treat it as a convenience for purchases you could already afford, use only true 0% plans, set up autopay so late fees never trigger, and never roll into its interest-bearing financing products.", "analysisWordCount": 218, "conditions": "Permissible use requires: (1) only plans that charge 0% in every scenario including late payment, (2) understanding the late-fee terms — penalty fees that function as interest payable to the lender are riba, (3) avoiding Klarna's interest-bearing monthly financing entirely.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/klarna", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/klarna.md", "entityType": "fintech_product", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Swedish buy-now-pay-later provider: interest-free Pay-in-4 installments, interest-bearing monthly financing, and a shopping app with merchant partnerships.", "detail": "The product line is mixed: Pay-in-4 (0% to the consumer, merchant-funded) vs. monthly financing plans that charge APR. Verify current plan terms and late-fee schedule before publishing.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Permissive contemporary position", "position": "A true zero-interest installment plan is a deferred-payment sale at the same price, which is permissible (bay' bi thaman 'ajil at par).", "url": null, "note": null }, { "source": "Cautionary contemporary position", "position": "Late fees payable to the lender can constitute riba, and BNPL normalizes consumer debt; several scholars advise avoiding BNPL even at 0%.", "url": null, "note": null } ], "sources": [ { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Halal Stock Screeners Compared", "url": "/investing/stock-screeners", "external": false }, { "label": "SPUS vs HLAL — Halal ETF Comparison", "url": "/spus-vs-hlal", "external": false } ], "faqs": [ { "question": "Is Klarna Pay-in-4 halal?", "answer": "Many scholars permit it because the consumer pays 0% — the arrangement functions as a deferred-payment sale at the same price. The conditions are that no scenario triggers interest and that you understand the late-fee terms, which stricter scholars flag as potential riba." }, { "question": "Is Klarna financing (monthly payments with APR) halal?", "answer": "No. Klarna's monthly financing plans charge interest, which is riba and impermissible regardless of the rate." } ] }, { "id": "verdict.koho", "question": "Is KOHO Halal?", "entityName": "KOHO", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "KOHO's core product — a prepaid Mastercard with budgeting tools and cashback on spending — is a permissible payment tool: it's your own money, no lending contract, and cashback on spending is a rebate. The condition is KOHO's interest feature: earning interest on balances requires opting in, so halal use means simply not enrolling. Verify KOHO's credit-building products separately as they involve fee structures worth reviewing.", "analysis": "KOHO's core product is among the cleaner Canadian fintech offerings for a Muslim user: a prepaid Mastercard backed by your own balance, with budgeting tools and cashback on spending. There is no lending contract — you can only spend money you already loaded — and cashback on your own purchases is a permissible rebate under the widely followed view. As a day-to-day spending account, KOHO is permissible as-is.\n\nTwo features need attention. KOHO offers interest on balances as an opt-in; leave it off, since earning interest is riba regardless of the account's other merits. And KOHO's credit-building products (a line of credit reported to bureaus, paid via subscription fee) sit in murkier territory — a fee-based credit-building service is not interest in form, but it is a charge connected to a credit facility, and cautious users should treat it the way scholars treat fee-based borrowing generally: avoid unless a qualified scholar you trust has examined the specific structure.\n\nThe compliant configuration is the default one: load money, spend it, keep the cashback, decline interest, and skip the credit products.", "analysisWordCount": 179, "conditions": "Do not opt in to interest on balances. Cashback on your own spending is a permissible rebate.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/koho", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/koho.md", "entityType": "fintech_product", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Canadian prepaid card and spending account: cashback on purchases, budgeting tools, opt-in interest on balances, credit-building add-ons.", "detail": "Verify the current opt-in mechanics for interest and the structure of the Credit Building product before publishing.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Mainstream contemporary position", "position": "Prepaid spending of your own funds is permissible; stipulated interest on balances is riba and must be declined.", "url": null, "note": null }, { "source": "Stricter position (interest & fee-bearing advances)", "position": "KOHO advertises interest on balances and a credit-building line; earning the stipulated interest is riba and any fee-bearing cash advance resembles an interest loan, so stricter scholars confine permissible use to the prepaid spending card funded with your own money.", "url": null, "note": null } ], "sources": [ { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "KOHO official site", "url": "https://www.koho.ca", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Halal Stock Screeners Compared", "url": "/investing/stock-screeners", "external": false }, { "label": "SPUS vs HLAL — Halal ETF Comparison", "url": "/spus-vs-hlal", "external": false } ], "faqs": [ { "question": "Is KOHO cashback halal?", "answer": "Yes — cashback on purchases made with your own money is a rebate/discount, not riba. The feature to avoid is opt-in interest on stored balances." }, { "question": "Is KOHO's interest on balance or Credit Building product halal?", "answer": "The interest KOHO pays on your balance is riba — don't opt in, and purify any that accrues. The Credit Building subscription is a fee-for-service that reports to the bureaus rather than a loan, which is generally permissible, but avoid any KOHO Cover advance that carries a finance charge." } ] }, { "id": "verdict.lendingclub-stock", "question": "Is LendingClub Stock Halal?", "entityName": "LendingClub Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "LendingClub Corporation (LC) does not pass Shariah screening: its core business fails the activity screen (LendingClub (LC) — peer-to-peer and bank lending platform earning interest on loans), and cash + interest-bearing securities / market cap is 38.7% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 72.0% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "LendingClub (LC) — peer-to-peer and bank lending platform earning interest on loans; fails the business-activity screen (conventional lending).\n\nOur verdict rests primarily on the business-activity screen: LendingClub (LC) — peer-to-peer and bank lending platform earning interest on loans; fails the business-activity screen (conventional lending). Financial ratios alone cannot cure a failed activity screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 140, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/lendingclub-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/lendingclub-stock.md", "entityType": "stock", "ticker": "LC", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "LendingClub Corporation acts as the bank holding entity for LendingClub Bank, National Association, delivering a broad spectrum of financial products and services across the U.S. through its advanced digital platform. The company provides various types of loans, including commercial and industrial, commercial real estate, small business, and equipment financing, alongside equipment leasing. Its portfolio also features unsecured personal, auto, patient finance, and education finance loans. Additi", "detail": "LendingClub (LC) — peer-to-peer and bank lending platform earning interest on loans; fails the business-activity screen (conventional lending).", "impermissibleRevenuePct": 72 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 38.7, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 72, "thresholdPct": 5, "pass": false, "note": "Interest income $961.5M on $1.33B total revenue (LendingClub Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 72% — above AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/LC/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates LendingClub Corporation (LC) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "LC latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=LendingClub%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "LendingClub Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=LendingClub%20Corporation&type=10-K", "external": true }, { "label": "Zoya — LC Shariah compliance", "url": "https://zoya.finance/stocks/lc", "external": true }, { "label": "Musaffa — LC", "url": "https://musaffa.com/stock/LC/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is LendingClub Corporation (LC) stock halal?", "answer": "No. LendingClub Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does LendingClub Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 0.6% of market cap (limit < 30%); cash plus interest-bearing securities is 38.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is LendingClub Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.loblaw-companies-limited-stock", "question": "Is Loblaw Companies Stock Halal?", "entityName": "Loblaw Companies Limited", "verdict": "halal", "verdictLabel": "Halal", "answer": "Loblaw Companies Limited (L.TO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 10.0% of market cap and cash plus interest-bearing securities 1.2% — both inside the 30% AAOIFI thresholds. It is not held by Shariah-screened ETFs WSHR. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Loblaw's core business, selling groceries and running pharmacies, is permissible, and grocery retail is a sector Shariah screens treat favourably. The complications sit at the edges, and they are worth taking seriously because they are documented in Loblaw's own filings. First, Loblaw is not purely a retailer: it has a Financial Services segment built around President's Choice Financial, whose revenue includes interest income on PC Mastercard credit card balances, exactly the kind of riba-based income the screens exist to catch. The segment is small relative to the retail business, with $1.6 billion of revenue against nearly $60 billion of retail sales in fiscal 2024, which is why the question becomes a threshold judgment rather than an automatic fail.\n\nThat picture is changing in a way investors should watch: in December 2025, Loblaw agreed to sell PC Financial, including President's Choice Bank, to EQB Inc., with the deal expected to close on July 1, 2026. If completed, the divestiture removes the in-house banking operation, though Loblaw will retain a commercial relationship through the PC Optimum program. Second, Loblaw's stores sell alcohol where licensed, including beer and wine in Ontario grocery stores, and earn commissions on lottery tickets; the company does not disclose these revenue lines separately, so their share cannot be quantified from public filings.\n\nThe net result is a genuinely mixed case: a permissible core with identifiable impermissible streams that the company's own reporting confirms but does not size precisely. A current screener verdict should carry the most weight here, both because the financial-services divestiture is in flight and because alcohol and lottery exposure require judgment about materiality that depends on data retail investors cannot see.", "analysisWordCount": 276, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/loblaw-companies-limited-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/loblaw-companies-limited-stock.md", "entityType": "stock", "ticker": "L.TO", "exchange": "TSX", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Loblaw Companies is Canada's largest food and pharmacy retailer, with two reportable segments: Retail (corporate and franchise grocery stores plus Shoppers Drug Mart/Pharmaprix drug stores, including in-store pharmacies, health and beauty, apparel, and general merchandise) and Financial Services (PC Financial credit cards, the PC Money Account, the PC Optimum loyalty program, insurance brokerage, and telecom services). In fiscal 2024, Retail sales were $59,786 million and Financial Services revenue was $1,586 million of total revenue of $61,014 million.", "detail": "Three impermissible-revenue touchpoints, all from company disclosures: (1) Financial Services: Loblaw's 2024 annual report states this segment's revenue includes interest income on credit card loans (PC Financial Mastercard) plus fees; President's Choice Bank also issues the PC Money Account. In December 2025 Loblaw agreed to sell PC Financial (President's Choice Bank and insurance affiliates) to EQB Inc., with closing expected July 1, 2026, after which EQB becomes the exclusive financial partner of PC Optimum. (2) Alcohol: Loblaw banners sell beer and wine where provincially licensed (e.g., licensed Ontario grocery stores); Loblaw does not disclose alcohol revenue separately. (3) Lottery: the annual report notes Loblaw earns commissions on lottery sales, recorded net as an agent. Shoppers Drug Mart does not sell tobacco; a specific 2014 corporate cessation date could not be verified from an allowed source (pharmacy tobacco sales are banned by law in most provinces), so that claim is left unstated.", "impermissibleRevenuePct": 0 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 10, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income $22.0M on $63.90B total revenue (Loblaw Companies Limited FY2025 (fiscal year ended 2025-12-31, annual report (SEDAR+))) = 0% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Wealthsimple Shariah World Equity Index ETF (WSHR)", "position": "Not held in WSHR as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "note": null }, { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/L.TO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Loblaw Companies Limited (L.TO) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 10% of market cap (limit 30%), cash plus interest-bearing securities 1.2% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "L.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Loblaw 2024 Annual Report (segments, Financial Services revenue, lottery commissions)", "url": "https://dis-prod.assetful.loblaw.ca/content/dam/loblaw-companies-limited/creative-assets/loblaw-ca/investor-relations-reports/annual/2024/LCL_2024_AR.pdf", "external": true }, { "label": "Loblaw 2024 Annual Report on SEDAR+", "url": "https://www.sedarplus.ca/csa-party/records/document.html?id=c9d95928dc238a321cc02f4e05a0d11b4d0f392ffa6b2f694ac0ec3f2f59bd84", "external": true }, { "label": "PC Financial product pages (PC Money Account, PC Mastercard)", "url": "https://www.pcfinancial.ca/en/", "external": true }, { "label": "EQB press release: agreement to acquire PC Financial from Loblaw (Dec 3, 2025)", "url": "https://eqb.investorroom.com/2025-12-03-EQB-redefines-challenger-banking-in-Canada-with-agreement-to-acquire-PC-Financial-from-Loblaw,-delivering-transformational-benefits-for-Canadians", "external": true }, { "label": "EQB Q2 2026 release: expected July 1, 2026 closing of PC Financial acquisition", "url": "https://eqb.investorroom.com/2026-05-27-EQB-reports-second-quarter-2026-results-and-announces-expected-July-1,-2026-closing-of-PC-Financial", "external": true }, { "label": "WSHR holdings list (Wealthsimple)", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "external": true }, { "label": "Loblaw Companies Limited SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Loblaw%20Companies%20Limited&type=10-K", "external": true }, { "label": "Musaffa — L.TO", "url": "https://musaffa.com/stock/L.TO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Loblaw Companies Limited (L.TO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Loblaw Companies Limited passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Loblaw Companies Limited pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 10.0% of market cap (limit < 30%); cash plus interest-bearing securities is 1.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Loblaw Companies Limited held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Loblaw Companies Limited is not held by WSHR. Absence can reflect a failed screen or index scope — verify current holdings before citing." }, { "question": "Do I need to purify dividends from Loblaw Companies Limited?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 10, "cashPct": 1.2, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 10, "cashPct": 1.2, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 14.8, "cashPct": 2.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.lockheed-martin-stock", "question": "Is Lockheed Martin Stock Halal?", "entityName": "Lockheed Martin Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Lockheed Martin Corporation (LMT) does not pass Shariah screening: its core business fails the activity screen (Lockheed Martin is effectively a pure defense/government business). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Lockheed Martin is the purest defense name in this group, and that makes it the cleanest illustration of how Shariah screens disagree on weapons. Its entire FY2025 revenue of $75,048 million comes from four military and space segments: Aeronautics (home of the F-35 fighter, $30,257 million), Missiles and Fire Control ($14,450 million), Rotary and Mission Systems ($17,312 million), and Space ($13,029 million). There is essentially no non-defense business and no interest-based lending arm, so the analysis is almost entirely about the nature of the products, not riba.\n\nHere the methodologies genuinely part ways. AAOIFI's standard list of prohibited business activities does not include defense or weapons manufacturing as a categorical exclusion, so a strict AAOIFI revenue-and-ratio screen can, in principle, pass a defense contractor that meets the financial tests. However, many scholars and many values-based or ESG-style Islamic screens treat the manufacture of weapons as impermissible and exclude such companies outright. Both positions are held by credible authorities, so the honest description is that Lockheed sits in a real area of disagreement rather than carrying one settled ruling.\n\nLockheed is in the S&P 500 but is held by neither SPUS (checked June 11, 2026) nor HLAL (February 28, 2026 holdings). Neither fund explains its exclusions, but for a company whose revenue is almost entirely weapons, the underlying index methodologies' treatment of defense is a plausible driver. A Muslim investor's decision on Lockheed depends primarily on how they personally weigh weapons revenue; that judgment, more than any ratio, will determine the verdict.", "analysisWordCount": 251, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/lockheed-martin-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/lockheed-martin-stock.md", "entityType": "stock", "ticker": "LMT", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-29", "businessScreen": { "pass": false, "activity": "Lockheed Martin is the world's largest defense contractor, organized into four segments: Aeronautics (including the F-35 program), Missiles and Fire Control, Rotary and Mission Systems, and Space. Per its FY2025 10-K, total net sales were $75,048 million, split as Aeronautics $30,257 million, Missiles and Fire Control $14,450 million, Rotary and Mission Systems $17,312 million, and Space $13,029 million. The overwhelming majority of sales are to the US Government and allied governments.", "detail": "Lockheed Martin is effectively a pure defense/government business; all four reportable segments are weapons and military/space systems, so defense-related revenue is approximately the entirety of the $75,048 million total. There is no significant interest-based lending business. This makes Lockheed the clearest defense-exclusion case in the batch: standard AAOIFI business screens do not categorically prohibit defense, so some AAOIFI-methodology screeners can pass it, while many scholars and values-based screens exclude it under a weapons prohibition. Coverage therefore diverges sharply by methodology, far more than for a diversified industrial. Financial-ratio screening (debt, interest income) is secondary to this business-activity question for Lockheed.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 16.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": null, "note": "Not determinative — this verdict is set by the business-activity screen, so the impermissible-income line does not change the outcome." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "LMT latest quarterly filing (balance sheet 2026-03-29)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Lockheed%20Martin%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Lockheed Martin FY2025 10-K segment financial information (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/R50.htm", "external": true }, { "label": "Lockheed Martin FY2025 10-K (SEC EDGAR primary document)", "url": "https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Lockheed Martin Corporation (LMT) stock halal?", "answer": "No. Lockheed Martin Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Lockheed Martin Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-29: interest-bearing debt is 16.4% of market cap (limit < 30%); cash plus interest-bearing securities is 1.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Lockheed Martin Corporation held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Lockheed Martin Corporation is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.lucid-group-stock", "question": "Is Lucid Stock Halal?", "entityName": "Lucid Group, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Lucid Group, Inc. (LCID) does not pass Shariah screening: interest-bearing debt / market cap is 181.5% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 47.4% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 11.6% against the < 5% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Lucid makes luxury electric vehicles, the Air sedan and Gravity SUV, and supplies EV powertrain technology, all permissible activities. There is an interesting wrinkle that many Muslim investors find appealing on the surface: Lucid is majority-owned and repeatedly bailed out by Saudi Arabia's Public Investment Fund. But ownership by a sovereign fund from a Muslim-majority country does not make a stock Shariah-compliant; compliance is judged on the company's own revenue and balance sheet.\n\nOn that basis, Lucid's challenge is its capital structure. With FY2025 revenue of only about $1.35 billion and continuing heavy losses, it relies on a large amount of interest-bearing debt (roughly $2.7 billion) plus about $2.3 billion of redeemable convertible preferred stock held by its PIF-linked controlling shareholder, and it paid $95.1 million of interest expense. It also holds around $2 billion of cash and investments that earn interest income. Against a small revenue base, those interest-bearing debt and interest-income ratios tend to sit well above the thresholds Shariah screens allow, so Lucid generally fails on financial ratios even though building EVs is permissible.\n\nLucid is not in SPUS or HLAL, but that reflects index universe more than a published verdict: it is not an S&P 500 company and was not in HLAL's February 28, 2026 holdings. A Muslim investor should rely on a live stock-level screener for the current ratio-based status and treat the convertible-preferred and debt-heavy structure as the key obstacle.", "analysisWordCount": 236, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/lucid-group-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/lucid-group-stock.md", "entityType": "stock", "ticker": "LCID", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Lucid Group designs and manufactures luxury electric vehicles (the Lucid Air sedan and Gravity SUV) and licenses/ supplies EV powertrain technology. It is majority-owned and funded by Saudi Arabia's Public Investment Fund (PIF) through affiliated entities. Per its FY2025 10-K, total revenue was approximately $1,354 million (including $144 million from related parties), and the company recorded a large net loss (accumulated deficit of $15,611 million at year-end 2025).", "detail": "Lucid's revenue is from selling and servicing electric vehicles and related technology, a permissible activity. The Shariah-relevant items are financial and capital-structure related. The company funds itself heavily with debt and PIF-linked instruments: at year-end 2025 it reported $671.7 million of current debt plus $2,046.6 million of long-term debt (roughly $2.7 billion total), $2,283 million of redeemable convertible preferred stock issued to its related-party controlling shareholder, and $95.1 million of interest expense, against a relatively small revenue base of about $1.35 billion. It held roughly $1.0 billion of cash plus $0.6 billion short-term and $0.5 billion long-term investments, which generate interest income. The combination of large interest-bearing debt and convertible instruments relative to modest revenue is what stresses Shariah financial-ratio screens; the exact interest-income figure was not separately verified for this brief (null).", "impermissibleRevenuePct": 11.6 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 181.5, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 47.4, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 11.6, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "LCID latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Lucid%20Group%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Lucid FY2025 10-K consolidated balance sheets (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/1811210/000162828026011053/R3.htm", "external": true }, { "label": "Lucid FY2025 10-K statements of operations (parenthetical: revenue and interest expense) (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/1811210/000162828026011053/R6.htm", "external": true }, { "label": "Lucid FY2025 10-K (SEC EDGAR primary document)", "url": "https://www.sec.gov/Archives/edgar/data/1811210/000162828026011053/lcid-20251231.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Lucid Group, Inc. (LCID) stock halal?", "answer": "No. Lucid Group, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Lucid Group, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 181.5% of market cap (limit < 30%); cash plus interest-bearing securities is 47.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Lucid Group, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Lucid Group, Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 181.5, "cashPct": 47.4, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 181.5, "cashPct": 47.4, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 37.8, "cashPct": 9.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.lululemon-athletica-stock", "question": "Is Lululemon Athletica Stock Halal?", "entityName": "Lululemon Athletica Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Lululemon Athletica Inc. (LULU) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-05-03) interest-bearing debt is 15.8% of market cap and cash plus interest-bearing securities 11.2% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Lululemon Athletica Inc., alongside its subsidiaries, specializes in the design, global distribution, and retail of athletic apparel and accessories for both women and men. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-05-03: interest-bearing debt is 15.8% of market cap, cash plus interest-bearing securities 11.2%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Lululemon Athletica Inc. FY2025 (fiscal year ended 2026-02…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 186, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/lululemon-athletica-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/lululemon-athletica-stock.md", "entityType": "stock", "ticker": "LULU", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-05-03", "businessScreen": { "pass": true, "activity": "Lululemon Athletica Inc., alongside its subsidiaries, specializes in the design, global distribution, and retail of athletic apparel and accessories for both women and men. Its business operations are structured into two main divisions: company-owned retail establishments and direct-to-consumer sales. The firm's offerings encompass a range of clothing such as pants, shorts, tops, and jackets, all crafted for promoting a healthy lifestyle and facilitating athletic endeavors. These activities span", "detail": "Interest income not separately material in the annual filing (Lululemon Athletica Inc. FY2025 (fiscal year ended 2026-02-01, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 15.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 11.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Lululemon Athletica Inc. FY2025 (fiscal year ended 2026-02-01, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/LULU/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Lululemon Athletica Inc. (LULU) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 15.8% of market cap (limit 30%), cash plus interest-bearing securities 11.2% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-05-03 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "LULU latest quarterly filing (balance sheet 2026-05-03)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Lululemon%20Athletica%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Lululemon Athletica Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Lululemon%20Athletica%20Inc.&type=10-K", "external": true }, { "label": "Zoya — LULU Shariah compliance", "url": "https://zoya.finance/stocks/lulu", "external": true }, { "label": "Musaffa — LULU", "url": "https://musaffa.com/stock/LULU/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Lululemon Athletica Inc. (LULU) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Lululemon Athletica Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-05-03). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Lululemon Athletica Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-03: interest-bearing debt is 15.8% of market cap (limit < 30%); cash plus interest-bearing securities is 11.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Lululemon Athletica Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Lululemon Athletica Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-05-03", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 15.8, "cashPct": 11.2, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 15.8, "cashPct": 11.2, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 25, "cashPct": 17.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.lyft-stock", "question": "Is Lyft Stock Halal?", "entityName": "Lyft, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Lyft, Inc. (LYFT) does not pass Shariah screening: cash + interest-bearing securities / market cap is 33.5% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Lyft, Inc. facilitates a comprehensive, on-demand transportation platform spanning the United States and Canada. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): cash + interest-bearing securities / market cap at 33.5% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 167, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/lyft-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/lyft-stock.md", "entityType": "stock", "ticker": "LYFT", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Lyft, Inc. facilitates a comprehensive, on-demand transportation platform spanning the United States and Canada. Its core mission involves offering users personalized and immediate access to diverse mobility solutions through its multimodal network. Among its primary services is the Ridesharing Marketplace, which seamlessly connects drivers with passengers. For drivers, the company provides Express Drive, a flexible program for vehicle rentals. Consumers can also utilize Lyft Rentals for longer-", "detail": "Not determinative — this verdict is set by the cash & interest-securities ratio, so the impermissible-income line does not change the outcome.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 20.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 33.5, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": null, "note": "Not determinative — this verdict is set by the cash & interest-securities ratio, so the impermissible-income line does not change the outcome." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/LYFT/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Lyft, Inc. (LYFT) non-compliant: it fails on financial ratios — cash + interest-bearing securities / market cap is 33.5% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "LYFT latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Lyft%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Lyft, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Lyft%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — LYFT Shariah compliance", "url": "https://zoya.finance/stocks/lyft", "external": true }, { "label": "Musaffa — LYFT", "url": "https://musaffa.com/stock/LYFT/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Lyft, Inc. (LYFT) stock halal?", "answer": "No. Lyft, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Lyft, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 20.3% of market cap (limit < 30%); cash plus interest-bearing securities is 33.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Lyft, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 20.3, "cashPct": 33.5, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 20.3, "cashPct": 33.5, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 11.7, "cashPct": 19.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.lyondellbasell-industries-stock", "question": "Is LyondellBasell Industries Stock Halal?", "entityName": "LyondellBasell Industries N.V.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "LyondellBasell Industries N.V. (LYB) does not pass Shariah screening: interest-bearing debt / market cap is 62.0% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "LyondellBasell Industries N.V., established in 2009 and based in Houston, Texas, operates as a prominent global chemical manufacturer with a significant international footprint, including the United States, Germany, Mexico, Italy, Poland, France, Japan, China, and the Netherlands. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 62.0% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 188, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/lyondellbasell-industries-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/lyondellbasell-industries-stock.md", "entityType": "stock", "ticker": "LYB", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "LyondellBasell Industries N.V., established in 2009 and based in Houston, Texas, operates as a prominent global chemical manufacturer with a significant international footprint, including the United States, Germany, Mexico, Italy, Poland, France, Japan, China, and the Netherlands. The company's diverse operations are organized into six distinct segments. Its core business involves the production and marketing of olefins and various polyolefins, such as high, low, and linear low-density polyethyl", "detail": "Interest income $72.0M on $30.15B total revenue (LyondellBasell Industries N.V. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.2% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.3 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 62, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 12.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest income $72.0M on $30.15B total revenue (LyondellBasell Industries N.V. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.2% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/LYB/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates LyondellBasell Industries N.V. (LYB) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 62% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "LYB latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=LyondellBasell%20Industries%20N.V.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "LyondellBasell Industries N.V. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=LyondellBasell%20Industries%20N.V.&type=10-K", "external": true }, { "label": "Zoya — LYB Shariah compliance", "url": "https://zoya.finance/stocks/lyb", "external": true }, { "label": "Musaffa — LYB", "url": "https://musaffa.com/stock/LYB/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is LyondellBasell Industries N.V. (LYB) stock halal?", "answer": "No. LyondellBasell Industries N.V. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does LyondellBasell Industries N.V. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 62.0% of market cap (limit < 30%); cash plus interest-bearing securities is 12.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is LyondellBasell Industries N.V. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 62, "cashPct": 12.7, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 62, "cashPct": 12.7, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 38, "cashPct": 7.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.manulife-financial-stock", "question": "Is Manulife Financial Stock Halal?", "entityName": "Manulife Financial Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Manulife Financial Corporation (MFC.TO) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Insurance - Life\" / sector \"Financial Services\" pattern-matches a prohibited core business), and impermissible income / total revenue is 36.0% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Manulife Financial Corporation is a global provider of financial products and services, operating across Asia, Canada, the United States, and other international regions. Core business: Insurance - Life (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, Manulife Financial Corporation's balance-sheet ratios also fall outside AAOIFI's financial limits — interest-bearing debt 14.3% of market cap (limit 30%), cash plus interest-bearing securities 15.5% (limit 30%), impermissible income 36% of revenue (limit 5%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, MFC.TO is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 213, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/manulife-financial-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/manulife-financial-stock.md", "entityType": "stock", "ticker": "MFC.TO", "exchange": "TSX", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Manulife Financial Corporation is a global provider of financial products and services, operating across Asia, Canada, the United States, and other international regions. Its business is structured into three main segments: Wealth and Asset Management, Insurance and Annuity Products, and Corporate and Other. The Wealth and Asset Management segment delivers various investment solutions, including mutual funds, exchange-traded funds, group retirement and savings plans, and institutional asset mana", "detail": "Core business: Insurance - Life (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": 36 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 14.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 15.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 36, "thresholdPct": 5, "pass": false, "note": "Interest income $19.08B on $53.01B total revenue (Manulife Financial Corporation FY2025 (fiscal year ended 2025-12-31, annual report (SEDAR+))) = 36% — above AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/MFC.TO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Manulife Financial Corporation (MFC.TO) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "MFC.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Manulife Financial Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Manulife%20Financial%20Corporation&type=10-K", "external": true }, { "label": "Musaffa — MFC.TO", "url": "https://musaffa.com/stock/MFC.TO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Manulife Financial Corporation (MFC.TO) stock halal?", "answer": "No. Manulife Financial Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Manulife Financial Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 14.3% of market cap (limit < 30%); cash plus interest-bearing securities is 15.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Manulife Financial Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.marathon-digital-holdings-stock", "question": "Is Marathon Digital Stock Halal?", "entityName": "Marathon Digital Holdings, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Marathon Digital Holdings, Inc. (MARA) does not pass Shariah screening: its core business fails the activity screen (Bitcoin/crypto mining — scholars and screeners widely treat cryptocurrency mining as impermissible or highly disputed (c), and interest-bearing debt / market cap is 45.1% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 6.2% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Bitcoin/crypto mining — scholars and screeners widely treat cryptocurrency mining as impermissible or highly disputed (cf. our MSTR/COIN verdicts). We classify miners as not halal on business-activity grounds pending a clear permissibility consensus.\n\nOur verdict rests primarily on the business-activity screen: Bitcoin/crypto mining — scholars and screeners widely treat cryptocurrency mining as impermissible or highly disputed (cf. our MSTR/COIN verdicts). We classify miners as not halal on business-activity grounds pending a clear permissibility consensus. Financial ratios alone cannot cure a failed activity screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 170, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/marathon-digital-holdings-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/marathon-digital-holdings-stock.md", "entityType": "stock", "ticker": "MARA", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Marathon Digital Holdings, Inc. is a technology firm specializing in digital assets. Its core business involves mining cryptocurrencies, with a strategic focus on developing the blockchain ecosystem and generating new digital assets primarily within the United States. By the close of 2021, the company held roughly 8,115 bitcoins, 4,794 of which were managed within an investment fund. Founded in 2010, the company, headquartered in Las Vegas, Nevada, adopted its current name in February 2021, havi", "detail": "Bitcoin/crypto mining — scholars and screeners widely treat cryptocurrency mining as impermissible or highly disputed (cf. our MSTR/COIN verdicts). We classify miners as not halal on business-activity grounds pending a clear permissibility consensus.", "impermissibleRevenuePct": 6.2 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 45.1, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 9.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 6.2, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/MARA/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Marathon Digital Holdings, Inc. (MARA) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "MARA latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Marathon%20Digital%20Holdings%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Marathon Digital Holdings, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Marathon%20Digital%20Holdings%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — MARA Shariah compliance", "url": "https://zoya.finance/stocks/mara", "external": true }, { "label": "Musaffa — MARA", "url": "https://musaffa.com/stock/MARA/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Marathon Digital Holdings, Inc. (MARA) stock halal?", "answer": "No. Marathon Digital Holdings, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Marathon Digital Holdings, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 45.1% of market cap (limit < 30%); cash plus interest-bearing securities is 9.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Marathon Digital Holdings, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.marathon-petroleum-stock", "question": "Is Marathon Petroleum Stock Halal?", "entityName": "Marathon Petroleum Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Marathon Petroleum Corporation (MPC) does not pass Shariah screening: interest-bearing debt / market cap is 42.7% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Marathon Petroleum Corporation (MPC) functions as a prominent integrated energy enterprise, primarily concentrating its downstream operations across the United States. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 42.7% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 171, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/marathon-petroleum-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/marathon-petroleum-stock.md", "entityType": "stock", "ticker": "MPC", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Marathon Petroleum Corporation (MPC) functions as a prominent integrated energy enterprise, primarily concentrating its downstream operations across the United States. Its business is bifurcated into two main divisions: Refining & Marketing, and Midstream. The Refining & Marketing segment is responsible for processing crude oil and various other raw materials at its refineries, strategically located in the U.S. Gulf Coast, Mid-Continent, and West Coast regions. This division also acquires refine", "detail": "Interest income only — verify other impermissible revenue lines in the 10-K", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 42.7, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.1, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/MPC/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Marathon Petroleum Corporation (MPC) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 42.7% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "MPC latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Marathon%20Petroleum%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Marathon Petroleum Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Marathon%20Petroleum%20Corporation&type=10-K", "external": true }, { "label": "Zoya — MPC Shariah compliance", "url": "https://zoya.finance/stocks/mpc", "external": true }, { "label": "Musaffa — MPC", "url": "https://musaffa.com/stock/MPC/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Marathon Petroleum Corporation (MPC) stock halal?", "answer": "No. Marathon Petroleum Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Marathon Petroleum Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 42.7% of market cap (limit < 30%); cash plus interest-bearing securities is 2.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Marathon Petroleum Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 42.7, "cashPct": 2.8, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 42.7, "cashPct": 2.8, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 37.2, "cashPct": 2.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.marriott-international-stock", "question": "Is Marriott International Stock Halal?", "entityName": "Marriott International, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Marriott International, Inc. (MAR) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 15.6% of market cap and cash plus interest-bearing securities 0.4% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Marriott International, Inc. is a leading global hospitality firm responsible for managing, franchising, and licensing a wide range of accommodation options, including hotels, residential units, and timeshare resorts, on an international scale. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 15.6% of market cap, cash plus interest-bearing securities 0.4%, and filing-verified impermissible income 0.2% (Interest/investment income $42.0M on $26.19B revenue = 0.2% (FMP as-reported XBRL, investmentincomeinterest). Verify no …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 192, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/marriott-international-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/marriott-international-stock.md", "entityType": "stock", "ticker": "MAR", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Marriott International, Inc. is a leading global hospitality firm responsible for managing, franchising, and licensing a wide range of accommodation options, including hotels, residential units, and timeshare resorts, on an international scale. The company segments its extensive operations into North America (covering the U.S. and Canada) and its various international divisions. Under its corporate umbrella, Marriott oversees a diverse collection of esteemed brands, such as JW Marriott, The Ritz", "detail": "Interest/investment income $42.0M on $26.19B revenue = 0.2% (FMP as-reported XBRL, investmentincomeinterest). Verify no other impermissible revenue segments in 10-K.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 15.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest/investment income $42.0M on $26.19B revenue = 0.2% (FMP as-reported XBRL, investmentincomeinterest). Verify no other impermissible revenue segments in 10-K." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/MAR/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Marriott International, Inc. (MAR) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 15.6% of market cap (limit 30%), cash plus interest-bearing securities 0.4% (limit 30%), impermissible income 0.2% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "MAR latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Marriott%20International%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Marriott International, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Marriott%20International%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — MAR Shariah compliance", "url": "https://zoya.finance/stocks/mar", "external": true }, { "label": "Musaffa — MAR", "url": "https://musaffa.com/stock/MAR/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Marriott International, Inc. (MAR) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Marriott International, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Marriott International, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 15.6% of market cap (limit < 30%); cash plus interest-bearing securities is 0.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Marriott International, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Marriott International, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 15.6, "cashPct": 0.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 15.6, "cashPct": 0.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 59.3, "cashPct": 1.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.marvell-technology-stock", "question": "Is Marvell Technology Stock Halal?", "entityName": "Marvell Technology, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Marvell Technology, Inc. (MRVL) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-05-02) interest-bearing debt is 2.0% of market cap and cash plus interest-bearing securities 1.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Marvell Technology, Inc., together with its affiliated companies, specializes in the development, engineering, and commercialization of a broad range of integrated circuits. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-05-02: interest-bearing debt is 2.0% of market cap, cash plus interest-bearing securities 1.6%, and filing-verified impermissible income 0.3% (Interest income and other, net $15.0M on $5,767.3M revenue (FY2025 10-K) = 0.26%. FMP's interestIncome field incorrectly…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 184, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/marvell-technology-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/marvell-technology-stock.md", "entityType": "stock", "ticker": "MRVL", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-05-02", "businessScreen": { "pass": true, "activity": "Marvell Technology, Inc., together with its affiliated companies, specializes in the development, engineering, and commercialization of a broad range of integrated circuits. These offerings encompass analog, mixed-signal, digital signal processing, embedded, and standalone chip solutions. The company's product portfolio includes a variety of Ethernet solutions, such as controllers, network adapters, physical layer transceivers, and switches. They also provide single and multi-core processors, ap", "detail": "Interest income and other, net $15.0M on $5,767.3M revenue (FY2025 10-K) = 0.26%. FMP's interestIncome field incorrectly inflates this line.", "impermissibleRevenuePct": 23.5 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.3, "thresholdPct": 5, "pass": true, "note": "Interest income and other, net $15.0M on $5,767.3M revenue (FY2025 10-K) = 0.26%. FMP's interestIncome field incorrectly inflates this line." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/MRVL/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Marvell Technology, Inc. (MRVL) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 2% of market cap (limit 30%), cash plus interest-bearing securities 1.6% (limit 30%), impermissible income 0.3% of revenue (limit 5%) on 2026-05-02 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "MRVL latest quarterly filing (balance sheet 2026-05-02)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Marvell%20Technology%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Marvell Technology, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Marvell%20Technology%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — MRVL Shariah compliance", "url": "https://zoya.finance/stocks/mrvl", "external": true }, { "label": "Musaffa — MRVL", "url": "https://musaffa.com/stock/MRVL/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Marvell Technology, Inc. (MRVL) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Marvell Technology, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-05-02). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Marvell Technology, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-02: interest-bearing debt is 2.0% of market cap (limit < 30%); cash plus interest-bearing securities is 1.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Marvell Technology, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Marvell Technology, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-05-02", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 2, "cashPct": 1.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 2, "cashPct": 1.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 18.4, "cashPct": 14.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.mastercard-incorporated-stock", "question": "Is Mastercard Stock Halal?", "entityName": "Mastercard Incorporated", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Mastercard Incorporated (MA) does not pass Shariah screening: its core business fails the activity screen (Mastercard's 10-K discloses two revenue categories: payment network (fees tied to gross dollar volume, cross-border volu). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Mastercard's Shariah status follows the same fault line as Visa's. The company's 2025 10-K shows $32.79 billion of net revenue split between payment network fees ($19.48 billion) and value-added services such as security, authentication, and data insights ($13.32 billion). Mastercard does not lend, does not set cardholder interest rates, and reports no interest-on-loans revenue line. On the strength of that fee-based model, Zoya and Musaffa both currently classify Mastercard as halal under AAOIFI methodology, and Islamicly's research reaches the same conclusion.\n\nThe other side of the debate focuses on what the network carries rather than what the company earns: a large portion of Mastercard-branded volume runs on conventional credit cards, and some scholars treat building and operating that infrastructure as assisting interest-based finance. The professional index world reflects this stricter view in practice. Mastercard is not held by SPUS (S&P 500 Shariah Industry Exclusions methodology, holdings checked June 11, 2026) or by HLAL (FTSE USA Shariah, SEC-filed holdings as of February 28, 2026), because those index methodologies exclude companies classified in the financials sector before any revenue-level analysis.\n\nA Muslim investor should understand that both positions are held by credible institutions applying recognized standards. If your reference point is a stock-level AAOIFI screener, Mastercard passes today. If your reference point is the major US Shariah index funds, it is excluded. Check a live screener before acting, since either status can change with new financials.", "analysisWordCount": 234, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/mastercard-incorporated-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/mastercard-incorporated-stock.md", "entityType": "stock", "ticker": "MA", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Mastercard operates the world's second-largest card payment network. Per its 2025 10-K (filed February 11, 2026), net revenue of $32.79 billion was disaggregated into payment network revenue ($19.48B) and value-added services and solutions revenue ($13.32B), both recognized net of rebates and incentives. Like Visa, Mastercard does not issue cards or extend credit; issuing banks do.", "detail": "Mastercard's 10-K discloses two revenue categories: payment network (fees tied to gross dollar volume, cross-border volume, and switched transactions) and value-added services and solutions (security, digital authentication, consumer engagement, insights, processing/gateway, ACH and real-time payments, open finance). Neither category is interest income from lending. The Shariah debate mirrors Visa's: scholars differ on whether earning fees on a network that carries interest-based credit card volume is permissible facilitation. AAOIFI-methodology stock screeners pass Mastercard; the S&P and FTSE Shariah index funds (SPUS, HLAL) do not hold it.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 4.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": null, "note": "Not determinative — this verdict is set by the business-activity screen, so the impermissible-income line does not change the outcome." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null }, { "source": "Zoya", "position": "Shariah-compliant (AAOIFI methodology); Zoya's stock page reports MA as compliant and its blog notes Mastercard monetizes via network fees rather than extending credit or earning interest.", "url": "https://zoya.finance/stocks/ma", "note": null }, { "source": "Musaffa", "position": "Classified HALAL as of February 2026 based on Musaffa's AAOIFI-based business activity and financial ratio screens.", "url": "https://musaffa.com/stock/MA/", "note": null }, { "source": "Islamicly", "position": "Deems Mastercard Shariah-compliant, quoting Mastercard's own disclosure that it does not issue cards, extend credit, or earn from interest charged to account holders, and noting it passes both sector and financial-ratio screens.", "url": "https://blog.islamicly.com/research/are-payment-processors-mastercard-visa-american-express-shariah-compliant/", "note": null }, { "source": "Amana/Saturna", "position": "Mastercard does not appear in the Amana Growth Fund holdings as of 2026-02-27 (an actively managed, concentrated fund of ~31 positions, so absence is not necessarily a screen verdict).", "url": "https://www.saturna.com/fund/amana-growth", "note": null } ], "sources": [ { "label": "MA latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Mastercard%20Incorporated&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Mastercard 2025 10-K revenue note (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/R11.htm", "external": true }, { "label": "Mastercard Q4/FY2025 earnings release (SEC EDGAR, 8-K exhibit)", "url": "https://www.sec.gov/Archives/edgar/data/1141391/000114139126000003/ma12312025-exx991xearnings.htm", "external": true }, { "label": "Mastercard 10-K filing page (company IR)", "url": "https://investor.mastercard.com/financials-and-sec-filings/sec-filings/sec-filings-details/default.aspx?FilingId=19135441", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true }, { "label": "Zoya compliance page for MA", "url": "https://zoya.finance/stocks/ma", "external": true }, { "label": "Musaffa compliance page for MA", "url": "https://musaffa.com/stock/MA/", "external": true } ], "faqs": [ { "question": "Is Mastercard Incorporated (MA) stock halal?", "answer": "No. Mastercard Incorporated fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Mastercard Incorporated pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 4.4% of market cap (limit < 30%); cash plus interest-bearing securities is 1.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Mastercard Incorporated held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Mastercard Incorporated is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.mcdonald-s-stock", "question": "Is McDonald's Stock Halal?", "entityName": "McDonald's Corporation", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "McDonald's Corporation (MCD) passes the screens we can compute (data as of 2026-03-31) — interest-bearing debt / market cap 19.7%, cash + interest-bearing securities / market cap 0.6%, impermissible income / total revenue 0.2% — but one screen requires case-by-case judgment. It is not held by Shariah-screened ETFs SPUS or HLAL.", "analysis": "McDonald's is, at its core, a franchising and food-service business: of its $26.9 billion in 2025 revenue, $16.5 billion came from franchised-restaurant rents and royalties and $9.7 billion from company-operated restaurant sales. Earning rents and royalties and selling food are permissible activities, so the business screen does not turn on the revenue model itself but on specific menu categories.\n\nTwo factual points matter for a Muslim investor. First, McDonald's sells pork products such as bacon and sausage in many markets, and the McRib in some. Second, in several international markets, particularly in Europe, some McDonald's outlets serve beer. The company does not break out pork or alcohol revenue, so the exact share cannot be cited; both are a minority of overall menu sales. Investors who screen on business activity should be aware these categories exist even though they are not separately quantified, and dividend purification is the usual tool for the impermissible portion.\n\nMcDonald's is in the S&P 500 yet does not appear in SPUS as of June 11, 2026, and it is absent from HLAL as well. SPUS applies both an industry screen and a debt-to-market-cap threshold; large restaurant operators frequently fail Shariah screens on leverage, and McDonald's notably carries negative book equity from years of debt-funded share buybacks, but the fund does not publish a per-stock reason, so the precise cause of exclusion cannot be stated. The practical takeaway is that McDonald's currently sits outside both major US Shariah funds, and an investor should verify a live screener and the specific concerns before relying on any verdict.", "analysisWordCount": 259, "conditions": "Our computed AAOIFI financial-ratio screen passes on the latest filing data, but both major U.S. Shariah-screened ETFs — SPUS (S&P Shariah methodology) and HLAL (FTSE Shariah methodology) — exclude McDonald's Corporation from their holdings as of our June 2026 check, even though it is in their parent indices. Professional screens apply filing-level business-activity analysis (alcohol, pork, tobacco, or media revenue share) and different ratio bases that an automated ratio screen cannot replicate. That divergence usually signals an impermissible-revenue question. Treat this as unresolved until the segment revenue in the latest annual filing is verified line by line.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/mcdonald-s-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/mcdonald-s-stock.md", "entityType": "stock", "ticker": "MCD", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "McDonald's Corporation franchises and operates quick-service restaurants in more than 100 countries; about 95% of its 45,356 restaurants at year-end 2025 were franchised. Per its fiscal 2025 results (year ended December 31, 2025; 10-K filed February 2026), total revenues were $26,885 million, comprising revenues from franchised restaurants $16,548M, sales by company-owned and operated restaurants $9,690M, and other revenues $647M.", "detail": "McDonald's primary revenue is from selling food and from franchise rents and royalties, which are permissible in form. Two product/category issues arise: (1) pork products (bacon, sausage, the McRib in some markets) are sold in many markets, and (2) in a number of international markets (notably parts of Europe) some McDonald's restaurants serve beer. The company does not separately disclose pork or alcohol revenue, so their share is not quantifiable from filings; both are a minority of menu sales. McDonald's is an S&P 500 constituent but is absent from the SPUS holdings dated 2026-06-11; a commonly cited reason for screen failure among large restaurant chains is balance-sheet leverage (McDonald's reports negative shareholders' equity due to debt-funded buybacks), but SPUS does not publish a stock-level reason, so this cannot be confirmed.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 19.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "MCD latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=McDonald's%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "McDonald's Q4/Full-Year 2025 earnings release (SEC EDGAR, 8-K exhibit)", "url": "https://www.sec.gov/Archives/edgar/data/63908/000006390826000032/exhibit991-12312025.htm", "external": true }, { "label": "McDonald's FY2025 10-K (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/63908/000006390826000035/mcd-20251231.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is McDonald's Corporation (MCD) stock halal?", "answer": "McDonald's Corporation is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does McDonald's Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 19.7% of market cap (limit < 30%); cash plus interest-bearing securities is 0.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is McDonald's Corporation held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, McDonald's Corporation is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 19.7, "cashPct": 0.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 19.7, "cashPct": 0.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 66.8, "cashPct": 1.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.mercadolibre-stock", "question": "Is MercadoLibre Stock Halal?", "entityName": "MercadoLibre, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "MercadoLibre, Inc. (MELI) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 12.2% of market cap and cash plus interest-bearing securities 6.8% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "MercadoLibre, Inc. operates as a prominent provider of digital commerce platforms throughout Latin America. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 12.2% of market cap, cash plus interest-bearing securities 6.8%, and filing-verified impermissible income 0.5% (Interest income $138.0M on $28.89B total revenue (MercadoLibre, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) =…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 177, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/mercadolibre-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/mercadolibre-stock.md", "entityType": "stock", "ticker": "MELI", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "MercadoLibre, Inc. operates as a prominent provider of digital commerce platforms throughout Latin America. Its primary service, the Mercado Libre Marketplace, is an automated online system allowing businesses, independent vendors, and private individuals to list merchandise and finalize sales. Supporting this, the Mercado Pago FinTech platform offers a financial technology solution, facilitating transactions both on and off its e-commerce sites by enabling users to securely send and receive onl", "detail": "Interest income $138.0M on $28.89B total revenue (MercadoLibre, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.5% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.5 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 12.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 6.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.5, "thresholdPct": 5, "pass": true, "note": "Interest income $138.0M on $28.89B total revenue (MercadoLibre, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.5% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/MELI/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates MercadoLibre, Inc. (MELI) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 12.2% of market cap (limit 30%), cash plus interest-bearing securities 6.8% (limit 30%), impermissible income 0.5% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "MELI latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=MercadoLibre%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "MercadoLibre, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=MercadoLibre%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — MELI Shariah compliance", "url": "https://zoya.finance/stocks/meli", "external": true }, { "label": "Musaffa — MELI", "url": "https://musaffa.com/stock/MELI/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is MercadoLibre, Inc. (MELI) stock halal?", "answer": "Yes, under our AAOIFI-based methodology MercadoLibre, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does MercadoLibre, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 12.2% of market cap (limit < 30%); cash plus interest-bearing securities is 6.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is MercadoLibre, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from MercadoLibre, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 12.2, "cashPct": 6.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 12.2, "cashPct": 6.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 20.9, "cashPct": 11.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.merck-stock", "question": "Is Merck Stock Halal?", "entityName": "Merck & Co., Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Merck & Co., Inc. (MRK) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 16.7% of market cap and cash plus interest-bearing securities 1.9% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Merck & Co. is one of the world's largest research-based pharmaceutical companies, anchored by its blockbuster cancer immunotherapy Keytruda along with vaccines and a sizeable animal-health business. Developing and selling prescription medicines and vaccines is a permissible healthcare activity, with no alcohol, gambling, tobacco, or conventional-finance exposure — so Zoya, Musaffa, and HalalScreener all classify MRK as halal.\n\nThe financial ratios are solid: HalalScreener shows debt-to-market-cap at 15.7% and prohibited income at just 0.70% of revenue, both well inside AAOIFI limits, earning a B+ (79/100) compliance grade. A small amount of interest income means routine dividend purification applies, but it is minor.\n\nThe practical takeaway: MRK passes both screens with a comfortable margin. Some investors apply an ethical-conscience filter to specific pharmaceutical product lines, but that is a personal preference beyond the standard Shariah screen, which MRK clears. Re-check the ratios after new filings and avoid leverage.", "analysisWordCount": 147, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/merck-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/merck-stock.md", "entityType": "stock", "ticker": "MRK", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Merck & Co. (known as MSD outside the U.S. and Canada) is a research-driven pharmaceutical company. Its largest products include the oncology drug Keytruda, vaccines, and animal-health products. Revenue is from developing, manufacturing, and selling prescription medicines and vaccines — a permissible healthcare activity.", "detail": "No alcohol, gambling, tobacco, or conventional-finance revenue is disclosed. HalalScreener reports non-compliant (prohibited) income at 0.70% of revenue and debt-to-market-cap at 15.7% — both well under AAOIFI thresholds. Modest dividend purification applies for the small interest-income share.", "impermissibleRevenuePct": 0.5 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 16.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.5, "thresholdPct": 5, "pass": true, "note": "Interest income $343.0M on $64.93B total revenue (Merck & Co., Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.5% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Zoya", "position": "Classifies MRK as Shariah-compliant under its AAOIFI-based methodology.", "url": "https://zoya.finance/stocks/mrk", "note": null }, { "source": "Musaffa", "position": "Classified HALAL as of February 2026 based on AAOIFI screens (report source: 2025 Annual Report).", "url": "https://musaffa.com/stock/MRK/", "note": null }, { "source": "HalalScreener", "position": "Rates MRK Halal (B+, score 79/100): debt-to-market-cap 15.7%, interest-bearing deposits 4.9%, prohibited income 0.70% — all under AAOIFI limits.", "url": "https://halalscreener.app/en/stock/MRK", "note": null } ], "sources": [ { "label": "MRK latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Merck%20%26%20Co.%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Merck & Co. 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=MRK&type=10-K", "external": true }, { "label": "Zoya — MRK Shariah compliance status", "url": "https://zoya.finance/stocks/mrk", "external": true }, { "label": "Musaffa — MRK Shariah status (HALAL)", "url": "https://musaffa.com/stock/MRK/", "external": true }, { "label": "HalalScreener — MRK (Halal, B+ 79/100)", "url": "https://halalscreener.app/en/stock/MRK", "external": true } ], "faqs": [ { "question": "Is Merck & Co., Inc. (MRK) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Merck & Co., Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Merck & Co., Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 16.7% of market cap (limit < 30%); cash plus interest-bearing securities is 1.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Merck & Co., Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Merck & Co., Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 16.7, "cashPct": 1.9, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 16.7, "cashPct": 1.9, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 38.2, "cashPct": 4.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.meta-platforms-stock", "question": "Is Meta Platforms Stock Halal?", "entityName": "Meta Platforms, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Meta Platforms, Inc. (META) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 4.1% of market cap and cash plus interest-bearing securities 5.6% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETF HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Meta owns Facebook, Instagram, WhatsApp, Messenger and Threads, and is investing heavily in AI and in Reality Labs hardware. Unlike Apple or Microsoft, where questionable lines sit inside a larger permissible business, Meta's 10-K is explicit that substantially all revenue comes from advertising in its Family of Apps segment. That makes the entire Shariah assessment hinge on how a methodology treats ad-platform revenue: screens that regard mainstream digital advertising as fundamentally permissible (with a haircut for impermissible ad content) can pass Meta, while screens that assign a larger questionable share to untraceable ad inventory will flag it. Meta provides no advertiser-category breakdown, so no screener can compute the impermissible share precisely.\n\nThe third-party signals are split along exactly those lines as of June 11, 2026. HLAL (FTSE Shariah screen, certified by Yasaar) holds Meta at roughly a 3.8% weight - a clear institutional pass - while SPUS does not hold it, and the retail AAOIFI screeners are cautious: Zoya flags Meta as questionable and Musaffa as doubtful. This is one of the clearest current examples of a stock where reputable Shariah methodologies genuinely disagree, and investors should understand the disagreement is about business-screen categorization of advertising, not about hidden debt.\n\nOn financial ratios, Meta's borrowings are small relative to its very large market value, and it holds substantial cash and marketable securities producing interest income that would require purification under approaches that permit the stock. A practical takeaway: a Muslim investor following the FTSE Shariah standard has index-level support for holding Meta; one following Zoya's or Musaffa's AAOIFI interpretation should treat the current public flags as a caution and review those platforms' detailed reports before deciding.", "analysisWordCount": 276, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/meta-platforms-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/meta-platforms-stock.md", "entityType": "stock", "ticker": "META", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Meta Platforms operates social and messaging apps - Facebook, Instagram, Messenger, WhatsApp and Threads - and develops virtual/augmented-reality and AI products. Its 10-K reports two segments: Family of Apps (which generates substantially all of Meta's revenue, from advertising) and Reality Labs (hardware and software for VR/AR, which runs at a loss).", "detail": "Meta's 10-K states that substantially all of its revenue comes from selling advertising on its apps. The Shariah business-screen question is the same as for other ad platforms: general ad inventory can include ads for impermissible products and services, and Meta does not disclose any breakdown of ad revenue by advertiser category - not separately disclosed in filings. Meta also earns interest income on its cash and securities portfolio. Because advertising is not a side line but essentially the entire business, methodology choices about ad revenue dominate Meta's screening outcome.", "impermissibleRevenuePct": 1.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 4.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.1, "thresholdPct": 5, "pass": true, "note": "Interest income $2.12B on $200.97B total revenue (Meta Platforms, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund.", "url": "https://funds.wahedinvest.com/", "note": null }, { "source": "Zoya", "position": "Zoya's public stock page flags META as questionable under its AAOIFI-based screen (checked 2026-06-11).", "url": "https://zoya.finance/stocks/meta", "note": null }, { "source": "Musaffa", "position": "Musaffa's public stock page classifies META as DOUBTFUL under its AAOIFI-based methodology, as of May 2026.", "url": "https://musaffa.com/stock/META/", "note": null } ], "sources": [ { "label": "META latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Meta%20Platforms%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Meta Platforms 10-K filings - SEC EDGAR (CIK 0001326801)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001326801&type=10-K", "external": true }, { "label": "SPUS holdings (sp-funds.com, table dated 06/11/2026)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL fund page with official Holdings link (funds.wahedinvest.com)", "url": "https://funds.wahedinvest.com/", "external": true }, { "label": "Zoya public compliance page for META", "url": "https://zoya.finance/stocks/meta", "external": true }, { "label": "Musaffa public compliance page for META", "url": "https://musaffa.com/stock/META/", "external": true } ], "faqs": [ { "question": "Is Meta Platforms, Inc. (META) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Meta Platforms, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Meta Platforms, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 4.1% of market cap (limit < 30%); cash plus interest-bearing securities is 5.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Meta Platforms, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Meta Platforms, Inc. is held by HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Meta Platforms, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 4.1, "cashPct": 5.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 4.1, "cashPct": 5.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 14.9, "cashPct": 20.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.mgm-resorts-international-stock", "question": "Is MGM Resorts International Stock Halal?", "entityName": "MGM Resorts International", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "MGM Resorts International (MGM) does not pass Shariah screening: its core business fails the activity screen (MGM Resorts (MGM) — casino and gaming operator), and interest-bearing debt / market cap is 51.1% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "MGM Resorts (MGM) — casino and gaming operator; fails the business-activity screen (gambling).\n\nOur verdict rests primarily on the business-activity screen: MGM Resorts (MGM) — casino and gaming operator; fails the business-activity screen (gambling). Financial ratios alone cannot cure a failed activity screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 130, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/mgm-resorts-international-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/mgm-resorts-international-stock.md", "entityType": "stock", "ticker": "MGM", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "MGM Resorts International, through its various divisions, manages and possesses casino, lodging, and entertainment complexes across the United States and Macau. The company's operations are segmented into three main areas: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its resort properties offer a comprehensive suite of amenities including gaming facilities, accommodation, convention spaces, dining options, entertainment venues, retail outlets, and more. Beyond traditional slots a", "detail": "MGM Resorts (MGM) — casino and gaming operator; fails the business-activity screen (gambling).", "impermissibleRevenuePct": 1.7 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 51.1, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 18.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (MGM Resorts International FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/MGM/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates MGM Resorts International (MGM) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "MGM latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=MGM%20Resorts%20International&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "MGM Resorts International SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=MGM%20Resorts%20International&type=10-K", "external": true }, { "label": "Zoya — MGM Shariah compliance", "url": "https://zoya.finance/stocks/mgm", "external": true }, { "label": "Musaffa — MGM", "url": "https://musaffa.com/stock/MGM/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is MGM Resorts International (MGM) stock halal?", "answer": "No. MGM Resorts International fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does MGM Resorts International pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 51.1% of market cap (limit < 30%); cash plus interest-bearing securities is 18.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is MGM Resorts International held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.microchip-technology-incorporated-stock", "question": "Is Microchip Technology Stock Halal?", "entityName": "Microchip Technology Incorporated", "verdict": "halal", "verdictLabel": "Halal", "answer": "Microchip Technology Incorporated (MCHP) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 10.6% of market cap and cash plus interest-bearing securities 0.5% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Microchip Technology Incorporated creates, produces, and sells intelligent, interconnected, and secure embedded control solutions to customers throughout the Americas, Europe, and Asia. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 10.6% of market cap, cash plus interest-bearing securities 0.5%, and filing-verified impermissible income 0.2% (Interest income $11.4M on $4.71B total revenue (Microchip Technology Incorporated FY2026 (fiscal year ended 2026-03-31, …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 183, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/microchip-technology-incorporated-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/microchip-technology-incorporated-stock.md", "entityType": "stock", "ticker": "MCHP", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Microchip Technology Incorporated creates, produces, and sells intelligent, interconnected, and secure embedded control solutions to customers throughout the Americas, Europe, and Asia. The company's core offerings include a range of microcontrollers, such as general-purpose 8-bit, 16-bit, and 32-bit models, as well as 32-bit embedded microprocessors. These specialized microcontrollers are designed for numerous applications across industries like automotive, industrial, computing, communications", "detail": "Interest income $11.4M on $4.71B total revenue (Microchip Technology Incorporated FY2026 (fiscal year ended 2026-03-31, Form 10-K)) = 0.2% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 10.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest income $11.4M on $4.71B total revenue (Microchip Technology Incorporated FY2026 (fiscal year ended 2026-03-31, Form 10-K)) = 0.2% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/MCHP/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Microchip Technology Incorporated (MCHP) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 10.6% of market cap (limit 30%), cash plus interest-bearing securities 0.5% (limit 30%), impermissible income 0.2% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "MCHP latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Microchip%20Technology%20Incorporated&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Microchip Technology Incorporated SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Microchip%20Technology%20Incorporated&type=10-K", "external": true }, { "label": "Zoya — MCHP Shariah compliance", "url": "https://zoya.finance/stocks/mchp", "external": true }, { "label": "Musaffa — MCHP", "url": "https://musaffa.com/stock/MCHP/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Microchip Technology Incorporated (MCHP) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Microchip Technology Incorporated passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Microchip Technology Incorporated pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 10.6% of market cap (limit < 30%); cash plus interest-bearing securities is 0.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Microchip Technology Incorporated held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Microchip Technology Incorporated?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 10.6, "cashPct": 0.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 10.6, "cashPct": 0.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 38.2, "cashPct": 1.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.micron-technology-stock", "question": "Is Micron Technology Stock Halal?", "entityName": "Micron Technology, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Micron Technology, Inc. (MU) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-02-26) interest-bearing debt is 0.7% of market cap and cash plus interest-bearing securities 1.4% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETFs SPUS and HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Micron is about as uncomplicated as Shariah screening gets at the business-activity level. The company makes memory and storage chips, with fiscal 2025 revenue of $37.38 billion split between DRAM (76%) and NAND (23%), driven by surging AI data-center demand for high-bandwidth memory. Nothing in the product portfolio touches prohibited industries.\n\nThe screening question for any capital-intensive chipmaker is financial: debt levels and incidental interest income relative to AAOIFI thresholds. Here the professional evidence is unusually aligned. Micron is held by both SPUS, where it is a top-ten position at 2.78% of the fund as of June 11, 2026, and by HLAL, whose SEC-filed schedule of investments as of February 28, 2026 shows a Micron position. When both major US Shariah ETFs, applying two different index methodologies (S&P Shariah and FTSE Shariah), include the same stock, that is strong corroboration that it passes professional screens as of those dates.\n\nAs always, compliance is a snapshot, and memory is a cyclical business whose balance sheet can change across cycles. But as of the most recent verifiable data, Micron screens as halal across the major methodologies, and a Muslim investor's decision can focus on the standard investment questions of cycle timing and valuation rather than compliance.", "analysisWordCount": 204, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/micron-technology-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/micron-technology-stock.md", "entityType": "stock", "ticker": "MU", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-02-26", "businessScreen": { "pass": true, "activity": "Micron Technology manufactures memory and storage semiconductors (DRAM, NAND, HBM). Per its fiscal 2025 results (year ended August 28, 2025; 10-K filed October 2025), revenue was a record $37.38 billion, up 49% year over year, with DRAM contributing $28.58 billion (76% of revenue) and NAND $8.50 billion (23%). In Q4 FY2025 Micron reorganized into four business units: Cloud Memory, Core Data Center, Mobile and Client, and Automotive and Embedded.", "detail": "Memory chip manufacturing is a permissible business with no haram product lines. Micron reports interest income and interest expense within non-operating items, but the specific FY2025 amounts were not verified for this brief (null rather than estimated); screeners evaluate these against the ~5% AAOIFI tolerance alongside debt ratios. Both major US Shariah ETFs currently hold Micron: it appears in the SPUS holdings dated 2026-06-11 (82,106 shares, 2.78% of the fund) and in HLAL's SEC-filed holdings as of 2026-02-28 (30,680 shares).", "impermissibleRevenuePct": 1.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.3, "thresholdPct": 5, "pass": true, "note": "Interest income $496.0M on $37.38B total revenue (Micron Technology, Inc. FY2025 (fiscal year ended 2025-08-28, Form 10-K)) = 1.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-11 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "MU latest quarterly filing (balance sheet 2026-02-26)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Micron%20Technology%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Micron FY2025 Q4 earnings press release (company IR)", "url": "https://investors.micron.com/static-files/99a1122b-9f6e-415e-abb1-79734d59b428", "external": true }, { "label": "Micron SEC filings (EDGAR company page)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000723125&type=10-K", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Micron Technology, Inc. (MU) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Micron Technology, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-02-26). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Micron Technology, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-02-26: interest-bearing debt is 0.7% of market cap (limit < 30%); cash plus interest-bearing securities is 1.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Micron Technology, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Micron Technology, Inc. is held by SPUS and HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Micron Technology, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-02-26", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.7, "cashPct": 1.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.7, "cashPct": 1.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 7.8, "cashPct": 14.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.microsoft-stock", "question": "Is Microsoft Stock Halal?", "entityName": "Microsoft Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Microsoft Corporation (MSFT) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 2.0% of market cap and cash plus interest-bearing securities 2.7% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETFs SPUS and HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Microsoft's core businesses - productivity software, enterprise cloud (Azure), Windows and developer tools - are permissible activities. The Shariah debate around Microsoft concentrates on its gaming and advertising lines. After acquiring Activision Blizzard in 2023, Microsoft became one of the world's largest video-game publishers, and its More Personal Computing segment includes Xbox content and services plus Search and news advertising from Bing; LinkedIn adds further advertising revenue. Screeners differ on how much of gaming revenue to treat as impermissible (some count only games with prohibited content or in-game gambling mechanics, others take a stricter view of the entertainment category as a whole), and on how to treat general advertising that may promote impermissible products.\n\nThis is a genuine scholars-differ area, and the third-party signals reflect it. As of June 11, 2026, Microsoft is held by both SPUS (S&P Shariah screen) and HLAL (FTSE Shariah screen) - meaning it passes both of those institutional index screens - while Zoya publicly flags the stock as questionable and Musaffa classifies it as not halal under their stricter AAOIFI-based revenue analyses. An investor's conclusion will therefore depend on which methodology they follow and how that methodology categorizes gaming and advertising income against the 5% impermissible-revenue tolerance.\n\nOn financial ratios, Microsoft's debt is modest relative to its very large market value, and it holds a substantial investment portfolio that produces interest income - incidental income that compliant-leaning investors would purify. Practical guidance: investors who follow FTSE or S&P Shariah standards have index-level support for holding Microsoft; investors who follow Zoya's or Musaffa's AAOIFI interpretations should review those platforms' current reports before investing, since the disagreement here is about business-screen categorization rather than excessive debt.", "analysisWordCount": 279, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/microsoft-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/microsoft-stock.md", "entityType": "stock", "ticker": "MSFT", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Microsoft develops and licenses software, cloud services, devices and related solutions. Its 10-K reports three segments: Productivity and Business Processes (Microsoft 365/Office, LinkedIn, Dynamics), Intelligent Cloud (Azure and other cloud services, server products), and More Personal Computing (Windows, Devices, Gaming including Xbox and Activision Blizzard content, and Search and news advertising).", "detail": "The More Personal Computing segment contains the lines most scrutinized by Shariah screens: Gaming (Xbox hardware, Xbox content and services, and Activision Blizzard titles following the 2023 acquisition) and Search and news advertising (Bing/Microsoft Advertising, which can carry ads for impermissible products). LinkedIn also carries advertising revenue within Productivity and Business Processes. Microsoft discloses Gaming and Search/news advertising revenue in its 10-K segment discussion; exact current-year figures were not independently re-verified for this research and are omitted. Microsoft additionally earns interest income on its investment portfolio.", "impermissibleRevenuePct": 0.9 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.9, "thresholdPct": 5, "pass": true, "note": "Interest income $2.65B on $281.72B total revenue (Microsoft Corporation FY2025 (fiscal year ended 2025-06-30, Form 10-K)) = 0.9% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-11 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund.", "url": "https://funds.wahedinvest.com/", "note": null }, { "source": "Zoya", "position": "Zoya's public stock page flags MSFT as questionable under its AAOIFI-based screen (checked 2026-06-11).", "url": "https://zoya.finance/stocks/msft", "note": null }, { "source": "Musaffa", "position": "Musaffa's public stock page classifies MSFT as NOT HALAL under its AAOIFI-based methodology, as of May 2026.", "url": "https://musaffa.com/stock/MSFT/", "note": null } ], "sources": [ { "label": "MSFT latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Microsoft%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Microsoft 10-K filings - SEC EDGAR (CIK 0000789019)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000789019&type=10-K", "external": true }, { "label": "SPUS holdings (sp-funds.com, table dated 06/11/2026)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL fund page with official Holdings link (funds.wahedinvest.com)", "url": "https://funds.wahedinvest.com/", "external": true }, { "label": "Zoya public compliance page for MSFT", "url": "https://zoya.finance/stocks/msft", "external": true }, { "label": "Musaffa public compliance page for MSFT", "url": "https://musaffa.com/stock/MSFT/", "external": true } ], "faqs": [ { "question": "Is Microsoft Corporation (MSFT) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Microsoft Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Microsoft Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 2.0% of market cap (limit < 30%); cash plus interest-bearing securities is 2.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Microsoft Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Microsoft Corporation is held by SPUS and HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Microsoft Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 2, "cashPct": 2.7, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 2, "cashPct": 2.7, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 5.8, "cashPct": 11.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.moderna-stock", "question": "Is Moderna Stock Halal?", "entityName": "Moderna, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Moderna, Inc. (MRNA) does not pass Shariah screening: impermissible income / total revenue is 16.2% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Moderna, Inc., a biotechnology firm, is dedicated to the discovery, development, and commercialization of messenger RNA (mRNA) based therapies and preventive medicines. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): impermissible income / total revenue at 16.2% versus the < 5% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 173, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/moderna-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/moderna-stock.md", "entityType": "stock", "ticker": "MRNA", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Moderna, Inc., a biotechnology firm, is dedicated to the discovery, development, and commercialization of messenger RNA (mRNA) based therapies and preventive medicines. Its extensive research and development efforts target a broad spectrum of medical needs, including infectious diseases, cancer immunology, rare conditions, cardiovascular ailments, and autoimmune disorders, with operations spanning the United States, Europe, and other global markets. The company's diverse product pipeline encompa", "detail": "Interest income $314.0M on $1.94B total revenue (Moderna, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 16.2% — above AAOIFI's 5% limit.", "impermissibleRevenuePct": 16.2 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 3.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 26.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 16.2, "thresholdPct": 5, "pass": false, "note": "Interest income $314.0M on $1.94B total revenue (Moderna, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 16.2% — above AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/MRNA/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Moderna, Inc. (MRNA) non-compliant: it fails on financial ratios — impermissible income / total revenue is 16.2% against a 5% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "MRNA latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Moderna%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Moderna, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Moderna%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — MRNA Shariah compliance", "url": "https://zoya.finance/stocks/mrna", "external": true }, { "label": "Musaffa — MRNA", "url": "https://musaffa.com/stock/MRNA/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Moderna, Inc. (MRNA) stock halal?", "answer": "No. Moderna, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Moderna, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 3.2% of market cap (limit < 30%); cash plus interest-bearing securities is 26.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Moderna, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 3.2, "cashPct": 26.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 3.2, "cashPct": 26.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 5.6, "cashPct": 45.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.molson-coors-beverage-stock", "question": "Is Molson Coors Beverage Stock Halal?", "entityName": "Molson Coors Beverage Company", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Molson Coors Beverage Company (TAP) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Beverages - Alcoholic\" / sector \"Consumer Defensive\" pattern-matches a prohibited core business), and interest-bearing debt / market cap is 80.4% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Molson Coors Beverage Company is a global entity engaged in the production, marketing, and sale of a diverse range of beer and other malt-based beverages. Core business: Beverages - Alcoholic (Consumer Defensive sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, Molson Coors Beverage Company's balance-sheet ratios also fall outside AAOIFI's financial limits — interest-bearing debt 80.4% of market cap (limit 30%), cash plus interest-bearing securities 4.9% (limit 30%), impermissible income 0.2% of revenue (limit 5%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, TAP is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 216, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/molson-coors-beverage-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/molson-coors-beverage-stock.md", "entityType": "stock", "ticker": "TAP", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Molson Coors Beverage Company is a global entity engaged in the production, marketing, and sale of a diverse range of beer and other malt-based beverages. Its extensive operations span the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. The company's product lineup also features flavored malt beverages, craft beers, and convenient ready-to-drink selections. Founded in 1774, the firm, headquartered in Golden, Colorado, was previously known as Molson Coors Brewing Company b", "detail": "Core business: Beverages - Alcoholic (Consumer Defensive sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 80.4, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 4.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest/investment income $20.6M on $11.14B revenue = 0.2% (FMP as-reported XBRL, investmentincomeinterest). Verify no other impermissible revenue segments in 10-K. (FY2025 (fiscal year ended 2025-12-31, Form 10-K).)" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/TAP/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Molson Coors Beverage Company (TAP) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "TAP latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Molson%20Coors%20Beverage%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Molson Coors Beverage Company SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Molson%20Coors%20Beverage%20Company&type=10-K", "external": true }, { "label": "Zoya — TAP Shariah compliance", "url": "https://zoya.finance/stocks/tap", "external": true }, { "label": "Musaffa — TAP", "url": "https://musaffa.com/stock/TAP/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Molson Coors Beverage Company (TAP) stock halal?", "answer": "No. Molson Coors Beverage Company fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Molson Coors Beverage Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 80.4% of market cap (limit < 30%); cash plus interest-bearing securities is 4.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Molson Coors Beverage Company held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.mongodb-stock", "question": "Is MongoDB Stock Halal?", "entityName": "MongoDB, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "MongoDB, Inc. (MDB) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-04-30) interest-bearing debt is 0.1% of market cap and cash plus interest-bearing securities 8.8% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "MongoDB, Inc. serves as a global provider of a versatile database platform. The company's offerings feature MongoDB Enterprise Advanced, a sophisticated commercial database server designed for corporate clients, which can be deployed in cloud, on-premises, or hybrid environments. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-04-30: interest-bearing debt is 0.1% of market cap, cash plus interest-bearing securities 8.8%, and filing-verified impermissible income 3.6% (Interest income $88.6M on $2.46B total revenue (MongoDB, Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)) = 3.6% —…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 202, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/mongodb-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/mongodb-stock.md", "entityType": "stock", "ticker": "MDB", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-04-30", "businessScreen": { "pass": true, "activity": "MongoDB, Inc. serves as a global provider of a versatile database platform. The company's offerings feature MongoDB Enterprise Advanced, a sophisticated commercial database server designed for corporate clients, which can be deployed in cloud, on-premises, or hybrid environments. It also presents MongoDB Atlas, a fully managed, multi-cloud database-as-a-service (DBaaS) solution. For developers seeking to start with MongoDB, the company offers a free, downloadable Community Server that includes f", "detail": "Interest income $88.6M on $2.46B total revenue (MongoDB, Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)) = 3.6% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 3.6 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 8.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 3.6, "thresholdPct": 5, "pass": true, "note": "Interest income $88.6M on $2.46B total revenue (MongoDB, Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)) = 3.6% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/MDB/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates MongoDB, Inc. (MDB) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 0.1% of market cap (limit 30%), cash plus interest-bearing securities 8.8% (limit 30%), impermissible income 3.6% of revenue (limit 5%) on 2026-04-30 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "MDB latest quarterly filing (balance sheet 2026-04-30)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=MongoDB%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "MongoDB, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=MongoDB%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — MDB Shariah compliance", "url": "https://zoya.finance/stocks/mdb", "external": true }, { "label": "Musaffa — MDB", "url": "https://musaffa.com/stock/MDB/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is MongoDB, Inc. (MDB) stock halal?", "answer": "Yes, under our AAOIFI-based methodology MongoDB, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-04-30). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does MongoDB, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 0.1% of market cap (limit < 30%); cash plus interest-bearing securities is 8.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is MongoDB, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from MongoDB, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-04-30", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.1, "cashPct": 8.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.1, "cashPct": 8.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 0.8, "cashPct": 65.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.monolithic-power-systems-stock", "question": "Is Monolithic Power Systems Stock Halal?", "entityName": "Monolithic Power Systems, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Monolithic Power Systems, Inc. (MPWR) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 0.0% of market cap and cash plus interest-bearing securities 1.8% — both inside the 30% AAOIFI thresholds. It is not held by Shariah-screened ETFs SPUS or HLAL. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Monolithic Power Systems is a fabless semiconductor company focused on power-management chips — the kind of hardware that regulates voltage in servers, laptops, cars, and industrial gear. That is a permissible technology business: revenue comes from selling ICs, not from interest-based lending or insurance underwriting.\n\nOn financial ratios, MPWR carries very low debt relative to its large market capitalization and holds modest cash. Filing-verified impermissible income is immaterial versus revenue — under the 5% AAOIFI ceiling on our screen. Any incidental interest on cash should be purified from dividends, but it does not drive the verdict.\n\nZoya publicly lists MPWR as Shariah-compliant. We did not find MPWR in the SPUS schedule of investments dated February 28, 2026 or among HLAL's published top holdings in June 2026; index composition changes and market-cap banding mean absence from a published top-holdings list is not the same as a failed screen. Check current ETF holdings if index validation matters to your methodology.\n\nPractical takeaway: MPWR is a clean semiconductor case on business activity and ratios — halal on our AAOIFI screen with standard purification and periodic re-checks as the share price and filings update.", "analysisWordCount": 190, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/monolithic-power-systems-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/monolithic-power-systems-stock.md", "entityType": "stock", "ticker": "MPWR", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Monolithic Power Systems designs, develops, and markets high-performance power-management semiconductors — primarily DC-to-DC converter ICs and lighting-control ICs sold into computing, storage, automotive, industrial, and communications end markets. The 10-K describes a fabless semiconductor model: permissible technology hardware with no conventional finance or insurance core.", "detail": "Semiconductor product revenue dominates. Interest income is immaterial on our filing-verified screen (under 5% of revenue). No alcohol, gambling, or lending segments are disclosed.", "impermissibleRevenuePct": 1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1, "thresholdPct": 5, "pass": true, "note": "Interest income $29.2M on $2.79B total revenue (Monolithic Power Systems, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-15. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-15. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null }, { "source": "Zoya", "position": "Rates MPWR Shariah-compliant under its AAOIFI-based screen (checked 2026-06-15).", "url": "https://zoya.finance/stocks/mpwr", "note": null } ], "sources": [ { "label": "MPWR latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Monolithic%20Power%20Systems%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Monolithic Power Systems 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001280452&type=10-K", "external": true }, { "label": "Zoya — MPWR Shariah compliance status", "url": "https://zoya.finance/stocks/mpwr", "external": true }, { "label": "SPUS Schedule of Investments (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Monolithic Power Systems, Inc. (MPWR) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Monolithic Power Systems, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Monolithic Power Systems, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 0.0% of market cap (limit < 30%); cash plus interest-bearing securities is 1.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Monolithic Power Systems, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Monolithic Power Systems, Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." }, { "question": "Do I need to purify dividends from Monolithic Power Systems, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0, "cashPct": 1.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0, "cashPct": 1.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 0, "cashPct": 30.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.monster-beverage-stock", "question": "Is Monster Beverage Stock Halal?", "entityName": "Monster Beverage Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Monster Beverage Corporation (MNST) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 0.0% of market cap and cash plus interest-bearing securities 3.3% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Monster Beverage Corporation is a global entity primarily involved in the innovation, marketing, sale, and distribution of energy beverages and concentrates. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 0.0% of market cap, cash plus interest-bearing securities 3.3%, and filing-verified impermissible income 1.0% (Interest income $85.2M on $8.29B total revenue (Monster Beverage Corporation FY2025 (fiscal year ended 2025-12-31, Form …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 183, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/monster-beverage-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/monster-beverage-stock.md", "entityType": "stock", "ticker": "MNST", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Monster Beverage Corporation is a global entity primarily involved in the innovation, marketing, sale, and distribution of energy beverages and concentrates. Its business operations are categorized into three main divisions: Monster Energy Drinks, Strategic Brands, and a segment designated as \"Other.\" The company boasts an extensive product portfolio, encompassing a wide array of carbonated energy drinks, alongside various non-carbonated options. These include ready-to-drink iced teas, lemonades", "detail": "Interest income $85.2M on $8.29B total revenue (Monster Beverage Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1, "thresholdPct": 5, "pass": true, "note": "Interest income $85.2M on $8.29B total revenue (Monster Beverage Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/MNST/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Monster Beverage Corporation (MNST) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 0% of market cap (limit 30%), cash plus interest-bearing securities 3.3% (limit 30%), impermissible income 1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "MNST latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Monster%20Beverage%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Monster Beverage Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Monster%20Beverage%20Corporation&type=10-K", "external": true }, { "label": "Zoya — MNST Shariah compliance", "url": "https://zoya.finance/stocks/mnst", "external": true }, { "label": "Musaffa — MNST", "url": "https://musaffa.com/stock/MNST/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Monster Beverage Corporation (MNST) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Monster Beverage Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Monster Beverage Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 0.0% of market cap (limit < 30%); cash plus interest-bearing securities is 3.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Monster Beverage Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Monster Beverage Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0, "cashPct": 3.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0, "cashPct": 3.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 0, "cashPct": 27.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.moody-s-stock", "question": "Is Moody's Stock Halal?", "entityName": "Moody's Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Moody's Corporation (MCO) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Financial - Data & Stock Exchanges\" / sector \"Financial Services\" pattern-matches a prohibited core b). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Moody's Corporation operates as a global leader in risk assessment, divided into two main segments: Moody's Investors Service and Moody's Analytics. Core business: Financial - Data & Stock Exchanges (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, Moody's Corporation's balance-sheet ratios in fact sit within AAOIFI's financial limits — interest-bearing debt 8.9% of market cap (limit 30%), cash plus interest-bearing securities 1.9% (limit 30%), impermissible income 0.8% of revenue (limit 5%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, MCO is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 213, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/moody-s-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/moody-s-stock.md", "entityType": "stock", "ticker": "MCO", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Moody's Corporation operates as a global leader in risk assessment, divided into two main segments: Moody's Investors Service and Moody's Analytics. Moody's Investors Service is dedicated to issuing credit ratings and providing detailed assessments for a diverse range of debt obligations and the entities that issue them. This encompasses corporate, financial institution, governmental, and structured finance securities across approximately 140 nations. These ratings are made publicly available th", "detail": "Core business: Financial - Data & Stock Exchanges (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": 0.8 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 8.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.8, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/MCO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Moody's Corporation (MCO) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "MCO latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Moody's%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Moody's Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Moody's%20Corporation&type=10-K", "external": true }, { "label": "Zoya — MCO Shariah compliance", "url": "https://zoya.finance/stocks/mco", "external": true }, { "label": "Musaffa — MCO", "url": "https://musaffa.com/stock/MCO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Moody's Corporation (MCO) stock halal?", "answer": "No. Moody's Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Moody's Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 8.9% of market cap (limit < 30%); cash plus interest-bearing securities is 1.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Moody's Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.morgan-stanley-stock", "question": "Is Morgan Stanley Stock Halal?", "entityName": "Morgan Stanley", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Morgan Stanley (MS) does not pass Shariah screening: its core business fails the activity screen (Morgan Stanley fails the Shariah business-activity screen because conventional banking and capital-markets intermediatio), and interest-bearing debt / market cap is 116.8% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 195.4% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 51.4% against the < 5% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Morgan Stanley is a conventional investment bank, and like every conventional bank it is not permissible to own. The verdict does not hinge on a borderline ratio — it fails at the first step. Its core business is interest-based: lending, margin financing, fixed-income trading, and underwriting are riba-driven activities, and that alone excludes it under the AAOIFI business-activity screen. The financial ratios then confirm the exclusion emphatically — interest-bearing debt and interest-bearing assets each exceed 100% of market capitalization, and impermissible income is roughly half of total revenue, many times the 5% limit.\n\nBecause the impermissible activity is the business itself, there is no purification remedy: you cannot 'clean' a conventional bank by donating a slice of the dividend. Both Zoya and Musaffa rate Morgan Stanley non-compliant, and it is excluded from Shariah-screened funds like SPUS and HLAL by design. Muslims who want financial-sector exposure should look to Shariah-compliant alternatives such as takaful operators or fully Islamic financial institutions rather than conventional banks and broker-dealers.", "analysisWordCount": 165, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/morgan-stanley-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/morgan-stanley-stock.md", "entityType": "stock", "ticker": "MS", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Morgan Stanley is a conventional, full-service investment bank and wealth manager. Its segments are Institutional Securities (trading, underwriting, M&A advisory, lending), Wealth Management, and Investment Management. Core revenue derives from interest-based lending and margin, securities trading, and conventional financial intermediation.", "detail": "Morgan Stanley fails the Shariah business-activity screen because conventional banking and capital-markets intermediation is its core business — built on riba (interest) in lending, margin financing, and fixed-income activities. It also fails every financial-ratio screen: interest-bearing debt and interest-bearing assets each exceed 100% of market cap and impermissible income is roughly half of revenue, far beyond the AAOIFI 30%/30%/5% limits. As with all conventional banks, the stock is excluded outright — no purification can cure a core-impermissible business.", "impermissibleRevenuePct": 51.4 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 116.8, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 195.4, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 51.4, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-14. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-14. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null }, { "source": "Zoya", "position": "Classifies MS as NOT Shariah-compliant — conventional investment banking fails the business-activity screen; dividends are impermissible income to be donated.", "url": "https://zoya.finance/stocks/ms", "note": null }, { "source": "Musaffa", "position": "Classified NOT HALAL — conventional banking and capital-markets business fails AAOIFI business-activity and financial-ratio screens.", "url": "https://musaffa.com/stock/MS/", "note": null } ], "sources": [ { "label": "MS latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Morgan%20Stanley&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Morgan Stanley 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=MS&type=10-K", "external": true }, { "label": "Zoya — MS not Shariah-compliant", "url": "https://zoya.finance/stocks/ms", "external": true }, { "label": "Musaffa — MS NOT HALAL", "url": "https://musaffa.com/stock/MS/", "external": true } ], "faqs": [ { "question": "Is Morgan Stanley (MS) stock halal?", "answer": "No. Morgan Stanley fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Morgan Stanley pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 116.8% of market cap (limit < 30%); cash plus interest-bearing securities is 195.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Morgan Stanley held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Morgan Stanley is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.msci-stock", "question": "Is MSCI Stock Halal?", "entityName": "MSCI Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "MSCI Inc. (MSCI) does not pass Shariah screening: its core business fails the activity screen (MSCI Inc). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "MSCI Inc. provides financial indexes and analytics — classified as a financial-data/index services company; fails the business-activity screen (conventional finance sector) on AAOIFI-aligned methodology.\n\nOur verdict rests primarily on the business-activity screen: MSCI Inc. provides financial indexes and analytics — classified as a financial-data/index services company; fails the business-activity screen (conventional finance sector) on AAOIFI-aligned methodology. Financial ratios alone cannot cure a failed activity screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 151, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/msci-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/msci-stock.md", "entityType": "stock", "ticker": "MSCI", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "MSCI Inc., alongside its subsidiaries, offers sophisticated tools and services to support global investment decision-making and process management for its clients. The company is structured into four key segments: Index, Analytics, ESG and Climate, and Private Assets. The Index division furnishes benchmarks employed across diverse investment applications, including the creation of indexed financial products such as ETFs, mutual funds, and various derivatives; performance evaluation; portfolio bu", "detail": "MSCI Inc. provides financial indexes and analytics — classified as a financial-data/index services company; fails the business-activity screen (conventional finance sector) on AAOIFI-aligned methodology.", "impermissibleRevenuePct": 0.5 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 14.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.5, "thresholdPct": 5, "pass": true, "note": "Interest income $16.0M on $3.13B total revenue (MSCI Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.5% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/MSCI/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates MSCI Inc. (MSCI) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "MSCI latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=MSCI%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "MSCI Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=MSCI%20Inc.&type=10-K", "external": true }, { "label": "Zoya — MSCI Shariah compliance", "url": "https://zoya.finance/stocks/msci", "external": true }, { "label": "Musaffa — MSCI", "url": "https://musaffa.com/stock/MSCI/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is MSCI Inc. (MSCI) stock halal?", "answer": "No. MSCI Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does MSCI Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 14.7% of market cap (limit < 30%); cash plus interest-bearing securities is 0.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is MSCI Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.nasdaq-stock", "question": "Is Nasdaq Stock Halal?", "entityName": "Nasdaq, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Nasdaq, Inc. (NDAQ) does not pass Shariah screening: its core business fails the activity screen (Nasdaq, Inc). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Nasdaq, Inc. operates securities exchanges and financial market infrastructure — fails the business-activity screen (financial exchange / capital markets).\n\nOur verdict rests primarily on the business-activity screen: Nasdaq, Inc. operates securities exchanges and financial market infrastructure — fails the business-activity screen (financial exchange / capital markets). Financial ratios alone cannot cure a failed activity screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 142, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/nasdaq-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/nasdaq-stock.md", "entityType": "stock", "ticker": "NDAQ", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Nasdaq, Inc., a technology powerhouse founded in 1971 and based in New York City, is dedicated to supporting capital markets and various other sectors worldwide. Its Market Technology division specializes in fighting financial crime, offering products like Nasdaq Trade Surveillance, a SaaS solution that assists brokers and market participants in meeting compliance requirements and internal surveillance policies. This segment also provides Nasdaq Automated Investigator, a cloud-deployed anti-mone", "detail": "Nasdaq, Inc. operates securities exchanges and financial market infrastructure — fails the business-activity screen (financial exchange / capital markets).", "impermissibleRevenuePct": 0.5 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 17.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.5, "thresholdPct": 5, "pass": true, "note": "Interest income $38.0M on $8.22B total revenue (Nasdaq, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.5% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/NDAQ/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Nasdaq, Inc. (NDAQ) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "NDAQ latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Nasdaq%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Nasdaq, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Nasdaq%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — NDAQ Shariah compliance", "url": "https://zoya.finance/stocks/ndaq", "external": true }, { "label": "Musaffa — NDAQ", "url": "https://musaffa.com/stock/NDAQ/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Nasdaq, Inc. (NDAQ) stock halal?", "answer": "No. Nasdaq, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Nasdaq, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 17.8% of market cap (limit < 30%); cash plus interest-bearing securities is 1.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Nasdaq, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.neo-financial", "question": "Is Neo Financial Halal?", "entityName": "Neo Financial", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Neo's cashback credit card follows the standard credit card analysis: permissible under the widely followed view only if the statement is paid in full every month so no interest is ever paid — stricter scholars object to the contract itself. Neo's savings/Money account pays interest and should be avoided. Cashback earned on permissible spending is a rebate under the permissive view.", "analysis": "Neo Financial's flagship is a cashback credit card, and it follows the standard credit-card analysis without modification: permissible under the widely followed contemporary view only with absolute pay-in-full discipline, impermissible the moment a balance revolves and interest accrues. The cashback itself is a permissible rebate on your own spending — the fiqh question is never the reward, always the revolving-interest contract that backs the card.\n\nNeo's other products are conventional banking: high-interest savings accounts (riba, decline), and a growing menu of lending products (riba, avoid). Like most Canadian challenger banks, the interest-bearing savings rate is the marquee marketing feature, which means the impermissible product is the one the onboarding flow pushes hardest.\n\nIf you use Neo at all: the card only, autopay set to the full statement balance, no savings account, no lending products. If your payment discipline has ever slipped on a credit card, the cashback is not worth the riba exposure — use debit and keep the question closed.", "analysisWordCount": 161, "conditions": "Credit card only under the pay-in-full discipline (per the permissive view on credit cards); do not use the interest-bearing account, mortgage, or conventional investment products.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/neo-financial", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/neo-financial.md", "entityType": "fintech_product", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Canadian fintech: cashback credit card, interest-bearing savings account, mortgage and investment offerings.", "detail": "Verify current product lineup — Neo's mortgage and investment products are conventional and interest-based.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Widely followed contemporary position", "position": "Credit cards used with full monthly payment function as payment instruments; rewards are permissible rebates.", "url": null, "note": null }, { "source": "Stricter position", "position": "The riba clause in the cardholder agreement makes the contract itself objectionable.", "url": null, "note": null } ], "sources": [ { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "Halal credit card guide (HalalWallet)", "url": "/halal-credit-card", "external": false }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Halal Stock Screeners Compared", "url": "/investing/stock-screeners", "external": false }, { "label": "SPUS vs HLAL — Halal ETF Comparison", "url": "/spus-vs-hlal", "external": false } ], "faqs": [ { "question": "Is the Neo credit card halal?", "answer": "Under the widely followed position, yes if you pay the statement balance in full every month and never pay interest. Stricter scholars advise against credit card contracts entirely — debit alternatives avoid the question." }, { "question": "Is the interest on Neo's Money/savings account halal?", "answer": "The interest Neo pays on its Money or savings account is riba; don't rely on it for yield and purify any that accrues. Neo's cashback on spending follows the credit-card-rewards debate — permissible to scholars who treat it as a rebate, provided you pay the balance in full and avoid interest." } ] }, { "id": "verdict.netease-stock", "question": "Is NetEase Stock Halal?", "entityName": "NetEase, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "NetEase, Inc. (NTES) does not pass Shariah screening: its core business fails the activity screen (NetEase is principally a gaming and online entertainment company (mobile/PC games, NetEase Cloud Music, Youdao education), and cash + interest-bearing securities / market cap is 31.5% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "NetEase is principally a gaming and online entertainment company (mobile/PC games, NetEase Cloud Music, Youdao education). Gaming is the dominant revenue line — Musaffa, Zoya, and MuslimXchange classify NTES as non-compliant on business-activity grounds. Also fails the AAOIFI cash/securities ratio at 31.5% of market cap.\n\nOur verdict rests primarily on the business-activity screen: NetEase is principally a gaming and online entertainment company (mobile/PC games, NetEase Cloud Music, Youdao education). Gaming is the dominant revenue line — Musaffa, Zoya, and MuslimXchange classify NTES as non-compliant on business-activity grounds. Also fails the AAOIFI cash/securities ratio at 31.5% of market cap. Financial ratios alone cannot cure a failed activity screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 194, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/netease-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/netease-stock.md", "entityType": "stock", "ticker": "NTES", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "NetEase, Inc., a prominent technology firm founded in 1997 and headquartered in Hangzhou, People's Republic of China, delivers a broad spectrum of online services both within China and across international markets. Its core operations encompass online gaming, music streaming, intelligent online learning solutions, and diverse internet content services. The company organizes its activities into several key divisions: Games and Related Value-Added Services; Youdao, focusing on educational technolo", "detail": "NetEase is principally a gaming and online entertainment company (mobile/PC games, NetEase Cloud Music, Youdao education). Gaming is the dominant revenue line — Musaffa, Zoya, and MuslimXchange classify NTES as non-compliant on business-activity grounds. Also fails the AAOIFI cash/securities ratio at 31.5% of market cap.", "impermissibleRevenuePct": 4.1 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 31.5, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 4.1, "thresholdPct": 5, "pass": true, "note": "Interest income ~4.1% of revenue — under 5%, but not determinative given business-activity and cash failures." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/NTES/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates NetEase, Inc. (NTES) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "NTES latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=NetEase%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "NetEase, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=NetEase%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — NTES Shariah compliance", "url": "https://zoya.finance/stocks/ntes", "external": true }, { "label": "Musaffa — NTES", "url": "https://musaffa.com/stock/NTES/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is NetEase, Inc. (NTES) stock halal?", "answer": "No. NetEase, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does NetEase, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 2.0% of market cap (limit < 30%); cash plus interest-bearing securities is 31.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is NetEase, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 2, "cashPct": 31.5, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 2, "cashPct": 31.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 4.7, "cashPct": 73.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.netflix-stock", "question": "Is Netflix Stock Halal?", "entityName": "Netflix, Inc.", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Netflix, Inc. (NFLX) passes the screens we can compute (data as of 2026-03-31) — interest-bearing debt / market cap 4.3%, cash + interest-bearing securities / market cap 3.6%, impermissible income / total revenue 0.4% — but one screen requires case-by-case judgment. It is not held by Shariah-screened ETFs SPUS or HLAL.", "analysis": "Netflix is one of the clearest examples of a stock that struggles on the Shariah business-activity screen rather than on its balance sheet alone. The company operates as a single segment, and essentially all of its $45.2 billion in fiscal 2025 revenue comes from monthly streaming memberships and, increasingly, advertising. Unlike a diversified entertainment company, there is no parks or hospitality revenue to offset the content; the product is the content.\n\nMost Shariah screeners that look at business activity fail Netflix because producing and distributing film and television entertainment is a category these methodologies treat as impermissible or heavily restricted, owing to music, depictions, and themes that conflict with Islamic guidelines. This is a qualitative judgment, not a disclosed percentage, and it is where the strongest scholarly objection to Netflix lies. An investor who wished to take a more permissive view would still be in a clear minority and would face the same content concern without an easy purification basis, since the impermissible activity is the whole business rather than a slice of it.\n\nNetflix also carries meaningful leverage, with $14.5 billion of senior notes outstanding at year-end 2025, which independently pressures the financial-ratio screens. Consistent with both concerns, Netflix is in the S&P 500 yet is held by neither SPUS (as of June 11, 2026) nor HLAL (as of February 28, 2026). The funds do not publish their reasons, but for a Muslim investor the combined picture, content-driven revenue plus significant debt, makes Netflix a name that the major US Shariah methodologies currently exclude and that most screeners would not pass.", "analysisWordCount": 262, "conditions": "Our computed AAOIFI financial-ratio screen passes on the latest filing data, but both major U.S. Shariah-screened ETFs — SPUS (S&P Shariah methodology) and HLAL (FTSE Shariah methodology) — exclude Netflix, Inc. from their holdings as of our June 2026 check, even though it is in their parent indices. Professional screens apply filing-level business-activity analysis (alcohol, pork, tobacco, or media revenue share) and different ratio bases that an automated ratio screen cannot replicate. That divergence usually signals an impermissible-revenue question. Treat this as unresolved until the segment revenue in the latest annual filing is verified line by line.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/netflix-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/netflix-stock.md", "entityType": "stock", "ticker": "NFLX", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Netflix, Inc. is a subscription streaming entertainment service operating as a single business segment, with revenue derived primarily from monthly membership fees and a growing advertising business. Per its fiscal 2025 10-K (year ended December 31, 2025; filed January 23, 2026), total streaming revenues were $45,183 million, up 16% year over year; advertising revenue surpassed $1.5 billion for the year.", "detail": "Netflix is, like Disney, a business-activity case rather than only a ratio case. Essentially all of its $45.2 billion revenue comes from producing, licensing, and distributing streaming entertainment content, a category many Shariah screeners treat as impermissible or heavily restricted because of music, depictions, and adult or morally objectionable themes. There is no clean revenue line to separate; the entire model is content. Separately, Netflix carries significant interest-bearing debt: $14.5 billion of senior notes outstanding as of December 31, 2025, which feeds the leverage portion of financial screens. Netflix is an S&P 500 constituent but is absent from SPUS (2026-06-11) and HLAL (2026-02-28); the entertainment-content industry screen and/or leverage are plausible causes, but neither fund publishes a stock-level reason.", "impermissibleRevenuePct": 0.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 4.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.4, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "NFLX latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Netflix%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Netflix FY2025 10-K / annual report (SEC EDGAR PDF)", "url": "https://www.sec.gov/Archives/edgar/data/1065280/000119312526159306/d69076dars.pdf", "external": true }, { "label": "Netflix FY2025 10-K filing index (SEC EDGAR, accession 0001065280-26-000034)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001065280&type=10-K", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Netflix, Inc. (NFLX) stock halal?", "answer": "Netflix, Inc. is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does Netflix, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 4.3% of market cap (limit < 30%); cash plus interest-bearing securities is 3.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Netflix, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Netflix, Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 4.3, "cashPct": 3.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 4.3, "cashPct": 3.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 24.2, "cashPct": 20.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.newmont-stock", "question": "Is Newmont Stock Halal?", "entityName": "Newmont Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Newmont Corporation (NEM) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 4.9% of market cap and cash plus interest-bearing securities 8.2% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Newmont Corporation is primarily involved in the mining and exploration of gold resources. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 4.9% of market cap, cash plus interest-bearing securities 8.2%, and filing-verified impermissible income 1.0% (Interest income $214.0M on $22.10B total revenue (Newmont Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 176, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/newmont-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/newmont-stock.md", "entityType": "stock", "ticker": "NEM", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Newmont Corporation is primarily involved in the mining and exploration of gold resources. Additionally, the company undertakes prospecting for other base and precious metals, including copper, silver, zinc, and lead. Its operations and assets are geographically widespread, located across various countries such as the United States, Canada, Mexico, the Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. As of the close of 2021 (December 31st), Newmont reported substantial", "detail": "Interest income $214.0M on $22.10B total revenue (Newmont Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 4.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 8.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1, "thresholdPct": 5, "pass": true, "note": "Interest income $214.0M on $22.10B total revenue (Newmont Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/NEM/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Newmont Corporation (NEM) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 4.9% of market cap (limit 30%), cash plus interest-bearing securities 8.2% (limit 30%), impermissible income 1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "NEM latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Newmont%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Newmont Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Newmont%20Corporation&type=10-K", "external": true }, { "label": "Zoya — NEM Shariah compliance", "url": "https://zoya.finance/stocks/nem", "external": true }, { "label": "Musaffa — NEM", "url": "https://musaffa.com/stock/NEM/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Newmont Corporation (NEM) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Newmont Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Newmont Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 4.9% of market cap (limit < 30%); cash plus interest-bearing securities is 8.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Newmont Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Newmont Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 4.9, "cashPct": 8.2, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 4.9, "cashPct": 8.2, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 9, "cashPct": 15.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.nfts", "question": "Is NFTs Halal?", "entityName": "NFTs", "verdict": "scholars_differ", "verdictLabel": "Scholars Differ", "answer": "An NFT is a certificate of ownership — its ruling follows the underlying asset and the buyer's purpose. NFTs representing permissible digital works, utility, or real assets can be permissible to buy and sell; NFTs of impermissible content (music sets some scholars prohibit, indecent imagery) are not. The dominant practical concern is speculation: most NFT market activity is gambling-like flipping with extreme gharar, which scholars across positions condemn.", "analysis": "An NFT is a certificate of ownership, and a certificate takes the ruling of what it certifies plus the purpose for which it is traded. An NFT representing permissible digital work, music rights, event access, or a real-world asset can be bought and sold like any other property under the permissive analysis. An NFT pointing at impermissible content, or one whose only economic function is speculative resale into a momentum market, fails on content or maysir grounds respectively — and the 2021-22 NFT bubble demonstrated exactly the gambling dynamic scholars warn about.\n\nThe structural questions scholars raise are real but secondary: whether owning a token that merely points to a file constitutes ownership of anything (a gharar question about the subject of the sale), and whether royalties enforced by smart contract are a permissible ongoing claim. These don't have settled answers yet, which is why serious treatments classify NFTs as scholars-differ territory rather than cleanly permissible.\n\nThe workable filter: permissible underlying content, a genuine use or collection purpose rather than flip-for-profit intent, full payment with no leverage, and skepticism toward any project whose pitch is future price rather than present utility.", "analysisWordCount": 191, "conditions": "Underlying content must be permissible; buy for genuine use or ownership rather than speculative flipping; no leverage or fractionalized yield schemes.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/nfts", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/nfts.md", "entityType": "service", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Tokenized ownership records for digital or physical assets, traded on crypto marketplaces.", "detail": "Asset-by-asset analysis; no blanket ruling is possible.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Permissive-conditional position", "position": "NFTs of permissible assets bought for genuine ownership are valid sales.", "url": null, "note": null }, { "source": "Cautionary position", "position": "Market practice is dominated by speculation and gharar; avoidance is advised.", "url": null, "note": null } ], "sources": [ { "label": "Is crypto halal? (HalalWallet)", "url": "/is-crypto-halal", "external": false }, { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is It Halal? — Quick Reference Hub", "url": "/is-it-halal", "external": false }, { "label": "AMJA (Assembly of Muslim Jurists of America)", "url": "https://www.amjaonline.org", "external": true } ], "faqs": [ { "question": "Can an NFT purchase ever be halal?", "answer": "Yes — when the underlying asset is permissible and the purchase is genuine ownership rather than speculative flipping. The token standard itself is neutral; the content and conduct decide the ruling." }, { "question": "Are 'play-to-earn' NFT games halal?", "answer": "Most play-to-earn models combine token speculation, volatility, and reward structures that resemble gambling, so even scholars who permit collecting an NFT of a real permissible asset caution against play-to-earn income. Judge each case by whether genuine value is exchanged or whether returns depend on chance and new buyers." } ] }, { "id": "verdict.nike-stock", "question": "Is NIKE Stock Halal?", "entityName": "NIKE, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "NIKE, Inc. (NKE) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-02-28) interest-bearing debt is 16.8% of market cap and cash plus interest-bearing securities 12.1% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETFs SPUS and HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Nike is one of the cleaner large-cap consumer names from a Shariah business-activity standpoint. It designs and sells athletic footwear, apparel, and equipment, with fiscal 2025 revenue of $46.3 billion driven by NIKE Brand footwear ($29.5 billion) and apparel ($13.0 billion), plus the smaller Converse brand ($1.7 billion). There is no prohibited-industry revenue in the product portfolio, so screening comes down to financial ratios such as leverage and the share of interest income.\n\nHere the professional evidence is well aligned. Nike is held by both of the major US Shariah ETFs: it appears in SPUS as of June 11, 2026 and in HLAL's SEC-filed schedule of investments as of February 28, 2026. When two funds applying different index methodologies (S&P 500 Shariah Industry Exclusions and FTSE USA Shariah) both include the same stock, that is strong corroboration that it passes professional screens at those dates.\n\nFor a Muslim retail investor, Nike currently presents as a screen-passing name where the decision can focus on ordinary investment considerations such as brand momentum and valuation rather than on compliance. As always, the ratio-based portion of compliance can shift with the balance sheet over time, so it remains worth confirming the current status in a live screener before buying.", "analysisWordCount": 205, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/nike-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/nike-stock.md", "entityType": "stock", "ticker": "NKE", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-02-28", "businessScreen": { "pass": true, "activity": "NIKE, Inc. designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories under the NIKE and Jordan brands, plus the Converse brand. Per its fiscal 2025 10-K (year ended May 31, 2025; filed July 2025), total revenues were $46,309 million: NIKE Brand $44,714M (footwear $29,510M, apparel $12,965M, equipment $2,191M, and global brand divisions) and Converse $1,692M, with a small corporate hedging offset.", "detail": "Designing and selling athletic footwear and apparel is a permissible business with no prohibited product line. The only Shariah inputs are financial: Nike earns some interest income on its cash and investments (not separately verified here) and carries modest debt, both measured against AAOIFI ratio thresholds. Nike is currently held by BOTH SPUS (87,792 shares as of 2026-06-11) and HLAL (31,789 Class B shares as of 2026-02-28), indicating it passes the industry and financial-ratio screens of both major US Shariah methodologies as of those dates.", "impermissibleRevenuePct": 0.9 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 16.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 12.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.9, "thresholdPct": 5, "pass": true, "note": "Interest income $404.0M on $46.31B total revenue (NIKE, Inc. FY2025 (fiscal year ended 2025-05-31, Form 10-K)) = 0.9% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-11 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "NKE latest quarterly filing (balance sheet 2026-02-28)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=NIKE%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Nike FY2025 10-K revenue disaggregation (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/320187/000032018725000047/R43.htm", "external": true }, { "label": "Nike FY2025 10-K (company filing PDF)", "url": "https://materials.proxyvote.com/Approved/654106/20250709/FO10K_614373/images/NIKE-10K2025.pdf", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is NIKE, Inc. (NKE) stock halal?", "answer": "Yes, under our AAOIFI-based methodology NIKE, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-02-28). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does NIKE, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-02-28: interest-bearing debt is 16.8% of market cap (limit < 30%); cash plus interest-bearing securities is 12.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is NIKE, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, NIKE, Inc. is held by SPUS and HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from NIKE, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-02-28", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 16.8, "cashPct": 12.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 16.8, "cashPct": 12.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 21.7, "cashPct": 21.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.nokia-oyj-stock", "question": "Is Nokia Oyj Stock Halal?", "entityName": "Nokia Oyj", "verdict": "halal", "verdictLabel": "Halal", "answer": "Nokia Oyj (NOK) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 3.5% of market cap and cash plus interest-bearing securities 8.9% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Nokia Oyj stands as a global technology leader, delivering comprehensive network infrastructure and solutions across mobile, fixed, and cloud domains. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 3.5% of market cap, cash plus interest-bearing securities 8.9%, and filing-verified impermissible income 1.8% (Interest income $354.0M on $19.89B total revenue (Nokia Oyj FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.8% — u…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 185, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/nokia-oyj-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/nokia-oyj-stock.md", "entityType": "stock", "ticker": "NOK", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Nokia Oyj stands as a global technology leader, delivering comprehensive network infrastructure and solutions across mobile, fixed, and cloud domains. Its operations are structured into four primary divisions: Mobile Networks, Network Infrastructure, Cloud and Network Services, and Nokia Technologies. The Mobile Networks segment furnishes radio access network technologies, spanning from 2G to 5G, alongside crucial microwave radio links for transport. Within Network Infrastructure, Nokia provides", "detail": "Interest income $354.0M on $19.89B total revenue (Nokia Oyj FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.8% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.8 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 3.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 8.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.8, "thresholdPct": 5, "pass": true, "note": "Interest income $354.0M on $19.89B total revenue (Nokia Oyj FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.8% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/NOK/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Nokia Oyj (NOK) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 3.5% of market cap (limit 30%), cash plus interest-bearing securities 8.9% (limit 30%), impermissible income 1.8% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "NOK latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Nokia%20Oyj&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Nokia Oyj SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Nokia%20Oyj&type=10-K", "external": true }, { "label": "Zoya — NOK Shariah compliance", "url": "https://zoya.finance/stocks/nok", "external": true }, { "label": "Musaffa — NOK", "url": "https://musaffa.com/stock/NOK/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Nokia Oyj (NOK) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Nokia Oyj passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Nokia Oyj pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 3.5% of market cap (limit < 30%); cash plus interest-bearing securities is 8.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Nokia Oyj held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Nokia Oyj?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 3.5, "cashPct": 8.9, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 3.5, "cashPct": 8.9, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 6.4, "cashPct": 16.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.norfolk-southern-stock", "question": "Is Norfolk Southern Stock Halal?", "entityName": "Norfolk Southern Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Norfolk Southern Corporation (NSC) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 24.3% of market cap and cash plus interest-bearing securities 1.9% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Norfolk Southern Corporation (NSC), operating through its various subsidiaries, is a prominent rail transport provider in the United States. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 24.3% of market cap, cash plus interest-bearing securities 1.9%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Norfolk Southern Corporation FY2025 (fiscal year ended 202…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 182, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/norfolk-southern-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/norfolk-southern-stock.md", "entityType": "stock", "ticker": "NSC", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Norfolk Southern Corporation (NSC), operating through its various subsidiaries, is a prominent rail transport provider in the United States. The company's core business involves the conveyance of raw materials, semi-finished goods, and completed merchandise across the nation. Its extensive freight services cover a broad spectrum of commodities. This includes a variety of agricultural and forestry products like grains (e.g., soybeans, wheat, corn), fertilizers, animal feeds, and diverse foodstuff", "detail": "Interest income not separately material in the annual filing (Norfolk Southern Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0.8 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 24.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Norfolk Southern Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/NSC/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Norfolk Southern Corporation (NSC) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 24.3% of market cap (limit 30%), cash plus interest-bearing securities 1.9% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "NSC latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Norfolk%20Southern%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Norfolk Southern Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Norfolk%20Southern%20Corporation&type=10-K", "external": true }, { "label": "Zoya — NSC Shariah compliance", "url": "https://zoya.finance/stocks/nsc", "external": true }, { "label": "Musaffa — NSC", "url": "https://musaffa.com/stock/NSC/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Norfolk Southern Corporation (NSC) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Norfolk Southern Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Norfolk Southern Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 24.3% of market cap (limit < 30%); cash plus interest-bearing securities is 1.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Norfolk Southern Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Norfolk Southern Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 24.3, "cashPct": 1.9, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 24.3, "cashPct": 1.9, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 37.9, "cashPct": 3, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.norwegian-cruise-line-holdings-stock", "question": "Is Norwegian Cruise Line Stock Halal?", "entityName": "Norwegian Cruise Line Holdings Ltd.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Norwegian Cruise Line Holdings Ltd. (NCLH) does not pass Shariah screening: interest-bearing debt / market cap is 169.9% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Norwegian Cruise Line Holdings Ltd. (NCLH), along with its subsidiary companies, operates as a major global cruise enterprise. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 169.9% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 169, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/norwegian-cruise-line-holdings-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/norwegian-cruise-line-holdings-stock.md", "entityType": "stock", "ticker": "NCLH", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Norwegian Cruise Line Holdings Ltd. (NCLH), along with its subsidiary companies, operates as a major global cruise enterprise. Its operations span North America, Europe, the Asia-Pacific region, and other international markets. The company manages a portfolio of three distinct cruise brands: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. NCLH offers an extensive range of voyages, from brief three-day excursions to lengthy 180-day expeditions. These itineraries explore a c", "detail": "Interest income not separately material in the annual filing (Norwegian Cruise Line Holdings Ltd. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 1.8 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 169.9, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Norwegian Cruise Line Holdings Ltd. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/NCLH/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Norwegian Cruise Line Holdings Ltd. (NCLH) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 169.9% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "NCLH latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Norwegian%20Cruise%20Line%20Holdings%20Ltd.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Norwegian Cruise Line Holdings Ltd. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Norwegian%20Cruise%20Line%20Holdings%20Ltd.&type=10-K", "external": true }, { "label": "Zoya — NCLH Shariah compliance", "url": "https://zoya.finance/stocks/nclh", "external": true }, { "label": "Musaffa — NCLH", "url": "https://musaffa.com/stock/NCLH/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Norwegian Cruise Line Holdings Ltd. (NCLH) stock halal?", "answer": "No. Norwegian Cruise Line Holdings Ltd. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Norwegian Cruise Line Holdings Ltd. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 169.9% of market cap (limit < 30%); cash plus interest-bearing securities is 2.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Norwegian Cruise Line Holdings Ltd. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 169.9, "cashPct": 2.1, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 169.9, "cashPct": 2.1, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 63.7, "cashPct": 0.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.novartis-ag-stock", "question": "Is Novartis AG Stock Halal?", "entityName": "Novartis AG", "verdict": "halal", "verdictLabel": "Halal", "answer": "Novartis AG (NVS) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 15.4% of market cap and cash plus interest-bearing securities 2.4% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Novartis AG is a global healthcare enterprise dedicated to the discovery, development, production, and distribution of medical products across the world. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 15.4% of market cap, cash plus interest-bearing securities 2.4%, and filing-verified impermissible income 0.7% (Interest income $374.9M on $54.81B total revenue (Novartis AG FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.7% —…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 185, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/novartis-ag-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/novartis-ag-stock.md", "entityType": "stock", "ticker": "NVS", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Novartis AG is a global healthcare enterprise dedicated to the discovery, development, production, and distribution of medical products across the world. The company operates through two main divisions: Innovative Medicines and Sandoz. Its Innovative Medicines segment provides prescription drugs to both patients and healthcare professionals, addressing a wide array of therapeutic areas such as ophthalmology, neuroscience, immunology, hepatology, dermatology, respiratory health, cardiovascular co", "detail": "Interest income $374.9M on $54.81B total revenue (Novartis AG FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.7% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.7 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 15.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.7, "thresholdPct": 5, "pass": true, "note": "Interest income $374.9M on $54.81B total revenue (Novartis AG FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.7% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/NVS/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Novartis AG (NVS) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 15.4% of market cap (limit 30%), cash plus interest-bearing securities 2.4% (limit 30%), impermissible income 0.7% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "NVS latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Novartis%20AG&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Novartis AG SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Novartis%20AG&type=10-K", "external": true }, { "label": "Zoya — NVS Shariah compliance", "url": "https://zoya.finance/stocks/nvs", "external": true }, { "label": "Musaffa — NVS", "url": "https://musaffa.com/stock/NVS/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Novartis AG (NVS) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Novartis AG passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Novartis AG pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 15.4% of market cap (limit < 30%); cash plus interest-bearing securities is 2.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Novartis AG held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Novartis AG?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 15.4, "cashPct": 2.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 15.4, "cashPct": 2.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 38, "cashPct": 5.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.nu-holdings-stock", "question": "Is Nu Stock Halal?", "entityName": "Nu Holdings Ltd.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Nu Holdings Ltd. (NU) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Banks - Diversified\" / sector \"Financial Services\" pattern-matches a prohibited core business), and cash + interest-bearing securities / market cap is 51.4% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 75.8% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Nu Holdings Ltd. operates as a technology-driven enterprise delivering digital financial services, with its primary operations spanning Brazil, Mexico, and Colombia. Core business: Banks - Diversified (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, Nu Holdings Ltd.'s balance-sheet ratios also fall outside AAOIFI's financial limits — interest-bearing debt 5.3% of market cap (limit 30%), cash plus interest-bearing securities 51.4% (limit 30%), impermissible income 75.8% of revenue (limit 5%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, NU is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 211, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/nu-holdings-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/nu-holdings-stock.md", "entityType": "stock", "ticker": "NU", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Nu Holdings Ltd. operates as a technology-driven enterprise delivering digital financial services, with its primary operations spanning Brazil, Mexico, and Colombia. It supplies a variety of financial instruments, including Nu and Ultraviolet branded credit and debit cards, alongside comprehensive mobile payment capabilities. These features allow NuAccount customers to effortlessly process transfers, manage bill payments, and perform everyday purchases via their smartphones. The firm also offers", "detail": "Core business: Banks - Diversified (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": 75.8 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 5.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 51.4, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 75.8, "thresholdPct": 5, "pass": false, "note": "Interest income $12.03B on $15.88B total revenue (Nu Holdings Ltd. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 75.8% — above AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/NU/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Nu Holdings Ltd. (NU) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "NU latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Nu%20Holdings%20Ltd.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Nu Holdings Ltd. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Nu%20Holdings%20Ltd.&type=10-K", "external": true }, { "label": "Zoya — NU Shariah compliance", "url": "https://zoya.finance/stocks/nu", "external": true }, { "label": "Musaffa — NU", "url": "https://musaffa.com/stock/NU/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Nu Holdings Ltd. (NU) stock halal?", "answer": "No. Nu Holdings Ltd. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Nu Holdings Ltd. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 5.3% of market cap (limit < 30%); cash plus interest-bearing securities is 51.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Nu Holdings Ltd. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.nutrien-stock", "question": "Is Nutrien Stock Halal?", "entityName": "Nutrien Ltd.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Nutrien Ltd. (NTR) does not pass Shariah screening: interest-bearing debt / market cap is 40.1% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Nutrien Ltd., a company established in 2017 and based in Saskatoon, Canada, functions as a principal supplier of essential agricultural resources and associated services. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 40.1% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 174, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/nutrien-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/nutrien-stock.md", "entityType": "stock", "ticker": "NTR", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Nutrien Ltd., a company established in 2017 and based in Saskatoon, Canada, functions as a principal supplier of essential agricultural resources and associated services. The firm furnishes vital crop inputs, including various fertilizer compounds like potash, nitrogen, phosphate, and sulfate, in addition to offering financial solutions to its clientele. Its operations involve the extensive distribution of crop-related products such as nutrients, protection agents, seeds, and general merchandise", "detail": "Interest income $51.0M on $26.89B total revenue (Nutrien Ltd. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.2% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 40.1, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest income $51.0M on $26.89B total revenue (Nutrien Ltd. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.2% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/NTR/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Nutrien Ltd. (NTR) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 40.1% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "NTR latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Nutrien%20Ltd.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Nutrien Ltd. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Nutrien%20Ltd.&type=10-K", "external": true }, { "label": "Zoya — NTR Shariah compliance", "url": "https://zoya.finance/stocks/ntr", "external": true }, { "label": "Musaffa — NTR", "url": "https://musaffa.com/stock/NTR/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Nutrien Ltd. (NTR) stock halal?", "answer": "No. Nutrien Ltd. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Nutrien Ltd. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 40.1% of market cap (limit < 30%); cash plus interest-bearing securities is 2.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Nutrien Ltd. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 40.1, "cashPct": 2.4, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 40.1, "cashPct": 2.4, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 24.1, "cashPct": 1.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.nvidia-stock", "question": "Is NVIDIA Stock Halal?", "entityName": "NVIDIA Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "NVIDIA Corporation (NVDA) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-04-26) interest-bearing debt is 0.2% of market cap and cash plus interest-bearing securities 1.6% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETF SPUS, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "NVIDIA designs the GPUs and networking systems at the center of the AI buildout; its Data Center platform now generates the large majority of revenue, with Gaming, Professional Visualization and Automotive making up the rest. From a business-screen standpoint NVIDIA is one of the cleaner mega-caps: it sells hardware and software platforms, not advertising, lending, or entertainment content. The one line scholars sometimes discuss is Gaming, since GeForce GPUs are bought primarily to play video games; most screening methodologies treat general-purpose hardware as permissible even when end users may use it for games with objectionable content, but stricter individual scholars occasionally take a different view.\n\nFinancially, NVIDIA carries low debt relative to its enormous market value and holds a large cash and investments portfolio that produces interest income - the standard incidental-interest situation that calls for purifying a small portion of returns. As of June 11, 2026, the retail AAOIFI screeners are aligned: Zoya rates NVIDIA Shariah-compliant and Musaffa classifies it as halal.\n\nThe index picture contains one notable wrinkle: SPUS (S&P Shariah screen) holds NVIDIA as its single largest position, but NVIDIA does not appear in HLAL's official holdings as of the same date, meaning it is not currently in the FTSE Shariah USA index that HLAL tracks. FTSE/Yasaar do not publish per-stock screening explanations, so the basis for that exclusion cannot be verified from public sources - but it is a useful reminder that even a widely-passed stock can fall outside one standard's quantitative thresholds at a given review. Investors who follow the FTSE standard specifically should note the discrepancy; those following AAOIFI-based screeners or the S&P Shariah methodology currently have documented support for treating NVIDIA as compliant.", "analysisWordCount": 280, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/nvidia-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/nvidia-stock.md", "entityType": "stock", "ticker": "NVDA", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-04-26", "businessScreen": { "pass": true, "activity": "NVIDIA designs GPUs and full-stack accelerated-computing platforms. Its 10-K reports two segments - Compute & Networking and Graphics - and discusses revenue by market platform: Data Center (AI/accelerated computing, now the dominant business), Gaming (GeForce GPUs), Professional Visualization, Automotive, and OEM & Other.", "detail": "NVIDIA's products are hardware and software platforms, which are broadly permissible. The line most discussed in Shariah screening is Gaming - GeForce GPUs sold for video-game use - though most methodologies treat selling general-purpose gaming hardware differently from publishing game content, and many do not count it as impermissible at all. NVIDIA also earns interest income on its large cash and marketable-securities portfolio (incidental, subject to purification). No revenue line in NVIDIA's filings is identified as directly impermissible; advertising, lending and entertainment-content businesses are absent.", "impermissibleRevenuePct": 1.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.1, "thresholdPct": 5, "pass": true, "note": "Interest/investment income $2.30B on $215.94B revenue = 1.1% (FMP as-reported XBRL, investmentincomeinterest). Verify no other impermissible revenue segments in 10-K." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-11 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://funds.wahedinvest.com/", "note": null }, { "source": "Zoya", "position": "Zoya's public stock page rates NVDA Shariah-compliant under its AAOIFI-based screen (checked 2026-06-11).", "url": "https://zoya.finance/stocks/nvda", "note": null }, { "source": "Musaffa", "position": "Musaffa's public stock page classifies NVDA as HALAL under its AAOIFI-based methodology, as of February 2026.", "url": "https://musaffa.com/stock/NVDA/", "note": null }, { "source": "Zoya blog", "position": "Zoya's blog post 'Top Rated Halal Stocks to Buy in 2026' lists NVIDIA with Shariah compliance marked compliant at time of publication.", "url": "https://blog.zoya.finance/top-rated-halal-stocks/", "note": null } ], "sources": [ { "label": "NVDA latest quarterly filing (balance sheet 2026-04-26)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=NVIDIA%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "NVIDIA 10-K filings - SEC EDGAR (CIK 0001045810)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001045810&type=10-K", "external": true }, { "label": "SPUS holdings (sp-funds.com, table dated 06/11/2026)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL fund page with official Holdings link (funds.wahedinvest.com)", "url": "https://funds.wahedinvest.com/", "external": true }, { "label": "Zoya public compliance page for NVDA", "url": "https://zoya.finance/stocks/nvda", "external": true }, { "label": "Musaffa public compliance page for NVDA", "url": "https://musaffa.com/stock/NVDA/", "external": true }, { "label": "Zoya blog - Top Rated Halal Stocks 2026", "url": "https://blog.zoya.finance/top-rated-halal-stocks/", "external": true } ], "faqs": [ { "question": "Is NVIDIA Corporation (NVDA) stock halal?", "answer": "Yes, under our AAOIFI-based methodology NVIDIA Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-04-26). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does NVIDIA Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-26: interest-bearing debt is 0.2% of market cap (limit < 30%); cash plus interest-bearing securities is 1.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is NVIDIA Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, NVIDIA Corporation is held by SPUS. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from NVIDIA Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-04-26", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.2, "cashPct": 1.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.2, "cashPct": 1.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 3.3, "cashPct": 31.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.nxp-semiconductors-stock", "question": "Is NXP Semiconductors Stock Halal?", "entityName": "NXP Semiconductors N.V.", "verdict": "halal", "verdictLabel": "Halal", "answer": "NXP Semiconductors N.V. (NXPI) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-29) interest-bearing debt is 15.2% of market cap and cash plus interest-bearing securities 4.8% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "NXP Semiconductors N.V. specializes in the design and production of a broad array of semiconductor solutions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-29: interest-bearing debt is 15.2% of market cap, cash plus interest-bearing securities 4.8%, and filing-verified impermissible income 1.2% (Interest income $145.0M on $12.27B total revenue (NXP Semiconductors N.V. FY2025 (fiscal year ended 2025-12-31, Form 10-…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 178, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/nxp-semiconductors-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/nxp-semiconductors-stock.md", "entityType": "stock", "ticker": "NXPI", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-29", "businessScreen": { "pass": true, "activity": "NXP Semiconductors N.V. specializes in the design and production of a broad array of semiconductor solutions. Its extensive portfolio encompasses various processing units, such as microcontrollers, application processors (including the popular i.MX series and its 8 and 9 families), and communication processors. NXP also provides advanced wireless connectivity solutions, featuring technologies like near-field communication (NFC), ultra-wideband (UWB), Bluetooth Low Energy (BLE), Zigbee, and integ", "detail": "Interest income $145.0M on $12.27B total revenue (NXP Semiconductors N.V. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.2% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.2 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 15.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 4.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.2, "thresholdPct": 5, "pass": true, "note": "Interest income $145.0M on $12.27B total revenue (NXP Semiconductors N.V. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.2% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/NXPI/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates NXP Semiconductors N.V. (NXPI) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 15.2% of market cap (limit 30%), cash plus interest-bearing securities 4.8% (limit 30%), impermissible income 1.2% of revenue (limit 5%) on 2026-03-29 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "NXPI latest quarterly filing (balance sheet 2026-03-29)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=NXP%20Semiconductors%20N.V.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "NXP Semiconductors N.V. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=NXP%20Semiconductors%20N.V.&type=10-K", "external": true }, { "label": "Zoya — NXPI Shariah compliance", "url": "https://zoya.finance/stocks/nxpi", "external": true }, { "label": "Musaffa — NXPI", "url": "https://musaffa.com/stock/NXPI/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is NXP Semiconductors N.V. (NXPI) stock halal?", "answer": "Yes, under our AAOIFI-based methodology NXP Semiconductors N.V. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-29). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does NXP Semiconductors N.V. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-29: interest-bearing debt is 15.2% of market cap (limit < 30%); cash plus interest-bearing securities is 4.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is NXP Semiconductors N.V. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from NXP Semiconductors N.V.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-29", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 15.2, "cashPct": 4.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 15.2, "cashPct": 4.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 43.2, "cashPct": 13.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.o-reilly-automotive-stock", "question": "Is O'Reilly Automotive Stock Halal?", "entityName": "O'Reilly Automotive, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "O'Reilly Automotive, Inc. (ORLY) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 8.8% of market cap and cash plus interest-bearing securities 0.3% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "O'Reilly Automotive, Inc., along with its subsidiary companies, functions as a leading retail and wholesale provider of automotive aftermarket products, specialized tools, supplies, and accessories across the United States. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 8.8% of market cap, cash plus interest-bearing securities 0.3%, and filing-verified impermissible income 0.0% (Interest income $7.3M on $17.78B total revenue (O'Reilly Automotive, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 191, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/o-reilly-automotive-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/o-reilly-automotive-stock.md", "entityType": "stock", "ticker": "ORLY", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "O'Reilly Automotive, Inc., along with its subsidiary companies, functions as a leading retail and wholesale provider of automotive aftermarket products, specialized tools, supplies, and accessories across the United States. The company's comprehensive inventory includes both new and reconditioned vehicle hard parts and essential maintenance items. This expansive selection covers critical components such as alternators, batteries, brake system parts, belts, chassis and driveline components, engin", "detail": "Interest income $7.3M on $17.78B total revenue (O'Reilly Automotive, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 8.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income $7.3M on $17.78B total revenue (O'Reilly Automotive, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/ORLY/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates O'Reilly Automotive, Inc. (ORLY) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 8.8% of market cap (limit 30%), cash plus interest-bearing securities 0.3% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ORLY latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=O'Reilly%20Automotive%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "O'Reilly Automotive, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=O'Reilly%20Automotive%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ORLY Shariah compliance", "url": "https://zoya.finance/stocks/orly", "external": true }, { "label": "Musaffa — ORLY", "url": "https://musaffa.com/stock/ORLY/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is O'Reilly Automotive, Inc. (ORLY) stock halal?", "answer": "Yes, under our AAOIFI-based methodology O'Reilly Automotive, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does O'Reilly Automotive, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 8.8% of market cap (limit < 30%); cash plus interest-bearing securities is 0.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is O'Reilly Automotive, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from O'Reilly Automotive, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 8.8, "cashPct": 0.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 8.8, "cashPct": 0.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 39.2, "cashPct": 1.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.okta-stock", "question": "Is Okta Stock Halal?", "entityName": "Okta, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Okta, Inc. (OKTA) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-04-30) interest-bearing debt is 1.8% of market cap and cash plus interest-bearing securities 13.4% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Okta, Inc. delivers comprehensive identity management solutions tailored for a diverse clientele, including large corporations, small and medium-sized businesses, educational institutions, charitable organizations, and governmental bodies, operating both within the United States and globally. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-04-30: interest-bearing debt is 1.8% of market cap, cash plus interest-bearing securities 13.4%, and filing-verified impermissible income 3.8% (Interest income $110.0M on $2.92B total revenue (Okta, Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)) = 3.8% — u…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 199, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/okta-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/okta-stock.md", "entityType": "stock", "ticker": "OKTA", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-04-30", "businessScreen": { "pass": true, "activity": "Okta, Inc. delivers comprehensive identity management solutions tailored for a diverse clientele, including large corporations, small and medium-sized businesses, educational institutions, charitable organizations, and governmental bodies, operating both within the United States and globally. The company's flagship offering is the Okta Identity Cloud, a robust platform featuring a suite of integrated products and services. These include a Universal Directory, a cloud-based system designed to sec", "detail": "Interest income $110.0M on $2.92B total revenue (Okta, Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)) = 3.8% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 3.8 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 1.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 13.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 3.8, "thresholdPct": 5, "pass": true, "note": "Interest income $110.0M on $2.92B total revenue (Okta, Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)) = 3.8% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/OKTA/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Okta, Inc. (OKTA) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 1.8% of market cap (limit 30%), cash plus interest-bearing securities 13.4% (limit 30%), impermissible income 3.8% of revenue (limit 5%) on 2026-04-30 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "OKTA latest quarterly filing (balance sheet 2026-04-30)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Okta%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Okta, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Okta%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — OKTA Shariah compliance", "url": "https://zoya.finance/stocks/okta", "external": true }, { "label": "Musaffa — OKTA", "url": "https://musaffa.com/stock/OKTA/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Okta, Inc. (OKTA) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Okta, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-04-30). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Okta, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 1.8% of market cap (limit < 30%); cash plus interest-bearing securities is 13.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Okta, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Okta, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-04-30", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 1.8, "cashPct": 13.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 1.8, "cashPct": 13.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 3.7, "cashPct": 27.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.on-holding-ag-stock", "question": "Is On Holding AG Stock Halal?", "entityName": "On Holding AG", "verdict": "halal", "verdictLabel": "Halal", "answer": "On Holding AG (ONON) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 1.4% of market cap and cash plus interest-bearing securities 10.0% — both inside the 30% AAOIFI thresholds. It is not held by Shariah-screened ETFs SPUS or HLAL. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "On Holding is one of the cleaner apparel names in the halal stock universe. The company sells running and lifestyle footwear and related apparel through wholesale, digital, and retail channels — a straightforward consumer-goods model with no conventional lending, insurance, or gambling activity in its core operations.\n\nFinancial ratios on our latest screen show low debt relative to market cap, modest cash holdings, and filing-verified interest income around 1% of revenue — well inside AAOIFI's 5% tolerance. Purification of dividends for that incidental interest is standard practice rather than a reason to avoid the stock.\n\nZoya publicly classifies ONON as Shariah-compliant as of June 2026. U.S. Shariah ETFs SPUS and HLAL did not list On Holding in the holdings schedules we verified; that reflects index scope (foreign mid-cap) more than an automatic compliance failure. Investors seeking ETF validation should check whether international Shariah funds cover Swiss-listed names.\n\nPractical takeaway: business activity is permissible, ratios pass with margin, and retail screeners like Zoya agree — treat as halal on current data with routine purification and attention to the dated ratio table as the share price moves.", "analysisWordCount": 185, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/on-holding-ag-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/on-holding-ag-stock.md", "entityType": "stock", "ticker": "ONON", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "On Holding AG (On Running) develops and sells athletic footwear, apparel, and accessories worldwide through wholesale, distributors, e-commerce, and its own stores. The Swiss company's annual reporting describes a single consumer athletic brand focused on running and lifestyle shoes — a permissible apparel/footwear business without conventional finance, insurance, or gambling segments.", "detail": "Revenue is overwhelmingly from shoe and apparel sales. Zoya reports interest income about 1.0% of revenue for FY2025 — under the 5% AAOIFI threshold on our screen. No material alcohol, tobacco, or gaming revenue lines are disclosed.", "impermissibleRevenuePct": 1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 1.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 10, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1, "thresholdPct": 5, "pass": true, "note": "Interest income $29.5M on $2.88B total revenue (On Holding AG FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-15. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-15. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null }, { "source": "Zoya", "position": "Rates ONON Shariah-compliant under its AAOIFI-based screen (checked June 2026); interest income ~1.03% of FY2025 revenue.", "url": "https://zoya.finance/stocks/onon", "note": null } ], "sources": [ { "label": "ONON latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=On%20Holding%20AG&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "On Holding AG 20-F / annual reports (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001857192&type=20-F", "external": true }, { "label": "Zoya — ONON Shariah compliance status", "url": "https://zoya.finance/stocks/onon", "external": true }, { "label": "SPUS Schedule of Investments (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is On Holding AG (ONON) stock halal?", "answer": "Yes, under our AAOIFI-based methodology On Holding AG passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does On Holding AG pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 1.4% of market cap (limit < 30%); cash plus interest-bearing securities is 10.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is On Holding AG held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, On Holding AG is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." }, { "question": "Do I need to purify dividends from On Holding AG?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 1.4, "cashPct": 10, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 1.4, "cashPct": 10, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 4.8, "cashPct": 34.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.on-semiconductor-stock", "question": "Is ON Semiconductor Stock Halal?", "entityName": "ON Semiconductor Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "ON Semiconductor Corporation (ON) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-04-03) interest-bearing debt is 6.5% of market cap and cash plus interest-bearing securities 5.3% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "ON Semiconductor Corporation operates as a global provider of sophisticated power and sensing solutions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-04-03: interest-bearing debt is 6.5% of market cap, cash plus interest-bearing securities 5.3%, and filing-verified impermissible income 1.6% (Interest/investment income $95.1M on $6.00B revenue = 1.6% (FMP as-reported XBRL, investmentincomeinterest). Verify no o…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 174, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/on-semiconductor-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/on-semiconductor-stock.md", "entityType": "stock", "ticker": "ON", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-04-03", "businessScreen": { "pass": true, "activity": "ON Semiconductor Corporation operates as a global provider of sophisticated power and sensing solutions. Their cutting-edge power innovations are pivotal in modernizing various sectors: they contribute to the development of lighter, extended-range electric vehicles, underpin rapid-charging infrastructure, and bolster sustainable energy initiatives for applications such as solar arrays, industrial power systems, and energy storage. The company's operations are structured into three main divisions", "detail": "Interest/investment income $95.1M on $6.00B revenue = 1.6% (FMP as-reported XBRL, investmentincomeinterest). Verify no other impermissible revenue segments in 10-K.", "impermissibleRevenuePct": 1.6 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 6.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.6, "thresholdPct": 5, "pass": true, "note": "Interest/investment income $95.1M on $6.00B revenue = 1.6% (FMP as-reported XBRL, investmentincomeinterest). Verify no other impermissible revenue segments in 10-K." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/ON/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates ON Semiconductor Corporation (ON) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 6.5% of market cap (limit 30%), cash plus interest-bearing securities 5.3% (limit 30%), impermissible income 1.6% of revenue (limit 5%) on 2026-04-03 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ON latest quarterly filing (balance sheet 2026-04-03)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=ON%20Semiconductor%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "ON Semiconductor Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=ON%20Semiconductor%20Corporation&type=10-K", "external": true }, { "label": "Zoya — ON Shariah compliance", "url": "https://zoya.finance/stocks/on", "external": true }, { "label": "Musaffa — ON", "url": "https://musaffa.com/stock/ON/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is ON Semiconductor Corporation (ON) stock halal?", "answer": "Yes, under our AAOIFI-based methodology ON Semiconductor Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-04-03). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does ON Semiconductor Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-03: interest-bearing debt is 6.5% of market cap (limit < 30%); cash plus interest-bearing securities is 5.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is ON Semiconductor Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from ON Semiconductor Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-04-03", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 6.5, "cashPct": 5.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 6.5, "cashPct": 5.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 24.8, "cashPct": 20, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.oneok-stock", "question": "Is ONEOK Stock Halal?", "entityName": "ONEOK, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "ONEOK, Inc. (OKE) does not pass Shariah screening: interest-bearing debt / market cap is 59.0% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "ONEOK, Inc., along with its subsidiaries, functions as a leading energy infrastructure company within the United States. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 59.0% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 168, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/oneok-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/oneok-stock.md", "entityType": "stock", "ticker": "OKE", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "ONEOK, Inc., along with its subsidiaries, functions as a leading energy infrastructure company within the United States. Its primary focus is the comprehensive management of natural gas, encompassing gathering, processing, storage, and transportation. These operations are structured into three distinct segments: Natural Gas Gathering and Processing, Natural Gas Liquids (NGL), and Natural Gas Pipelines. The company owns an extensive system of natural gas gathering pipelines and processing plants,", "detail": "Interest income not separately material in the annual filing (ONEOK, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0.4 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 59, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (ONEOK, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/OKE/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates ONEOK, Inc. (OKE) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 59% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "OKE latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=ONEOK%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "ONEOK, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=ONEOK%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — OKE Shariah compliance", "url": "https://zoya.finance/stocks/oke", "external": true }, { "label": "Musaffa — OKE", "url": "https://musaffa.com/stock/OKE/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is ONEOK, Inc. (OKE) stock halal?", "answer": "No. ONEOK, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does ONEOK, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 59.0% of market cap (limit < 30%); cash plus interest-bearing securities is 0.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is ONEOK, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 59, "cashPct": 0.3, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 59, "cashPct": 0.3, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 49.3, "cashPct": 0.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.open-text-stock", "question": "Is Open Text Stock Halal?", "entityName": "Open Text Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Open Text Corporation (OTEX.TO) does not pass Shariah screening: interest-bearing debt / market cap is 115.2% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Open Text Corporation specializes in the creation, development, promotion, and distribution of sophisticated information management software and solutions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 115.2% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 169, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/open-text-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/open-text-stock.md", "entityType": "stock", "ticker": "OTEX.TO", "exchange": "TSX", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Open Text Corporation specializes in the creation, development, promotion, and distribution of sophisticated information management software and solutions. Their extensive portfolio includes vital content services; a robust business network facilitating secure data exchange both internally and externally; comprehensive security and protection offerings safeguarding against cyber threats, ensuring operational continuity, and enabling rapid breach response; and specialized tools for digital invest", "detail": "Interest income $49.6M on $5.17B total revenue (Open Text Corporation FY2025 (fiscal year ended 2025-06-30, annual report (SEDAR+))) = 1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 115.2, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 23.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1, "thresholdPct": 5, "pass": true, "note": "Interest income $49.6M on $5.17B total revenue (Open Text Corporation FY2025 (fiscal year ended 2025-06-30, annual report (SEDAR+))) = 1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/OTEX.TO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Open Text Corporation (OTEX.TO) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 115.2% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "OTEX.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Open Text Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Open%20Text%20Corporation&type=10-K", "external": true }, { "label": "Musaffa — OTEX.TO", "url": "https://musaffa.com/stock/OTEX.TO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Open Text Corporation (OTEX.TO) stock halal?", "answer": "No. Open Text Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Open Text Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 115.2% of market cap (limit < 30%); cash plus interest-bearing securities is 23.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Open Text Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 115.2, "cashPct": 23.3, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 115.2, "cashPct": 23.3, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 46.6, "cashPct": 9.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.options-trading", "question": "Is Options Trading Halal?", "entityName": "Options Trading", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "The majority position, formalized in OIC International Islamic Fiqh Academy Resolution 63 (1/7), holds that option contracts are impermissible: the premium is payment for a bare right rather than a real asset, and the structure embeds gharar and maysir. A small minority of contemporary scholars discuss narrow allowances (e.g. covered calls as a sale undertaking), but no major standards body permits exchange-traded options trading.", "analysis": "Options are one of the few modern instruments on which a formal collective ruling exists: OIC International Islamic Fiqh Academy Resolution 63 (1/7) held that option contracts are impermissible — the premium is paid for a bare right rather than a thing of value recognized as a subject of sale, the contract involves gharar, and the dominant use is speculation (maysir). The large majority of contemporary scholars follow this position, which is why our verdict is not-halal rather than conditional.\n\nThe dissenting analyses exist and deserve honest mention: some scholars distinguish covered calls (where you own the underlying shares) as closer to a conditional sale, and some treat protective puts used purely as insurance on halal holdings more leniently. These remain minority positions without institutional adoption, and even their proponents exclude the speculative buying and writing of naked options that constitutes most retail activity.\n\nFor a Muslim investor, the practical answer is that options solve problems you can solve compliantly: hedging concentration is better handled by diversification and position sizing, and income generation by actual ownership of productive screened assets rather than selling rights against them.", "analysisWordCount": 186, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/options-trading", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/options-trading.md", "entityType": "service", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": false, "activity": "Buying and selling exchange-traded option contracts (calls/puts) on stocks, indices, and ETFs.", "detail": "The contract structure itself is the issue — the ruling does not depend on the underlying stock's compliance.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "OIC International Islamic Fiqh Academy, Resolution 63 (1/7)", "position": "Option contracts as currently traded are not permissible — the subject of the contract is neither a sum of money, a utility, nor a financial right that may be waived.", "url": "https://iifa-aifi.org/en", "note": null }, { "source": "Minority academic discussion", "position": "Narrow structures resembling unilateral promises (wa'd) are debated academically but not endorsed for exchange-traded options.", "url": null, "note": null } ], "sources": [ { "label": "OIC International Islamic Fiqh Academy resolutions", "url": "https://iifa-aifi.org/en", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is It Halal? — Quick Reference Hub", "url": "/is-it-halal", "external": false }, { "label": "AMJA (Assembly of Muslim Jurists of America)", "url": "https://www.amjaonline.org", "external": true } ], "faqs": [ { "question": "Are covered calls halal?", "answer": "They are the most-debated case because the seller owns the underlying shares, but the standard scholarly bodies have not permitted them — the option contract itself remains the impermissible element under Resolution 63." }, { "question": "Are employee stock options (ESOs) the same ruling as trading options?", "answer": "No. Employee stock options are deferred compensation — a conditional right to buy your employer's shares, usually with no premium paid — and many scholars permit exercising them if the company passes screening. That differs from buying and selling exchange-traded option contracts, which the OIC Fiqh Academy ruled impermissible." } ] }, { "id": "verdict.oracle-stock", "question": "Is Oracle Stock Halal?", "entityName": "Oracle Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Oracle Corporation (ORCL) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-05-31) interest-bearing debt is 29.9% of market cap and cash plus interest-bearing securities 6.1% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETF SPUS, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Oracle sells database software, cloud infrastructure and enterprise applications - permissible activities with no advertising, gambling, alcohol or entertainment revenue lines. If the analysis stopped at what Oracle does, it would screen cleanly. The compliance problem is how Oracle is financed: the company has long used large conventional borrowings to fund share buybacks, acquisitions and, more recently, a capital-intensive AI data-center buildout. Debt-based financial screens - which typically require interest-bearing debt below roughly 30-33% of market capitalization or total assets, depending on the standard - are where Oracle runs into trouble, and small differences between standards (and movements in Oracle's share price) can flip the result.\n\nThe third-party signals as of June 11, 2026 reflect exactly that borderline-ratio situation: SPUS (S&P Shariah screen, which measures leverage against market value) currently holds Oracle, while HLAL (FTSE Shariah screen, which measures debt against total assets) does not, and both retail AAOIFI screeners are negative - Zoya rates it not Shariah-compliant and Musaffa classifies it as not halal. When a stock passes one institutional screen but fails the AAOIFI-based screeners, the disagreement is usually arithmetic (different debt thresholds and denominators), not a dispute about the business itself.\n\nFor a Muslim retail investor, the practical reading is cautious: the most widely used retail standards currently fail Oracle on leverage, and its compliance status is hostage to both its borrowing levels and its market value. Oracle also operates a customer-financing program and earns interest income, which would require purification under any approach that permitted the stock. Investors who follow the S&P Shariah methodology specifically have index-level support via SPUS; those following AAOIFI or FTSE standards currently do not.", "analysisWordCount": 273, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/oracle-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/oracle-stock.md", "entityType": "stock", "ticker": "ORCL", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-05-31", "businessScreen": { "pass": true, "activity": "Oracle provides enterprise database software, cloud infrastructure (OCI) and business applications. Its 10-K reports revenue in four lines: cloud services and license support (the large majority), cloud license and on-premise license, hardware, and services.", "detail": "Oracle's products - databases, cloud infrastructure and enterprise applications - raise no significant business-screen issues; there is no advertising platform, entertainment content or insurance business in its disclosed revenue lines. The Shariah-relevant items are financial: Oracle offers financing arrangements to customers for license/hardware purchases (financing receivables are disclosed in balance-sheet notes, not as a separate revenue segment - not separately disclosed in filings as revenue), earns interest income on cash, and most importantly carries very large conventional borrowings used to fund buybacks, acquisitions and its cloud-infrastructure buildout, which is the primary reason ratio-based screens flag it.", "impermissibleRevenuePct": 1.7 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 29.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 6.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.7, "thresholdPct": 5, "pass": true, "note": "Interest income $1.14B on $67.36B total revenue (Oracle Corporation FY2026 (fiscal year ended 2026-05-31, Form 10-K)) = 1.7% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-11 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://funds.wahedinvest.com/", "note": null }, { "source": "Zoya", "position": "Zoya's public stock page rates ORCL not Shariah-compliant under its AAOIFI-based screen (checked 2026-06-11).", "url": "https://zoya.finance/stocks/orcl", "note": null }, { "source": "Musaffa", "position": "Musaffa's public stock page classifies ORCL as NOT HALAL under its AAOIFI-based methodology, as of March 2026.", "url": "https://musaffa.com/stock/ORCL/", "note": null } ], "sources": [ { "label": "ORCL latest quarterly filing (balance sheet 2026-05-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Oracle%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Oracle 10-K filings - SEC EDGAR (CIK 0001341439)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001341439&type=10-K", "external": true }, { "label": "SPUS holdings (sp-funds.com, table dated 06/11/2026)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL fund page with official Holdings link (funds.wahedinvest.com)", "url": "https://funds.wahedinvest.com/", "external": true }, { "label": "Zoya public compliance page for ORCL", "url": "https://zoya.finance/stocks/orcl", "external": true }, { "label": "Musaffa public compliance page for ORCL", "url": "https://musaffa.com/stock/ORCL/", "external": true } ], "faqs": [ { "question": "Is Oracle Corporation (ORCL) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Oracle Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-05-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Oracle Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-31: interest-bearing debt is 29.9% of market cap (limit < 30%); cash plus interest-bearing securities is 6.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Oracle Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Oracle Corporation is held by SPUS. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Oracle Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-05-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 29.9, "cashPct": 6.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 29.9, "cashPct": 6.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 59.7, "cashPct": 12.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.otis-worldwide-stock", "question": "Is Otis Worldwide Stock Halal?", "entityName": "Otis Worldwide Corporation", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Otis Worldwide Corporation (OTIS) passes the screens we can compute (data as of 2026-03-31) — interest-bearing debt / market cap 28.8%, cash + interest-bearing securities / market cap 3.1%, impermissible income / total revenue 0.0% — but one screen requires case-by-case judgment.", "analysis": "Otis Worldwide Corporation is a global leader specializing in the manufacturing, installation, and servicing of elevators and escalators, with significant operations in the United States, China, and numerous other international markets. The open question on this name is its revenue mix — review the latest 10-K segment disclosure before treating the screen as settled.\n\nComputed screens are mixed as of 2026-03-31: debt 28.8%, cash/securities 3.1%, impermissible income pending full filing verification. Treat as conditional until the impermissible-income line is confirmed against the annual report.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not size up until the conditional line is verified against the filing or a screener you trust; the dated ratio table on this page shows exactly what is still open.", "analysisWordCount": 171, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/otis-worldwide-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/otis-worldwide-stock.md", "entityType": "stock", "ticker": "OTIS", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Otis Worldwide Corporation is a global leader specializing in the manufacturing, installation, and servicing of elevators and escalators, with significant operations in the United States, China, and numerous other international markets. The company's business is organized into two primary divisions: New Equipment and Service. Its New Equipment segment is responsible for the design, fabrication, sale, and fitting of a diverse array of passenger and freight elevators, escalators, and moving walkwa", "detail": "Interest income not separately material in the annual filing (Otis Worldwide Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 28.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Otis Worldwide Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/OTIS/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Otis Worldwide Corporation (OTIS) conditional: financial ratios pass (interest-bearing debt 28.8% of market cap (limit 30%), cash plus interest-bearing securities 3.1% (limit 30%), impermissible income 0% of revenue (limit 5%)) on 2026-03-31 figures, but an open business-activity question remains — verify the condition noted on this page against the latest filing before treating it as a clear pass.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "OTIS latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Otis%20Worldwide%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Otis Worldwide Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Otis%20Worldwide%20Corporation&type=10-K", "external": true }, { "label": "Zoya — OTIS Shariah compliance", "url": "https://zoya.finance/stocks/otis", "external": true }, { "label": "Musaffa — OTIS", "url": "https://musaffa.com/stock/OTIS/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Otis Worldwide Corporation (OTIS) stock halal?", "answer": "Otis Worldwide Corporation is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does Otis Worldwide Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 28.8% of market cap (limit < 30%); cash plus interest-bearing securities is 3.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Otis Worldwide Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 28.8, "cashPct": 3.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 28.8, "cashPct": 3.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 74.2, "cashPct": 7.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.palantir-technologies-stock", "question": "Is Palantir Technologies Stock Halal?", "entityName": "Palantir Technologies Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Palantir Technologies Inc. (PLTR) does not pass Shariah screening: impermissible income / total revenue is 5.1% against the < 5% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Palantir's business model raises none of the classic riba issues: it sells software platforms and related services, and its 10-K shows $4.48 billion of 2025 revenue from licensing and subscriptions, not from lending, interest, or financial products. On a pure revenue-mechanics screen, that is a clean profile.\n\nThe considerations for a Muslim investor are instead about who the customers are and what the software does. Fifty-four percent of 2025 revenue came from government customers, including US defense and intelligence agencies, and US government revenue alone was $1.86 billion. Palantir's contracts with ICE have generated years of public controversy, and its growing defense work (weapons-adjacent AI targeting systems among them) is relevant to investors who apply ethical screens beyond AAOIFI's standard prohibited-industry list. Mainstream Shariah screening does not automatically exclude defense contractors, so different scholars and platforms can reasonably land in different places on Palantir depending on how they weigh these factors.\n\nIt is worth noting that although Palantir is in the S&P 500, it does not appear in the current SPUS holdings (June 11, 2026), and it is also absent from HLAL (February 28, 2026 SEC-filed holdings). Neither fund publishes stock-by-stock reasons, so we cannot say whether the exclusions reflect financial-ratio screens (such as debt or liquidity thresholds), index methodology, or other criteria. Investors should check a live screener for the current compliance verdict and separately decide how they weigh the government and surveillance contract profile.", "analysisWordCount": 236, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/palantir-technologies-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/palantir-technologies-stock.md", "entityType": "stock", "ticker": "PLTR", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Palantir Technologies builds data-integration and AI software platforms (Gotham, Foundry, AIP) for government and commercial customers. Per its FY2025 10-K, total revenue was $4.48 billion, of which 54% ($2.40 billion) came from government-segment customers and 46% ($2.07 billion) from commercial customers; US government revenue was $1.86 billion in 2025.", "detail": "Palantir's revenue is software licensing and services, with no disclosed lending or interest-based product revenue; no financing-income line was verified, so that field is effectively null. The Shariah/ethical questions are about customers rather than revenue mechanics: a majority of revenue (54% in 2025) comes from government work, which includes defense and intelligence agencies, and Palantir has publicly known contracts with US Immigration and Customs Enforcement (ICE) that have drawn sustained public controversy. Some scholars and values-based screens weigh defense and surveillance work as an ethical exclusion even where the income itself is not riba; standard AAOIFI business screens do not prohibit defense software per se. Note that Palantir is in the S&P 500 but is absent from the current SPUS holdings, and is absent from HLAL's holdings; the funds do not publish per-stock reasons, so the cause of exclusion (financial ratios vs other criteria) is not verifiable.", "impermissibleRevenuePct": 5.1 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 5.1, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "PLTR latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Palantir%20Technologies%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Palantir FY2025 10-K (company IR PDF)", "url": "https://investors.palantir.com/files/2025%20FY%20PLTR%2010-K.pdf", "external": true }, { "label": "Palantir Q4/FY2025 earnings release (SEC EDGAR, 8-K exhibit)", "url": "https://www.sec.gov/Archives/edgar/data/1321655/000132165526000004/a2025q4ex991earningsrelease.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Palantir Technologies Inc. (PLTR) stock halal?", "answer": "No. Palantir Technologies Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Palantir Technologies Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 0.1% of market cap (limit < 30%); cash plus interest-bearing securities is 2.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Palantir Technologies Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Palantir Technologies Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.1, "cashPct": 2.7, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.1, "cashPct": 2.7, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 2.1, "cashPct": 78.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.palo-alto-networks-stock", "question": "Is Palo Alto Networks Stock Halal?", "entityName": "Palo Alto Networks, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Palo Alto Networks, Inc. (PANW) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-04-30) interest-bearing debt is 0.7% of market cap and cash plus interest-bearing securities 1.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Palo Alto Networks, Inc. is a global leader in providing advanced cybersecurity solutions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-04-30: interest-bearing debt is 0.7% of market cap, cash plus interest-bearing securities 1.6%, and filing-verified impermissible income 3.9% (Interest income $363.5M on $9.22B total revenue (Palo Alto Networks, Inc. FY2025 (fiscal year ended 2025-07-31, Form 10-…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 176, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/palo-alto-networks-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/palo-alto-networks-stock.md", "entityType": "stock", "ticker": "PANW", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-04-30", "businessScreen": { "pass": true, "activity": "Palo Alto Networks, Inc. is a global leader in providing advanced cybersecurity solutions. The company's core product line includes both hardware and software-based firewalls. It also offers Panorama, a sophisticated security management platform designed for centralized control of these firewall deployments, whether they are physical appliances, virtual instances, or situated in public or private cloud environments. Additionally, the firm provides virtual system upgrades to enhance the capacity ", "detail": "Interest income $363.5M on $9.22B total revenue (Palo Alto Networks, Inc. FY2025 (fiscal year ended 2025-07-31, Form 10-K)) = 3.9% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 3.9 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 3.9, "thresholdPct": 5, "pass": true, "note": "Interest income $363.5M on $9.22B total revenue (Palo Alto Networks, Inc. FY2025 (fiscal year ended 2025-07-31, Form 10-K)) = 3.9% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/PANW/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Palo Alto Networks, Inc. (PANW) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 0.7% of market cap (limit 30%), cash plus interest-bearing securities 1.6% (limit 30%), impermissible income 3.9% of revenue (limit 5%) on 2026-04-30 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "PANW latest quarterly filing (balance sheet 2026-04-30)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Palo%20Alto%20Networks%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Palo Alto Networks, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Palo%20Alto%20Networks%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — PANW Shariah compliance", "url": "https://zoya.finance/stocks/panw", "external": true }, { "label": "Musaffa — PANW", "url": "https://musaffa.com/stock/PANW/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Palo Alto Networks, Inc. (PANW) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Palo Alto Networks, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-04-30). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Palo Alto Networks, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 0.7% of market cap (limit < 30%); cash plus interest-bearing securities is 1.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Palo Alto Networks, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Palo Alto Networks, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-04-30", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.7, "cashPct": 1.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.7, "cashPct": 1.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 2.9, "cashPct": 6.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.paramount-global-stock", "question": "Is Paramount Global Stock Halal?", "entityName": "Paramount Global", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Paramount Global (PARA) does not pass Shariah screening: interest-bearing debt / market cap is 215.8% against the < 30% limit (data as of 2025-12-31), and cash + interest-bearing securities / market cap is 46.8% against the < 30% limit (data as of 2025-12-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Paramount Global is a prominent global media and entertainment company with extensive operations. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2025-12-31): interest-bearing debt / market cap at 215.8% versus the < 30% limit; cash + interest-bearing securities / market cap at 46.8% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 154, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/paramount-global-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/paramount-global-stock.md", "entityType": "stock", "ticker": "PARA", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2025-12-31", "businessScreen": { "pass": true, "activity": "Paramount Global is a prominent global media and entertainment company with extensive operations. It is a major producer and distributor of content, curating diverse programming for the CBS Television Network. This includes everything from popular primetime comedies and dramas, reality series, and special events, to children's shows, daytime and late-night programs, and game shows. Furthermore, it supplies a wide array of news, public affairs, sports, and general entertainment broadcasts, alongs", "detail": "Interest income $147.0M on $28.89B total revenue (Paramount Global FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.5% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.5 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 215.8, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 46.8, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.5, "thresholdPct": 5, "pass": true, "note": "Interest income $147.0M on $28.89B total revenue (Paramount Global FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.5% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/PARA/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Paramount Global (PARA) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 215.8% against a 30% limit on 2025-12-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "PARA latest quarterly filing (balance sheet 2025-12-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Paramount%20Global&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Paramount Global SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Paramount%20Global&type=10-K", "external": true }, { "label": "Zoya — PARA Shariah compliance", "url": "https://zoya.finance/stocks/para", "external": true }, { "label": "Musaffa — PARA", "url": "https://musaffa.com/stock/PARA/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Paramount Global (PARA) stock halal?", "answer": "No. Paramount Global fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Paramount Global pass the AAOIFI financial ratio screen?", "answer": "As of 2025-12-31: interest-bearing debt is 215.8% of market cap (limit < 30%); cash plus interest-bearing securities is 46.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Paramount Global held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2025-12-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 215.8, "cashPct": 46.8, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 215.8, "cashPct": 46.8, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 34.8, "cashPct": 7.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.parker-hannifin-stock", "question": "Is Parker-Hannifin Stock Halal?", "entityName": "Parker-Hannifin Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Parker-Hannifin Corporation (PH) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 8.4% of market cap and cash plus interest-bearing securities 0.4% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Parker-Hannifin Corporation is a global enterprise specializing in the production and distribution of advanced motion and control technologies and systems. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 8.4% of market cap, cash plus interest-bearing securities 0.4%, and filing-verified impermissible income 0.1% (Interest income $11.0M on $19.85B total revenue (Parker-Hannifin Corporation FY2025 (fiscal year ended 2025-06-30, Form …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 181, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/parker-hannifin-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/parker-hannifin-stock.md", "entityType": "stock", "ticker": "PH", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Parker-Hannifin Corporation is a global enterprise specializing in the production and distribution of advanced motion and control technologies and systems. These solutions serve a broad spectrum of international markets, including mobile applications, industrial operations, and the aerospace sector. Its organizational structure is primarily divided into two key business units: Diversified Industrial and Aerospace Systems. Within the Diversified Industrial division, the product portfolio is exten", "detail": "Interest income $11.0M on $19.85B total revenue (Parker-Hannifin Corporation FY2025 (fiscal year ended 2025-06-30, Form 10-K)) = 0.1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 8.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.1, "thresholdPct": 5, "pass": true, "note": "Interest income $11.0M on $19.85B total revenue (Parker-Hannifin Corporation FY2025 (fiscal year ended 2025-06-30, Form 10-K)) = 0.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/PH/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Parker-Hannifin Corporation (PH) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 8.4% of market cap (limit 30%), cash plus interest-bearing securities 0.4% (limit 30%), impermissible income 0.1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "PH latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Parker-Hannifin%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Parker-Hannifin Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Parker-Hannifin%20Corporation&type=10-K", "external": true }, { "label": "Zoya — PH Shariah compliance", "url": "https://zoya.finance/stocks/ph", "external": true }, { "label": "Musaffa — PH", "url": "https://musaffa.com/stock/PH/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Parker-Hannifin Corporation (PH) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Parker-Hannifin Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Parker-Hannifin Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 8.4% of market cap (limit < 30%); cash plus interest-bearing securities is 0.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Parker-Hannifin Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Parker-Hannifin Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 8.4, "cashPct": 0.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 8.4, "cashPct": 0.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 31.2, "cashPct": 1.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.paychex-stock", "question": "Is Paychex Stock Halal?", "entityName": "Paychex, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Paychex, Inc. (PAYX) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-02-28) interest-bearing debt is 13.7% of market cap and cash plus interest-bearing securities 5.1% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Founded in 1971 and headquartered in Rochester, New York, Paychex, Inc. delivers comprehensive human capital management (HCM) solutions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-02-28: interest-bearing debt is 13.7% of market cap, cash plus interest-bearing securities 5.1%, and filing-verified impermissible income 1.3% (Interest income $72.8M on $5.57B total revenue (Paychex, Inc. FY2025 (fiscal year ended 2025-05-31, Form 10-K)) = 1.3% —…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 183, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/paychex-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/paychex-stock.md", "entityType": "stock", "ticker": "PAYX", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-02-28", "businessScreen": { "pass": true, "activity": "Founded in 1971 and headquartered in Rochester, New York, Paychex, Inc. delivers comprehensive human capital management (HCM) solutions. The company primarily serves small to medium-sized enterprises (SMEs) across the United States, Europe, and India, addressing their needs in human resources, payroll administration, employee benefits, and insurance. Its diverse service portfolio includes: Payroll Management: Encompassing core payroll processing, payroll tax administration, employee payment faci", "detail": "Interest income $72.8M on $5.57B total revenue (Paychex, Inc. FY2025 (fiscal year ended 2025-05-31, Form 10-K)) = 1.3% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 13.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.3, "thresholdPct": 5, "pass": true, "note": "Interest income $72.8M on $5.57B total revenue (Paychex, Inc. FY2025 (fiscal year ended 2025-05-31, Form 10-K)) = 1.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/PAYX/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Paychex, Inc. (PAYX) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 13.7% of market cap (limit 30%), cash plus interest-bearing securities 5.1% (limit 30%), impermissible income 1.3% of revenue (limit 5%) on 2026-02-28 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "PAYX latest quarterly filing (balance sheet 2026-02-28)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Paychex%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Paychex, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Paychex%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — PAYX Shariah compliance", "url": "https://zoya.finance/stocks/payx", "external": true }, { "label": "Musaffa — PAYX", "url": "https://musaffa.com/stock/PAYX/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Paychex, Inc. (PAYX) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Paychex, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-02-28). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Paychex, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-02-28: interest-bearing debt is 13.7% of market cap (limit < 30%); cash plus interest-bearing securities is 5.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Paychex, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Paychex, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-02-28", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 13.7, "cashPct": 5.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 13.7, "cashPct": 5.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 28.3, "cashPct": 10.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.paypal-holdings-stock", "question": "Is PayPal Stock Halal?", "entityName": "PayPal Holdings, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "PayPal Holdings, Inc. (PYPL) does not pass Shariah screening: its core business fails the activity screen (PayPal's 10-K discloses that other value added services revenue includes interest and fees earned on its portfolio of lo). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "PayPal sits in a different category from Visa and Mastercard because it does more than run payment rails: it also operates credit products. The core business is clean in form, with about 90% of 2025 revenue ($29.8 billion of $33.2 billion) coming from transaction fees for processing payments. But PayPal's 10-K also discloses interest and fees from its consumer and merchant credit portfolio, including PayPal Credit, Pay Later (BNPL) products, merchant loans, and a revenue share on PayPal- and Venmo-branded credit cards funded by a partner bank, plus interest earned on assets underlying customer balances.\n\nThe company itself quantifies the interest-linked slice: a 10-K footnote states that $2.1 billion of 2025 net revenues came from interest and fees on loans and interest receivable plus interest on assets underlying customer balances. That is roughly 6% of total revenue, which matters because common AAOIFI-style screens tolerate impermissible revenue only up to about 5% of total. PayPal therefore sits near or above the threshold where stock-level screeners draw the line, and its status can flip between compliant and non-compliant from one reporting period to the next depending on the exact screen and period measured.\n\nNeither SPUS (checked June 11, 2026) nor HLAL (SEC-filed holdings, February 28, 2026) holds PayPal. A Muslim investor who wants exposure to payments should treat PayPal as a borderline-to-failing name that requires a live screener check, in contrast to the pure network companies where the debate is about facilitation rather than the company's own interest income.", "analysisWordCount": 247, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/paypal-holdings-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/paypal-holdings-stock.md", "entityType": "stock", "ticker": "PYPL", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "PayPal operates a two-sided digital payments platform (PayPal, Venmo, Braintree) that processed $1.79 trillion of total payment volume in 2025 across 439 million active accounts. Per its FY2025 10-K, total net revenues were $33.17 billion: transaction revenues of $29.80 billion (about 90%) and revenues from other value added services of $3.37 billion (about 10%).", "detail": "PayPal's 10-K discloses that other value added services revenue includes interest and fees earned on its portfolio of loans receivable (PayPal Credit, BNPL/Pay Later, PayPal Working Capital and business loans, including the revenue share from a partner institution on US revolving credit and PayPal/Venmo credit cards) and interest earned on certain assets underlying customer balances. A 10-K footnote quantifies the interest-linked piece: $2.1 billion of 2025 total net revenues (approximately 6.3% of $33.17 billion) related to interest and fees earned on loans and interest receivable plus interest earned on assets underlying customer balances. The roughly 90% transaction-revenue core is fee-based payment processing.", "impermissibleRevenuePct": 1.6 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 26, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 25.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.6, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "PYPL latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=PayPal%20Holdings%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "PayPal FY2025 10-K (SEC EDGAR, accession 0001633917-26-000024)", "url": "https://www.sec.gov/Archives/edgar/data/1633917/000163391726000024/", "external": true }, { "label": "PayPal 10-K filings list (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001633917&type=10-K", "external": true }, { "label": "PayPal Q3 2025 earnings release defining interest on customer balances within OVAS (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1633917/000163391725000194/pypl3q-25earningsrelease.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is PayPal Holdings, Inc. (PYPL) stock halal?", "answer": "No. PayPal Holdings, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does PayPal Holdings, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 26.0% of market cap (limit < 30%); cash plus interest-bearing securities is 25.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is PayPal Holdings, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, PayPal Holdings, Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.pepsico-stock", "question": "Is PepsiCo Stock Halal?", "entityName": "PepsiCo, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "PepsiCo, Inc. (PEP) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-21) interest-bearing debt is 26.6% of market cap and cash plus interest-bearing securities 5.5% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETF SPUS, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "PepsiCo is a food-and-beverage company whose core activities, snacks and nonalcoholic drinks, are permissible. Its fiscal 2025 revenue of $93.9 billion is split across six segments, with North American convenient foods (Frito-Lay and Quaker) and North American beverages forming the largest pieces, and an international business representing more than 40% of revenue. The business-activity screen is clean apart from one small exception.\n\nThat exception is alcohol: PepsiCo markets Hard MTN Dew, an alcoholic version of Mountain Dew made and distributed through a partnership with The Boston Beer Company. The company does not disclose its revenue, but it is a niche product within a roughly $94 billion business, the kind of immaterial impermissible exposure that AAOIFI-style screens typically allow provided the corresponding share of dividends is purified.\n\nThe professional signal is positive on the strict end: PepsiCo is held by SPUS as of June 11, 2026, meaning it passes the S&P 500 Shariah Industry Exclusions methodology and the fund's debt-to-market-cap screen below 30%. It is not in HLAL, but HLAL tracks a different index (FTSE USA Shariah) with its own constituent selection, and absence there is not evidence of a failed screen. For a Muslim investor, PepsiCo currently looks like a screen-passing consumer-staples name, with the usual caveat to verify the latest status and apply dividend purification for the small alcohol exposure.", "analysisWordCount": 221, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/pepsico-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/pepsico-stock.md", "entityType": "stock", "ticker": "PEP", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-21", "businessScreen": { "pass": true, "activity": "PepsiCo is a global convenient-foods and beverages company. Per its fiscal 2025 10-K (year ended December 27, 2025; filed February 2026), full-year net revenue was $93,925 million. The company reorganized into six reportable segments: PepsiCo Foods North America (Frito-Lay and Quaker combined), PepsiCo Beverages North America, International Beverages Franchise, Europe Middle East and Africa, Latin America Foods, and Asia Pacific Foods.", "detail": "PepsiCo's snacks (Frito-Lay, Quaker) and nonalcoholic beverages (Pepsi, Gatorade, Mountain Dew, Tropicana) are permissible activities. The Shariah-relevant item is its limited alcoholic beverage presence, principally Hard MTN Dew, an alcoholic version of Mountain Dew produced and distributed under a partnership with The Boston Beer Company; PepsiCo does not separately disclose Hard MTN Dew revenue, so its share is not quantifiable from filings and is understood to be immaterial to a ~$94 billion revenue base. PepsiCo also earns interest income on cash and investments, reported outside operating revenue and not separately verified here. PepsiCo is currently held by SPUS, indicating it passes that fund's AAOIFI-based industry and debt-to-market-cap screens as of 2026-06-11.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 26.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.8, "thresholdPct": 5, "pass": true, "note": "Gross interest income ≈ $0.7B (net interest expense & other was -$1,121M against $1,840M gross interest expense) on ~$92B net revenue (FY2025) ≈ 0.8% — under 5%." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-11 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "PEP latest quarterly filing (balance sheet 2026-03-21)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=PepsiCo%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "PepsiCo FY2025 10-K (company IR PDF)", "url": "https://investors.pepsico.com/docs/pepsico-5v9wci20/media/Files/investors/q4-2025-form-10k.pdf", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is PepsiCo, Inc. (PEP) stock halal?", "answer": "Yes, under our AAOIFI-based methodology PepsiCo, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-21). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does PepsiCo, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-21: interest-bearing debt is 26.6% of market cap (limit < 30%); cash plus interest-bearing securities is 5.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is PepsiCo, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, PepsiCo, Inc. is held by SPUS. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from PepsiCo, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-21", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 26.6, "cashPct": 5.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 26.6, "cashPct": 5.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 47.7, "cashPct": 9.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.petr-leo-brasileiro-s-a-petrobras-stock", "question": "Is Petróleo Brasileiro S.A. - Petrobras Stock Halal?", "entityName": "Petróleo Brasileiro S.A. - Petrobras", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Petróleo Brasileiro S.A. - Petrobras (PBR) does not pass Shariah screening: interest-bearing debt / market cap is 31.9% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Brazilian energy giant Petróleo Brasileiro S.A. (Petrobras) is deeply involved in the global oil and gas industry, conducting exploration, production, and sales activities both within Brazil and internationally. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 31.9% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 178, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/petr-leo-brasileiro-s-a-petrobras-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/petr-leo-brasileiro-s-a-petrobras-stock.md", "entityType": "stock", "ticker": "PBR", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Brazilian energy giant Petróleo Brasileiro S.A. (Petrobras) is deeply involved in the global oil and gas industry, conducting exploration, production, and sales activities both within Brazil and internationally. The company's diverse operations are organized into four primary business segments: Exploration and Production; Refining, Transportation, and Marketing; Gas and Power; and Corporate and Other Businesses. Overall, Petrobras’s activities span the entire hydrocarbon value chain. This includ", "detail": "Interest income $408.1M on $90.81B total revenue (Petróleo Brasileiro S.A. - Petrobras FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.4% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.4 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 31.9, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 7.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.4, "thresholdPct": 5, "pass": true, "note": "Interest income $408.1M on $90.81B total revenue (Petróleo Brasileiro S.A. - Petrobras FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.4% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/PBR/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Petróleo Brasileiro S.A. - Petrobras (PBR) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 31.9% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "PBR latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Petr%C3%B3leo%20Brasileiro%20S.A.%20-%20Petrobras&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Petróleo Brasileiro S.A. - Petrobras SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Petr%C3%B3leo%20Brasileiro%20S.A.%20-%20Petrobras&type=10-K", "external": true }, { "label": "Zoya — PBR Shariah compliance", "url": "https://zoya.finance/stocks/pbr", "external": true }, { "label": "Musaffa — PBR", "url": "https://musaffa.com/stock/PBR/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Petróleo Brasileiro S.A. - Petrobras (PBR) stock halal?", "answer": "No. Petróleo Brasileiro S.A. - Petrobras fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Petróleo Brasileiro S.A. - Petrobras pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 31.9% of market cap (limit < 30%); cash plus interest-bearing securities is 7.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Petróleo Brasileiro S.A. - Petrobras held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 31.9, "cashPct": 7.7, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 31.9, "cashPct": 7.7, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 15.8, "cashPct": 3.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.pfizer-stock", "question": "Is Pfizer Stock Halal?", "entityName": "Pfizer Inc.", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Pfizer Inc. (PFE) passes the screens we can compute (data as of 2026-03-29) — cash + interest-bearing securities / market cap 8.7%, impermissible income / total revenue 1.0% — but one screen requires case-by-case judgment. It is independently held by Shariah-screened ETF HLAL, confirming it passes professional screens.", "analysis": "Pfizer's underlying business, discovering and selling medicines and vaccines, is permissible, and it does not earn interest from lending. Its FY2025 revenue of $62,579 million is almost entirely product sales ($51,663 million) plus alliance and royalty income from its drug portfolio. On the activity screen, pharma is clean. The screening question for Pfizer is leverage.\n\nAfter buying cancer-drug maker Seagen for roughly $43 billion in 2023, Pfizer took on a large amount of debt, and it is still working that down. At year-end 2025 it carried about $64.8 billion of total debt ($3,154 million short-term plus $61,641 million long-term) against total equity of $86,775 million. That elevated debt is precisely the kind of figure that Shariah financial-ratio screens scrutinize, and different methodologies measure it differently, some against total assets, others against market capitalization.\n\nThat difference appears to be why the two major US Shariah ETFs split on Pfizer: HLAL holds it (156,080 shares as of February 28, 2026), while SPUS does not include it as of June 11, 2026, even though Pfizer is in the S&P 500. SPUS's methodology adds a debt-to-market-cap cap of 30%, which a debt-heavy pharma can fail while still passing FTSE's formula. Neither fund publishes its reasoning, so this is the most likely explanation rather than a confirmed one. A Muslim investor should treat Pfizer as a permissible-business name whose compliance currently hinges on the debt ratio, and verify the live status in a screener, since deleveraging could change the answer.", "analysisWordCount": 245, "conditions": "Our AAOIFI computation using spot market capitalization breaches a financial-ratio threshold, but professional Shariah index screens that currently hold Pfizer Inc. pass it — index methodologies typically use averaged market capitalization (or total assets) as the denominator, and borderline ratios move with the share price between filings. Treat as conditional: recompute against a trailing-average market cap and the latest filing before relying on either result, or follow the screener whose methodology you trust.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/pfizer-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/pfizer-stock.md", "entityType": "stock", "ticker": "PFE", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-29", "businessScreen": { "pass": true, "activity": "Pfizer Inc. is a research-based biopharmaceutical company that discovers, develops, manufactures, and sells medicines and vaccines through its Biopharma segment. Per its FY2025 10-K, total revenues were $62,579 million (product revenues $51,663 million, alliance revenues $9,266 million, and royalty revenues $1,650 million), and net income attributable to Pfizer was $7,771 million.", "detail": "Pharmaceutical development and manufacturing is a permissible business activity and is not on AAOIFI's prohibited-industry list; Pfizer has no interest-based lending business. The Shariah-relevant concern is leverage: following its 2023 acquisition of Seagen, Pfizer carries heavy interest-bearing debt. Per the FY2025 balance sheet, short-term borrowings (including current portion of long-term debt) were $3,154 million and long-term debt was $61,641 million (about $64.8 billion total), against total equity of $86,775 million; it held $1,142 million cash plus $12,454 million short-term investments. This debt load is the most plausible reason Pfizer is held by HLAL but not by SPUS, whose methodology additionally requires debt-to-market-cap below 30% (the funds do not publish per-stock reasons, so this is inferred, not confirmed).", "impermissibleRevenuePct": 1 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 43, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 8.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "PFE latest quarterly filing (balance sheet 2026-03-29)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Pfizer%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Pfizer FY2025 10-K consolidated statements of operations (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/78003/000007800326000026/R3.htm", "external": true }, { "label": "Pfizer FY2025 10-K consolidated balance sheets (debt detail) (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/78003/000007800326000026/R5.htm", "external": true }, { "label": "Pfizer FY2025 10-K (SEC EDGAR primary document)", "url": "https://www.sec.gov/Archives/edgar/data/78003/000007800326000026/pfe-20251231.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Pfizer Inc. (PFE) stock halal?", "answer": "Pfizer Inc. is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does Pfizer Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-29: interest-bearing debt is 43.0% of market cap (limit < 30%); cash plus interest-bearing securities is 8.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Pfizer Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Pfizer Inc. is held by HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-29", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 43, "cashPct": 8.7, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 43, "cashPct": 8.7, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 31, "cashPct": 6.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.philip-morris-international-stock", "question": "Is Philip Morris International Stock Halal?", "entityName": "Philip Morris International Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Philip Morris International Inc. (PM) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Tobacco\" / sector \"Consumer Defensive\" pattern-matches a prohibited core business). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Philip Morris International Inc. functions as a prominent tobacco enterprise, actively working toward a smoke-free future. Core business: Tobacco (Consumer Defensive sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, Philip Morris International Inc.'s balance-sheet ratios in fact sit within AAOIFI's financial limits — interest-bearing debt 18.1% of market cap (limit 30%), cash plus interest-bearing securities 1.9% (limit 30%), impermissible income 1.5% of revenue (limit 5%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, PM is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 206, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/philip-morris-international-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/philip-morris-international-stock.md", "entityType": "stock", "ticker": "PM", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Philip Morris International Inc. functions as a prominent tobacco enterprise, actively working toward a smoke-free future. The company is strategically diversifying its long-term product range to incorporate items beyond traditional tobacco and nicotine. Its primary business involves both conventional cigarettes and an expanding array of smoke-free alternatives, such as innovative heat-not-burn devices, vapor products, and oral nicotine solutions. These offerings are distributed in markets world", "detail": "Core business: Tobacco (Consumer Defensive sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": 1.5 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 18.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.5, "thresholdPct": 5, "pass": true, "note": "Interest income $621.0M on $40.65B total revenue (Philip Morris International Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.5% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/PM/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Philip Morris International Inc. (PM) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "PM latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Philip%20Morris%20International%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Philip Morris International Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Philip%20Morris%20International%20Inc.&type=10-K", "external": true }, { "label": "Zoya — PM Shariah compliance", "url": "https://zoya.finance/stocks/pm", "external": true }, { "label": "Musaffa — PM", "url": "https://musaffa.com/stock/PM/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Philip Morris International Inc. (PM) stock halal?", "answer": "No. Philip Morris International Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Philip Morris International Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 18.1% of market cap (limit < 30%); cash plus interest-bearing securities is 1.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Philip Morris International Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.phillips-66-stock", "question": "Is Phillips 66 Stock Halal?", "entityName": "Phillips 66", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Phillips 66 (PSX) does not pass Shariah screening: interest-bearing debt / market cap is 37.7% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Phillips 66 operates as a diversified energy company, specializing in both manufacturing and logistics. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 37.7% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 165, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/phillips-66-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/phillips-66-stock.md", "entityType": "stock", "ticker": "PSX", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Phillips 66 operates as a diversified energy company, specializing in both manufacturing and logistics. Its comprehensive business model is structured across four primary segments: Midstream, Chemicals, Refining, and Marketing & Specialties (M&S). The Midstream division manages the vital infrastructure for transporting and processing various energy commodities. This includes moving crude oil and other feedstocks, delivering refined petroleum products to market, offering terminaling and storage s", "detail": "Interest income $141.0M on $132.19B total revenue (Phillips 66 FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 37.7, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 7.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.1, "thresholdPct": 5, "pass": true, "note": "Interest income $141.0M on $132.19B total revenue (Phillips 66 FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/PSX/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Phillips 66 (PSX) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 37.7% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "PSX latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Phillips%2066&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Phillips 66 SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Phillips%2066&type=10-K", "external": true }, { "label": "Zoya — PSX Shariah compliance", "url": "https://zoya.finance/stocks/psx", "external": true }, { "label": "Musaffa — PSX", "url": "https://musaffa.com/stock/PSX/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Phillips 66 (PSX) stock halal?", "answer": "No. Phillips 66 fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Phillips 66 pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 37.7% of market cap (limit < 30%); cash plus interest-bearing securities is 7.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Phillips 66 held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 37.7, "cashPct": 7.2, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 37.7, "cashPct": 7.2, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 32.3, "cashPct": 6.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.pinterest-stock", "question": "Is Pinterest Stock Halal?", "entityName": "Pinterest, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Pinterest, Inc. (PINS) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 7.3% of market cap and cash plus interest-bearing securities 9.7% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Pinterest, Inc. functions globally as a platform dedicated to visual discovery. Its core purpose is to empower individuals to unearth inspiration for various aspects of their lives, encompassing everything from culinary creations and personal style to home decor and do-it-yourself ventures. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 7.3% of market cap, cash plus interest-bearing securities 9.7%, and filing-verified impermissible income 2.6% (Interest income $110.5M on $4.22B total revenue (Pinterest, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.6…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 204, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/pinterest-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/pinterest-stock.md", "entityType": "stock", "ticker": "PINS", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Pinterest, Inc. functions globally as a platform dedicated to visual discovery. Its core purpose is to empower individuals to unearth inspiration for various aspects of their lives, encompassing everything from culinary creations and personal style to home decor and do-it-yourself ventures. The platform facilitates this through diverse content formats, including video, product, and concept-based \"Pins.\" Leveraging sophisticated visual machine learning, Pinterest provides personalized recommendat", "detail": "Interest income $110.5M on $4.22B total revenue (Pinterest, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.6% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 2.6 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 7.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 9.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 2.6, "thresholdPct": 5, "pass": true, "note": "Interest income $110.5M on $4.22B total revenue (Pinterest, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.6% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/PINS/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Pinterest, Inc. (PINS) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 7.3% of market cap (limit 30%), cash plus interest-bearing securities 9.7% (limit 30%), impermissible income 2.6% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "PINS latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Pinterest%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Pinterest, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Pinterest%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — PINS Shariah compliance", "url": "https://zoya.finance/stocks/pins", "external": true }, { "label": "Musaffa — PINS", "url": "https://musaffa.com/stock/PINS/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Pinterest, Inc. (PINS) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Pinterest, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Pinterest, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 7.3% of market cap (limit < 30%); cash plus interest-bearing securities is 9.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Pinterest, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Pinterest, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 7.3, "cashPct": 9.7, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 7.3, "cashPct": 9.7, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 21.1, "cashPct": 28, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.pioneer-natural-resources-stock", "question": "Is Pioneer Natural Resources Stock Halal?", "entityName": "Pioneer Natural Resources Company", "verdict": "halal", "verdictLabel": "Halal", "answer": "Pioneer Natural Resources Company (PXD) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2024-03-31) interest-bearing debt is 8.5% of market cap and cash plus interest-bearing securities 0.9% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Pioneer Natural Resources Company functions as an independent enterprise dedicated to the exploration, development, and production of oil and natural gas within the United States. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2024-03-31: interest-bearing debt is 8.5% of market cap, cash plus interest-bearing securities 0.9%, and filing-verified impermissible income 0.0% (Interest income $6.0M on $19.37B total revenue (Pioneer Natural Resources Company FY2023 (fiscal year ended 2023-12-31, …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 187, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/pioneer-natural-resources-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/pioneer-natural-resources-stock.md", "entityType": "stock", "ticker": "PXD", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2024-03-31", "businessScreen": { "pass": true, "activity": "Pioneer Natural Resources Company functions as an independent enterprise dedicated to the exploration, development, and production of oil and natural gas within the United States. The firm's activities encompass discovering, advancing, and extracting crude oil, natural gas liquids (NGLs), and gaseous hydrocarbons. A significant portion of its operations is concentrated in the Midland Basin, located in West Texas. By the close of 2021, specifically December 31, the company's reserve holdings incl", "detail": "Interest income $6.0M on $19.37B total revenue (Pioneer Natural Resources Company FY2023 (fiscal year ended 2023-12-31, Form 10-K)) = 0% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 8.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income $6.0M on $19.37B total revenue (Pioneer Natural Resources Company FY2023 (fiscal year ended 2023-12-31, Form 10-K)) = 0% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/PXD/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Pioneer Natural Resources Company (PXD) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 8.5% of market cap (limit 30%), cash plus interest-bearing securities 0.9% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2024-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "PXD latest quarterly filing (balance sheet 2024-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Pioneer%20Natural%20Resources%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Pioneer Natural Resources Company SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Pioneer%20Natural%20Resources%20Company&type=10-K", "external": true }, { "label": "Musaffa — PXD", "url": "https://musaffa.com/stock/PXD/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Pioneer Natural Resources Company (PXD) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Pioneer Natural Resources Company passes the business-activity and financial-ratio screens as shown on this page (data as of 2024-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Pioneer Natural Resources Company pass the AAOIFI financial ratio screen?", "answer": "As of 2024-03-31: interest-bearing debt is 8.5% of market cap (limit < 30%); cash plus interest-bearing securities is 0.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Pioneer Natural Resources Company held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Pioneer Natural Resources Company?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2024-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 8.5, "cashPct": 0.9, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 8.5, "cashPct": 0.9, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 14.2, "cashPct": 1.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.plug-power-stock", "question": "Is Plug Power Stock Halal?", "entityName": "Plug Power Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Plug Power Inc. (PLUG) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 18.1% of market cap and cash plus interest-bearing securities 7.1% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Plug Power Inc. specializes in providing comprehensive clean hydrogen and zero-emission fuel cell solutions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 18.1% of market cap, cash plus interest-bearing securities 7.1%, and filing-verified impermissible income 2.7% (Interest income $19.4M on $709.9M total revenue (Plug Power Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.7…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 178, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/plug-power-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/plug-power-stock.md", "entityType": "stock", "ticker": "PLUG", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Plug Power Inc. specializes in providing comprehensive clean hydrogen and zero-emission fuel cell solutions. These innovative offerings cater to various sectors, including supply chain and logistics, on-road electric vehicles, and stationary power generation, with operations spanning North America and international markets. The company is actively constructing an end-to-end green hydrogen ecosystem, encompassing its production, efficient storage and delivery, and subsequent energy generation for", "detail": "Interest income $19.4M on $709.9M total revenue (Plug Power Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.7% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 2.7 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 18.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 7.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 2.7, "thresholdPct": 5, "pass": true, "note": "Interest income $19.4M on $709.9M total revenue (Plug Power Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.7% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/PLUG/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Plug Power Inc. (PLUG) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 18.1% of market cap (limit 30%), cash plus interest-bearing securities 7.1% (limit 30%), impermissible income 2.7% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "PLUG latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Plug%20Power%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Plug Power Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Plug%20Power%20Inc.&type=10-K", "external": true }, { "label": "Zoya — PLUG Shariah compliance", "url": "https://zoya.finance/stocks/plug", "external": true }, { "label": "Musaffa — PLUG", "url": "https://musaffa.com/stock/PLUG/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Plug Power Inc. (PLUG) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Plug Power Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Plug Power Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 18.1% of market cap (limit < 30%); cash plus interest-bearing securities is 7.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Plug Power Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Plug Power Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 18.1, "cashPct": 7.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 18.1, "cashPct": 7.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 24.2, "cashPct": 9.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.ptc-stock", "question": "Is PTC Stock Halal?", "entityName": "PTC Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "PTC Inc. (PTC) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 10.3% of market cap and cash plus interest-bearing securities 3.3% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "PTC Inc. operates as a global provider of software and services, with its market presence extending across the Americas, Europe, and the Asia Pacific regions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 10.3% of market cap, cash plus interest-bearing securities 3.3%, and filing-verified impermissible income 0.1% (Interest income $3.4M on $2.74B total revenue (PTC Inc. FY2025 (fiscal year ended 2025-09-30, Form 10-K)) = 0.1% — under…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 190, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/ptc-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/ptc-stock.md", "entityType": "stock", "ticker": "PTC", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "PTC Inc. operates as a global provider of software and services, with its market presence extending across the Americas, Europe, and the Asia Pacific regions. The company's business is organized into two primary divisions: Software Products and Professional Services. Among its key offerings is the ThingWorx platform, which furnishes enterprises with a suite of functionalities to drive digital innovation across their operations. These solutions are characterized by ease of creation and deployment", "detail": "Interest income $3.4M on $2.74B total revenue (PTC Inc. FY2025 (fiscal year ended 2025-09-30, Form 10-K)) = 0.1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 10.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.1, "thresholdPct": 5, "pass": true, "note": "Interest income $3.4M on $2.74B total revenue (PTC Inc. FY2025 (fiscal year ended 2025-09-30, Form 10-K)) = 0.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/PTC/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates PTC Inc. (PTC) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 10.3% of market cap (limit 30%), cash plus interest-bearing securities 3.3% (limit 30%), impermissible income 0.1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "PTC latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=PTC%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "PTC Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=PTC%20Inc.&type=10-K", "external": true }, { "label": "Zoya — PTC Shariah compliance", "url": "https://zoya.finance/stocks/ptc", "external": true }, { "label": "Musaffa — PTC", "url": "https://musaffa.com/stock/PTC/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is PTC Inc. (PTC) stock halal?", "answer": "Yes, under our AAOIFI-based methodology PTC Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does PTC Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 10.3% of market cap (limit < 30%); cash plus interest-bearing securities is 3.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is PTC Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from PTC Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 10.3, "cashPct": 3.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 10.3, "cashPct": 3.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 20.8, "cashPct": 6.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.pvh-stock", "question": "Is PVH Stock Halal?", "entityName": "PVH Corp.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "PVH Corp. (PVH) does not pass Shariah screening: interest-bearing debt / market cap is 60.4% against the < 30% limit (data as of 2026-05-03). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "PVH Corp. functions as a global leader in the apparel industry. Its operations are structured into six key segments: Tommy Hilfiger North America, Tommy Hilfiger International, Calvin Klein North America, Calvin Klein International, Heritage Brands Wholesale, and Heritage Brands Retail. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-05-03): interest-bearing debt / market cap at 60.4% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 191, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/pvh-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/pvh-stock.md", "entityType": "stock", "ticker": "PVH", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-05-03", "businessScreen": { "pass": true, "activity": "PVH Corp. functions as a global leader in the apparel industry. Its operations are structured into six key segments: Tommy Hilfiger North America, Tommy Hilfiger International, Calvin Klein North America, Calvin Klein International, Heritage Brands Wholesale, and Heritage Brands Retail. The company is involved in the design, marketing, and retail of a vast array of men's, women's, and children's clothing and accessories. Its extensive product portfolio encompasses everything from core apparel it", "detail": "Interest income $14.9M on $8.95B total revenue (PVH Corp. FY2025 (fiscal year ended 2026-02-01, Form 10-K)) = 0.2% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 60.4, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 15.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest income $14.9M on $8.95B total revenue (PVH Corp. FY2025 (fiscal year ended 2026-02-01, Form 10-K)) = 0.2% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/PVH/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates PVH Corp. (PVH) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 60.4% against a 30% limit on 2026-05-03 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "PVH latest quarterly filing (balance sheet 2026-05-03)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=PVH%20Corp.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "PVH Corp. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=PVH%20Corp.&type=10-K", "external": true }, { "label": "Zoya — PVH Shariah compliance", "url": "https://zoya.finance/stocks/pvh", "external": true }, { "label": "Musaffa — PVH", "url": "https://musaffa.com/stock/PVH/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is PVH Corp. (PVH) stock halal?", "answer": "No. PVH Corp. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does PVH Corp. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-03: interest-bearing debt is 60.4% of market cap (limit < 30%); cash plus interest-bearing securities is 15.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is PVH Corp. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-05-03", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 60.4, "cashPct": 15.7, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 60.4, "cashPct": 15.7, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 20.1, "cashPct": 5.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.qorvo-stock", "question": "Is Qorvo Stock Halal?", "entityName": "Qorvo, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Qorvo, Inc. (QRVO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-28) interest-bearing debt is 17.9% of market cap and cash plus interest-bearing securities 14.0% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Qorvo, Inc. is a global technology company focused on developing and bringing to market a diverse range of products and innovations for the wireless, wired, and power sectors. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-28: interest-bearing debt is 17.9% of market cap, cash plus interest-bearing securities 14.0%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Qorvo, Inc. FY2026 (fiscal year ended 2026-03-28, Form 10-…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 191, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/qorvo-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/qorvo-stock.md", "entityType": "stock", "ticker": "QRVO", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-28", "businessScreen": { "pass": true, "activity": "Qorvo, Inc. is a global technology company focused on developing and bringing to market a diverse range of products and innovations for the wireless, wired, and power sectors. Its operations are organized into two primary divisions: Mobile Products, and Infrastructure and Defense Products. Within its Mobile Products segment, Qorvo supplies critical components for a wide array of consumer electronics, including smartphones, wearables, laptops, and tablets. These offerings encompass radio frequenc", "detail": "Interest income not separately material in the annual filing (Qorvo, Inc. FY2026 (fiscal year ended 2026-03-28, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 1.6 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 17.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 14, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Qorvo, Inc. FY2026 (fiscal year ended 2026-03-28, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/QRVO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Qorvo, Inc. (QRVO) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 17.9% of market cap (limit 30%), cash plus interest-bearing securities 14% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-03-28 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "QRVO latest quarterly filing (balance sheet 2026-03-28)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Qorvo%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Qorvo, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Qorvo%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — QRVO Shariah compliance", "url": "https://zoya.finance/stocks/qrvo", "external": true }, { "label": "Musaffa — QRVO", "url": "https://musaffa.com/stock/QRVO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Qorvo, Inc. (QRVO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Qorvo, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-28). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Qorvo, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-28: interest-bearing debt is 17.9% of market cap (limit < 30%); cash plus interest-bearing securities is 14.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Qorvo, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Qorvo, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-28", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 17.9, "cashPct": 14, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 17.9, "cashPct": 14, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 26.6, "cashPct": 20.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.qualcomm-stock", "question": "Is Qualcomm Stock Halal?", "entityName": "Qualcomm Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Qualcomm Inc. (QCOM) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-29) interest-bearing debt is 6.8% of market cap and cash plus interest-bearing securities 4.4% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETFs SPUS and HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Qualcomm is one of the more straightforward large-cap names for halal investors. Its business splits into two permissible activities: designing and selling wireless and computing chips (the QCT segment, which powers smartphones, cars, and IoT/5G devices) and licensing the foundational communications patents it owns (the QTL segment). Neither involves alcohol, gambling, conventional lending, or any other prohibited category, and the company is independently held by both major U.S. Shariah-screened ETFs — SPUS (S&P Shariah methodology) and HLAL (FTSE Shariah methodology) — which confirms it clears professional business and financial screens.\n\nOn the financial side, Qualcomm carries modest interest-bearing debt relative to its market value and holds a corporate cash and securities position that earns a small amount of interest income — about 1.4% of revenue on our screen, which matches the 1.44% independently reported by HalalStocks.co.uk and sits well under the 5% AAOIFI limit. The standard treatment for that sliver is purification: donate the proportional share of any dividends attributable to it rather than avoiding the stock. The dated AAOIFI ratio table on this page shows the specific debt and cash figures from the latest filing.\n\nThe practical takeaway: the open question for Qualcomm is not the business screen, which is clean, but keeping current on the financial ratios, which move with the share price. Check the data-as-of date above, treat the small interest-income component with routine purification, and avoid margin or options on the position.", "analysisWordCount": 236, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/qualcomm-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/qualcomm-stock.md", "entityType": "stock", "ticker": "QCOM", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-29", "businessScreen": { "pass": true, "activity": "Qualcomm operates two core segments per its 10-K: QCT (Qualcomm CDMA Technologies), which designs and sells semiconductor chips and system software for smartphones, automotive, and IoT/5G devices; and QTL (Qualcomm Technology Licensing), which licenses Qualcomm's portfolio of foundational wireless-communication patents. Revenue is overwhelmingly from permissible semiconductor sales and patent licensing.", "detail": "Core revenue from chip sales (QCT) and patent licensing (QTL) raises no business-screen issues. The one review point is interest income earned on Qualcomm's corporate cash and marketable securities — approximately 1.4% of revenue on our screen (independently reported at 1.44% by HalalStocks.co.uk), comfortably under the 5% AAOIFI threshold. Investors following standard purification practice should donate the proportional share of dividends attributable to that income. No alcohol, gambling, tobacco, or interest-based lending lines are disclosed in the 10-K.", "impermissibleRevenuePct": 1.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 6.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 4.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.4, "thresholdPct": 5, "pass": true, "note": "Interest income $639.0M on $44.28B total revenue (Qualcomm Inc. FY2025 (fiscal year ended 2025-09-28, Form 10-K)) = 1.4% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-13 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-13 — passed the FTSE Shariah screen applied by the fund.", "url": "https://capedge.com/fund/S000065986/wahed-ftse-usa-shariah-etf", "note": null }, { "source": "Zoya", "position": "Classifies QCOM as Shariah-compliant under its AAOIFI-based methodology, reviewed at least quarterly.", "url": "https://zoya.finance/stocks/qcom", "note": null }, { "source": "Musaffa", "position": "Classified HALAL as of May 2026 based on AAOIFI business-activity and financial-ratio screens (report source: 2026 Q2).", "url": "https://musaffa.com/stock/QCOM/", "note": null }, { "source": "HalalStocks.co.uk", "position": "Rates QCOM Halal — 4 of 4 AAOIFI screens passed; reports interest income at 1.44% of revenue (below the 5% threshold) and debt comfortably under the limit.", "url": "https://halalstocks.co.uk/qcom", "note": null } ], "sources": [ { "label": "QCOM latest quarterly filing (balance sheet 2026-03-29)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=QUALCOMM%20Incorporated&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "QUALCOMM Inc. 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=QCOM&type=10-K", "external": true }, { "label": "SPUS Schedule of Investments (2026-02-28) — Qualcomm held", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL (Wahed FTSE USA Shariah ETF) holdings — Qualcomm held (CapEdge, Feb 2026)", "url": "https://capedge.com/fund/S000065986/wahed-ftse-usa-shariah-etf", "external": true }, { "label": "Zoya — QCOM Shariah compliance status", "url": "https://zoya.finance/stocks/qcom", "external": true }, { "label": "Musaffa — QCOM Shariah status (HALAL, May 2026)", "url": "https://musaffa.com/stock/QCOM/", "external": true } ], "faqs": [ { "question": "Is Qualcomm Inc. (QCOM) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Qualcomm Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-29). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Qualcomm Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-29: interest-bearing debt is 6.8% of market cap (limit < 30%); cash plus interest-bearing securities is 4.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Qualcomm Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Qualcomm Inc. is held by SPUS and HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Qualcomm Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-29", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 6.8, "cashPct": 4.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 6.8, "cashPct": 4.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 26.7, "cashPct": 17.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.questrade", "question": "Is Questrade Halal?", "entityName": "Questrade", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Questrade is a self-directed brokerage — a neutral tool. Holding Shariah-screened stocks and halal ETFs in a cash (non-margin) account is permissible. Margin accounts, options, forex/CFDs, and interest paid on idle cash are the features to avoid.", "analysis": "Questrade is a neutral self-directed brokerage, and the standard tool analysis applies: spot purchases of Shariah-screened stocks and halal ETFs in a cash (non-margin) account are permissible, and Questrade's low-fee structure plus full registered-account support (RRSP, TFSA, FHSA, RESP) makes it a practical home for a self-managed halal portfolio in Canada.\n\nThe features to refuse are familiar: margin accounts are interest-bearing loans; options and forex/CFD trading are impermissible under the majority positions; and any interest paid on idle cash balances is riba to be declined or donated. Questrade offers no Shariah screening of its own, so the burden of verifying every holding is entirely yours — pair it with a screening app or restrict yourself to listed halal ETFs if you don't want to read filings.\n\nFor the Canadian Muslim investor choosing between a managed halal portfolio (Wealthsimple's) and self-direction, Questrade is the self-direction answer: more work, more control, lower fees, same compliance outcome if the discipline holds — cash account, screened holdings, nothing borrowed, nothing lent.", "analysisWordCount": 167, "conditions": "Cash account only; self-screen all holdings (or use listed halal ETFs); no options, margin, or forex/CFD; decline interest on idle cash.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/questrade", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/questrade.md", "entityType": "fintech_product", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Canadian self-directed brokerage: stocks, ETFs, options, margin, forex/CFD, managed portfolios.", "detail": "Platform-use verdict; permissibility follows account type and holdings.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Mainstream contemporary position", "position": "Brokerages are neutral tools; the ruling follows usage and holdings.", "url": null, "note": null }, { "source": "AAOIFI Shariah Standards (debt & deposits)", "position": "Margin trading on Questrade is an interest-bearing loan and interest credited on idle cash balances is riba; both fall under AAOIFI's prohibitions on debt and deposit returns, so a compliant Questrade account is a cash account with neither feature engaged.", "url": "https://aaoifi.com", "note": null } ], "sources": [ { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Questrade official site", "url": "https://www.questrade.com", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Halal Stock Screeners Compared", "url": "/investing/stock-screeners", "external": false }, { "label": "SPUS vs HLAL — Halal ETF Comparison", "url": "/spus-vs-hlal", "external": false } ], "faqs": [ { "question": "Can I hold halal ETFs in Questrade?", "answer": "Yes — Shariah-compliant ETFs listed on North American exchanges can be held in a Questrade cash account, including inside TFSA/RRSP registered accounts." }, { "question": "Does Questrade pay interest I need to avoid?", "answer": "Questrade can credit interest on uninvested cash and charges interest on margin; both are riba. Keep cash balances minimal, decline margin, and hold only screened stocks or halal ETFs for the account to remain compliant." } ] }, { "id": "verdict.ralph-lauren-stock", "question": "Is Ralph Lauren Stock Halal?", "entityName": "Ralph Lauren Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Ralph Lauren Corporation (RL) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-28) interest-bearing debt is 5.9% of market cap and cash plus interest-bearing securities 8.4% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Ralph Lauren Corporation is a prominent international entity primarily involved in the creation, marketing, and distribution of premium lifestyle goods across North America, Europe, Asia, and other global regions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-28: interest-bearing debt is 5.9% of market cap, cash plus interest-bearing securities 8.4%, and filing-verified impermissible income 0.7% (Interest income $53.7M on $8.11B total revenue (Ralph Lauren Corporation FY2026 (fiscal year ended 2026-03-28, Form 10-K…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 191, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/ralph-lauren-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/ralph-lauren-stock.md", "entityType": "stock", "ticker": "RL", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-28", "businessScreen": { "pass": true, "activity": "Ralph Lauren Corporation is a prominent international entity primarily involved in the creation, marketing, and distribution of premium lifestyle goods across North America, Europe, Asia, and other global regions. The company's diverse product range includes: Apparel: A comprehensive selection of clothing for men, women, and children. Footwear & Accessories: Various shoe styles (casual, dress, boots, sneakers, sandals), eyewear, timepieces, both fashion and fine jewelry, scarves, hats, gloves, u", "detail": "Interest income $53.7M on $8.11B total revenue (Ralph Lauren Corporation FY2026 (fiscal year ended 2026-03-28, Form 10-K)) = 0.7% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.7 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 5.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 8.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.7, "thresholdPct": 5, "pass": true, "note": "Interest income $53.7M on $8.11B total revenue (Ralph Lauren Corporation FY2026 (fiscal year ended 2026-03-28, Form 10-K)) = 0.7% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/RL/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Ralph Lauren Corporation (RL) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 5.9% of market cap (limit 30%), cash plus interest-bearing securities 8.4% (limit 30%), impermissible income 0.7% of revenue (limit 5%) on 2026-03-28 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "RL latest quarterly filing (balance sheet 2026-03-28)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Ralph%20Lauren%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Ralph Lauren Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Ralph%20Lauren%20Corporation&type=10-K", "external": true }, { "label": "Zoya — RL Shariah compliance", "url": "https://zoya.finance/stocks/rl", "external": true }, { "label": "Musaffa — RL", "url": "https://musaffa.com/stock/RL/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Ralph Lauren Corporation (RL) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Ralph Lauren Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-28). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Ralph Lauren Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-28: interest-bearing debt is 5.9% of market cap (limit < 30%); cash plus interest-bearing securities is 8.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Ralph Lauren Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Ralph Lauren Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-28", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 5.9, "cashPct": 8.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 5.9, "cashPct": 8.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 22.5, "cashPct": 32.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.reddit-stock", "question": "Is Reddit Stock Halal?", "entityName": "Reddit, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Reddit, Inc. (RDDT) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 0.1% of market cap and cash plus interest-bearing securities 8.9% — both inside the 30% AAOIFI thresholds. It is not held by Shariah-screened ETFs SPUS or HLAL. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Reddit is an advertising-driven social platform, not a financial or gaming company. Users create and browse communities; the company monetizes primarily through ads shown across those pages, with smaller revenue from data licensing and partner programs disclosed in the 10-K. The technology and community model itself is permissible — the Shariah debate, as with other ad-heavy platforms, is whether advertising revenue should be treated as fully neutral or discounted for ads that promote impermissible products. Reddit's filings do not break out that split, so conservative screeners apply judgment.\n\nOn measurable financial ratios, Reddit looks strong: interest-bearing debt is negligible relative to market cap, cash plus interest securities is well under the 30% AAOIFI ceiling, and filing-verified interest income is immaterial versus total revenue — far below the 5% limit. That is why our AAOIFI-based screen classifies RDDT as halal on current data, while still flagging the advertising nuance for investors who follow stricter ad-platform methodologies.\n\nThird-party signals are split in an informative way. Zoya publicly rates Reddit questionable — a caution on ad revenue categorization — while Musaffa had no public RDDT report when we checked. Neither SPUS nor HLAL listed Reddit in their published holdings schedules we verified (February–June 2026), which may reflect index membership timing and market-cap scope rather than a definitive ratio fail.\n\nPractical takeaway: investors who accept ad-platform businesses when financial ratios pass may hold Reddit with routine purification on any incidental interest income and periodic re-checks of the dated ratio table. Investors who follow Zoya's stricter advertising treatment should read that platform's current report before buying. The disagreement here is methodological, not a hidden debt blow-up.", "analysisWordCount": 271, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/reddit-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/reddit-stock.md", "entityType": "stock", "ticker": "RDDT", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Reddit, Inc. operates a digital community platform organized around user-created forums (“subreddits”). Its 10-K describes revenue primarily from advertising (display and performance ads across the feed and community pages) and a smaller “Other” line that includes data licensing and marketplace/partner arrangements. It is not a bank, insurer, or gaming operator; the Shariah review point is whether advertising-platform revenue carries impermissible-ad exposure similar to other ad-heavy tech names.", "detail": "Advertising is the dominant revenue source. Like Alphabet or Meta, a general ad platform may carry some ads for impermissible products; Reddit does not disclose what share of ad inventory relates to such categories. Interest income is immaterial on our filing-verified annual screen (well under 5%). Debt and cash ratios pass AAOIFI market-cap thresholds on our latest balance-sheet date.", "impermissibleRevenuePct": 0 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 8.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Reddit, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-15. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-15. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null }, { "source": "Zoya", "position": "Flags RDDT as questionable under its AAOIFI-based screen (checked 2026-06-15) — stricter read on ad-platform revenue than our ratio pass.", "url": "https://zoya.finance/stocks/rddt", "note": null }, { "source": "Musaffa", "position": "No public compliance data available for RDDT on Musaffa's stock page as of 2026-06-15.", "url": "https://musaffa.com/stock/RDDT/", "note": null } ], "sources": [ { "label": "RDDT latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Reddit%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Reddit, Inc. 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001713445&type=10-K", "external": true }, { "label": "SPUS Schedule of Investments (2026-02-28) — RDDT not listed", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "Zoya — RDDT Shariah compliance status (questionable)", "url": "https://zoya.finance/stocks/rddt", "external": true }, { "label": "Musaffa — RDDT page (no public data, checked 2026-06-15)", "url": "https://musaffa.com/stock/RDDT/", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Reddit, Inc. (RDDT) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Reddit, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Reddit, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 0.1% of market cap (limit < 30%); cash plus interest-bearing securities is 8.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Reddit, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Reddit, Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." }, { "question": "Do I need to purify dividends from Reddit, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.1, "cashPct": 8.9, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.1, "cashPct": 8.9, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 0.6, "cashPct": 79.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.republic-services-stock", "question": "Is Republic Services Stock Halal?", "entityName": "Republic Services, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Republic Services, Inc. (RSG) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 0.8% of market cap and cash plus interest-bearing securities 0.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Republic Services, Inc., along with its subsidiaries, delivers comprehensive environmental services across the United States. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 0.8% of market cap, cash plus interest-bearing securities 0.6%, and filing-verified impermissible income 0.0% (Interest/investment income $8.0M on $16.59B revenue = 0% (FMP as-reported XBRL, investmentincomeinterest). Verify no oth…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 175, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/republic-services-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/republic-services-stock.md", "entityType": "stock", "ticker": "RSG", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Republic Services, Inc., along with its subsidiaries, delivers comprehensive environmental services across the United States. The company specializes in the collection and processing of recyclable materials, alongside the gathering, transfer, and responsible disposal of non-hazardous solid waste, in addition to other environmental solutions. Its collection activities encompass curbside pickups, facilitating transport to transfer stations, landfills, or recycling facilities; the provision of wast", "detail": "Interest/investment income $8.0M on $16.59B revenue = 0% (FMP as-reported XBRL, investmentincomeinterest). Verify no other impermissible revenue segments in 10-K. (FY2025 (fiscal year ended 2025-12-31, Form 10-K).)", "impermissibleRevenuePct": 0 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest/investment income $8.0M on $16.59B revenue = 0% (FMP as-reported XBRL, investmentincomeinterest). Verify no other impermissible revenue segments in 10-K. (FY2025 (fiscal year ended 2025-12-31, Form 10-K).)" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/RSG/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Republic Services, Inc. (RSG) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 0.8% of market cap (limit 30%), cash plus interest-bearing securities 0.6% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "RSG latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Republic%20Services%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Republic Services, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Republic%20Services%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — RSG Shariah compliance", "url": "https://zoya.finance/stocks/rsg", "external": true }, { "label": "Musaffa — RSG", "url": "https://musaffa.com/stock/RSG/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Republic Services, Inc. (RSG) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Republic Services, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Republic Services, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 0.8% of market cap (limit < 30%); cash plus interest-bearing securities is 0.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Republic Services, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Republic Services, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.8, "cashPct": 0.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.8, "cashPct": 0.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 1.6, "cashPct": 1.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.resp", "question": "Is RESP Halal?", "entityName": "RESP", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "A Registered Education Savings Plan is a wrapper for education savings, permissible in itself, with rulings following the holdings. The Canada Education Savings Grant (government matching up to 20%) is treated by the mainstream view as a permissible government gift, not riba — it is not a stipulated return on a loan. Hold screened investments inside and the structure is fully compliant.", "analysis": "The RESP wrapper is permissible — it is a tax-sheltered education savings container, and the Canada Education Savings Grant (a 20% government match on contributions) is permissible public money, not interest. The Shariah questions are in the holdings and in one product category: group/pooled RESPs sold by scholarship plan dealers, which combine opaque fee structures, collective forfeiture mechanics, and bond-heavy portfolios — scholars would find multiple independent problems there, and consumer advocates dislike them for secular reasons anyway.\n\nA self-directed RESP at a brokerage avoids all of it: hold screened equities or halal ETFs, collect the CESG match, and de-risk toward non-interest cash as the child approaches enrollment rather than rotating into bonds the way default glide paths do.\n\nFor Muslim parents, the RESP is one of the clearest cases where the compliant choice and the financially sound choice are identical: self-directed, low-fee, screened holdings, full grant capture — and nothing about the structure requires compromise.", "analysisWordCount": 156, "conditions": "Self-directed RESP with Shariah-compliant holdings; avoid pooled/group RESP products and bond-based default portfolios.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/resp", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/resp.md", "entityType": "service", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Canadian registered education savings account with government matching grants (CESG); holds cash, GICs, stocks, ETFs, mutual funds.", "detail": "Wrapper-level analysis. Group/pooled RESP providers often hold bond-heavy portfolios — self-directed RESPs give the control needed for compliance.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Mainstream contemporary position", "position": "Government grants are permissible gifts; the wrapper is neutral and the holdings decide the ruling.", "url": null, "note": null }, { "source": "Contemporary guidance on government grants", "position": "The CESG is treated as a permissible gift (hiba) from the state rather than riba, so accepting it is allowed; the obligation is to invest the RESP in Shariah-compliant funds instead of the default bond-heavy or interest-bearing portfolios many providers use.", "url": null, "note": null } ], "sources": [ { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "Government of Canada — Education savings (RESP & CESG)", "url": "https://www.canada.ca/en/services/benefits/education/education-savings.html", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is It Halal? — Quick Reference Hub", "url": "/is-it-halal", "external": false }, { "label": "AMJA (Assembly of Muslim Jurists of America)", "url": "https://www.amjaonline.org", "external": true } ], "faqs": [ { "question": "Is the CESG government grant halal?", "answer": "The mainstream view treats it as a permissible gift from the government — it is matching support for education savings, not interest on a loan." }, { "question": "What should I hold inside an RESP to keep it halal?", "answer": "Hold screened equity ETFs or a halal investment fund rather than the default balanced or bond portfolios most RESP providers set up. The government CESG grant and tax-deferred growth are permissible; only the underlying interest-bearing holdings would make the account non-compliant." } ] }, { "id": "verdict.riot-platforms-stock", "question": "Is Riot Platforms Stock Halal?", "entityName": "Riot Platforms, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Riot Platforms, Inc. (RIOT) does not pass Shariah screening: its core business fails the activity screen (Bitcoin/crypto mining — scholars and screeners widely treat cryptocurrency mining as impermissible or highly disputed (c). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Bitcoin/crypto mining — scholars and screeners widely treat cryptocurrency mining as impermissible or highly disputed (cf. our MSTR/COIN verdicts). We classify miners as not halal on business-activity grounds pending a clear permissibility consensus.\n\nOur verdict rests primarily on the business-activity screen: Bitcoin/crypto mining — scholars and screeners widely treat cryptocurrency mining as impermissible or highly disputed (cf. our MSTR/COIN verdicts). We classify miners as not halal on business-activity grounds pending a clear permissibility consensus. Financial ratios alone cannot cure a failed activity screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 169, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/riot-platforms-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/riot-platforms-stock.md", "entityType": "stock", "ticker": "RIOT", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Riot Platforms, Inc., along with its associated companies, primarily operates as a Bitcoin mining enterprise within the United States. The firm's activities are divided into two main areas: Bitcoin Mining and Engineering. It develops and manages essential infrastructure for large-scale Bitcoin mining operations at sites in Rockdale and Navarro counties, Texas, as well as two facilities in Paducah, Kentucky. Beyond its mining endeavors, the company's Engineering division designs and manufactures ", "detail": "Bitcoin/crypto mining — scholars and screeners widely treat cryptocurrency mining as impermissible or highly disputed (cf. our MSTR/COIN verdicts). We classify miners as not halal on business-activity grounds pending a clear permissibility consensus.", "impermissibleRevenuePct": 2.2 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 8.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 2.2, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/RIOT/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Riot Platforms, Inc. (RIOT) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "RIOT latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Riot%20Platforms%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Riot Platforms, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Riot%20Platforms%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — RIOT Shariah compliance", "url": "https://zoya.finance/stocks/riot", "external": true }, { "label": "Musaffa — RIOT", "url": "https://musaffa.com/stock/RIOT/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Riot Platforms, Inc. (RIOT) stock halal?", "answer": "No. Riot Platforms, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Riot Platforms, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 8.5% of market cap (limit < 30%); cash plus interest-bearing securities is 2.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Riot Platforms, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.rivian-automotive-stock", "question": "Is Rivian Automotive Stock Halal?", "entityName": "Rivian Automotive, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Rivian Automotive, Inc. (RIVN) does not pass Shariah screening: impermissible income / total revenue is 5.4% against the < 5% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Rivian's business is cleaner than the legacy automakers' on the activity side: it makes electric trucks, SUVs, and delivery vans, and it sells vehicle software and services, with a growing technology joint venture alongside Volkswagen. Its FY2025 revenue of $5,387 million breaks down into new EVs ($3,639 million), software and services ($1,551 million), and regulatory credits ($197 million). The regulatory credits, money Rivian earns by selling emission allowances to other manufacturers, are generally considered permissible, and there is no captive interest-based lending arm like Ford Credit or GM Financial.\n\nThe screening pressure on Rivian is financial rather than operational. It holds a large liquidity cushion, $3,579 million of cash and $2,503 million of short-term investments at year-end 2025, on which it earned $293 million of interest income, and it carries $4,440 million of long-term debt. When a company's revenue base is still relatively small and unprofitable while its cash and debt are large, the interest-income-to-revenue and debt-to-market-value ratios that Shariah screens use can swing above tolerance, even though the operating business is permissible. These ratios are volatile for a young, cash-burning manufacturer.\n\nRivian is absent from SPUS and HLAL, but that is primarily a universe issue: it is not in the S&P 500 (so SPUS cannot hold it) and was not in HLAL's February 28, 2026 holdings. Its absence is therefore not a documented screen verdict. A Muslim investor should check a stock-level screener such as Zoya or Musaffa for the current ratio-based status, recognizing that purification of any incidental interest income would also be relevant.", "analysisWordCount": 256, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/rivian-automotive-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/rivian-automotive-stock.md", "entityType": "stock", "ticker": "RIVN", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Rivian Automotive designs and manufactures electric trucks, SUVs, and commercial delivery vans, and is building a software-and-services business including a technology joint venture with Volkswagen. Per its FY2025 10-K, total revenues were $5,387 million, disaggregated as new electric vehicles $3,639 million, regulatory credits $197 million, and software and services $1,551 million. Rivian recorded its first positive annual gross profit ($144 million) but a net loss of $3,626 million for 2025.", "detail": "Rivian's revenue is overwhelmingly from selling vehicles and software/services, both permissible. The $197 million of regulatory (emission) credit sales (about 3.7% of revenue) are generally treated as permissible. The Shariah-relevant items are financial: Rivian earned $293 million of interest income in 2025 on its large cash and short-term investment balance ($3,579 million cash plus $2,503 million short-term investments at year-end), against interest expense of $274 million, and it carries $4,440 million of long-term debt. Because Rivian's revenue base is still small while its cash pile and debt are large, the interest-income and interest-bearing-debt ratios can be elevated relative to revenue and market value, which is what screeners examine. The 10-K also notes approximately 36% of 2025 revenue came from new EV sales to Chase Bank under leasing arrangements.", "impermissibleRevenuePct": 5.4 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 23.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 25.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 5.4, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "RIVN latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Rivian%20Automotive%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Rivian FY2025 10-K revenue disaggregation note (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/1874178/000187417826000008/R14.htm", "external": true }, { "label": "Rivian FY2025 10-K consolidated statements of operations (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/1874178/000187417826000008/R5.htm", "external": true }, { "label": "Rivian FY2025 10-K consolidated balance sheets (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/1874178/000187417826000008/R3.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Rivian Automotive, Inc. (RIVN) stock halal?", "answer": "No. Rivian Automotive, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Rivian Automotive, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 23.2% of market cap (limit < 30%); cash plus interest-bearing securities is 25.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Rivian Automotive, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Rivian Automotive, Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 23.2, "cashPct": 25.2, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 23.2, "cashPct": 25.2, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 31.2, "cashPct": 33.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.robinhood-markets-stock", "question": "Is Robinhood Markets Stock Halal?", "entityName": "Robinhood Markets, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Robinhood Markets, Inc. (HOOD) does not pass Shariah screening: its core business fails the activity screen (Robinhood's 10-K disaggregates 2025 net interest revenues of $1), and impermissible income / total revenue is 33.8% against the < 5% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Robinhood's own revenue table makes the Shariah analysis fairly clear. In 2025, $1.51 billion of its $4.47 billion in net revenue, about a third, was net interest revenue, and the company itemizes exactly where it comes from: margin lending to customers ($573 million), interest on segregated customer cash ($319 million), the cash sweep program ($229 million), securities lending ($190 million), corporate cash ($167 million), and its credit card ($64 million). Interest is not incidental to Robinhood's model; it is one of its three reported revenue pillars and has grown every year the company has disclosed it.\n\nThe largest pillar, transaction-based revenue ($2.63 billion), carries its own issues. It is earned primarily through payment for order flow and transaction rebates, which some scholars critique separately as a transparency and fairness concern, and its biggest single component is options trading revenue ($1.12 billion), where the underlying instruments are widely considered impermissible. Crypto trading revenue ($901 million) adds the separate coin-by-coin permissibility debate.\n\nWith an interest share of revenue several times above the roughly 5% threshold common in AAOIFI-style screening, Robinhood is not a borderline case the way some payment companies are. It is absent from both SPUS (June 11, 2026 holdings) and HLAL (February 28, 2026 SEC-filed holdings). Muslim investors who like the brokerage-platform theme generally need to look at the company's revenue composition each year, but as of the 2025 10-K the interest-driven share puts HOOD clearly outside standard screens.", "analysisWordCount": 239, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/robinhood-markets-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/robinhood-markets-stock.md", "entityType": "stock", "ticker": "HOOD", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Robinhood is a retail brokerage offering commission-free trading of equities, options, crypto, and futures, plus a Gold subscription and a credit card. Per its 2025 10-K, total net revenues were $4.47 billion: transaction-based revenues of $2.63 billion (59%), net interest revenues of $1.51 billion (34%), and other revenues of $331 million (7%, including $179 million of Gold subscriptions).", "detail": "Robinhood's 10-K disaggregates 2025 net interest revenues of $1.514 billion (about 34% of total revenue): margin interest $573M, interest on segregated cash and deposits $319M, cash sweep $229M, securities lending $190M, interest on corporate cash $167M, and credit card interest $64M. This is far above the ~5% impermissible-revenue tolerance in AAOIFI-style screens. Separately, transaction-based revenues ($2.63B: options $1,123M, crypto $901M, equities $302M, other $302M) are earned largely via payment for order flow and transaction rebates, a practice some scholars critique on its own terms; options revenue also derives from instruments most scholars consider impermissible.", "impermissibleRevenuePct": 1 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 16, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 14.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 33.8, "thresholdPct": 5, "pass": false, "note": "Interest income $1.51B on $4.47B total revenue (Robinhood Markets, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 33.8% — above AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "HOOD latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Robinhood%20Markets%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Robinhood 2025 10-K revenue disaggregation (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/1783879/000178387926000023/R13.htm", "external": true }, { "label": "Robinhood Q4/FY2025 results (company IR)", "url": "https://investors.robinhood.com/news-releases/news-release-details/robinhood-reports-fourth-quarter-and-full-year-2025-results", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Robinhood Markets, Inc. (HOOD) stock halal?", "answer": "No. Robinhood Markets, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Robinhood Markets, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 16.0% of market cap (limit < 30%); cash plus interest-bearing securities is 14.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Robinhood Markets, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Robinhood Markets, Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.roblox-stock", "question": "Is Roblox Stock Halal?", "entityName": "Roblox Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Roblox Corporation (RBLX) does not pass Shariah screening: its core business fails the activity screen (Roblox (RBLX) is an online gaming/platform company — user-generated games and virtual economy). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Roblox (RBLX) is an online gaming/platform company — user-generated games and virtual economy; classified non-compliant on business-activity grounds by most Islamic stock screeners.\n\nOur verdict rests primarily on the business-activity screen: Roblox (RBLX) is an online gaming/platform company — user-generated games and virtual economy; classified non-compliant on business-activity grounds by most Islamic stock screeners. Financial ratios alone cannot cure a failed activity screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 149, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/roblox-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/roblox-stock.md", "entityType": "stock", "ticker": "RBLX", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Roblox Corporation oversees the development and operation of a leading digital entertainment ecosystem. Its offerings include Roblox Studio, a complimentary suite of tools empowering developers and artists to construct, launch, and manage interactive 3D environments and various other forms of content. Through the Roblox Client application, users can navigate and immerse themselves in these digital 3D realms. The platform also features Roblox Education, specifically designed for educational pursu", "detail": "Roblox (RBLX) is an online gaming/platform company — user-generated games and virtual economy; classified non-compliant on business-activity grounds by most Islamic stock screeners.", "impermissibleRevenuePct": 4.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 10.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 4.1, "thresholdPct": 5, "pass": true, "note": "Interest income $201.6M on $4.89B total revenue (Roblox Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 4.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/RBLX/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Roblox Corporation (RBLX) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "RBLX latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Roblox%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Roblox Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Roblox%20Corporation&type=10-K", "external": true }, { "label": "Zoya — RBLX Shariah compliance", "url": "https://zoya.finance/stocks/rblx", "external": true }, { "label": "Musaffa — RBLX", "url": "https://musaffa.com/stock/RBLX/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Roblox Corporation (RBLX) stock halal?", "answer": "No. Roblox Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Roblox Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 2.0% of market cap (limit < 30%); cash plus interest-bearing securities is 10.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Roblox Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 2, "cashPct": 10.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 2, "cashPct": 10.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 6.4, "cashPct": 32.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.rockwell-automation-stock", "question": "Is Rockwell Automation Stock Halal?", "entityName": "Rockwell Automation, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Rockwell Automation, Inc. (ROK) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 7.2% of market cap and cash plus interest-bearing securities 0.8% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Rockwell Automation, Inc., established in 1903 and headquartered in Milwaukee, Wisconsin, is a global leader in providing industrial automation and digital transformation solutions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 7.2% of market cap, cash plus interest-bearing securities 0.8%, and filing-verified impermissible income 0.2% (Interest income $13.0M on $8.34B total revenue (Rockwell Automation, Inc. FY2025 (fiscal year ended 2025-09-30, Form 10-…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 185, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/rockwell-automation-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/rockwell-automation-stock.md", "entityType": "stock", "ticker": "ROK", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Rockwell Automation, Inc., established in 1903 and headquartered in Milwaukee, Wisconsin, is a global leader in providing industrial automation and digital transformation solutions. The company's operations are segmented into three key areas: Intelligent Devices, Software & Control, and Lifecycle Services. The Intelligent Devices segment offers various hardware products such as drives, motion control systems, safety and sensing equipment, industrial components, and customized configurations. The", "detail": "Interest income $13.0M on $8.34B total revenue (Rockwell Automation, Inc. FY2025 (fiscal year ended 2025-09-30, Form 10-K)) = 0.2% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 7.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest income $13.0M on $8.34B total revenue (Rockwell Automation, Inc. FY2025 (fiscal year ended 2025-09-30, Form 10-K)) = 0.2% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/ROK/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Rockwell Automation, Inc. (ROK) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 7.2% of market cap (limit 30%), cash plus interest-bearing securities 0.8% (limit 30%), impermissible income 0.2% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ROK latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Rockwell%20Automation%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Rockwell Automation, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Rockwell%20Automation%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ROK Shariah compliance", "url": "https://zoya.finance/stocks/rok", "external": true }, { "label": "Musaffa — ROK", "url": "https://musaffa.com/stock/ROK/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Rockwell Automation, Inc. (ROK) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Rockwell Automation, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Rockwell Automation, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 7.2% of market cap (limit < 30%); cash plus interest-bearing securities is 0.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Rockwell Automation, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Rockwell Automation, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 7.2, "cashPct": 0.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 7.2, "cashPct": 0.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 32.8, "cashPct": 3.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.ross-stores-stock", "question": "Is Ross Stores Stock Halal?", "entityName": "Ross Stores, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Ross Stores, Inc. (ROST) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-05-02) interest-bearing debt is 1.3% of market cap and cash plus interest-bearing securities 5.4% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Ross Stores, Inc., through its various subsidiaries, manages a chain of off-price retail establishments focusing on apparel and home goods. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-05-02: interest-bearing debt is 1.3% of market cap, cash plus interest-bearing securities 5.4%, and filing-verified impermissible income 0.8% (Interest/investment income $171.6M on $21.13B revenue = 0.8% (FMP as-reported XBRL, interestincomeexpensenet). Verify no…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 179, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/ross-stores-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/ross-stores-stock.md", "entityType": "stock", "ticker": "ROST", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-05-02", "businessScreen": { "pass": true, "activity": "Ross Stores, Inc., through its various subsidiaries, manages a chain of off-price retail establishments focusing on apparel and home goods. These stores operate under two main brand names: Ross Dress for Less and dd's DISCOUNTS. Their product selection primarily includes clothing, accessories, footwear, and household decor. The Ross Dress for Less outlets primarily serve middle-income households, offering merchandise at prices considerably lower than traditional department and specialty stores. ", "detail": "Interest/investment income $171.6M on $21.13B revenue = 0.8% (FMP as-reported XBRL, interestincomeexpensenet). Verify no other impermissible revenue segments in 10-K.", "impermissibleRevenuePct": 0.9 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 1.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.8, "thresholdPct": 5, "pass": true, "note": "Interest/investment income $171.6M on $21.13B revenue = 0.8% (FMP as-reported XBRL, interestincomeexpensenet). Verify no other impermissible revenue segments in 10-K." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/ROST/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Ross Stores, Inc. (ROST) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 1.3% of market cap (limit 30%), cash plus interest-bearing securities 5.4% (limit 30%), impermissible income 0.8% of revenue (limit 5%) on 2026-05-02 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ROST latest quarterly filing (balance sheet 2026-05-02)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Ross%20Stores%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Ross Stores, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Ross%20Stores%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ROST Shariah compliance", "url": "https://zoya.finance/stocks/rost", "external": true }, { "label": "Musaffa — ROST", "url": "https://musaffa.com/stock/ROST/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Ross Stores, Inc. (ROST) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Ross Stores, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-05-02). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Ross Stores, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-02: interest-bearing debt is 1.3% of market cap (limit < 30%); cash plus interest-bearing securities is 5.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Ross Stores, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Ross Stores, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-05-02", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 1.3, "cashPct": 5.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 1.3, "cashPct": 5.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 6.5, "cashPct": 26.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.royal-bank-of-canada-stock", "question": "Is Royal Bank of Canada Stock Halal?", "entityName": "Royal Bank of Canada", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Royal Bank of Canada (RY.TO) does not pass Shariah screening: its core business fails the activity screen (RBC's core business is conventional interest-based banking), and interest-bearing debt / market cap is 100.7% against the < 30% limit (data as of 2026-04-30), and impermissible income / total revenue is 75.6% against the < 5% limit (data as of 2026-04-30). It is not held by Shariah-screened ETFs WSHR. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Royal Bank of Canada is the textbook example of a stock that fails Shariah screening at the first step, before any financial ratios are even calculated. RBC is a conventional bank: its business is taking deposits and lending money at interest. In fiscal 2025, net interest income was $33.0 billion out of $66.6 billion in total revenue, roughly half of everything the bank earned, and the other half came largely from conventional financial services such as insurance, capital markets, and wealth management. Under the AAOIFI-style business-activity screen used by most scholars and screening apps, a company whose core business is interest-based lending is excluded outright, regardless of how small or large your position is.\n\nThis is not a borderline or methodology-dependent call. Both Zoya and Musaffa, the two most widely used halal screening platforms among North American Muslim investors, classify RBC as not Shariah-compliant, and Shariah-screened products available to Canadians, such as Wealthsimple's WSHR ETF and the S&P/TSX 60 Shariah index, exclude conventional banks by construction. There is no debt-ratio improvement or quarterly update that would change this verdict, because the problem is the business itself, not the balance sheet.\n\nFor Canadian Muslim investors, the practical takeaway is that RBC's popularity, dividend history, and blue-chip status do not change the analysis. Investors seeking dividend income from TSX-listed companies generally look instead at screened names in permissible sectors such as railways, energy, and industrials, after verifying current compliance on a screening app, or use a purpose-built Shariah-screened fund.", "analysisWordCount": 247, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/royal-bank-of-canada-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/royal-bank-of-canada-stock.md", "entityType": "stock", "ticker": "RY.TO", "exchange": "TSX", "lastReviewed": "2026-06-14", "dataAsOf": "2026-04-30", "businessScreen": { "pass": false, "activity": "Royal Bank of Canada is Canada's largest bank by market capitalization, operating through five business segments: Personal Banking, Commercial Banking, Wealth Management, Insurance, and Capital Markets. In fiscal 2025 (year ended October 31, 2025) it reported total revenue of $66,605 million, of which net interest income was $33,000 million and non-interest income was $33,605 million.", "detail": "RBC's core business is conventional interest-based banking. Per its Q4 2025 earnings release and supplementary financial information, net interest income of $33,000 million represented roughly half (approximately 49.5%) of total fiscal 2025 revenue of $66,605 million, and much of the remaining non-interest income derives from conventional financial services including insurance and capital markets. This is a categorical business-screen failure under AAOIFI-style screening, which excludes companies whose primary business is conventional lending, far above the ~5% impermissible-revenue tolerance.", "impermissibleRevenuePct": 75.6 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 100.7, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 15.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 75.6, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Wealthsimple Shariah World Equity Index ETF (WSHR)", "position": "Not held in WSHR as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "note": null }, { "url": null, "note": null }, { "url": null, "note": null }, { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Verify current SPUS schedule before citing as held (reference SOI 2026-02-28).", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Verify current HLAL holdings before citing as held (reference 2026-06-05).", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null } ], "sources": [ { "label": "RY.TO latest filings on SEDAR+ (balance sheet 2026-04-30)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "RBC Q4 2025 Earnings Release (fiscal 2025 results)", "url": "https://www.rbc.com/investor-relations/_assets-custom/pdf/2025q4release.pdf", "external": true }, { "label": "RBC Q4 2025 Supplementary Financial Information (net interest income detail)", "url": "https://www.rbc.com/investor-relations/_assets-custom/pdf/25q4supp.pdf", "external": true }, { "label": "RBC 2025 Annual Report", "url": "https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2025_e.pdf", "external": true }, { "label": "Zoya screener page for RY", "url": "https://zoya.finance/stocks/ry", "external": true }, { "label": "Musaffa screener page for RY.TO", "url": "https://musaffa.com/stock/RY.TO", "external": true }, { "label": "WSHR holdings list (Wealthsimple)", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "external": true }, { "label": "S&P Shariah Indices Methodology (spglobal.com)", "url": "https://www.spglobal.com/spdji/pt/documents/methodologies/methodology-sp-shariah-indices.pdf", "external": true } ], "faqs": [ { "question": "Is Royal Bank of Canada (RY.TO) stock halal?", "answer": "No. Royal Bank of Canada fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Royal Bank of Canada pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 100.7% of market cap (limit < 30%); cash plus interest-bearing securities is 15.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Royal Bank of Canada held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Royal Bank of Canada is not held by WSHR. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.royal-caribbean-cruises-stock", "question": "Is Royal Caribbean Cruises Stock Halal?", "entityName": "Royal Caribbean Cruises Ltd.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Royal Caribbean Cruises Ltd. (RCL) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 26.7% of market cap and cash plus interest-bearing securities 0.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Royal Caribbean Cruises Ltd. is a prominent global operator within the cruise sector. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 26.7% of market cap, cash plus interest-bearing securities 0.6%, and filing-verified impermissible income 0.1% (Interest income $24.0M on $17.93B total revenue (Royal Caribbean Cruises Ltd. FY2025 (fiscal year ended 2025-12-31, Form…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 176, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/royal-caribbean-cruises-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/royal-caribbean-cruises-stock.md", "entityType": "stock", "ticker": "RCL", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Royal Caribbean Cruises Ltd. is a prominent global operator within the cruise sector. The company manages several well-known cruise lines, such as Royal Caribbean International, Celebrity Cruises, Azamara, and Silversea Cruises. Through these brands, it offers a wide array of voyages that call upon approximately 1,000 different destinations across the globe. As of February 25, 2022, its expansive fleet comprised 61 vessels. Established in 1968, the company's corporate headquarters are situated i", "detail": "Interest income $24.0M on $17.93B total revenue (Royal Caribbean Cruises Ltd. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 26.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.1, "thresholdPct": 5, "pass": true, "note": "Interest income $24.0M on $17.93B total revenue (Royal Caribbean Cruises Ltd. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/RCL/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Royal Caribbean Cruises Ltd. (RCL) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 26.7% of market cap (limit 30%), cash plus interest-bearing securities 0.6% (limit 30%), impermissible income 0.1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "RCL latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Royal%20Caribbean%20Cruises%20Ltd.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Royal Caribbean Cruises Ltd. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Royal%20Caribbean%20Cruises%20Ltd.&type=10-K", "external": true }, { "label": "Zoya — RCL Shariah compliance", "url": "https://zoya.finance/stocks/rcl", "external": true }, { "label": "Musaffa — RCL", "url": "https://musaffa.com/stock/RCL/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Royal Caribbean Cruises Ltd. (RCL) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Royal Caribbean Cruises Ltd. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Royal Caribbean Cruises Ltd. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 26.7% of market cap (limit < 30%); cash plus interest-bearing securities is 0.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Royal Caribbean Cruises Ltd. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Royal Caribbean Cruises Ltd.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 26.7, "cashPct": 0.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 26.7, "cashPct": 0.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 50.3, "cashPct": 1.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.rrsp", "question": "Is RRSP Halal?", "entityName": "RRSP", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "An RRSP is a tax wrapper, not an investment — and tax deferral itself raises no Shariah issue. The ruling follows what you hold inside it: an RRSP invested in Shariah-screened stocks or halal ETFs is fully permissible; one holding bonds, GICs, or unscreened mutual funds is not. Employer group-RRSP matches are permissible compensation. The practical work is choosing a provider that lets you control the holdings.", "analysis": "The RRSP is a tax wrapper, not an investment, and the wrapper itself raises no Shariah issue. Deferring tax on contributions and paying it on withdrawal is a matter of tax law, not a loan or an interest contract; employer group-RRSP matching is permissible compensation. Every Shariah question lives inside the account: an RRSP holding screened equities and halal ETFs is fully compliant; the same RRSP defaulted into bond funds, GICs, or target-date funds (which hold bonds by design) is earning riba.\n\nThe practical trap is the default. Group RRSPs auto-enroll employees into balanced or target-date portfolios, and most providers' \"conservative\" options are mostly bonds. A Muslim employee should take the match (it's free permissible compensation), then immediately switch the holdings to whatever compliant options the plan offers — or, if the plan offers none, the closest available equity-only screened option, escalating to a self-directed RRSP transfer where possible.\n\nSelf-directed RRSPs at any major brokerage can hold halal ETFs and screened stocks with no structural compromise. The account type is never the problem in Canada; the default fund menu is.", "analysisWordCount": 180, "conditions": "Hold only Shariah-compliant investments inside the account (screened stocks, halal ETFs); avoid default target-date funds, bond funds, and GICs commonly offered in group plans.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/rrsp", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/rrsp.md", "entityType": "service", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Canadian registered retirement account: tax-deductible contributions, tax-deferred growth, taxed on withdrawal.", "detail": "Wrapper-level analysis; the holdings decide the ruling.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Mainstream contemporary position", "position": "Tax-advantaged wrappers are permissible; rulings attach to the underlying holdings. Employer matching is permissible compensation.", "url": null, "note": null }, { "source": "Contemporary guidance on employer matches", "position": "Scholars treat an employer RRSP match as additional permissible compensation — a benefit of employment — so accepting it is allowed; the duty is to direct contributions into Shariah-compliant funds and, where a group plan offers none, to transfer to a self-directed RRSP that does.", "url": null, "note": null } ], "sources": [ { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Canada Revenue Agency — RRSPs and related plans", "url": "https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans.html", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is It Halal? — Quick Reference Hub", "url": "/is-it-halal", "external": false }, { "label": "AMJA (Assembly of Muslim Jurists of America)", "url": "https://www.amjaonline.org", "external": true } ], "faqs": [ { "question": "Is an employer RRSP match halal?", "answer": "Yes — it is part of your compensation. Direct the matched contributions into Shariah-compliant holdings within the plan, or the closest available option if the plan menu is limited." }, { "question": "What if my group RRSP has no halal fund options?", "answer": "Choose the least non-compliant option (typically the lowest-bond equity fund), capture the match, and transfer to a self-directed RRSP where you control holdings when the plan allows." } ] }, { "id": "verdict.s-p-global-stock", "question": "Is S&P Global Stock Halal?", "entityName": "S&P Global Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "S&P Global Inc. (SPGI) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Financial - Data & Stock Exchanges\" / sector \"Financial Services\" pattern-matches a prohibited core b). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "S&P Global Inc., through its affiliated entities, delivers crucial services like credit assessments, market benchmarks, advanced analytics, and comprehensive workflow tools. Core business: Financial - Data & Stock Exchanges (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, S&P Global Inc.'s balance-sheet ratios in fact sit within AAOIFI's financial limits — interest-bearing debt 10.8% of market cap (limit 30%), cash plus interest-bearing securities 1.5% (limit 30%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, SPGI is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 207, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/s-p-global-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/s-p-global-stock.md", "entityType": "stock", "ticker": "SPGI", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "S&P Global Inc., through its affiliated entities, delivers crucial services like credit assessments, market benchmarks, advanced analytics, and comprehensive workflow tools. Their reach extends across the worldwide capital, commodity, and automotive industries. The company is structured into six key operating segments: S&P Global Ratings, S&P Dow Jones Indices, S&P Global Commodity Insights, S&P Global Market Intelligence, S&P Global Mobility, and S&P Global Engineering Solutions. S&P Global Rat", "detail": "Core business: Financial - Data & Stock Exchanges (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 10.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": true, "note": "Not determinative — fails the business-activity screen (financial data/index services)." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/SPGI/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates S&P Global Inc. (SPGI) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "SPGI latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=S%26P%20Global%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "S&P Global Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=S%26P%20Global%20Inc.&type=10-K", "external": true }, { "label": "Zoya — SPGI Shariah compliance", "url": "https://zoya.finance/stocks/spgi", "external": true }, { "label": "Musaffa — SPGI", "url": "https://musaffa.com/stock/SPGI/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is S&P Global Inc. (SPGI) stock halal?", "answer": "No. S&P Global Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does S&P Global Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 10.8% of market cap (limit < 30%); cash plus interest-bearing securities is 1.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is S&P Global Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.salesforce-stock", "question": "Is Salesforce Stock Halal?", "entityName": "Salesforce, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Salesforce, Inc. (CRM) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-04-30) interest-bearing debt is 28.9% of market cap and cash plus interest-bearing securities 8.7% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETFs SPUS and HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Salesforce is the largest pure-play enterprise software-as-a-service company, selling subscriptions to its CRM platform and related clouds (sales, customer service, marketing automation, commerce, the Slack collaboration tool, and MuleSoft/Tableau integration and analytics). From a Shariah business-screen perspective this is about as clean as large-cap software gets: customers are businesses paying subscription fees for software tools, and there is no advertising inventory, lending book, insurance underwriting or entertainment catalog in the company's disclosed revenue. Its Marketing Cloud sometimes prompts questions, but Salesforce earns software-subscription revenue from companies running their own marketing - it does not sell ad space.\n\nFinancially, Salesforce carries debt that is small relative to its market value (taken on partly for the Slack acquisition), holds cash and strategic investments that generate some interest income, and has a balance sheet heavy in goodwill from acquisitions - none of which has troubled the major ratio screens in recent assessments. As of June 11, 2026 the documented third-party picture is uniformly positive: CRM is held by both SPUS (S&P Shariah screen) and HLAL (FTSE Shariah screen), and both Zoya and Musaffa publicly rate it compliant/halal under AAOIFI-based methodologies.\n\nFor a Muslim investor the practical notes are routine: purify the small incidental-interest portion of any returns as your methodology directs, and re-check status quarterly since compliance is reassessed against each new financial report. Among the mega-cap names, Salesforce currently sits in the least-contested category - passed by all four major public screens checked for this research.", "analysisWordCount": 244, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/salesforce-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/salesforce-stock.md", "entityType": "stock", "ticker": "CRM", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-04-30", "businessScreen": { "pass": true, "activity": "Salesforce provides cloud-based customer relationship management (CRM) software. Its 10-K reports revenue in two lines - subscription and support (the large majority) and professional services and other - with subscription revenue disaggregated across service offerings including Sales, Service, Platform and Other (including Slack), Marketing and Commerce, and Integration and Analytics (MuleSoft and Tableau).", "detail": "Salesforce's revenue is enterprise software subscriptions and related services; no advertising platform, lending, insurance or entertainment-content revenue lines exist in its filings. Its Marketing Cloud is a tool sold to businesses to run their own marketing (software revenue, not ad-inventory revenue). Compliance-relevant items are limited to interest income on its cash and strategic-investment portfolio (incidental, subject to purification).", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 28.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 8.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.4, "thresholdPct": 5, "pass": true, "note": "'Other income' (interest on the marketable-securities portfolio) was $172M on $41.5B revenue (FY2026 10-K) = 0.4%. Strategic-investment equity gains are excluded (not interest/riba)." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-11 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund.", "url": "https://funds.wahedinvest.com/", "note": null }, { "source": "Zoya", "position": "Zoya's public stock page rates CRM Shariah-compliant under its AAOIFI-based screen (checked 2026-06-11).", "url": "https://zoya.finance/stocks/crm", "note": null }, { "source": "Musaffa", "position": "Musaffa's public stock page classifies CRM as HALAL under its AAOIFI-based methodology, as of March 2026.", "url": "https://musaffa.com/stock/CRM/", "note": null } ], "sources": [ { "label": "CRM latest quarterly filing (balance sheet 2026-04-30)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Salesforce%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Salesforce 10-K filings - SEC EDGAR (CIK 0001108524)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001108524&type=10-K", "external": true }, { "label": "SPUS holdings (sp-funds.com, table dated 06/11/2026)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL fund page with official Holdings link (funds.wahedinvest.com)", "url": "https://funds.wahedinvest.com/", "external": true }, { "label": "Zoya public compliance page for CRM", "url": "https://zoya.finance/stocks/crm", "external": true }, { "label": "Musaffa public compliance page for CRM", "url": "https://musaffa.com/stock/CRM/", "external": true } ], "faqs": [ { "question": "Is Salesforce, Inc. (CRM) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Salesforce, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-04-30). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Salesforce, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 28.9% of market cap (limit < 30%); cash plus interest-bearing securities is 8.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Salesforce, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Salesforce, Inc. is held by SPUS and HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Salesforce, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-04-30", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 28.9, "cashPct": 8.7, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 28.9, "cashPct": 8.7, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 36.8, "cashPct": 11.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.sanofi-stock", "question": "Is Sanofi Stock Halal?", "entityName": "Sanofi", "verdict": "halal", "verdictLabel": "Halal", "answer": "Sanofi (SNY) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 19.9% of market cap and cash plus interest-bearing securities 6.0% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Sanofi operates as a leading global pharmaceutical enterprise, dedicated to the research, development, production, and distribution of a wide array of therapeutic solutions across the United States, Europe, and numerous international markets. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 19.9% of market cap, cash plus interest-bearing securities 6.0%, and filing-verified impermissible income 0.7% (Interest income $331.0M on $46.72B total revenue (Sanofi FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.7% — unde…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 196, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/sanofi-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/sanofi-stock.md", "entityType": "stock", "ticker": "SNY", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Sanofi operates as a leading global pharmaceutical enterprise, dedicated to the research, development, production, and distribution of a wide array of therapeutic solutions across the United States, Europe, and numerous international markets. The company strategically organizes its operations into three core divisions: Pharmaceuticals, Vaccines, and Consumer Healthcare. Within its Pharmaceutical segment, Sanofi delivers specialized therapies, including innovative human monoclonal antibodies, add", "detail": "Interest income $331.0M on $46.72B total revenue (Sanofi FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.7% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.7 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 19.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.7, "thresholdPct": 5, "pass": true, "note": "Interest income $331.0M on $46.72B total revenue (Sanofi FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.7% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/SNY/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Sanofi (SNY) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 19.9% of market cap (limit 30%), cash plus interest-bearing securities 6% (limit 30%), impermissible income 0.7% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "SNY latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Sanofi&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Sanofi SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Sanofi&type=10-K", "external": true }, { "label": "Zoya — SNY Shariah compliance", "url": "https://zoya.finance/stocks/sny", "external": true }, { "label": "Musaffa — SNY", "url": "https://musaffa.com/stock/SNY/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Sanofi (SNY) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Sanofi passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Sanofi pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 19.9% of market cap (limit < 30%); cash plus interest-bearing securities is 6.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Sanofi held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Sanofi?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 19.9, "cashPct": 6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 19.9, "cashPct": 6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 14.2, "cashPct": 4.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.sea-limited-stock", "question": "Is Sea Stock Halal?", "entityName": "Sea Limited", "verdict": "halal", "verdictLabel": "Halal", "answer": "Sea Limited (SE) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 4.6% of market cap and cash plus interest-bearing securities 25.1% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Operating across Southeast Asia, Latin America, other parts of Asia, and various international markets, Sea Limited and its group of companies specialize in three core areas: digital entertainment, e-commerce, and digital financial services. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 4.6% of market cap, cash plus interest-bearing securities 25.1%, and filing-verified impermissible income 1.4% (Interest income $331.1M on $22.94B total revenue (Sea Limited FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.4% —…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 198, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/sea-limited-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/sea-limited-stock.md", "entityType": "stock", "ticker": "SE", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Operating across Southeast Asia, Latin America, other parts of Asia, and various international markets, Sea Limited and its group of companies specialize in three core areas: digital entertainment, e-commerce, and digital financial services. Under its Garena brand, the company provides a comprehensive digital entertainment platform. This platform allows users to play a variety of online games on both mobile devices and personal computers, participate in eSports events, and access additional ente", "detail": "Interest income $331.1M on $22.94B total revenue (Sea Limited FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.4% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 4.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 25.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.4, "thresholdPct": 5, "pass": true, "note": "Interest income $331.1M on $22.94B total revenue (Sea Limited FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.4% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/SE/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Sea Limited (SE) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 4.6% of market cap (limit 30%), cash plus interest-bearing securities 25.1% (limit 30%), impermissible income 1.4% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "SE latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Sea%20Limited&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Sea Limited SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Sea%20Limited&type=10-K", "external": true }, { "label": "Zoya — SE Shariah compliance", "url": "https://zoya.finance/stocks/se", "external": true }, { "label": "Musaffa — SE", "url": "https://musaffa.com/stock/SE/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Sea Limited (SE) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Sea Limited passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Sea Limited pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 4.6% of market cap (limit < 30%); cash plus interest-bearing securities is 25.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Sea Limited held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Sea Limited?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 4.6, "cashPct": 25.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 4.6, "cashPct": 25.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 7.7, "cashPct": 41.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.shopify-stock", "question": "Is Shopify Stock Halal?", "entityName": "Shopify Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Shopify Inc. (SHOP.TO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 0.0% of market cap and cash plus interest-bearing securities 4.1% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Headquartered in Ottawa, Canada, Shopify Inc. is a global commerce company established in 2004. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 0.0% of market cap, cash plus interest-bearing securities 4.1%, and filing-verified impermissible income 2.9% (Interest income $336.8M on $11.76B total revenue (Shopify Inc. FY2025 (fiscal year ended 2025-12-31, annual report (SEDA…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 176, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/shopify-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/shopify-stock.md", "entityType": "stock", "ticker": "SHOP.TO", "exchange": "TSX", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Headquartered in Ottawa, Canada, Shopify Inc. is a global commerce company established in 2004. Operating across Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America, it delivers a comprehensive platform and suite of services designed to empower merchants. This robust platform allows businesses to showcase, manage, market, and sell their products through a diverse array of channels, including online and mobile storefronts, brick-and-mortar stores, tempo", "detail": "Interest income $336.8M on $11.76B total revenue (Shopify Inc. FY2025 (fiscal year ended 2025-12-31, annual report (SEDAR+))) = 2.9% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 2.9 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 4.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 2.9, "thresholdPct": 5, "pass": true, "note": "Interest income $336.8M on $11.76B total revenue (Shopify Inc. FY2025 (fiscal year ended 2025-12-31, annual report (SEDAR+))) = 2.9% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/SHOP.TO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Shopify Inc. (SHOP.TO) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 0% of market cap (limit 30%), cash plus interest-bearing securities 4.1% (limit 30%), impermissible income 2.9% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "SHOP.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Shopify Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Shopify%20Inc.&type=10-K", "external": true }, { "label": "Musaffa — SHOP.TO", "url": "https://musaffa.com/stock/SHOP.TO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Shopify Inc. (SHOP.TO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Shopify Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Shopify Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 0.0% of market cap (limit < 30%); cash plus interest-bearing securities is 4.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Shopify Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Shopify Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0, "cashPct": 4.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0, "cashPct": 4.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 0.1, "cashPct": 40.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.skechers-u-s-a-stock", "question": "Is Skechers U.S.A. Stock Halal?", "entityName": "Skechers U.S.A., Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Skechers U.S.A., Inc. (SKX) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2025-06-30) interest-bearing debt is 6.2% of market cap and cash plus interest-bearing securities 15.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Skechers U.S.A., Inc., established in 1992 and based in Manhattan Beach, California, is a prominent global player in the footwear and apparel industry. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2025-06-30: interest-bearing debt is 6.2% of market cap, cash plus interest-bearing securities 15.6%, and filing-verified impermissible income 0.4% (Interest income $37.3M on $8.97B total revenue (Skechers U.S.A., Inc. FY2024 (fiscal year ended 2024-12-31, Form 10-K)) …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 186, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/skechers-u-s-a-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/skechers-u-s-a-stock.md", "entityType": "stock", "ticker": "SKX", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2025-06-30", "businessScreen": { "pass": true, "activity": "Skechers U.S.A., Inc., established in 1992 and based in Manhattan Beach, California, is a prominent global player in the footwear and apparel industry. The company is dedicated to the ideation, creation, promotion, and worldwide distribution of a vast array of footwear suitable for men, women, and children, in addition to specialized athletic shoes for adult markets. Its operations are segmented into three main divisions: U.S. Wholesale, International Wholesale, and a Direct-to-Consumer channel.", "detail": "Interest income $37.3M on $8.97B total revenue (Skechers U.S.A., Inc. FY2024 (fiscal year ended 2024-12-31, Form 10-K)) = 0.4% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 6.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 15.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.4, "thresholdPct": 5, "pass": true, "note": "Interest income $37.3M on $8.97B total revenue (Skechers U.S.A., Inc. FY2024 (fiscal year ended 2024-12-31, Form 10-K)) = 0.4% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/SKX/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Skechers U.S.A., Inc. (SKX) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 6.2% of market cap (limit 30%), cash plus interest-bearing securities 15.6% (limit 30%), impermissible income 0.4% of revenue (limit 5%) on 2025-06-30 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "SKX latest quarterly filing (balance sheet 2025-06-30)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Skechers%20U.S.A.%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Skechers U.S.A., Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Skechers%20U.S.A.%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — SKX Shariah compliance", "url": "https://zoya.finance/stocks/skx", "external": true }, { "label": "Musaffa — SKX", "url": "https://musaffa.com/stock/SKX/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Skechers U.S.A., Inc. (SKX) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Skechers U.S.A., Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2025-06-30). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Skechers U.S.A., Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2025-06-30: interest-bearing debt is 6.2% of market cap (limit < 30%); cash plus interest-bearing securities is 15.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Skechers U.S.A., Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Skechers U.S.A., Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2025-06-30", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 6.2, "cashPct": 15.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 6.2, "cashPct": 15.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 6.3, "cashPct": 16, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.skyworks-solutions-stock", "question": "Is Skyworks Solutions Stock Halal?", "entityName": "Skyworks Solutions, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Skyworks Solutions, Inc. (SWKS) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-04-03) interest-bearing debt is 9.0% of market cap and cash plus interest-bearing securities 12.8% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Skyworks Solutions, Inc., operating with its various subsidiaries, is engaged in the development, production, and global distribution of its proprietary semiconductor technologies, including associated intellectual property. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-04-03: interest-bearing debt is 9.0% of market cap, cash plus interest-bearing securities 12.8%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Skyworks Solutions, Inc. FY2025 (fiscal year ended 2025-10…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 188, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/skyworks-solutions-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/skyworks-solutions-stock.md", "entityType": "stock", "ticker": "SWKS", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-04-03", "businessScreen": { "pass": true, "activity": "Skyworks Solutions, Inc., operating with its various subsidiaries, is engaged in the development, production, and global distribution of its proprietary semiconductor technologies, including associated intellectual property. Its market presence spans across the United States, China, South Korea, Taiwan, Europe, the Middle East, Africa, and the broader Asia-Pacific region. The company's comprehensive product lineup features a wide array of specialized semiconductor components. These encompass ite", "detail": "Interest income not separately material in the annual filing (Skyworks Solutions, Inc. FY2025 (fiscal year ended 2025-10-03, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 1.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 12.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Skyworks Solutions, Inc. FY2025 (fiscal year ended 2025-10-03, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/SWKS/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Skyworks Solutions, Inc. (SWKS) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 9% of market cap (limit 30%), cash plus interest-bearing securities 12.8% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-04-03 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "SWKS latest quarterly filing (balance sheet 2026-04-03)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Skyworks%20Solutions%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Skyworks Solutions, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Skyworks%20Solutions%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — SWKS Shariah compliance", "url": "https://zoya.finance/stocks/swks", "external": true }, { "label": "Musaffa — SWKS", "url": "https://musaffa.com/stock/SWKS/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Skyworks Solutions, Inc. (SWKS) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Skyworks Solutions, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-04-03). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Skyworks Solutions, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-03: interest-bearing debt is 9.0% of market cap (limit < 30%); cash plus interest-bearing securities is 12.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Skyworks Solutions, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Skyworks Solutions, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-04-03", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 9, "cashPct": 12.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 9, "cashPct": 12.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 12.6, "cashPct": 18, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.snap-stock", "question": "Is Snap Stock Halal?", "entityName": "Snap Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Snap Inc. (SNAP) does not pass Shariah screening: interest-bearing debt / market cap is 39.7% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 31.7% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Snap Inc. is a global technology company focused on cameras, serving users across North America, Europe, and other international regions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 39.7% versus the < 30% limit; cash + interest-bearing securities / market cap at 31.7% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 161, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/snap-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/snap-stock.md", "entityType": "stock", "ticker": "SNAP", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Snap Inc. is a global technology company focused on cameras, serving users across North America, Europe, and other international regions. Its primary product is Snapchat, a powerful camera application that facilitates visual communication through short videos and images. This app boasts several key features, including its Camera function, Communication tools, Snap Map, Stories, and Spotlight. In addition to its software, Snap Inc. develops Spectacles, smart glasses designed to integrate with Sna", "detail": "Interest income $134.2M on $5.93B total revenue (Snap Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.3% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 2.3 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 39.7, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 31.7, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 2.3, "thresholdPct": 5, "pass": true, "note": "Interest income $134.2M on $5.93B total revenue (Snap Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/SNAP/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Snap Inc. (SNAP) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 39.7% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "SNAP latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Snap%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Snap Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Snap%20Inc.&type=10-K", "external": true }, { "label": "Zoya — SNAP Shariah compliance", "url": "https://zoya.finance/stocks/snap", "external": true }, { "label": "Musaffa — SNAP", "url": "https://musaffa.com/stock/SNAP/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Snap Inc. (SNAP) stock halal?", "answer": "No. Snap Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Snap Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 39.7% of market cap (limit < 30%); cash plus interest-bearing securities is 31.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Snap Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 39.7, "cashPct": 31.7, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 39.7, "cashPct": 31.7, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 47.1, "cashPct": 37.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.sofi-technologies-stock", "question": "Is SoFi Technologies Stock Halal?", "entityName": "SoFi Technologies, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "SoFi Technologies, Inc. (SOFI) does not pass Shariah screening: its core business fails the activity screen (SoFi is an interest-driven business), and impermissible income / total revenue is 70.8% against the < 5% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "SoFi markets itself as a fintech, but its financial statements describe a bank. The company holds a national bank charter, gathers deposits, and lends them out at interest across personal loans, student loan refinancing, and home loans. In 2025, roughly $2.2 billion of its $3.6 billion in total net revenue, around 61%, was net interest income, and the Lending segment alone produced $1.85 billion of revenue, $1.61 billion of which was net interest income. Interest is not a side effect of SoFi's model; it is the model.\n\nLike JPMorgan, this makes the Shariah analysis unambiguous. AAOIFI-based screens exclude companies whose core business is conventional interest-based lending at the business-activity stage, and even if one only applied the revenue tolerance test, SoFi's interest share of revenue is more than ten times the common 5% threshold. The Financial Services and Technology Platform segments (brokerage, banking products, and the Galileo/Technisys infrastructure business) do not change the overall character of the company, since they are smaller than lending and are themselves intertwined with interest-bearing products like high-yield savings accounts.\n\nSoFi is held by neither SPUS (June 11, 2026 holdings) nor HLAL (February 28, 2026 SEC-filed holdings), and there is no credible screener position treating it as compliant that we could verify. Muslim investors should treat SOFI as a clear fail under current standards.", "analysisWordCount": 219, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/sofi-technologies-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/sofi-technologies-stock.md", "entityType": "stock", "ticker": "SOFI", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "SoFi Technologies is a digital personal-finance company with a national bank charter, operating three segments: Lending, Financial Services, and a Technology Platform. Per its Q4/FY2025 earnings release filed with the SEC (10-K filed February 17, 2026), total 2025 net revenue was $3.61 billion, of which the Lending segment contributed $1.85 billion (about 51%), including $1.61 billion of lending-segment net interest income.", "detail": "SoFi is an interest-driven business. Per its SEC-filed 2025 results, consolidated total net revenue of $3,613.4 million included consolidated noninterest income of $1,394.4 million, implying consolidated net interest income of roughly $2.22 billion, about 61% of total net revenue. The Lending segment (personal, student, and home loans) alone generated $1,606.0 million of net interest income, and SoFi Bank holds member deposits that fund this lending. Interest income at this scale fails any recognized Shariah business screen; conventional consumer lending is also excluded at the sector level under AAOIFI standards.", "impermissibleRevenuePct": 70.8 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 8.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 18, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 70.8, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "SOFI latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=SoFi%20Technologies%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "SoFi Q4/FY2025 earnings release (SEC EDGAR, 8-K exhibit)", "url": "https://www.sec.gov/Archives/edgar/data/1818874/000181887426000008/a2025q4earningsrelease.htm", "external": true }, { "label": "SoFi 2025 10-K filing index (SEC EDGAR, accession 0001818874-26-000013)", "url": "https://www.sec.gov/Archives/edgar/data/1818874/0001818874-26-000013-index.html", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is SoFi Technologies, Inc. (SOFI) stock halal?", "answer": "No. SoFi Technologies, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does SoFi Technologies, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 8.7% of market cap (limit < 30%); cash plus interest-bearing securities is 18.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is SoFi Technologies, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, SoFi Technologies, Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.solana", "question": "Is Solana Halal?", "entityName": "Solana", "verdict": "scholars_differ", "verdictLabel": "Scholars Differ", "answer": "Solana follows the same core disagreement as other cryptocurrencies, with an added staking layer. As a spot asset, SOL is permissible digital property under the permissive view and excessive gharar under the prohibitive one. Because Solana is proof-of-stake, SOL can be staked for rewards — a separately debated question: genuine protocol validation is treated by some scholars as permissible service income (ujrah), while fixed-yield exchange 'staking' programs are widely treated as impermissible lending.", "analysis": "Solana sits in the same place as Ethereum in the halal debate, plus a staking layer. As a spot asset, SOL inherits the broad cryptocurrency disagreement: the permissive camp treats it as legitimate digital property (mal) with a genuine use case — paying fees on and helping secure a fast smart-contract network — while the prohibitive camp objects to crypto generally on grounds of gharar (excessive uncertainty) and speculation.\n\nThe added question is staking. Because Solana is proof-of-stake, SOL holders can lock tokens with validators and earn rewards. Contemporary scholars are split here in a structured way: genuine protocol validation, where rewards are variable, come from network activity, and the staker bears slashing risk on the principal, is classified by scholars such as Mufti Faraz Adam as ujrah (service compensation) and can be permissible. By contrast, fixed-APY 'staking' offered by centralized exchanges is, in substance, lending your coins for a guaranteed return — that is riba and is widely treated as impermissible. Notably, Binance launched an Amanie-Advisors-certified, Wakala-structured Sharia Earn product for SOL, showing the structure can be made compliant.\n\nThe practical takeaway: if you follow the permissive view on crypto, hold SOL spot without leverage, keep clear of interest-based DeFi lending, and treat staking carefully — prefer genuine protocol validation to fixed-yield exchange programs, and follow the scholar or methodology you trust. If you follow the prohibitive view, SOL is avoided like other cryptocurrencies.", "analysisWordCount": 235, "conditions": "For those following the permissive view: hold spot without leverage; avoid interest-based lending and yield protocols; treat staking per your scholar's position, favouring genuine protocol validation over fixed-APY exchange programs.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/solana", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/solana.md", "entityType": "crypto", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Proof-of-stake layer-1 smart-contract platform; native asset SOL pays transaction fees and can be staked to validators; the network hosts applications ranging from permissible to clearly impermissible (interest-based DeFi lending).", "detail": "The asset itself carries no interest. Impermissible ecosystem uses are generally ruled not to contaminate holding the base asset, but staking and DeFi yield are separate questions.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Permissive position", "position": "SOL is permissible digital property with a real utility (securing and using a smart-contract network); protocol staking can be permissible as validation service income (ujrah/mudarabah).", "url": null, "note": null }, { "source": "Prohibitive position", "position": "Cryptocurrency broadly fails on gharar and speculation; earning a return on locked SOL resembles a return on loaned capital, especially through centralized exchange programs.", "url": null, "note": null }, { "source": "Binance Sharia Earn (Amanie Advisors)", "position": "A certified Wakala-structured staking product (launched 2025) offers Shariah-compliant SOL staking, evidencing that properly structured proof-of-stake rewards can be made compliant.", "url": "https://rebelfi.io/blog/the-complete-guide-to-sharia-compliant-stablecoin-yield-halal-crypto-returns", "note": null } ], "sources": [ { "label": "Is crypto halal? (HalalWallet)", "url": "/is-crypto-halal", "external": false }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Shariah analysis of crypto staking (PoS as ujrah)", "url": "https://islamicfinancecalculator.com/screening/is-crypto-staking-halal", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is cryptocurrency halal? (HalalWallet guide)", "url": "/is-crypto-halal", "external": false } ], "faqs": [ { "question": "Is staking Solana (SOL) halal?", "answer": "Scholars differ. Genuine on-chain validation that earns variable rewards and bears slashing risk is treated by some scholars as service income (ujrah) and can be permissible; fixed-APY exchange 'staking' that effectively lends your SOL is widely treated as impermissible riba. See our crypto staking verdict." }, { "question": "Is Solana halal to hold?", "answer": "It follows the same disagreement as other cryptocurrencies. Under the permissive view, holding SOL spot (without leverage) is permissible digital property; under the prohibitive view, crypto's volatility and speculation make it impermissible. Avoid interest-based DeFi and margin." } ] }, { "id": "verdict.solaredge-technologies-stock", "question": "Is SolarEdge Technologies Stock Halal?", "entityName": "SolarEdge Technologies, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "SolarEdge Technologies, Inc. (SEDG) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 9.4% of market cap and cash plus interest-bearing securities 15.8% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "SolarEdge Technologies, Inc. (SEDG) is a company specializing in the design, development, and sale of direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations globally. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 9.4% of market cap, cash plus interest-bearing securities 15.8%, and filing-verified impermissible income 1.1% (Interest income $13.1M on $1.18B total revenue (SolarEdge Technologies, Inc. FY2025 (fiscal year ended 2025-12-31, Form …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 189, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/solaredge-technologies-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/solaredge-technologies-stock.md", "entityType": "stock", "ticker": "SEDG", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "SolarEdge Technologies, Inc. (SEDG) is a company specializing in the design, development, and sale of direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations globally. The company operates through five key segments: Solar, Energy Storage, e-Mobility, Critical Power, and Automation Machines. Its product portfolio encompasses inverters, power optimizers, communication devices, and smart energy management solutions, catering to residential, commercial, and smaller u", "detail": "Interest income $13.1M on $1.18B total revenue (SolarEdge Technologies, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 9.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 15.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.1, "thresholdPct": 5, "pass": true, "note": "Interest income $13.1M on $1.18B total revenue (SolarEdge Technologies, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/SEDG/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates SolarEdge Technologies, Inc. (SEDG) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 9.4% of market cap (limit 30%), cash plus interest-bearing securities 15.8% (limit 30%), impermissible income 1.1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "SEDG latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=SolarEdge%20Technologies%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "SolarEdge Technologies, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=SolarEdge%20Technologies%2C%20Inc.&type=10-K", "external": true }, { "label": "Musaffa — SEDG", "url": "https://musaffa.com/stock/SEDG/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is SolarEdge Technologies, Inc. (SEDG) stock halal?", "answer": "Yes, under our AAOIFI-based methodology SolarEdge Technologies, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does SolarEdge Technologies, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 9.4% of market cap (limit < 30%); cash plus interest-bearing securities is 15.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is SolarEdge Technologies, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from SolarEdge Technologies, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 9.4, "cashPct": 15.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 9.4, "cashPct": 15.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 15.3, "cashPct": 25.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.sony-group-stock", "question": "Is Sony Stock Halal?", "entityName": "Sony Group Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Sony Group Corporation (SONY) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 5.9% of market cap and cash plus interest-bearing securities 11.5% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Sony Group Corporation is a global conglomerate engaged in the design, development, manufacturing, and distribution of diverse electronic equipment, instruments, and devices. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 5.9% of market cap, cash plus interest-bearing securities 11.5%, and filing-verified impermissible income 0.6% (Interest income $80.63B on $13232.24B total revenue (Sony Group Corporation FY2026 (fiscal year ended 2026-03-31, Form 1…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 184, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/sony-group-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/sony-group-stock.md", "entityType": "stock", "ticker": "SONY", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Sony Group Corporation is a global conglomerate engaged in the design, development, manufacturing, and distribution of diverse electronic equipment, instruments, and devices. Its offerings serve consumer, professional, and industrial segments across Japan, the United States, Europe, China, the Asia-Pacific region, and other international territories. Beyond hardware, Sony is a major player in interactive entertainment, offering home and portable game consoles, packaged software, and peripheral d", "detail": "Interest income $80.63B on $13232.24B total revenue (Sony Group Corporation FY2026 (fiscal year ended 2026-03-31, Form 10-K)) = 0.6% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.6 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 5.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 11.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.6, "thresholdPct": 5, "pass": true, "note": "Interest income $80.63B on $13232.24B total revenue (Sony Group Corporation FY2026 (fiscal year ended 2026-03-31, Form 10-K)) = 0.6% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/SONY/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Sony Group Corporation (SONY) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 5.9% of market cap (limit 30%), cash plus interest-bearing securities 11.5% (limit 30%), impermissible income 0.6% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "SONY latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Sony%20Group%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Sony Group Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Sony%20Group%20Corporation&type=10-K", "external": true }, { "label": "Zoya — SONY Shariah compliance", "url": "https://zoya.finance/stocks/sony", "external": true }, { "label": "Musaffa — SONY", "url": "https://musaffa.com/stock/SONY/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Sony Group Corporation (SONY) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Sony Group Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Sony Group Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 5.9% of market cap (limit < 30%); cash plus interest-bearing securities is 11.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Sony Group Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Sony Group Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 5.9, "cashPct": 11.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 5.9, "cashPct": 11.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 7.2, "cashPct": 14.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.southwest-airlines-stock", "question": "Is Southwest Airlines Stock Halal?", "entityName": "Southwest Airlines Co.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Southwest Airlines Co. (LUV) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 25.6% of market cap and cash plus interest-bearing securities 15.0% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Southwest Airlines Co. functions as a passenger airline, offering scheduled air travel services predominantly across the United States and to select neighboring international markets. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 25.6% of market cap, cash plus interest-bearing securities 15.0%, and filing-verified impermissible income 0.7% (Interest income $205.0M on $28.06B total revenue (Southwest Airlines Co. FY2025 (fiscal year ended 2025-12-31, Form 10-K…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 186, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/southwest-airlines-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/southwest-airlines-stock.md", "entityType": "stock", "ticker": "LUV", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Southwest Airlines Co. functions as a passenger airline, offering scheduled air travel services predominantly across the United States and to select neighboring international markets. As of December 31, 2021, the company maintained a consistent fleet of 728 Boeing 737 aircraft. Its extensive route network served 121 different locations, spanning 42 U.S. states, the District of Columbia, and the Commonwealth of Puerto Rico, along with 10 international countries close by. These international desti", "detail": "Interest income $205.0M on $28.06B total revenue (Southwest Airlines Co. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.7% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.7 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 25.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 15, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.7, "thresholdPct": 5, "pass": true, "note": "Interest income $205.0M on $28.06B total revenue (Southwest Airlines Co. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.7% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/LUV/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Southwest Airlines Co. (LUV) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 25.6% of market cap (limit 30%), cash plus interest-bearing securities 15% (limit 30%), impermissible income 0.7% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "LUV latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Southwest%20Airlines%20Co.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Southwest Airlines Co. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Southwest%20Airlines%20Co.&type=10-K", "external": true }, { "label": "Zoya — LUV Shariah compliance", "url": "https://zoya.finance/stocks/luv", "external": true }, { "label": "Musaffa — LUV", "url": "https://musaffa.com/stock/LUV/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Southwest Airlines Co. (LUV) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Southwest Airlines Co. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Southwest Airlines Co. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 25.6% of market cap (limit < 30%); cash plus interest-bearing securities is 15.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Southwest Airlines Co. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Southwest Airlines Co.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 25.6, "cashPct": 15, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 25.6, "cashPct": 15, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 19.4, "cashPct": 11.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.spus-etf", "question": "Is SP Funds S&P 500 Sharia ETF (SPUS) Halal?", "entityName": "SP Funds S&P 500 Sharia ETF (SPUS)", "verdict": "halal", "verdictLabel": "Halal", "answer": "SPUS is Shariah-compliant by design. It tracks a Shariah-screened version of the S&P 500 — holding the constituents that pass sector and AAOIFI financial-ratio screens (around 200+ companies), weighted by market cap — under the supervision of a Shariah board. It is the closest thing to a 'halal S&P 500'. As with any screened fund, a small residual amount of non-compliant income remains, which the fund discloses as a purification ratio (recently ~2% of dividends) for investors to donate.", "analysis": "SPUS is, in effect, the answer to the 'is the S&P 500 halal?' question. SP Funds built it to track a Shariah-screened version of the S&P 500: start with the index, then remove every company in an impermissible sector (conventional finance, alcohol, gambling, tobacco, adult entertainment) and every company that breaches the AAOIFI financial-ratio limits on interest-bearing debt and interest income. What remains — a little over 200 companies, weighted by market cap and tilted toward large-cap technology — is the compliant subset, and that is what you own when you buy SPUS.\n\nWhat makes it genuinely halal rather than merely marketed as such is the governance. A Shariah supervisory board reviews and approves the screening methodology before it is applied, audits the holdings on an ongoing basis, and — crucially — publishes a purification ratio. No screened equity fund is perfectly pure, because even compliant companies earn a little interest on their cash; the honest, scholarly approach is to disclose that residual and tell investors how much to donate. SPUS's purification ratio has recently run around 2% of dividends.\n\nThe practical trade-offs are cost and concentration. SPUS charges roughly 0.49% versus 0.03% for a conventional S&P 500 fund, and because screening removes financials and over-leveraged names, the portfolio is more concentrated and more technology-heavy than the headline index. For most Muslim investors seeking passive, diversified U.S. large-cap exposure, that is a reasonable price for compliance — and it is why SPUS, alongside Wahed's HLAL, is one of the two default building blocks of a halal U.S. equity portfolio. Apply the purification ratio, avoid margin and short-selling, and treat it as a long-term holding.", "analysisWordCount": 274, "conditions": null, "purificationNote": "SPUS holds screened companies that still earn small amounts of incidental interest on corporate cash, so the fund publishes an annual purification ratio (recently around 2% of distributions). Donate that percentage of your dividends to charity to cleanse the residual non-compliant income — our purification calculator automates the math.", "url": "https://www.halalwallet.ca/is-it-halal/spus-etf", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/spus-etf.md", "entityType": "fintech_product", "ticker": "SPUS", "exchange": "NYSE Arca", "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": true, "activity": "A passive ETF (listed Dec 2019, NYSE Arca) tracking a Shariah-screened version of the S&P 500: it holds the S&P 500 companies that pass the S&P Dow Jones Shariah sector and financial-ratio screens, weighted by market cap. Top holdings are large-cap technology names (Apple, Nvidia, Microsoft, Amazon, Meta).", "detail": "Companies in impermissible sectors (conventional finance, alcohol, gambling, tobacco, adult entertainment) and those breaching AAOIFI debt/interest-income limits are removed. A Shariah supervisory board reviews and approves the methodology and audits holdings; the fund publishes an annual purification ratio for the small residual non-compliant income.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "SP Funds Shariah Supervisory Board", "position": "Reviews and approves the S&P Dow Jones Shariah screening methodology, audits the portfolio, and certifies SPUS as Shariah-compliant, with a published purification ratio for residual income.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Mainstream view", "position": "A Shariah-screened index ETF that removes impermissible sectors, applies AAOIFI/S&P ratio screens, and provides purification guidance is permissible passive exposure for Muslim investors (subject to performing the purification and avoiding leverage/short-selling).", "url": "https://aaoifi.com", "note": null } ], "sources": [ { "label": "SP Funds — SPUS S&P 500 Sharia ETF (methodology, Shariah board, purification)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "AAOIFI Shariah Standard No. 21 (investment in shares)", "url": "https://aaoifi.com", "external": true }, { "label": "Wahed — what makes an ETF halal (standard S&P 500 ETFs are not)", "url": "https://www.wahed.com/blog/what-makes-an-etf-halal", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Halal Stock Screeners Compared", "url": "/investing/stock-screeners", "external": false }, { "label": "SPUS vs HLAL — Halal ETF Comparison", "url": "/spus-vs-hlal", "external": false } ], "faqs": [ { "question": "Is SPUS halal?", "answer": "Yes. SPUS (SP Funds S&P 500 Sharia ETF) tracks a Shariah-screened version of the S&P 500 — only the constituents that pass the sector and AAOIFI financial-ratio screens — and is supervised by a Shariah board. It is widely treated as the 'halal S&P 500'. Apply the fund's published purification ratio (recently ~2% of dividends) to cleanse residual income." }, { "question": "Is SPUS a good halal alternative to VOO or SPY?", "answer": "Yes — that is exactly its purpose. SPUS gives you screened S&P 500 exposure with the conventional banks, insurers, and over-leveraged companies removed, plus Shariah board oversight and a purification ratio. The trade-off is a higher expense ratio (around 0.49% vs VOO's 0.03%) and a more concentrated, tech-tilted portfolio of ~200+ names." }, { "question": "Do I need to purify dividends from SPUS?", "answer": "Yes, a small amount. Even screened companies earn incidental interest on cash, so SP Funds publishes an annual purification ratio (recently around 2% of distributions). You donate that percentage of your dividends to charity. Our purification calculator does the math from your holding." } ] }, { "id": "verdict.spy-etf", "question": "Is SPDR S&P 500 ETF (SPY) Halal?", "entityName": "SPDR S&P 500 ETF (SPY)", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "SPY tracks the same standard S&P 500 as VOO, so the same ruling applies: it holds conventional banks, insurers, and companies breaching the Shariah debt/interest limits, and it earns interest on cash, making the fund itself not Shariah-compliant. For screened large-cap U.S. exposure use SPUS (screened S&P 500) or HLAL.", "analysis": "SPY is the oldest and most heavily traded S&P 500 ETF, but for a Muslim investor it raises exactly the same issue as VOO: it tracks the standard, unscreened S&P 500. That means it holds the index in full — conventional banks whose business is interest, insurers, and companies whose debt or interest income exceeds the AAOIFI limits — and it earns interest on its cash. Because there is no Shariah screen and no purification at the fund level, SPY as a whole is not Shariah-compliant.\n\nAs with VOO, this is not a verdict that the S&P 500 is 'mostly haram' — most of its constituents pass screening individually, and the largest holdings are permissible technology companies. The problem is structural: an index fund buys the whole basket, non-compliant names and interest income included, and you cannot carve those out yourself once you own the fund.\n\nThe remedy is the same screened alternative. SPUS gives you a Shariah-screened S&P 500, and HLAL gives you broader screened U.S. exposure; both are supervised by Shariah boards, apply AAOIFI-style screens, and publish purification ratios. If you specifically want the liquidity profile traders like in SPY, note that the compliance question is about holdings, not trading volume — and the screened funds solve the holdings problem.", "analysisWordCount": 212, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/spy-etf", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/spy-etf.md", "entityType": "fintech_product", "ticker": "SPY", "exchange": "NYSE Arca", "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": false, "activity": "The original and most-traded S&P 500 index ETF (State Street SPDR), replicating the unscreened S&P 500 by market cap.", "detail": "Identical Shariah issue to any unscreened S&P 500 fund: it holds conventional banks, insurers, and companies that fail the AAOIFI business or ratio screens, and it earns interest on cash. The non-compliant holdings and interest income make the fund as a whole non-compliant, even though most constituents pass screening individually.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Mainstream AAOIFI-aligned view", "position": "A conventional, unscreened S&P 500 fund such as SPY is not permissible — it includes impermissible sectors (conventional banking, insurance) and over-leveraged companies and earns interest.", "url": "https://www.wahed.com/blog/what-makes-an-etf-halal", "note": null }, { "source": "Practical alternative", "position": "SPUS tracks a Shariah-screened S&P 500; HLAL offers broader screened U.S. exposure. Both remove the non-compliant companies and handle purification.", "url": "https://www.sp-funds.com/spus/", "note": null } ], "sources": [ { "label": "Wahed — what makes an ETF halal (standard S&P 500 ETFs are not)", "url": "https://www.wahed.com/blog/what-makes-an-etf-halal", "external": true }, { "label": "AAOIFI Shariah Standard No. 21 (investment in shares)", "url": "https://aaoifi.com", "external": true }, { "label": "SP Funds — SPUS S&P 500 Sharia ETF (methodology, Shariah board, purification)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Halal Stock Screeners Compared", "url": "/investing/stock-screeners", "external": false }, { "label": "SPUS vs HLAL — Halal ETF Comparison", "url": "/spus-vs-hlal", "external": false } ], "faqs": [ { "question": "Is SPY halal?", "answer": "No. SPY is an unscreened S&P 500 ETF, so like VOO it holds conventional banks, insurers, and companies breaching the interest-based debt and income limits, and it earns interest on cash. The fund as a whole is not Shariah-compliant. Use SPUS or HLAL for screened exposure." }, { "question": "What is the difference between SPY and SPUS for a Muslim investor?", "answer": "SPY tracks the full, unscreened S&P 500 and is not halal. SPUS tracks a Shariah-screened version of the S&P 500 — the same index with non-compliant companies removed — and is scholar-supervised with a published purification ratio, making it the halal substitute." } ] }, { "id": "verdict.spotify-stock", "question": "Is Spotify Technology Stock Halal?", "entityName": "Spotify Technology S.A.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Spotify Technology S.A. (SPOT) does not pass Shariah screening: its core business fails the activity screen (Spotify fails the Shariah business-activity screen because its core, revenue-dominant business is the streaming, distrib). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Spotify is a case where the financial numbers pass but the business itself does not. On the quantitative screens Spotify is clean — interest-bearing debt is roughly 0.1% of market capitalization and interest income about 1.4% of revenue, both comfortably inside AAOIFI limits. If a stock were judged on ratios alone, Spotify would pass. But Shariah screening applies the business-activity test first, and that is where Spotify fails: its core, revenue-dominant business is the streaming, distribution, and monetization of music.\n\nThe permissibility of music is a genuine area of scholarly difference. The majority and traditional position restricts musical instruments and commercial music, while a minority of scholars permit music subject to its content. The major Shariah screeners follow the majority view, which is why Zoya, the Al Rajhi-standard screen (Yaqeen), and others classify Spotify as non-compliant — building a company whose primary purpose is to distribute and monetize music is treated as an impermissible core activity regardless of the specific tracks involved.\n\nBecause of this, Spotify does not appear in Shariah-screened funds such as SPUS or HLAL, and we classify it as not Shariah-compliant in line with the majority scholarly position and the screener consensus. Investors who follow the minority view permitting music should still note that this is a business-activity question, not a financial one — and may wish to consult a scholar they trust. Those seeking compliant technology exposure can find many software, hardware, and internet names that pass both the business and financial screens.", "analysisWordCount": 247, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/spotify-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/spotify-stock.md", "entityType": "stock", "ticker": "SPOT", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Spotify's core, revenue-dominant business is the streaming, distribution, and monetization of music and podcasts, delivered worldwide through paid Premium and Ad-Supported segments that offer on-demand access to a large music catalog.", "detail": "Spotify fails the Shariah business-activity screen because its core, revenue-dominant business is the streaming, distribution, and monetization of music. The majority scholarly position treats commercial music as impermissible, and the leading Shariah screeners classify music-streaming companies as non-compliant on the business-activity screen regardless of the financial ratios. Notably, Spotify's financial ratios actually pass on our screen (interest-bearing debt around 0.1% of market cap and interest income around 1.4% of revenue, both within limits) — but the business-activity screen is applied first, and it fails there. A minority of scholars permit music; under that view the question would turn on the financial screens. This page follows the majority/screener position.", "impermissibleRevenuePct": 1.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 10.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.4, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-13. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://zoya.finance/stocks/spot", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-13. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null }, { "source": "Zoya", "position": "Classifies SPOT as NOT Shariah-compliant under its AAOIFI-based methodology — music streaming is the core business activity.", "url": "https://zoya.finance/stocks/spot", "note": null }, { "source": "Yaqeen (Al Rajhi Shariah standard)", "position": "Rates SPOT non-compliant (غير شرعي): although debt (2.4%) and interest revenue (1.28%) are within limits, music streaming as the primary business is impermissible under the majority scholarly view.", "url": "https://yaaqen.com/stocks/SPOT", "note": null }, { "source": "halal.sh", "position": "Classifies Spotify as non-compliant for content distribution (music) — the financial screens pass but the core business activity fails.", "url": "https://halal.sh/blog/is-netflix-stock-halal/", "note": null } ], "sources": [ { "label": "SPOT latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Spotify%20Technology%20S.A.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Spotify Technology S.A. 20-F / annual filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=SPOT&type=20-F", "external": true }, { "label": "Zoya — SPOT Shariah compliance status (not compliant)", "url": "https://zoya.finance/stocks/spot", "external": true }, { "label": "Yaqeen (Al Rajhi Shariah standard) — SPOT non-compliant (music streaming)", "url": "https://yaaqen.com/stocks/SPOT", "external": true }, { "label": "halal.sh — Spotify non-compliant for music content distribution", "url": "https://halal.sh/blog/is-netflix-stock-halal/", "external": true } ], "faqs": [ { "question": "Is Spotify Technology S.A. (SPOT) stock halal?", "answer": "No. Spotify Technology S.A. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Spotify Technology S.A. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 0.1% of market cap (limit < 30%); cash plus interest-bearing securities is 10.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Spotify Technology S.A. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Spotify Technology S.A. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.starbucks-stock", "question": "Is Starbucks Stock Halal?", "entityName": "Starbucks Corporation", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Starbucks Corporation (SBUX) passes the screens we can compute (data as of 2026-03-29) — interest-bearing debt / market cap 13.0%, cash + interest-bearing securities / market cap 1.5%, impermissible income / total revenue 0.3% — but one screen requires case-by-case judgment. It is not held by Shariah-screened ETFs SPUS or HLAL.", "analysis": "Starbucks sells coffee, tea, food, and packaged beverages, which is a permissible business. Its fiscal 2025 revenue of $37.2 billion comes overwhelmingly from company-operated stores (about 83%) and licensed stores (about 12%), with the rest from its Channel Development packaged-products business. The business-activity screen is largely clean, with a couple of minor exceptions worth knowing.\n\nOn alcohol, Starbucks once ran a 'Starbucks Evenings' program serving beer and wine, but it was discontinued company-wide around 2017; today only the small number of Starbucks Reserve Roastery locations serve alcohol, and that revenue is immaterial and not separately disclosed. Some breakfast food items contain pork. Neither category is broken out in the filings, and both are a small slice of overall sales, the situation in which AAOIFI-style screens typically allow the stock with dividend purification.\n\nThe sticking point for Starbucks is more likely financial than product-based. The company is in the S&P 500 but does not appear in SPUS as of June 11, 2026, and is also absent from HLAL. Starbucks carries negative book equity after years of debt-funded buybacks, and leverage is a frequent reason large consumer names fail Shariah financial screens, but SPUS does not publish a per-stock explanation, so the precise cause cannot be confirmed. A Muslim investor should treat Starbucks as currently outside both major US Shariah funds and check a live screener, paying particular attention to the leverage ratios, before relying on any verdict.", "analysisWordCount": 236, "conditions": "Our computed AAOIFI financial-ratio screen passes on the latest filing data, but both major U.S. Shariah-screened ETFs — SPUS (S&P Shariah methodology) and HLAL (FTSE Shariah methodology) — exclude Starbucks Corporation from their holdings as of our June 2026 check, even though it is in their parent indices. Professional screens apply filing-level business-activity analysis (alcohol, pork, tobacco, or media revenue share) and different ratio bases that an automated ratio screen cannot replicate. That divergence usually signals an impermissible-revenue question. Treat this as unresolved until the segment revenue in the latest annual filing is verified line by line.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/starbucks-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/starbucks-stock.md", "entityType": "stock", "ticker": "SBUX", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-29", "businessScreen": { "pass": true, "activity": "Starbucks Corporation is a roaster, marketer, and retailer of specialty coffee, operating through company-operated and licensed stores across North America and International segments plus a Channel Development business. Per its fiscal 2025 10-K (year ended September 28, 2025), total net revenues were $37,184.4 million; company-operated stores accounted for about 83% of revenue and licensed stores about 12%, with the remainder in other (packaged/single-serve products and royalties).", "detail": "Selling coffee, tea, food, and related products is permissible. Shariah-relevant notes: (1) Starbucks historically ran a 'Starbucks Evenings' program serving beer and wine, which was discontinued company-wide around 2017; a limited amount of alcohol is still served at Starbucks Reserve Roastery locations, and this alcohol revenue is not separately disclosed and is immaterial. (2) Some food items contain pork (for example certain bacon/sausage breakfast sandwiches), not separately disclosed. (3) Starbucks earns interest income (interest income and other, net was $113.3M in fiscal 2025 per the 10-K) and carries interest expense ($542.6M), reported outside operating revenue. Starbucks is an S&P 500 constituent but is absent from SPUS as of 2026-06-11; the company reports negative shareholders' equity from debt-funded buybacks, a common cause of Shariah leverage-screen failure, but SPUS does not publish the reason.", "impermissibleRevenuePct": 0.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 13, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.3, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "SBUX latest quarterly filing (balance sheet 2026-03-29)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Starbucks%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Starbucks FY2025 10-K (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-20250928.htm", "external": true }, { "label": "Starbucks FY2025 Annual Report (company IR PDF)", "url": "https://s203.q4cdn.com/326826266/files/doc_financials/2025/ar/Starbucks-Corporation_2025-Annual-Report-Web-Ready.pdf", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Starbucks Corporation (SBUX) stock halal?", "answer": "Starbucks Corporation is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does Starbucks Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-29: interest-bearing debt is 13.0% of market cap (limit < 30%); cash plus interest-bearing securities is 1.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Starbucks Corporation held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Starbucks Corporation is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-29", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 13, "cashPct": 1.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 13, "cashPct": 1.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 49.4, "cashPct": 5.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.stellantis-stock", "question": "Is Stellantis Stock Halal?", "entityName": "Stellantis N.V.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Stellantis N.V. (STLA) does not pass Shariah screening: interest-bearing debt / market cap is 279.4% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 197.8% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Stellantis N.V. operates as a global automotive powerhouse, specializing in the conceptualization, development, production, and worldwide distribution of passenger cars, light commercial vehicles, internal combustion engines, sophisticated transmission setups, metal components, and manufacturing systems. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 279.4% versus the < 30% limit; cash + interest-bearing securities / market cap at 197.8% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 175, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/stellantis-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/stellantis-stock.md", "entityType": "stock", "ticker": "STLA", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Stellantis N.V. operates as a global automotive powerhouse, specializing in the conceptualization, development, production, and worldwide distribution of passenger cars, light commercial vehicles, internal combustion engines, sophisticated transmission setups, metal components, and manufacturing systems. Its extensive product portfolio features a broad spectrum of passenger automobiles, ranging from luxury and premium segments to mainstream offerings, alongside robust pickup trucks, versatile sp", "detail": "Interest income $1.43B on $180.30B total revenue (Stellantis N.V. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.8% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.8 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 279.4, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 197.8, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.8, "thresholdPct": 5, "pass": true, "note": "Interest income $1.43B on $180.30B total revenue (Stellantis N.V. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.8% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/STLA/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Stellantis N.V. (STLA) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 279.4% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "STLA latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Stellantis%20N.V.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Stellantis N.V. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Stellantis%20N.V.&type=10-K", "external": true }, { "label": "Zoya — STLA Shariah compliance", "url": "https://zoya.finance/stocks/stla", "external": true }, { "label": "Musaffa — STLA", "url": "https://musaffa.com/stock/STLA/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Stellantis N.V. (STLA) stock halal?", "answer": "No. Stellantis N.V. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Stellantis N.V. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 279.4% of market cap (limit < 30%); cash plus interest-bearing securities is 197.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Stellantis N.V. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 279.4, "cashPct": 197.8, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 279.4, "cashPct": 197.8, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 23.1, "cashPct": 16.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.strategy-stock", "question": "Is Strategy (MicroStrategy) Stock Halal?", "entityName": "Strategy (MicroStrategy)", "verdict": "scholars_differ", "verdictLabel": "Scholars Differ", "answer": "Strategy (MicroStrategy) (MSTR) passes the screens we can compute (data as of 2026-03-31) — interest-bearing debt / market cap 22.3%, cash + interest-bearing securities / market cap 6.0% — but the impermissible income / total revenue could not be fully verified from public data and needs filing-level confirmation. It is not held by Shariah-screened ETFs SPUS or HLAL.", "analysis": "Strategy (the company formerly known as MicroStrategy) is the hardest 'is it halal?' question among large-cap U.S. stocks, and the honest answer is that qualified people disagree. Here is why it is genuinely contested rather than simply borderline.\n\nMechanically, MSTR still files as a software company — its legacy analytics business is permissible — and its interest-bearing debt-to-market-cap ratio can pass the AAOIFI 30% screen in quarters when the stock trades at a large premium to the value of its Bitcoin. That is why a purely quantitative screener will sometimes stamp it 'compliant.' But the ratio is the wrong lens for what this company actually is. With software generating only about half a billion dollars in revenue while the company holds 800,000+ Bitcoin worth tens of billions, MSTR is, in substance, a leveraged Bitcoin treasury. It funds Bitcoin purchases with interest-bearing convertible notes and perpetual preferred stock yielding roughly 9–11% — financing instruments that many scholars treat as riba.\n\nSo the disagreement runs on two axes. First, the financing: investors who weight the substance over the headline ratio see a business built on interest-bearing leverage and exclude it. Second, the asset: even scholars who accept the company's structure must accept Bitcoin itself, whose permissibility is independently debated. A Muslim who considers Bitcoin permissible and applies a strict quantitative screen might tolerate MSTR in a compliant quarter; a Muslim who weights the riba-based financing, or who considers Bitcoin impermissible, would avoid it outright. We present it as scholars-differ because flattening it into a single yes/no would misrepresent the state of the question. If you want Bitcoin exposure, holding spot Bitcoin directly (subject to your view on crypto) avoids the interest-bearing-leverage objection that makes MSTR specifically problematic.", "analysisWordCount": 285, "conditions": "Treat any 'compliant' reading as fragile and dated: it depends on (1) the interest-bearing debt-to-market-cap ratio staying under 30%, which moves with a volatile, premium-driven share price, and (2) your own view that Bitcoin is permissible. If you accept both, purify the impermissible-income share of any gains. If you weight the interest-bearing convertible notes and high-yield perpetual preferred stock as riba-based financing, or consider Bitcoin impermissible, avoid the stock. Do not use margin or options on the position.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/strategy-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/strategy-stock.md", "entityType": "stock", "ticker": "MSTR", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Strategy (formerly MicroStrategy, ticker MSTR) runs a legacy enterprise-analytics software business that now generates only about $0.5 billion in annual revenue, but the company has reinvented itself as the world's largest corporate Bitcoin treasury, holding roughly 800,000+ BTC. It funds Bitcoin purchases primarily through interest-bearing convertible senior notes (billions outstanding at low coupons) and high-yield perpetual preferred stock (dividend yields around 9–11%).", "detail": "Strategy is a genuinely contested case rather than a clean pass or fail. The legacy software business is permissible, and the company's interest-bearing debt-to-market-cap ratio can sit under the AAOIFI 30% line in quarters when the stock trades at a large premium to its Bitcoin holdings — which is why ratio-based screeners sometimes mark it compliant. The substantive objections are: (1) the company's defining activity is now a leveraged Bitcoin-accumulation strategy financed by interest-bearing convertible notes and fixed-dividend preferred stock, instruments many scholars view as riba-based; (2) Bitcoin's own permissibility is itself debated among scholars; and (3) the permissible software business is no longer the economic core. Investors who consider the underlying financing or the crypto exposure impermissible would avoid it; those who accept Bitcoin and apply purely quantitative ratio screens may treat it as conditionally compliant.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 22.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": null, "note": "Not determinative — this verdict is set by another screen / scholarly assessment, so the impermissible-income line does not change the outcome." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-14. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-14. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null }, { "source": "Ratio-based screeners (e.g., Zoya)", "position": "Screen MSTR on AAOIFI-style financial ratios. The verdict can read compliant in quarters when interest-bearing debt-to-market-cap sits under 30%, with the standard caveat that incidental impermissible income must be purified. Because the ratio is measured against a volatile, premium-driven market cap, the result can flip quarter to quarter.", "url": "https://zoya.finance/stocks/mstr", "note": null }, { "source": "Substance-based / conservative view", "position": "Many scholars and conservative reviewers object that the company's defining activity is a leveraged Bitcoin treasury funded by interest-bearing convertible notes and ~9–11% perpetual preferred stock. On this view the model fails the spirit of the riba and business-activity screens regardless of the headline debt ratio, and the permissible legacy software business is too small to define the company.", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=MSTR&type=10-K", "note": null }, { "source": "Bitcoin-permissibility caveat", "position": "Even setting aside the financing structure, MSTR is effectively a leveraged proxy for Bitcoin. Scholars who consider Bitcoin itself impermissible (because it lacks intrinsic value or is primarily speculative) would reject the stock on that ground alone; those who accept Bitcoin as a tradable asset remove this particular objection but still face the riba-financing concern.", "url": "https://www.sp-funds.com/spus/", "note": null } ], "sources": [ { "label": "MSTR latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Strategy%20Inc&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Strategy (MicroStrategy) 10-K and capital-structure disclosures (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=MSTR&type=10-K", "external": true }, { "label": "Zoya — MSTR Shariah screening (ratio-based)", "url": "https://zoya.finance/stocks/mstr", "external": true } ], "faqs": [ { "question": "Is Strategy (MicroStrategy) (MSTR) stock halal?", "answer": "Strategy (MicroStrategy) is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does Strategy (MicroStrategy) pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 22.3% of market cap (limit < 30%); cash plus interest-bearing securities is 6.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Strategy (MicroStrategy) held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Strategy (MicroStrategy) is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 22.3, "cashPct": 6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 22.3, "cashPct": 6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 15.1, "cashPct": 4.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.suncor-energy-stock", "question": "Is Suncor Energy Stock Halal?", "entityName": "Suncor Energy Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Suncor Energy Inc. (SU.TO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 9.9% of market cap and cash plus interest-bearing securities 3.2% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETF WSHR, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Suncor Energy currently sits on the compliant side of the ledger for most major screening services. Producing, upgrading, refining, and selling oil is a permissible business, and Suncor passes the quantitative screens as well: Zoya and Musaffa both publicly classify the stock as Shariah-compliant based on its latest financial reports, it appears in the Wealthsimple Shariah World Equity Index ETF (WSHR) holdings, and it is a constituent of the S&P/TSX 60 Shariah index.\n\nTwo nuances are worth knowing. First, Suncor's Petro-Canada chain includes convenience stores that, like gas-station retail generally, sell items such as tobacco and lottery tickets alongside fuel; Suncor does not break out revenue at that level, and screening bodies have evidently treated this as incidental within a fuel-dominated retail business. Second, energy is a capital-intensive industry, so Suncor's debt ratios, while currently within screening thresholds according to the public screener verdicts, can shift with commodity cycles and the share price.\n\nFor a Canadian Muslim investor wanting large-cap TSX energy exposure with a dividend, Suncor is one of the names that currently clears independent screening from multiple directions. The standard discipline still applies: verify the live compliance status on a screening app before buying, purify the small impermissible-income portion of dividends as your app calculates, and re-check quarterly.", "analysisWordCount": 210, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/suncor-energy-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/suncor-energy-stock.md", "entityType": "stock", "ticker": "SU.TO", "exchange": "TSX", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Suncor Energy is an integrated energy company headquartered in Calgary, with reporting segments for Oil Sands, Exploration and Production, and Refining and Marketing. Its operations span oil sands development, production and upgrading (including the wholly owned Fort Hills project), offshore oil production, petroleum refining in Canada and the U.S., and the Petro-Canada retail and wholesale fuel distribution network.", "detail": "Oil and gas production and refining are permissible business activities. Suncor's Petro-Canada retail network includes convenience stores at fuel stations, which, like convenience retail generally, can involve sales of tobacco and lottery products; Suncor does not disclose revenue at that category level, and fuel dominates the retail business. The principal quantitative consideration is interest-bearing debt typical of capital-intensive energy companies, which should be checked on a current screener; both Zoya and Musaffa currently classify the stock as compliant, and it is held in WSHR.", "impermissibleRevenuePct": 0.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 9.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.4, "thresholdPct": 5, "pass": true, "note": "Interest income $192.0M on $48.91B total revenue (Suncor Energy Inc. FY2025 (fiscal year ended 2025-12-31, annual report (SEDAR+))) = 0.4% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Wealthsimple Shariah World Equity Index ETF (WSHR)", "position": "Held in WSHR as of 2026-06-11 — passed the Shariah screen applied by the index provider.", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "note": null }, { "url": null, "note": null }, { "url": null, "note": null }, { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Verify current SPUS schedule before citing as held (reference SOI 2026-02-28).", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Verify current HLAL holdings before citing as held (reference 2026-06-05).", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null } ], "sources": [ { "label": "SU.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Suncor Investor Relations", "url": "https://www.suncor.com/en-ca/investors", "external": true }, { "label": "Zoya screener page for SU", "url": "https://zoya.finance/stocks/su", "external": true }, { "label": "Musaffa screener page for SU.TO", "url": "https://musaffa.com/stock/SU.TO/", "external": true }, { "label": "WSHR holdings list (Wealthsimple)", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "external": true }, { "label": "S&P/TSX 60 Shariah index page (spglobal.com)", "url": "https://www.spglobal.com/spdji/en/indices/equity/sp-tsx-60-shariah-index/", "external": true } ], "faqs": [ { "question": "Is Suncor Energy Inc. (SU.TO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Suncor Energy Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Suncor Energy Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 9.9% of market cap (limit < 30%); cash plus interest-bearing securities is 3.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Suncor Energy Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Suncor Energy Inc. is held by WSHR. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Suncor Energy Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 9.9, "cashPct": 3.2, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 9.9, "cashPct": 3.2, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 10.9, "cashPct": 3.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.sunrun-stock", "question": "Is Sunrun Stock Halal?", "entityName": "Sunrun Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Sunrun Inc. (RUN) does not pass Shariah screening: interest-bearing debt / market cap is 481.2% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Sunrun Inc. is a company operating in the United States that specializes in providing comprehensive residential solar energy solutions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 481.2% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 170, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/sunrun-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/sunrun-stock.md", "entityType": "stock", "ticker": "RUN", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Sunrun Inc. is a company operating in the United States that specializes in providing comprehensive residential solar energy solutions. Their services encompass the entire lifecycle of a solar system, from initial design and development through installation, sales, ongoing ownership, and maintenance. In addition to complete solar energy systems, Sunrun also offers individual components like solar panels and racking equipment. They further enhance their offerings by integrating battery storage ca", "detail": "Interest income not separately material in the annual filing (Sunrun Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 1.8 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 481.2, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 22.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Sunrun Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/RUN/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Sunrun Inc. (RUN) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 481.2% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "RUN latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Sunrun%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Sunrun Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Sunrun%20Inc.&type=10-K", "external": true }, { "label": "Zoya — RUN Shariah compliance", "url": "https://zoya.finance/stocks/run", "external": true }, { "label": "Musaffa — RUN", "url": "https://musaffa.com/stock/RUN/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Sunrun Inc. (RUN) stock halal?", "answer": "No. Sunrun Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Sunrun Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 481.2% of market cap (limit < 30%); cash plus interest-bearing securities is 22.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Sunrun Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 481.2, "cashPct": 22.1, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 481.2, "cashPct": 22.1, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 65, "cashPct": 3, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.super-micro-computer-stock", "question": "Is Super Micro Computer Stock Halal?", "entityName": "Super Micro Computer, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Super Micro Computer, Inc. (SMCI) does not pass Shariah screening: interest-bearing debt / market cap is 36.9% against the < 30% limit (data as of 2026-03-31). It is independently held by Shariah-screened ETFs SPUS and HLAL, confirming it passes professional screens. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Super Micro's core business is permissible on its face: it designs and assembles servers, storage systems, and the GPU-dense platforms that power AI data centers. With FY2025 net sales of $21,972 million driven by the AI infrastructure boom, there is no prohibited product category and no interest-based lending arm, so Shariah analysis comes down to the balance sheet.\n\nThe item to watch is debt. At June 30, 2025 the company carried about $4,645 million of convertible notes (plus smaller term loans and credit lines), which are interest-bearing instruments that count toward the debt-ratio tests Shariah screens apply, partly offset by a sizable $5,170 million cash balance. Whether the company passes a leverage screen depends on how that debt is measured against assets or market value at a given date. There is also a non-Shariah caveat worth flagging for investors: Super Micro went through auditor turnover and delayed filings in 2024-2025, which is an accounting-quality and governance concern rather than a permissibility question, but it affects the reliability of the very numbers a screener relies on.\n\nOn the professional evidence, Super Micro currently passes: it is held by both major US Shariah ETFs, appearing in SPUS (about 0.04% of the fund as of June 11, 2026) and in HLAL's SEC-filed schedule of investments (as of February 28, 2026). Inclusion in both funds, under two different index methodologies, is meaningful corroboration as of those dates. Given the volatility of this stock and its debt, a Muslim investor should still confirm the live status in a screener before buying.", "analysisWordCount": 256, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/super-micro-computer-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/super-micro-computer-stock.md", "entityType": "stock", "ticker": "SMCI", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Super Micro Computer, Inc. designs and manufactures high-performance servers, storage systems, and data-center infrastructure, including GPU/AI server platforms. Per its FY2025 10-K (fiscal year ended June 30, 2025), net sales were $21,972 million (cost of sales $19,542 million). The company held $5,170 million of cash and cash equivalents at year-end.", "detail": "Super Micro's business, designing and building servers, storage, and AI/data-center hardware, is a permissible activity with no haram product lines and no interest-based lending operation. The principal financial-ratio item is the balance sheet: at June 30, 2025 the company had $4,645 million of convertible notes outstanding (plus small term loans and lines of credit), interest-bearing debt that screeners weigh against debt thresholds, partly offset by a large $5,170 million cash position. No material recurring financing/interest income line was separately verified for this brief (null). Separately (not a Shariah-screen factor per se but relevant context), Super Micro experienced auditor turnover and delayed SEC filings in 2024-2025; that is a governance/accounting-quality issue rather than an impermissible-activity issue.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 36.9, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Super Micro Computer, Inc. FY2025 (fiscal year ended 2025-06-30, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-11 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "SMCI latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Super%20Micro%20Computer%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Super Micro FY2025 10-K statements of operations (net sales) (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/R6.htm", "external": true }, { "label": "Super Micro FY2025 10-K consolidated balance sheets (cash, convertible notes) (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/R3.htm", "external": true }, { "label": "Super Micro FY2025 10-K (SEC EDGAR primary document)", "url": "https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Super Micro Computer, Inc. (SMCI) stock halal?", "answer": "No. Super Micro Computer, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Super Micro Computer, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 36.9% of market cap (limit < 30%); cash plus interest-bearing securities is 7.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Super Micro Computer, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Super Micro Computer, Inc. is held by SPUS and HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 36.9, "cashPct": 7, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 36.9, "cashPct": 7, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 28.8, "cashPct": 5.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.synchrony-financial-stock", "question": "Is Synchrony Financial Stock Halal?", "entityName": "Synchrony Financial", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Synchrony Financial (SYF) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Financial - Credit Services\" / sector \"Financial Services\" pattern-matches a prohibited core business), and interest-bearing debt / market cap is 66.6% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 83.3% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 118.2% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Synchrony Financial, along with its various subsidiaries, functions as a leading provider of consumer financial services across the United States. Core business: Financial - Credit Services (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, Synchrony Financial's balance-sheet ratios also fall outside AAOIFI's financial limits — interest-bearing debt 66.6% of market cap (limit 30%), cash plus interest-bearing securities 83.3% (limit 30%), impermissible income 118.2% of revenue (limit 5%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, SYF is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 210, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/synchrony-financial-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/synchrony-financial-stock.md", "entityType": "stock", "ticker": "SYF", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Synchrony Financial, along with its various subsidiaries, functions as a leading provider of consumer financial services across the United States. The company offers a comprehensive range of credit products, encompassing diverse credit card options such as private label, co-branded, and general-purpose cards, alongside commercial credit solutions and consumer installment loans for both short and long durations. Additionally, Synchrony provides consumer banking services, including a variety of de", "detail": "Core business: Financial - Credit Services (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": 96.6 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 66.6, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 83.3, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 118.2, "thresholdPct": 5, "pass": false, "note": "Interest income $22.60B on $19.12B total revenue (Synchrony Financial FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 118.2% — above AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/SYF/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Synchrony Financial (SYF) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "SYF latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Synchrony%20Financial&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Synchrony Financial SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Synchrony%20Financial&type=10-K", "external": true }, { "label": "Zoya — SYF Shariah compliance", "url": "https://zoya.finance/stocks/syf", "external": true }, { "label": "Musaffa — SYF", "url": "https://musaffa.com/stock/SYF/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Synchrony Financial (SYF) stock halal?", "answer": "No. Synchrony Financial fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Synchrony Financial pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 66.6% of market cap (limit < 30%); cash plus interest-bearing securities is 83.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Synchrony Financial held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.synopsys-stock", "question": "Is Synopsys Stock Halal?", "entityName": "Synopsys, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Synopsys, Inc. (SNPS) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-04-30) interest-bearing debt is 11.5% of market cap and cash plus interest-bearing securities 2.9% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Synopsys, Inc. is a leading provider of electronic design automation (EDA) software, instrumental in the creation and validation of integrated circuits. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-04-30: interest-bearing debt is 11.5% of market cap, cash plus interest-bearing securities 2.9%, and filing-verified impermissible income 3.9% (Interest income $277.7M on $7.05B total revenue (Synopsys, Inc. FY2025 (fiscal year ended 2025-10-31, Form 10-K)) = 3.9%…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 184, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/synopsys-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/synopsys-stock.md", "entityType": "stock", "ticker": "SNPS", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-04-30", "businessScreen": { "pass": true, "activity": "Synopsys, Inc. is a leading provider of electronic design automation (EDA) software, instrumental in the creation and validation of integrated circuits. The company offers a robust portfolio of platforms, including the Fusion Design Platform for digital implementation, and the comprehensive Verification Continuum Platform. The latter provides a suite of solutions such as virtual prototyping, static and formal verification, simulation, emulation, and FPGA-based prototyping with integrated debuggi", "detail": "Interest income $277.7M on $7.05B total revenue (Synopsys, Inc. FY2025 (fiscal year ended 2025-10-31, Form 10-K)) = 3.9% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 3.9 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 11.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 3.9, "thresholdPct": 5, "pass": true, "note": "Interest income $277.7M on $7.05B total revenue (Synopsys, Inc. FY2025 (fiscal year ended 2025-10-31, Form 10-K)) = 3.9% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/SNPS/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Synopsys, Inc. (SNPS) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 11.5% of market cap (limit 30%), cash plus interest-bearing securities 2.9% (limit 30%), impermissible income 3.9% of revenue (limit 5%) on 2026-04-30 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "SNPS latest quarterly filing (balance sheet 2026-04-30)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Synopsys%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Synopsys, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Synopsys%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — SNPS Shariah compliance", "url": "https://zoya.finance/stocks/snps", "external": true }, { "label": "Musaffa — SNPS", "url": "https://musaffa.com/stock/SNPS/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Synopsys, Inc. (SNPS) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Synopsys, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-04-30). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Synopsys, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 11.5% of market cap (limit < 30%); cash plus interest-bearing securities is 2.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Synopsys, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Synopsys, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-04-30", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 11.5, "cashPct": 2.9, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 11.5, "cashPct": 2.9, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 21.4, "cashPct": 5.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.sysco-stock", "question": "Is Sysco Stock Halal?", "entityName": "Sysco Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Sysco Corporation (SYY) does not pass Shariah screening: interest-bearing debt / market cap is 37.4% against the < 30% limit (data as of 2026-03-28). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Sysco Corporation (SYY) stands as a prominent distributor and marketer of food and related goods, primarily serving the \"food-away-from-home\" sector across global markets, including the United States, Canada, the United Kingdom, and France. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-28): interest-bearing debt / market cap at 37.4% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 184, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/sysco-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/sysco-stock.md", "entityType": "stock", "ticker": "SYY", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-28", "businessScreen": { "pass": true, "activity": "Sysco Corporation (SYY) stands as a prominent distributor and marketer of food and related goods, primarily serving the \"food-away-from-home\" sector across global markets, including the United States, Canada, the United Kingdom, and France. The company structures its operations across several key divisions: U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other segments. The extensive inventory includes a wide variety of food items. These range from frozen products s", "detail": "Interest income not separately material in the annual filing (Sysco Corporation FY2025 (fiscal year ended 2025-06-28, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 37.4, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Sysco Corporation FY2025 (fiscal year ended 2025-06-28, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/SYY/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Sysco Corporation (SYY) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 37.4% against a 30% limit on 2026-03-28 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "SYY latest quarterly filing (balance sheet 2026-03-28)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Sysco%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Sysco Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Sysco%20Corporation&type=10-K", "external": true }, { "label": "Zoya — SYY Shariah compliance", "url": "https://zoya.finance/stocks/syy", "external": true }, { "label": "Musaffa — SYY", "url": "https://musaffa.com/stock/SYY/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Sysco Corporation (SYY) stock halal?", "answer": "No. Sysco Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Sysco Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-28: interest-bearing debt is 37.4% of market cap (limit < 30%); cash plus interest-bearing securities is 5.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Sysco Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-28", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 37.4, "cashPct": 5, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 37.4, "cashPct": 5, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 50.6, "cashPct": 6.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.t-mobile-us-stock", "question": "Is T-Mobile US Stock Halal?", "entityName": "T-Mobile US, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "T-Mobile US, Inc. (TMUS) does not pass Shariah screening: interest-bearing debt / market cap is 42.0% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "T-Mobile US, Inc., alongside its subsidiaries, offers mobile telecommunications services across the United States, Puerto Rico, and the U.S. Virgin Islands. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 42.0% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 172, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/t-mobile-us-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/t-mobile-us-stock.md", "entityType": "stock", "ticker": "TMUS", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "T-Mobile US, Inc., alongside its subsidiaries, offers mobile telecommunications services across the United States, Puerto Rico, and the U.S. Virgin Islands. Catering to approximately 108.7 million subscribers, the company delivers essential voice, messaging, and data connectivity to customers in postpaid, prepaid, and wholesale segments. Beyond services, T-Mobile also supplies a broad array of wireless devices, such as smartphones, wearables, tablets, and other mobile communication gadgets, alon", "detail": "Interest income not separately material in the annual filing (T-Mobile US, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0.3 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 42, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (T-Mobile US, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/TMUS/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates T-Mobile US, Inc. (TMUS) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 42% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "TMUS latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=T-Mobile%20US%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "T-Mobile US, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=T-Mobile%20US%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — TMUS Shariah compliance", "url": "https://zoya.finance/stocks/tmus", "external": true }, { "label": "Musaffa — TMUS", "url": "https://musaffa.com/stock/TMUS/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is T-Mobile US, Inc. (TMUS) stock halal?", "answer": "No. T-Mobile US, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does T-Mobile US, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 42.0% of market cap (limit < 30%); cash plus interest-bearing securities is 1.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is T-Mobile US, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 42, "cashPct": 1.7, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 42, "cashPct": 1.7, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 40.1, "cashPct": 1.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.taiwan-semiconductor-manufacturing-company-limited-stock", "question": "Is Taiwan Semiconductor Manufacturing Stock Halal?", "entityName": "Taiwan Semiconductor Manufacturing Company Limited", "verdict": "halal", "verdictLabel": "Halal", "answer": "Taiwan Semiconductor Manufacturing Company Limited (TSM) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 1.6% of market cap and cash plus interest-bearing securities 5.0% — both inside the 30% AAOIFI thresholds. It is not held by Shariah-screened ETFs SPUS or HLAL. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "TSMC's business is manufacturing chips for other companies, full stop. Its 2025 results show NT$3,809 billion (roughly US$122 billion) of revenue earned from foundry services, with 58% tied to high-performance computing (the AI buildout) and 29% to smartphones. There is no prohibited industry exposure in the revenue base, so Shariah analysis comes down to financial ratios: like most cash-rich companies, TSMC earns some interest income on its large cash and investment balances, which screeners measure against the AAOIFI tolerance of roughly 5% of revenue, along with low debt ratios.\n\nThe most useful professional signal we can verify: the Amana Growth Fund, run by Saturna Capital exclusively under Islamic investment principles, holds TSM ADRs as its single largest position, 7.3% of the fund, as of February 27, 2026. A dedicated Islamic fund making TSM its top holding is strong evidence that it passes institutional Shariah screening. TSM's absence from SPUS and HLAL is not a contrary signal, because those funds track US-only indexes that a Taiwanese company cannot enter regardless of compliance.\n\nFor a Muslim investor, TSM is generally regarded as one of the cleaner large-cap names available: a permissible core business, conservative balance sheet, and verifiable inclusion in professional Islamic portfolios. As with all names, the ratio-based part of compliance is a moving target, so confirm the current status in a live screener before investing.", "analysisWordCount": 225, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/taiwan-semiconductor-manufacturing-company-limited-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/taiwan-semiconductor-manufacturing-company-limited-stock.md", "entityType": "stock", "ticker": "TSM", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Taiwan Semiconductor Manufacturing Company (NYSE ADR: TSM) is the world's largest dedicated semiconductor foundry, manufacturing chips for customers across high-performance computing, smartphone, IoT, automotive, and consumer markets. Per its 2025 annual results (annual report and SEC-furnished consolidated statements), 2025 consolidated net revenue was NT$3,809.05 billion (about US$122 billion per company IR), up 31.6% from 2024, with net income of NT$1,717.88 billion; high-performance computing accounted for 58% of 2025 revenue and smartphones 29%.", "detail": "Contract chip manufacturing is a permissible business with no haram product lines. TSMC holds large cash and investment balances and reports interest income within non-operating items in its IFRS financial statements; the specific 2025 interest income figure was not verified for this brief (null rather than estimated). TSM is not eligible for the S&P 500 Shariah or FTSE USA Shariah indexes (it is a Taiwanese company), so its absence from SPUS and HLAL is a universe issue, not a screen failure. Notably, Saturna Capital's Amana Growth Fund, which invests only per Islamic principles, held TSM ADRs as its largest position (7.3% of net assets) as of 2026-02-27, which is direct evidence of a professional Islamic screen pass.", "impermissibleRevenuePct": 2.5 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 1.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 2.5, "thresholdPct": 5, "pass": true, "note": "Interest income NT$94.3B on NT$3,848.5B total revenue (TSMC FY2025 Form 20-F, fiscal year ended 2025-12-31) = 2.5% — under 5%. Amounts in New Taiwan dollars as reported." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null }, { "source": "Amana/Saturna", "position": "Amana Growth Fund (managed under Islamic investment principles by Saturna Capital) held Taiwan Semiconductor ADS as its largest holding, 7.3% of net assets, as of 2026-02-27.", "url": "https://www.saturna.com/fund/amana-growth", "note": null } ], "sources": [ { "label": "TSM latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Taiwan%20Semiconductor%20Manufacturing%20Company%20Limited&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "TSMC 2025 Annual Report (company IR)", "url": "https://investor.tsmc.com/static/annualReports/2025/english/index.html", "external": true }, { "label": "TSMC 2025 Q4 consolidated financial statements (SEC EDGAR, 6-K)", "url": "https://www.sec.gov/Archives/edgar/data/1046179/000104617926000024/a2025q4consolidatedreport-.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Taiwan Semiconductor Manufacturing Company Limited (TSM) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Taiwan Semiconductor Manufacturing Company Limited passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Taiwan Semiconductor Manufacturing Company Limited pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 1.6% of market cap (limit < 30%); cash plus interest-bearing securities is 5.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Taiwan Semiconductor Manufacturing Company Limited held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Taiwan Semiconductor Manufacturing Company Limited is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." }, { "question": "Do I need to purify dividends from Taiwan Semiconductor Manufacturing Company Limited?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 1.6, "cashPct": 5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 1.6, "cashPct": 5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 12.2, "cashPct": 39.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.take-two-interactive-software-stock", "question": "Is Take-Two Interactive Software Stock Halal?", "entityName": "Take-Two Interactive Software, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Take-Two Interactive Software, Inc. (TTWO) does not pass Shariah screening: its core business fails the activity screen (Take-Two Interactive (TTWO) publishes Grand Theft Auto, NBA 2K, and other AAA games — gaming is the dominant revenue lin). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Take-Two Interactive (TTWO) publishes Grand Theft Auto, NBA 2K, and other AAA games — gaming is the dominant revenue line; Musaffa/Zoya commonly classify game publishers as non-compliant.\n\nOur verdict rests primarily on the business-activity screen: Take-Two Interactive (TTWO) publishes Grand Theft Auto, NBA 2K, and other AAA games — gaming is the dominant revenue line; Musaffa/Zoya commonly classify game publishers as non-compliant. Financial ratios alone cannot cure a failed activity screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 158, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/take-two-interactive-software-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/take-two-interactive-software-stock.md", "entityType": "stock", "ticker": "TTWO", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Established in 1993 and headquartered in New York, New York, Take-Two Interactive Software, Inc. is a global leader in the development, publishing, and marketing of interactive entertainment experiences for consumers worldwide. The company's extensive catalog is primarily distributed under its prominent labels: Rockstar Games, 2K, Private Division, and T2 Mobile Games. Rockstar Games is renowned for its action-adventure titles, including iconic franchises like Grand Theft Auto, Red Dead Redempti", "detail": "Take-Two Interactive (TTWO) publishes Grand Theft Auto, NBA 2K, and other AAA games — gaming is the dominant revenue line; Musaffa/Zoya commonly classify game publishers as non-compliant.", "impermissibleRevenuePct": 1.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 6.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.3, "thresholdPct": 5, "pass": true, "note": "Interest income $85.1M on $6.66B total revenue (Take-Two Interactive Software, Inc. FY2026 (fiscal year ended 2026-03-31, Form 10-K)) = 1.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/TTWO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Take-Two Interactive Software, Inc. (TTWO) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "TTWO latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Take-Two%20Interactive%20Software%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Take-Two Interactive Software, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Take-Two%20Interactive%20Software%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — TTWO Shariah compliance", "url": "https://zoya.finance/stocks/ttwo", "external": true }, { "label": "Musaffa — TTWO", "url": "https://musaffa.com/stock/TTWO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Take-Two Interactive Software, Inc. (TTWO) stock halal?", "answer": "No. Take-Two Interactive Software, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Take-Two Interactive Software, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 6.4% of market cap (limit < 30%); cash plus interest-bearing securities is 5.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Take-Two Interactive Software, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 6.4, "cashPct": 5.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 6.4, "cashPct": 5.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 26.8, "cashPct": 21.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.tangerine", "question": "Is Tangerine Halal?", "entityName": "Tangerine", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Tangerine is a conventional bank (Scotiabank subsidiary) — its savings accounts, GICs, mortgages, and lines of credit are interest-based and impermissible. Scholars permit holding a basic chequing account at a conventional bank for transactional necessity; Tangerine's chequing pays small interest on balances, which should be disposed of to charity. For anything beyond day-to-day transactions, compliant alternatives are the answer.", "analysis": "Tangerine is a conventional bank — a Scotiabank subsidiary — and its product menu is mostly interest-based: savings accounts, GICs, mortgages, and lines of credit are all riba instruments with no compliant configuration. The narrow question is whether a Muslim can hold its no-fee chequing account, and here the mainstream answer is yes, on transactional-necessity grounds: a chequing account is a custody-and-payments arrangement, day-to-day banking requires one, and Canada has no full-service Islamic bank to defect to.\n\nTwo disciplines keep that position honest. First, Tangerine's chequing account pays small interest on balances — donate every cent of it without expectation of reward; it never becomes yours. Second, the account must not become a gateway: the same login screen sells GICs and savings accounts relentlessly, and the convenience of \"just moving some money to savings\" is how a permissible transactional account turns into an interest income stream.\n\nUsed as a payments utility only — deposits, bill payments, debit, e-transfers — Tangerine is tolerable the way conventional chequing accounts generally are. Used as designed, it is not.", "analysisWordCount": 175, "conditions": "Chequing for transactional necessity only; donate any interest received without expecting reward; no savings, GICs, mortgages, or credit products.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/tangerine", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/tangerine.md", "entityType": "fintech_product", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Digital bank owned by Scotiabank: chequing (pays small interest), savings, GICs, mortgages, credit cards, lines of credit.", "detail": "Conventional bank across all products; the chequing-for-necessity allowance is the only compliant usage.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Mainstream contemporary position", "position": "Transactional accounts at conventional banks are permitted by necessity; earning or paying interest remains impermissible.", "url": null, "note": null }, { "source": "Stricter position (interest avoidance)", "position": "Tangerine is a conventional bank whose savings accounts, GICs, and credit lines are interest-based; stricter scholars permit only a no-frills chequing account held out of need, and require declining or purifying any interest the bank credits.", "url": null, "note": null } ], "sources": [ { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "Tangerine official site", "url": "https://www.tangerine.ca", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Halal Stock Screeners Compared", "url": "/investing/stock-screeners", "external": false }, { "label": "SPUS vs HLAL — Halal ETF Comparison", "url": "/spus-vs-hlal", "external": false } ], "faqs": [ { "question": "Can I keep my Tangerine chequing account?", "answer": "For day-to-day transactions, yes per the necessity allowance — donate any interest credited to the account and avoid the bank's savings and credit products." }, { "question": "What about Tangerine's savings account and GIC interest?", "answer": "Both pay riba. Don't opt into interest-bearing savings or GICs; if interest is credited automatically, purify it by giving it to charity without intending reward. A fee-free chequing account used purely for transactions is permissible." } ] }, { "id": "verdict.tapestry-stock", "question": "Is Tapestry Stock Halal?", "entityName": "Tapestry, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Tapestry, Inc. (TPR) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-28) interest-bearing debt is 8.0% of market cap and cash plus interest-bearing securities 3.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Tapestry, Inc. is a prominent global fashion house specializing in premium accessories and distinct lifestyle brands. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-28: interest-bearing debt is 8.0% of market cap, cash plus interest-bearing securities 3.6%, and filing-verified impermissible income 0.4% (Interest/investment income $28.9M on $7.01B revenue = 0.4% (FMP as-reported XBRL, interestincomeexpensenet). Verify no o…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 176, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/tapestry-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/tapestry-stock.md", "entityType": "stock", "ticker": "TPR", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-28", "businessScreen": { "pass": true, "activity": "Tapestry, Inc. is a prominent global fashion house specializing in premium accessories and distinct lifestyle brands. It operates internationally, serving customers across the United States, Japan, Greater China, and other markets worldwide. The company's diverse portfolio is structured around three well-known brands: Coach, Kate Spade, and Stuart Weitzman. Tapestry offers an extensive product range catering to women, men, and even includes items for children and home goods. For women, this enco", "detail": "Interest/investment income $28.9M on $7.01B revenue = 0.4% (FMP as-reported XBRL, interestincomeexpensenet). Verify no other impermissible revenue segments in 10-K. (FY2025 (fiscal year ended 2025-06-28, Form 10-K).)", "impermissibleRevenuePct": 0.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.4, "thresholdPct": 5, "pass": true, "note": "Interest/investment income $28.9M on $7.01B revenue = 0.4% (FMP as-reported XBRL, interestincomeexpensenet). Verify no other impermissible revenue segments in 10-K. (FY2025 (fiscal year ended 2025-06-28, Form 10-K).)" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/TPR/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Tapestry, Inc. (TPR) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 8% of market cap (limit 30%), cash plus interest-bearing securities 3.6% (limit 30%), impermissible income 0.4% of revenue (limit 5%) on 2026-03-28 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "TPR latest quarterly filing (balance sheet 2026-03-28)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Tapestry%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Tapestry, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Tapestry%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — TPR Shariah compliance", "url": "https://zoya.finance/stocks/tpr", "external": true }, { "label": "Musaffa — TPR", "url": "https://musaffa.com/stock/TPR/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Tapestry, Inc. (TPR) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Tapestry, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-28). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Tapestry, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-28: interest-bearing debt is 8.0% of market cap (limit < 30%); cash plus interest-bearing securities is 3.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Tapestry, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Tapestry, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-28", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 8, "cashPct": 3.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 8, "cashPct": 3.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 36.8, "cashPct": 16.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.target-stock", "question": "Is Target Stock Halal?", "entityName": "Target Corporation", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Target Corporation (TGT) passes the screens we can compute (data as of 2026-05-02) — interest-bearing debt / market cap 7.6%, cash + interest-bearing securities / market cap 5.9%, impermissible income / total revenue null — but one screen requires case-by-case judgment. It is independently held by Shariah-screened ETF SPUS, confirming it passes professional screens.", "analysis": "Target is a US general-merchandise retailer, and like its peers the Shariah question is about category mix rather than the act of retailing. Its fiscal 2025 net sales were $104.8 billion, led by Food & beverage ($24.1 billion) and household essentials ($18.0 billion). Within that mix, Target sells alcohol and conventional groceries; the alcohol portion is not separately disclosed, so it must be estimated rather than read off the filings.\n\nOne item that is disclosed and worth flagging is Target's 'credit card profit sharing' income of $522 million in fiscal 2025. This is an interest-linked revenue stream from Target's arrangement with TD Bank on the Target-branded card portfolio, and although it is only about half a percent of net sales, it is exactly the kind of interest-derived income that AAOIFI-based screens weigh against their tolerance and that investors purify from dividends.\n\nDespite both the alcohol category and the credit-card profit-sharing income, Target is currently held by SPUS as of June 11, 2026, which means it passes the S&P 500 Shariah Industry Exclusions methodology and the fund's debt-to-market-cap screen at that date. It is not in HLAL, but HLAL's index selects a different constituent set, so absence there is not a contrary verdict. For a Muslim investor, Target currently screens as compliant under the SPUS methodology, with the honest caveats that some impermissible revenue (alcohol, card profit-sharing) exists, dividend purification applies, and status should be re-checked in a live screener.", "analysisWordCount": 239, "conditions": "Target's core business (general retail) is permissible and its financial ratios are within AAOIFI limits, but it earns incidental revenue from alcohol, tobacco and lottery sales that is not separately broken out in its filings. Treat as conditional: confirm impermissible revenue remains under the 5% AAOIFI limit (or rely on a screener that estimates it), and purify the proportional share of dividends.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/target-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/target-stock.md", "entityType": "stock", "ticker": "TGT", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-05-02", "businessScreen": { "pass": true, "activity": "Target Corporation is a US general-merchandise retailer operating stores and Target.com. Per its fiscal 2025 results (year ended January 31, 2026), total net sales were $104,780 million, of which merchandise sales were $102,717M across categories: Food & beverage $24,136M, Household essentials $18,017M, Hardlines $15,800M, Apparel & accessories $15,737M, Home furnishings & décor $15,608M, Beauty $13,214M, and other $205M. Net sales also include advertising revenue $915M, credit card profit sharing $522M, and other $626M.", "detail": "Two Shariah-relevant items are factually disclosed in Target's filings. (1) Target sells alcohol and conventional grocery/food categories; alcohol revenue is not separately broken out within the Food & beverage category, so its share is not quantifiable from filings. (2) Target explicitly reports 'credit card profit sharing' income of $522 million in fiscal 2025, an interest-linked revenue stream arising from its arrangement with TD Bank Group on the Target-branded credit/debit card portfolio; this is approximately 0.5% of net sales. Despite the alcohol category and the credit-card profit-sharing income, Target IS currently held by SPUS (33,355 shares as of 2026-06-11), indicating it passes the S&P 500 Shariah Industry Exclusions methodology and debt screen as of that date; it is not in HLAL.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 7.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": true, "note": "Interest income is immaterial (net interest expense $445M, FY2025; 'net other income' $95M is non-interest). The residual screening question is incidental alcohol/tobacco/lottery retail revenue, which Target does not break out — see conditions." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-11 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "TGT latest quarterly filing (balance sheet 2026-05-02)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Target%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Target FY2025 10-K, Item 8 financial statements (company IR)", "url": "https://corporate.target.com/investors/annual/2025-annual-report/10-k-report/10-k-part-ii/item-8-financial-statements-and-supplementary-data", "external": true }, { "label": "Target Q4/Full-Year 2025 earnings release (company IR PDF)", "url": "https://corporate.target.com/getmedia/f08a045c-17f0-4a85-a504-b127a7a111ed/Target-Corporation-Reports-Fourth-Quarter-and-Full-Year-2025-Earnings.pdf", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Target Corporation (TGT) stock halal?", "answer": "Target Corporation is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does Target Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-02: interest-bearing debt is 7.6% of market cap (limit < 30%); cash plus interest-bearing securities is 5.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Target Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Target Corporation is held by SPUS. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-05-02", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 7.6, "cashPct": 5.9, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 7.6, "cashPct": 5.9, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 26.6, "cashPct": 6.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.tc-energy-stock", "question": "Is TC Energy Stock Halal?", "entityName": "TC Energy Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "TC Energy Corporation (TRP.TO) does not pass Shariah screening: interest-bearing debt / market cap is 61.1% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "TC Energy Corporation functions as a leading energy infrastructure enterprise across North America. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 61.1% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 164, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/tc-energy-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/tc-energy-stock.md", "entityType": "stock", "ticker": "TRP.TO", "exchange": "TSX", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "TC Energy Corporation functions as a leading energy infrastructure enterprise across North America. Its comprehensive operations are organized into five primary divisions: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, and Power and Storage. The company boasts an extensive 93,300 km natural gas pipeline network designed to move natural gas from its source basins to various destinations such as local distribution companies, electricity", "detail": "Interest income only — verify other impermissible revenue lines in the 10-K", "impermissibleRevenuePct": 1.4 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 61.1, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.4, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/TRP.TO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates TC Energy Corporation (TRP.TO) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 61.1% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "TRP.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "TC Energy Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=TC%20Energy%20Corporation&type=10-K", "external": true }, { "label": "Musaffa — TRP.TO", "url": "https://musaffa.com/stock/TRP.TO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is TC Energy Corporation (TRP.TO) stock halal?", "answer": "No. TC Energy Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does TC Energy Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 61.1% of market cap (limit < 30%); cash plus interest-bearing securities is 1.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is TC Energy Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 61.1, "cashPct": 1.1, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 61.1, "cashPct": 1.1, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 51.2, "cashPct": 0.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.telus-stock", "question": "Is TELUS Stock Halal?", "entityName": "TELUS Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "TELUS Corporation (T.TO) does not pass Shariah screening: interest-bearing debt / market cap is 109.9% against the < 30% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs WSHR. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "TELUS operates in a permissible industry. Wireless and home-internet service, business connectivity, and its newer ventures in digital health and agricultural technology all clear the business-activity screen without difficulty. Internationally, telecom carriers are a staple of Shariah-screened portfolios, and Wealthsimple's WSHR ETF holds several foreign carriers, but TELUS itself is not among its published holdings.\n\nThe sticking point for TELUS, as for BCE, is the balance sheet. Canadian telecom is a capital-intensive oligopoly in which networks are financed with substantial interest-bearing debt, and debt ratios are the screen most likely to trip a carrier under AAOIFI-style methodologies. A definitive, citable public screener verdict for TELUS could not be verified in this research, so rather than assert a status, the honest guidance is to run T.TO through Zoya or Musaffa at the moment of decision and rely on the live result.\n\nIf TELUS screens out on debt, the situation is the ratio-based kind that can change over time rather than a permanent exclusion. Investors drawn to its dividend should monitor compliance status quarterly, and in the meantime weigh screened alternatives on the TSX in sectors where leverage is structurally lighter.", "analysisWordCount": 189, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/telus-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/telus-stock.md", "entityType": "stock", "ticker": "T.TO", "exchange": "TSX", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "TELUS Corporation is a national Canadian telecommunications company providing mobile, internet, TV, and security services to consumers and businesses, alongside technology businesses in health (TELUS Health) and agriculture and consumer goods data. It reports through a technology solutions segment and a digital customer-experience segment (TELUS Digital, formerly TELUS International).", "detail": "Telecommunications and the associated health and agri-food technology businesses are permissible activities. The Shariah-screening concern for TELUS, as for BCE, is quantitative: heavy interest-bearing debt from network capital programs and acquisitions. No specific ratio figures are asserted here, and a public screener verdict URL for T.TO could not be verified during this research; investors should check the live status on Zoya or Musaffa directly.", "impermissibleRevenuePct": 0.3 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 109.9, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.3, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Wealthsimple Shariah World Equity Index ETF (WSHR)", "position": "Not held in WSHR as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "note": null }, { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/T.TO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates TELUS Corporation (T.TO) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 109.9% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "T.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "TELUS Investor Relations", "url": "https://www.telus.com/en/about/investor-relations", "external": true }, { "label": "WSHR holdings list (Wealthsimple)", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "external": true }, { "label": "TELUS Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=TELUS%20Corporation&type=10-K", "external": true }, { "label": "Musaffa — T.TO", "url": "https://musaffa.com/stock/T.TO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is TELUS Corporation (T.TO) stock halal?", "answer": "No. TELUS Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does TELUS Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 109.9% of market cap (limit < 30%); cash plus interest-bearing securities is 5.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is TELUS Corporation held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, TELUS Corporation is not held by WSHR. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 109.9, "cashPct": 5, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 109.9, "cashPct": 5, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 48.6, "cashPct": 2.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.teradyne-stock", "question": "Is Teradyne Stock Halal?", "entityName": "Teradyne, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Teradyne, Inc. (TER) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-29) interest-bearing debt is 0.0% of market cap and cash plus interest-bearing securities 0.4% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Teradyne, Inc., established in 1960 and headquartered in North Reading, Massachusetts, is a global leader specializing in the creation, production, sale, and maintenance of automated testing solutions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-29: interest-bearing debt is 0.0% of market cap, cash plus interest-bearing securities 0.4%, and filing-verified impermissible income 0.6% (Interest income $18.9M on $3.19B total revenue (Teradyne, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.6% …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 191, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/teradyne-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/teradyne-stock.md", "entityType": "stock", "ticker": "TER", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-29", "businessScreen": { "pass": true, "activity": "Teradyne, Inc., established in 1960 and headquartered in North Reading, Massachusetts, is a global leader specializing in the creation, production, sale, and maintenance of automated testing solutions. The company's operations are categorized into four principal divisions: 1. Semiconductor Test: This segment delivers solutions for testing microchips at both the wafer and finished device package stages. These capabilities serve a wide array of sectors, including automotive, industrial, telecommun", "detail": "Interest income $18.9M on $3.19B total revenue (Teradyne, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.6% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.5 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.6, "thresholdPct": 5, "pass": true, "note": "Interest income $18.9M on $3.19B total revenue (Teradyne, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.6% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/TER/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Teradyne, Inc. (TER) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 0% of market cap (limit 30%), cash plus interest-bearing securities 0.4% (limit 30%), impermissible income 0.6% of revenue (limit 5%) on 2026-03-29 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "TER latest quarterly filing (balance sheet 2026-03-29)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Teradyne%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Teradyne, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Teradyne%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — TER Shariah compliance", "url": "https://zoya.finance/stocks/ter", "external": true }, { "label": "Musaffa — TER", "url": "https://musaffa.com/stock/TER/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Teradyne, Inc. (TER) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Teradyne, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-29). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Teradyne, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-29: interest-bearing debt is 0.0% of market cap (limit < 30%); cash plus interest-bearing securities is 0.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Teradyne, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Teradyne, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-29", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0, "cashPct": 0.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0, "cashPct": 0.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 0.4, "cashPct": 5.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.tesla-stock", "question": "Is Tesla Stock Halal?", "entityName": "Tesla, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Tesla, Inc. (TSLA) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 0.6% of market cap and cash plus interest-bearing securities 3.0% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETFs SPUS and HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Tesla's primary business - designing, building and selling electric vehicles, battery storage and solar products - is permissible manufacturing activity. The Shariah review focuses on the financial services wrapped around that business: Tesla discloses automotive leasing revenue, facilitates interest-bearing vehicle loans for customers, and runs Tesla Insurance, a conventional insurance offering reported within services and other. These are real but relatively small slices of a company whose revenue is dominated by vehicle and energy product sales, and screeners evaluate whether they stay within the standard impermissible-income tolerance (typically 5% of revenue under AAOIFI-style screens). Tesla does not break out insurance revenue separately, so screeners estimate it.\n\nAs of June 11, 2026, the documented third-party picture is uniformly positive: Tesla is held by both SPUS (S&P Shariah screen, 2.97% weight) and HLAL (FTSE Shariah screen, 3.32% weight), and both Zoya and Musaffa publicly rate it compliant/halal under AAOIFI-based methodologies. That alignment across four independent screens is a strong signal that Tesla currently passes both the business-activity and financial-ratio tests under the major standards.\n\nOn the financial side, Tesla's debt is low relative to its large market value and it holds significant cash that earns interest - so the usual purification of a small portion of returns applies for incidental interest income and the financing/insurance slices. The compliance risks to monitor are growth of the financing and insurance businesses relative to total revenue (if Tesla expands captive lending or insurance materially, the business-screen math changes) and quarter-to-quarter ratio drift, since compliance status is reassessed against each new financial report.", "analysisWordCount": 257, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/tesla-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/tesla-stock.md", "entityType": "stock", "ticker": "TSLA", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Tesla designs, manufactures and sells electric vehicles and energy systems. Its 10-K reports two segments: Automotive (vehicle sales, automotive regulatory credits, and automotive leasing) and Energy Generation and Storage (Megapack, Powerwall, solar). A services and other category includes used-vehicle sales, parts, Supercharging, insurance services and merchandise.", "detail": "The compliance-relevant lines are financial: Tesla discloses an automotive leasing revenue line (direct vehicle leasing), offers conventional interest-bearing vehicle financing to customers through financing partners and its own programs, and operates Tesla Insurance (conventional insurance, reported within services and other). Tesla also earns interest income on its cash. The insurance and financing components are not broken out as separate revenue figures beyond the leasing line - the insurance share is not separately disclosed in filings. Core vehicle and energy sales raise no business-screen issues.", "impermissibleRevenuePct": 1.8 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.8, "thresholdPct": 5, "pass": true, "note": "Interest/investment income $1.68B on $94.83B revenue = 1.8% (FMP as-reported XBRL, investmentincomeinterest). Verify no other impermissible revenue segments in 10-K." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-11 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund.", "url": "https://funds.wahedinvest.com/", "note": null }, { "source": "Zoya", "position": "Zoya's public stock page rates TSLA Shariah-compliant under its AAOIFI-based screen (checked 2026-06-11).", "url": "https://zoya.finance/stocks/tsla", "note": null }, { "source": "Musaffa", "position": "Musaffa's public stock page classifies TSLA as HALAL under its AAOIFI-based methodology, as of May 2026.", "url": "https://musaffa.com/stock/TSLA/", "note": null } ], "sources": [ { "label": "TSLA latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Tesla%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Tesla 10-K filings - SEC EDGAR (CIK 0001318605)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001318605&type=10-K", "external": true }, { "label": "SPUS holdings (sp-funds.com, table dated 06/11/2026)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL fund page with official Holdings link (funds.wahedinvest.com)", "url": "https://funds.wahedinvest.com/", "external": true }, { "label": "Zoya public compliance page for TSLA", "url": "https://zoya.finance/stocks/tsla", "external": true }, { "label": "Musaffa public compliance page for TSLA", "url": "https://musaffa.com/stock/TSLA/", "external": true } ], "faqs": [ { "question": "Is Tesla, Inc. (TSLA) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Tesla, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Tesla, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 0.6% of market cap (limit < 30%); cash plus interest-bearing securities is 3.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Tesla, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Tesla, Inc. is held by SPUS and HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Tesla, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.6, "cashPct": 3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.6, "cashPct": 3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 6.4, "cashPct": 31.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.texas-instruments-stock", "question": "Is Texas Instruments Stock Halal?", "entityName": "Texas Instruments Incorporated", "verdict": "halal", "verdictLabel": "Halal", "answer": "Texas Instruments Incorporated (TXN) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 5.1% of market cap and cash plus interest-bearing securities 1.9% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Texas Instruments is one of the cleanest large-cap names for halal investors. Its entire business is designing and manufacturing analog and embedded-processing chips — the small, foundational semiconductors inside cars, factory equipment, phones, and appliances. That is a straightforwardly permissible industrial-technology activity with no alcohol, gambling, tobacco, or conventional-finance exposure, which is why every major screener — Zoya, Musaffa, HalalStocks, and HalalSignalz — independently classifies TXN as halal.\n\nThe financial ratios are equally comfortable. TI carries very low interest-bearing debt relative to its market value, holds a modest cash position, and reports essentially zero non-compliant interest income (HalalStocks shows 0.00%). That means purification on dividends is negligible in practice, though investors following a strict methodology can still donate any small reported share.\n\nThe practical takeaway: TXN passes both the business and financial screens with a wide margin. The only routine maintenance is re-checking the debt and cash ratios after new quarterly filings, since those move with the share price, and avoiding margin or options on the position.", "analysisWordCount": 167, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/texas-instruments-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/texas-instruments-stock.md", "entityType": "stock", "ticker": "TXN", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Texas Instruments designs, manufactures, and sells analog and embedded-processing semiconductors used in industrial, automotive, personal-electronics, and communications equipment. Per its 10-K, revenue comes almost entirely from chip sales across its Analog and Embedded Processing segments — a fully permissible industrial-technology activity.", "detail": "No alcohol, gambling, tobacco, conventional-finance, or other prohibited revenue lines are disclosed. Interest income on TI's corporate cash and investments is negligible — HalalStocks.co.uk reports 0.00% non-compliant interest income and our screen shows it rounding to ~0%, far under the 5% AAOIFI threshold. Any small dividend purification is minimal in practice.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 5.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.3, "thresholdPct": 5, "pass": true, "note": "Other income & expense (OI&E), net was $230M on $17.68B revenue (FY2025 10-K) = 1.3% — a conservative upper bound (OI&E is predominantly interest income); well under 5%." } ], "scholarPositions": [ { "source": "Zoya", "position": "Classifies TXN as Shariah-compliant under its AAOIFI-based methodology, reviewed at least quarterly.", "url": "https://zoya.finance/stocks/txn", "note": null }, { "source": "Musaffa", "position": "Classified HALAL as of April 2026 based on AAOIFI business-activity and financial-ratio screens (report source: 2026 Q1).", "url": "https://musaffa.com/stock/TXN/", "note": null }, { "source": "HalalStocks.co.uk", "position": "Rates TXN Halal — 4 of 4 AAOIFI screens passed; debt-to-market-cap 6.2%, cash 2.0%, and 0.00% non-compliant interest income.", "url": "https://halalstocks.co.uk/txn", "note": null } ], "sources": [ { "label": "TXN latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Texas%20Instruments%20Incorporated&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Texas Instruments 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=TXN&type=10-K", "external": true }, { "label": "Zoya — TXN Shariah compliance status", "url": "https://zoya.finance/stocks/txn", "external": true }, { "label": "Musaffa — TXN Shariah status (HALAL)", "url": "https://musaffa.com/stock/TXN/", "external": true }, { "label": "HalalStocks.co.uk — TXN (Halal, 4/4 screens)", "url": "https://halalstocks.co.uk/txn", "external": true } ], "faqs": [ { "question": "Is Texas Instruments Incorporated (TXN) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Texas Instruments Incorporated passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Texas Instruments Incorporated pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 5.1% of market cap (limit < 30%); cash plus interest-bearing securities is 1.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Texas Instruments Incorporated held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Texas Instruments Incorporated?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 5.1, "cashPct": 1.9, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 5.1, "cashPct": 1.9, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 40.9, "cashPct": 14.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.tfsa", "question": "Is TFSA Halal?", "entityName": "TFSA", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Despite the name, a Tax-Free Savings Account is an investment wrapper, not a savings product — and the wrapper itself is fully permissible. The ruling follows the contents: a TFSA holding Shariah-screened stocks or halal ETFs is halal; a TFSA used as an interest-bearing savings account or holding GICs is not. The tax-free treatment of permissible gains raises no Shariah issue.", "analysis": "Despite its name, the Tax-Free Savings Account is an investment wrapper, not a savings product, and the wrapper is fully permissible — tax-free growth is a gift of tax law, not a return generated by lending. The ruling follows the holdings: a TFSA full of screened stocks and halal ETFs is the single most tax-efficient compliant investing vehicle available to Canadian Muslims; a TFSA used the way banks market it — as a high-interest savings account or GIC shelter — is earning riba with a tax exemption on top.\n\nThat marketing is the practical hazard. Banks present \"TFSA\" as a type of savings account paying interest, and millions of Canadians hold them exactly that way. The fix is structural: open the TFSA at a brokerage rather than a bank branch, fund it, and hold only screened investments inside it.\n\nOrder of operations for a Canadian Muslim building compliant wealth: TFSA filled with halal equity ETFs first (tax-free forever, flexible withdrawals), RRSP for the deduction once income justifies it, FHSA if a first home is in view. Same wrapper logic in every case — the container is neutral, the contents carry the ruling.", "analysisWordCount": 192, "conditions": "Hold only Shariah-compliant investments; do not use the TFSA as an interest-bearing savings account or to hold GICs.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/tfsa", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/tfsa.md", "entityType": "service", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Canadian registered account: after-tax contributions, tax-free growth and withdrawals; can hold cash, GICs, stocks, ETFs.", "detail": "Wrapper-level analysis; the holdings decide the ruling.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Mainstream contemporary position", "position": "Registered account wrappers are neutral; permissibility follows the underlying assets.", "url": null, "note": null }, { "source": "Practical guidance from Canadian imams/AMJA", "position": "Scholars advising Canadian Muslims stress that a TFSA holding a high-interest savings account or GIC defeats its purpose Islamically: the tax shelter is lawful, but it must wrap halal assets — screened equities, halal ETFs, or physical gold — rather than interest-bearing cash.", "url": null, "note": null } ], "sources": [ { "label": "AMJA (Assembly of Muslim Jurists of America) resources", "url": "https://www.amjaonline.org", "external": true }, { "label": "Canada Revenue Agency — Tax-Free Savings Account", "url": "https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account.html", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is It Halal? — Quick Reference Hub", "url": "/is-it-halal", "external": false }, { "label": "AMJA (Assembly of Muslim Jurists of America)", "url": "https://www.amjaonline.org", "external": true } ], "faqs": [ { "question": "Is a TFSA savings account halal?", "answer": "A TFSA holding an interest-paying savings deposit is not halal — the interest is riba. The same TFSA holding screened stocks or halal ETFs is fully permissible. The wrapper is neutral; the contents decide." }, { "question": "Can I hold SPUS, HLAL, or a Wealthsimple Halal portfolio inside a TFSA?", "answer": "Yes. A TFSA is only a tax wrapper, so holding SPUS, HLAL, a Wealthsimple Halal Investing portfolio, or screened individual stocks inside it is permissible and the tax-free growth is a lawful benefit. Avoid the TFSA savings-account and GIC versions, which pay interest." } ] }, { "id": "verdict.the-aes-stock", "question": "Is The AES Stock Halal?", "entityName": "The AES Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "The AES Corporation (AES) does not pass Shariah screening: interest-bearing debt / market cap is 296.1% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "The AES Corporation operates as an international enterprise primarily focused on electricity generation and distribution. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 296.1% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 166, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/the-aes-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/the-aes-stock.md", "entityType": "stock", "ticker": "AES", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "The AES Corporation operates as an international enterprise primarily focused on electricity generation and distribution. Its activities involve both the ownership and management of power plants, producing and supplying electricity to a diverse clientele that includes other utility companies, large industrial consumers, and various intermediate purchasers. Beyond generation, AES also functions as a utility provider, managing infrastructure to either produce or acquire, then transmit, distribute,", "detail": "Interest income $287.0M on $12.23B total revenue (The AES Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.3% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.2 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 296.1, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 15.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 2.3, "thresholdPct": 5, "pass": true, "note": "Interest income $287.0M on $12.23B total revenue (The AES Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/AES/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates The AES Corporation (AES) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 296.1% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "AES latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20AES%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "The AES Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20AES%20Corporation&type=10-K", "external": true }, { "label": "Zoya — AES Shariah compliance", "url": "https://zoya.finance/stocks/aes", "external": true }, { "label": "Musaffa — AES", "url": "https://musaffa.com/stock/AES/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is The AES Corporation (AES) stock halal?", "answer": "No. The AES Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does The AES Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 296.1% of market cap (limit < 30%); cash plus interest-bearing securities is 15.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The AES Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 296.1, "cashPct": 15.8, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 296.1, "cashPct": 15.8, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 58.7, "cashPct": 3.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.the-bank-of-nova-scotia-stock", "question": "Is The Bank of Nova Scotia Stock Halal?", "entityName": "The Bank of Nova Scotia", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "The Bank of Nova Scotia (BNS.TO) does not pass Shariah screening: its core business fails the activity screen (Scotiabank's core business is conventional interest-based lending in Canada, Latin America, and other international mark), and interest-bearing debt / market cap is 202.9% against the < 30% limit (data as of 2026-04-30), and impermissible income / total revenue is 78.7% against the < 5% limit (data as of 2026-04-30). It is not held by Shariah-screened ETFs WSHR. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Scotiabank fails Shariah screening for the same fundamental reason as RBC and TD: it is a conventional bank whose business is lending money at interest. In fiscal 2025, net interest income was $21.5 billion out of $37.7 billion in total revenue, about 57 percent, an even higher proportion than at RBC or TD. Scotiabank's distinguishing feature, its large international banking franchise across Latin America and the Caribbean, does not change the analysis, because the international business is conventional interest-based banking too.\n\nUnder the AAOIFI business-activity screen, a company whose primary business is conventional finance is excluded before any financial ratios are checked. Zoya publicly classifies BNS as not Shariah-compliant, and Shariah-screened products available in Canada, such as Wealthsimple's WSHR ETF and the S&P/TSX 60 Shariah index, exclude conventional banks by design.\n\nFor a Canadian Muslim investor, Scotiabank's relatively high dividend yield is sometimes raised as a reason to make an exception, but the screening logic does not allow for one: the dividend is paid out of earnings that are predominantly interest income. Investors seeking TSX income within a screened universe generally look to permissible-sector names that currently pass the financial ratios, verified through a screening app, or to a purpose-built Shariah-compliant fund.", "analysisWordCount": 202, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/the-bank-of-nova-scotia-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/the-bank-of-nova-scotia-stock.md", "entityType": "stock", "ticker": "BNS.TO", "exchange": "TSX", "lastReviewed": "2026-06-14", "dataAsOf": "2026-04-30", "businessScreen": { "pass": false, "activity": "The Bank of Nova Scotia (Scotiabank) is a conventional Canadian bank with significant international operations, reporting through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments. For fiscal 2025 (year ended October 31, 2025) it reported total revenue of $37,741 million, comprising net interest income of $21,522 million and non-interest income of $16,219 million.", "detail": "Scotiabank's core business is conventional interest-based lending in Canada, Latin America, and other international markets. Per its 2025 annual report and Q4 2025 earnings release, net interest income of $21,522 million represented approximately 57% of total fiscal 2025 revenue of $37,741 million, the highest net-interest share among the three banks in this batch. The remainder is predominantly conventional financial-services fee income. This is a categorical business-screen failure under AAOIFI-style screening.", "impermissibleRevenuePct": 78.7 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 202.9, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 6.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 78.7, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Wealthsimple Shariah World Equity Index ETF (WSHR)", "position": "Not held in WSHR as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "note": null }, { "url": null, "note": null }, { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Verify current SPUS schedule before citing as held (reference SOI 2026-02-28).", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Verify current HLAL holdings before citing as held (reference 2026-06-05).", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null } ], "sources": [ { "label": "BNS.TO latest filings on SEDAR+ (balance sheet 2026-04-30)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Scotiabank Q4 2025 Earnings Release (fiscal 2025 results)", "url": "https://www.scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Q425_Quarterly_Press_Release-EN.pdf", "external": true }, { "label": "Scotiabank 2025 Annual Report", "url": "https://www.scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2025/q4/Annual_Report_2025_EN.pdf", "external": true }, { "label": "Zoya screener page for BNS", "url": "https://zoya.finance/stocks/bns", "external": true }, { "label": "WSHR holdings list (Wealthsimple)", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "external": true }, { "label": "S&P Shariah Indices Methodology (spglobal.com)", "url": "https://www.spglobal.com/spdji/pt/documents/methodologies/methodology-sp-shariah-indices.pdf", "external": true } ], "faqs": [ { "question": "Is The Bank of Nova Scotia (BNS.TO) stock halal?", "answer": "No. The Bank of Nova Scotia fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does The Bank of Nova Scotia pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 202.9% of market cap (limit < 30%); cash plus interest-bearing securities is 6.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The Bank of Nova Scotia held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, The Bank of Nova Scotia is not held by WSHR. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.the-boeing-stock", "question": "Is The Boeing Stock Halal?", "entityName": "The Boeing Company", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "The Boeing Company (BA) does not pass Shariah screening: its core business fails the activity screen (Boeing's revenue is from manufacturing aircraft, defense/space systems, and providing services). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Boeing is a case where the harder question is not riba but defense. Its FY2025 revenue of $89,463 million splits across Commercial Airplanes ($41,494 million, about 46%), Defense, Space & Security ($27,234 million, about 30%), and Global Services ($20,923 million, about 23%). Making commercial jets and servicing aircraft are permissible activities, and Boeing does not earn meaningful revenue from interest-based lending. The roughly 30% of revenue from defense, military aircraft, weapons, and space/security systems, is where screeners diverge.\n\nIt is important to be precise here: mainstream AAOIFI business screens do not automatically exclude aerospace or defense companies, so some platforms can pass a defense contractor on activity grounds. But many scholars and values-driven screens do apply a weapons or defense exclusion, treating a meaningful share of weapons revenue as impermissible. This is a genuine methodological disagreement, not a settled ruling, and honest coverage should present it that way rather than declaring a single verdict.\n\nThere is also a separate financial issue: after years of heavy losses and crises, Boeing carries very large interest-bearing debt, which can fail the debt-ratio test that Shariah screens apply regardless of the defense question. Boeing is in the S&P 500 but is absent from SPUS (checked June 11, 2026) and from HLAL (February 28, 2026 holdings); neither fund publishes its reasons, so we cannot attribute the exclusion specifically to debt versus defense. A Muslim investor should both decide how they weigh weapons revenue and check a current screener for the leverage-based status.", "analysisWordCount": 247, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/the-boeing-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/the-boeing-stock.md", "entityType": "stock", "ticker": "BA", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "The Boeing Company designs and manufactures commercial jetliners, defense and space systems, and provides aftermarket services. Per its FY2025 10-K, total revenues were $89,463 million across three operating segments: Commercial Airplanes (BCA) $41,494 million (about 46%), Defense, Space & Security (BDS) $27,234 million (about 30%), and Global Services (BGS) $20,923 million (about 23%). Boeing returned to a net profit of $2,238 million in 2025 (BGS results included a $9,566 million gain on the Digital Aviation Solutions divestiture).", "detail": "Boeing's revenue is from manufacturing aircraft, defense/space systems, and providing services; it does not run a large interest-based lending business (Boeing Capital is immaterial to consolidated revenue). The principal screener-divergence area is defense: the Defense, Space & Security segment generated $27,234 million, roughly 30% of 2025 revenue, including military aircraft, weapons, and space/security systems. Standard AAOIFI business screens do not categorically prohibit aerospace or defense, but many scholars and values-based screens apply weapons/defense exclusions, so coverage of Boeing legitimately diverges by methodology. Boeing also carries very large interest-bearing debt following years of losses and the 737 MAX and other crises, which is a separate financial-ratio concern that can independently fail debt-based screens.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 27.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 12.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": null, "note": "Not determinative — this verdict is set by the business-activity screen, so the impermissible-income line does not change the outcome." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "BA latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Boeing%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Boeing FY2025 10-K segment revenue reconciliation (BCA/BDS/BGS) (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/12927/000162828026004357/R146.htm", "external": true }, { "label": "Boeing FY2025 10-K geographic/total revenue detail (SEC EDGAR XBRL)", "url": "https://www.sec.gov/Archives/edgar/data/12927/000162828026004357/R147.htm", "external": true }, { "label": "Boeing FY2025 10-K (SEC EDGAR primary document)", "url": "https://www.sec.gov/Archives/edgar/data/12927/000162828026004357/ba-20251231.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is The Boeing Company (BA) stock halal?", "answer": "No. The Boeing Company fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does The Boeing Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 27.4% of market cap (limit < 30%); cash plus interest-bearing securities is 12.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The Boeing Company held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, The Boeing Company is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.the-charles-schwab-stock", "question": "Is The Charles Schwab Stock Halal?", "entityName": "The Charles Schwab Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "The Charles Schwab Corporation (SCHW) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Financial - Capital Markets\" / sector \"Financial Services\" pattern-matches a prohibited core business), and cash + interest-bearing securities / market cap is 42.5% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 56.0% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "The Charles Schwab Corporation (SCHW) stands as a prominent financial services enterprise, delivering a comprehensive suite of offerings that encompass wealth management, securities trading and brokerage, banking services, asset administration, custodial solutions, and financial planning advice. Core business: Financial - Capital Markets (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, The Charles Schwab Corporation's balance-sheet ratios also fall outside AAOIFI's financial limits — interest-bearing debt 20.8% of market cap (limit 30%), cash plus interest-bearing securities 42.5% (limit 30%), impermissible income 56% of revenue (limit 5%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, SCHW is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 228, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/the-charles-schwab-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/the-charles-schwab-stock.md", "entityType": "stock", "ticker": "SCHW", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "The Charles Schwab Corporation (SCHW) stands as a prominent financial services enterprise, delivering a comprehensive suite of offerings that encompass wealth management, securities trading and brokerage, banking services, asset administration, custodial solutions, and financial planning advice. Its operations are primarily structured around two core divisions: Investor Services and Advisor Services. The Investor Services segment caters directly to individual retail clients, furnishing a range o", "detail": "Core business: Financial - Capital Markets (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": 56 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 20.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 42.5, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 56, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/SCHW/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates The Charles Schwab Corporation (SCHW) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "SCHW latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Charles%20Schwab%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "The Charles Schwab Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Charles%20Schwab%20Corporation&type=10-K", "external": true }, { "label": "Zoya — SCHW Shariah compliance", "url": "https://zoya.finance/stocks/schw", "external": true }, { "label": "Musaffa — SCHW", "url": "https://musaffa.com/stock/SCHW/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is The Charles Schwab Corporation (SCHW) stock halal?", "answer": "No. The Charles Schwab Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does The Charles Schwab Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 20.8% of market cap (limit < 30%); cash plus interest-bearing securities is 42.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The Charles Schwab Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.the-coca-cola-stock", "question": "Is The Coca-Cola Stock Halal?", "entityName": "The Coca-Cola Company", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "The Coca-Cola Company (KO) passes the screens we can compute (data as of 2026-04-03) — interest-bearing debt / market cap 12.2%, cash + interest-bearing securities / market cap 3.1%, impermissible income / total revenue 1.6% — but one screen requires case-by-case judgment. It is not held by Shariah-screened ETFs SPUS or HLAL.", "analysis": "Coca-Cola is a nonalcoholic-beverage business, and on the surface that is a clean profile for Shariah screening: its fiscal 2025 net operating revenues of $47.9 billion come from selling concentrates and finished soft drinks, juices, water, and coffee across five geographic operating segments. There is no large prohibited-industry revenue line in the core business, so for most screeners the question turns to financial ratios such as leverage and the share of interest-bearing investment income.\n\nThe nuance a careful Muslim investor should know is that Coca-Cola has pushed into alcohol ready-to-drink products through licensing and joint ventures, including Topo Chico Hard Seltzer, the Jack Daniel's & Coca-Cola canned cocktail with Brown-Forman, and Simply Spiked. The company does not break out the revenue from these alcoholic products, so their share cannot be measured from the filings; it appears small relative to the total, which is the range where some scholars permit holding the stock with purification of the corresponding portion of dividends.\n\nAn honest data point is that Coca-Cola is in the S&P 500 but is not held by SPUS as of June 11, 2026, even though its close peer PepsiCo is. SPUS does not disclose stock-level reasons, so it cannot be said whether the exclusion is driven by the alcohol RTD activity, a financial-ratio threshold, or index mechanics. Coca-Cola is also absent from HLAL, which tracks the FTSE USA Shariah index. Investors should treat the screen status as methodology-dependent and confirm it in a live screener before acting.", "analysisWordCount": 247, "conditions": "Our computed AAOIFI financial-ratio screen passes on the latest filing data, but both major U.S. Shariah-screened ETFs — SPUS (S&P Shariah methodology) and HLAL (FTSE Shariah methodology) — exclude The Coca-Cola Company from their holdings as of our June 2026 check, even though it is in their parent indices. Professional screens apply filing-level business-activity analysis (alcohol, pork, tobacco, or media revenue share) and different ratio bases that an automated ratio screen cannot replicate. That divergence usually signals an impermissible-revenue question. Treat this as unresolved until the segment revenue in the latest annual filing is verified line by line.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/the-coca-cola-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/the-coca-cola-stock.md", "entityType": "stock", "ticker": "KO", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-04-03", "businessScreen": { "pass": true, "activity": "The Coca-Cola Company is the world's largest nonalcoholic beverage company, selling concentrates, syrups, and finished sparkling and still beverages. Per its fiscal 2025 results (year ended December 31, 2025; 10-K filed February 20, 2026), consolidated net operating revenues were $47,941 million, reported across operating segments: North America $19,586M, EMEA $11,513M, Latin America $6,334M, Asia Pacific $5,638M, and Bottling Investments $5,735M (Corporate $144M, eliminations $(1,009)M).", "detail": "Coca-Cola's core business is nonalcoholic beverages, a permissible activity. The Shariah-relevant nuance is the company's expansion into alcohol ready-to-drink products through licensing and joint ventures (for example Topo Chico Hard Seltzer, Jack Daniel's & Coca-Cola in partnership with Brown-Forman, and Simply Spiked); the revenue from these alcoholic offerings is not separately disclosed in the company's segment reporting, so its size cannot be quantified from filings. Coca-Cola also earns interest and investment income on its cash and equity-method bottling investments, reported outside operating revenue and not separately verified here. Notably, although Coca-Cola is an S&P 500 constituent, it is absent from the SPUS holdings as of 2026-06-11 while peer PepsiCo is included; SPUS does not publish the reason, so it cannot be stated whether the exclusion reflects the alcohol RTD activity, a financial-ratio screen, or other criteria.", "impermissibleRevenuePct": 1.6 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 12.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.6, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "KO latest quarterly filing (balance sheet 2026-04-03)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Coca-Cola%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Coca-Cola Q4/Full-Year 2025 results (company IR)", "url": "https://investors.coca-colacompany.com/news-events/press-releases/detail/1151/coca-cola-reports-fourth-quarter-and-full-year-2025-results", "external": true }, { "label": "Coca-Cola FY2025 10-K (company IR, SEC filing)", "url": "https://investors.coca-colacompany.com/filings-reports/all-sec-filings/content/0001628280-26-010047/ko-20251231.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is The Coca-Cola Company (KO) stock halal?", "answer": "The Coca-Cola Company is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does The Coca-Cola Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-03: interest-bearing debt is 12.2% of market cap (limit < 30%); cash plus interest-bearing securities is 3.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The Coca-Cola Company held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, The Coca-Cola Company is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-04-03", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 12.2, "cashPct": 3.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 12.2, "cashPct": 3.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 42.1, "cashPct": 10.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.the-est-e-lauder-companies-stock", "question": "Is The Estée Lauder Companies Stock Halal?", "entityName": "The Estée Lauder Companies Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "The Estée Lauder Companies Inc. (EL) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 22.5% of market cap and cash plus interest-bearing securities 9.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "The Estée Lauder Companies Inc. is a global entity dedicated to the development, marketing, and sale of a diverse range of premium beauty and personal care items worldwide. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 22.5% of market cap, cash plus interest-bearing securities 9.6%, and filing-verified impermissible income 0.8% (Interest income $114.0M on $14.29B total revenue (The Estée Lauder Companies Inc. FY2025 (fiscal year ended 2025-06-30, …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 191, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/the-est-e-lauder-companies-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/the-est-e-lauder-companies-stock.md", "entityType": "stock", "ticker": "EL", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "The Estée Lauder Companies Inc. is a global entity dedicated to the development, marketing, and sale of a diverse range of premium beauty and personal care items worldwide. Its extensive product catalog encompasses numerous offerings across four primary categories. For skin care, it provides moisturizers, serums, cleansers, toners, body treatments, exfoliants, acne and oil control solutions, facial masks, specialized cleansing devices, and sun protection. In makeup, consumers can find lipsticks,", "detail": "Interest income $114.0M on $14.29B total revenue (The Estée Lauder Companies Inc. FY2025 (fiscal year ended 2025-06-30, Form 10-K)) = 0.8% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.8 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 22.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 9.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.8, "thresholdPct": 5, "pass": true, "note": "Interest income $114.0M on $14.29B total revenue (The Estée Lauder Companies Inc. FY2025 (fiscal year ended 2025-06-30, Form 10-K)) = 0.8% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/EL/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates The Estée Lauder Companies Inc. (EL) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 22.5% of market cap (limit 30%), cash plus interest-bearing securities 9.6% (limit 30%), impermissible income 0.8% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "EL latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Est%C3%A9e%20Lauder%20Companies%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "The Estée Lauder Companies Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Est%C3%A9e%20Lauder%20Companies%20Inc.&type=10-K", "external": true }, { "label": "Zoya — EL Shariah compliance", "url": "https://zoya.finance/stocks/el", "external": true }, { "label": "Musaffa — EL", "url": "https://musaffa.com/stock/EL/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is The Estée Lauder Companies Inc. (EL) stock halal?", "answer": "Yes, under our AAOIFI-based methodology The Estée Lauder Companies Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does The Estée Lauder Companies Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 22.5% of market cap (limit < 30%); cash plus interest-bearing securities is 9.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The Estée Lauder Companies Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from The Estée Lauder Companies Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 22.5, "cashPct": 9.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 22.5, "cashPct": 9.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 37.2, "cashPct": 15.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.goldman-sachs-stock", "question": "Is The Goldman Sachs Stock Halal?", "entityName": "The Goldman Sachs Group, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "The Goldman Sachs Group, Inc. (GS) does not pass Shariah screening: its core business fails the activity screen (Goldman Sachs fails the Shariah business-activity screen because conventional banking and capital-markets intermediation), and interest-bearing debt / market cap is 238.5% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 64.2% against the < 5% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Goldman Sachs is a clear-cut non-compliant stock, and the reason is the business-activity screen rather than any borderline financial ratio. Goldman is a conventional investment bank: its revenue comes from financing and lending, market-making and trading in interest-bearing instruments and derivatives, advisory and underwriting of conventional debt, and wealth management invested in interest-bearing securities. Every major revenue stream is tied to riba in some form, so the qualitative screen fails at the most fundamental level.\n\nThe financial ratios fail as well — like any bank, Goldman's balance sheet carries enormous interest-bearing liabilities relative to its market capitalization, and its impermissible (interest) income is the bulk of its revenue. But this is the case where ratios do not even matter: when the core business activity is itself prohibited, a company cannot be rescued by its balance sheet.\n\nThis is why Musaffa, HalalScreener, and every mainstream Shariah screen classify Goldman Sachs as not halal, and why it is excluded from Shariah-screened funds such as SPUS and HLAL by design. Muslim investors who want financial-sector exposure should look beyond conventional banks — for example to payment networks such as Visa and Mastercard that earn transaction fees rather than interest, permissible fintech, or Shariah-compliant Islamic banks.", "analysisWordCount": 202, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/goldman-sachs-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/goldman-sachs-stock.md", "entityType": "stock", "ticker": "GS", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "The Goldman Sachs Group is a conventional investment bank and financial-services firm. Its core business is interest-based and conventional financial intermediation across Global Banking & Markets (financing, advisory, market-making, and trading in fixed income, equities, currencies, and commodities), Asset & Wealth Management, and Platform Solutions (consumer platforms, credit cards, and transaction banking).", "detail": "Goldman Sachs fails the Shariah business-activity screen because conventional banking and capital-markets intermediation — built on riba (interest) through lending, fixed-income trading, derivatives, and the structuring of interest-bearing products — is its core business. The financial ratios also fail by wide margins: interest-bearing debt is well over the 30% AAOIFI limit relative to market cap, and impermissible income is far above the 5% revenue limit. When the primary business activity is itself prohibited, the quantitative ratios are moot.", "impermissibleRevenuePct": 64.2 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 238.5, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 64.2, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-13. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-13. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null }, { "source": "Musaffa", "position": "Classified NOT HALAL as of March 2026 — conventional banking/financial-services business fails the AAOIFI activity screen.", "url": "https://musaffa.com/stock/GS/", "note": null }, { "source": "HalalScreener", "position": "Rates GS Not Halal (Grade F) under AAOIFI Standard 21 — primary involvement in conventional banking, a prohibited sector.", "url": "https://halalscreener.app/en/blog/is-goldman-sachs-stock-halal", "note": null } ], "sources": [ { "label": "GS latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Goldman%20Sachs%20Group%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "The Goldman Sachs Group, Inc. 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=GS&type=10-K", "external": true }, { "label": "Musaffa — GS Shariah status (NOT HALAL, Mar 2026)", "url": "https://musaffa.com/stock/GS/", "external": true }, { "label": "HalalScreener — GS Not Halal (Grade F, conventional banking)", "url": "https://halalscreener.app/en/blog/is-goldman-sachs-stock-halal", "external": true } ], "faqs": [ { "question": "Is The Goldman Sachs Group, Inc. (GS) stock halal?", "answer": "No. The Goldman Sachs Group, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does The Goldman Sachs Group, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 238.5% of market cap (limit < 30%); cash plus interest-bearing securities is 2.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The Goldman Sachs Group, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, The Goldman Sachs Group, Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.the-hershey-stock", "question": "Is The Hershey Stock Halal?", "entityName": "The Hershey Company", "verdict": "halal", "verdictLabel": "Halal", "answer": "The Hershey Company (HSY) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-29) interest-bearing debt is 14.5% of market cap and cash plus interest-bearing securities 2.4% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "The Hershey Company, operating with its various subsidiaries, serves as a key manufacturer and distributor of both sweet confections and general household pantry items. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-29: interest-bearing debt is 14.5% of market cap, cash plus interest-bearing securities 2.4%, and filing-verified impermissible income 0.2% (Interest income $28.4M on $11.69B total revenue (The Hershey Company FY2025 (fiscal year ended 2025-12-31, Form 10-K)) =…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 187, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/the-hershey-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/the-hershey-stock.md", "entityType": "stock", "ticker": "HSY", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-29", "businessScreen": { "pass": true, "activity": "The Hershey Company, operating with its various subsidiaries, serves as a key manufacturer and distributor of both sweet confections and general household pantry items. Its market reach extends across the United States and globally. The enterprise strategically divides its operations into three main business segments: North America Confectionery, North America Salty Snacks, and an International division. Its extensive product catalog features a wide array of offerings. This includes various choc", "detail": "Interest income $28.4M on $11.69B total revenue (The Hershey Company FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.2% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 14.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest income $28.4M on $11.69B total revenue (The Hershey Company FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.2% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/HSY/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates The Hershey Company (HSY) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 14.5% of market cap (limit 30%), cash plus interest-bearing securities 2.4% (limit 30%), impermissible income 0.2% of revenue (limit 5%) on 2026-03-29 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "HSY latest quarterly filing (balance sheet 2026-03-29)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Hershey%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "The Hershey Company SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Hershey%20Company&type=10-K", "external": true }, { "label": "Zoya — HSY Shariah compliance", "url": "https://zoya.finance/stocks/hsy", "external": true }, { "label": "Musaffa — HSY", "url": "https://musaffa.com/stock/HSY/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is The Hershey Company (HSY) stock halal?", "answer": "Yes, under our AAOIFI-based methodology The Hershey Company passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-29). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does The Hershey Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-29: interest-bearing debt is 14.5% of market cap (limit < 30%); cash plus interest-bearing securities is 2.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The Hershey Company held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from The Hershey Company?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-29", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 14.5, "cashPct": 2.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 14.5, "cashPct": 2.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 38.7, "cashPct": 6.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.home-depot-stock", "question": "Is The Home Depot Stock Halal?", "entityName": "The Home Depot, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "The Home Depot, Inc. (HD) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-05-03) interest-bearing debt is 14.8% of market cap and cash plus interest-bearing securities 0.5% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Home Depot is a clean case for halal investors. Its business is straightforward retail — selling building materials, tools, appliances, and home-improvement goods to consumers and trade professionals through its big-box stores and website. Retailing permissible goods raises no business-activity concern, so the qualitative screen passes without complication.\n\nThe financial ratios are comfortably inside AAOIFI limits. Home Depot carries moderate interest-bearing debt relative to its market capitalization (well under the 30% threshold), holds very little excess interest-bearing cash, and earns only a tiny amount of interest income — about 0.1% of revenue on our screen, far below the 5% limit. One detail worth knowing: Home Depot's consumer and professional credit-card programs are issued and financed by third-party banks, not on Home Depot's own balance sheet, so they do not turn the retailer into a conventional lender. This is why Zoya, Musaffa, and Muslim Xchange all classify the stock as compliant.\n\nThe practical takeaway: Home Depot passes both screens cleanly today. As always, a pass is dated — ratios move with the share price and new filings — so check the data-as-of date on this page, and purify the small proportional share of any dividends attributable to incidental interest income.", "analysisWordCount": 199, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/home-depot-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/home-depot-stock.md", "entityType": "stock", "ticker": "HD", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-05-03", "businessScreen": { "pass": true, "activity": "The Home Depot is the largest home-improvement retailer in the United States, selling building materials, tools, appliances, and home-improvement products to DIY consumers, professional contractors, and tradespeople through big-box stores and online. Retailing permissible goods is a permissible business activity.", "detail": "Core home-improvement retail revenue raises no business-screen issues. The one review point is a small amount of interest income — roughly 0.1% of revenue on our screen, far below the 5% AAOIFI threshold; the standard treatment is to purify the proportional share of dividends attributable to it. Home Depot's consumer and pro credit-card programs are issued and financed by third-party banks rather than on Home Depot's own balance sheet, so they do not make the company a conventional lender. No alcohol, gambling, tobacco, or interest-based lending lines are disclosed.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 14.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.1, "thresholdPct": 5, "pass": true, "note": "Interest income $141.0M on $164.68B total revenue (The Home Depot, Inc. FY2025 (fiscal year ended 2026-02-01, Form 10-K)) = 0.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Zoya", "position": "Classifies HD as Shariah-compliant under its AAOIFI-based methodology, reviewed at least quarterly.", "url": "https://zoya.finance/stocks/hd", "note": null }, { "source": "Musaffa", "position": "Classified HALAL as of March 2026 based on AAOIFI business-activity and financial-ratio screens (report source: 2025 Annual Report).", "url": "https://musaffa.com/stock/HD/", "note": null }, { "source": "Muslim Xchange", "position": "Rates HD Shariah Compliant (as of February 2026), screening against AAOIFI, S&P Shariah, Dow Jones Islamic, FTSE Shariah, and MSCI standards.", "url": "https://muslimxchange.com/ticker/hd/", "note": null } ], "sources": [ { "label": "HD latest quarterly filing (balance sheet 2026-05-03)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Home%20Depot%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "The Home Depot, Inc. 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=HD&type=10-K", "external": true }, { "label": "Zoya — HD Shariah compliance status (compliant)", "url": "https://zoya.finance/stocks/hd", "external": true }, { "label": "Musaffa — HD Shariah status (HALAL, Mar 2026)", "url": "https://musaffa.com/stock/HD/", "external": true }, { "label": "Muslim Xchange — HD Shariah Compliant (Feb 2026)", "url": "https://muslimxchange.com/ticker/hd/", "external": true } ], "faqs": [ { "question": "Is The Home Depot, Inc. (HD) stock halal?", "answer": "Yes, under our AAOIFI-based methodology The Home Depot, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-05-03). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does The Home Depot, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-03: interest-bearing debt is 14.8% of market cap (limit < 30%); cash plus interest-bearing securities is 0.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The Home Depot, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from The Home Depot, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-05-03", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 14.8, "cashPct": 0.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 14.8, "cashPct": 0.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 44.8, "cashPct": 1.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.the-j-m-smucker-stock", "question": "Is The J. M. Smucker Stock Halal?", "entityName": "The J. M. Smucker Company", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "The J. M. Smucker Company (SJM) does not pass Shariah screening: interest-bearing debt / market cap is 56.1% against the < 30% limit (data as of 2026-04-30). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "The J. M. Smucker Company is an international enterprise specializing in the production and marketing of a diverse portfolio of branded food and beverage items. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-04-30): interest-bearing debt / market cap at 56.1% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 176, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/the-j-m-smucker-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/the-j-m-smucker-stock.md", "entityType": "stock", "ticker": "SJM", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-04-30", "businessScreen": { "pass": true, "activity": "The J. M. Smucker Company is an international enterprise specializing in the production and marketing of a diverse portfolio of branded food and beverage items. Its operations are organized into three principal U.S. retail divisions: Pet Foods, Coffee, and Consumer Foods. The company's extensive product offerings encompass various coffee options, including roast, ground, single-serve, and premium blends; a wide selection of spreads such as peanut butter and fruit preserves; cooking staples like ", "detail": "Interest income not separately material in the annual filing (The J. M. Smucker Company FY2026 (fiscal year ended 2026-04-30, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0.5 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 56.1, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (The J. M. Smucker Company FY2026 (fiscal year ended 2026-04-30, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/SJM/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates The J. M. Smucker Company (SJM) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 56.1% against a 30% limit on 2026-04-30 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "SJM latest quarterly filing (balance sheet 2026-04-30)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20J.%20M.%20Smucker%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "The J. M. Smucker Company SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20J.%20M.%20Smucker%20Company&type=10-K", "external": true }, { "label": "Zoya — SJM Shariah compliance", "url": "https://zoya.finance/stocks/sjm", "external": true }, { "label": "Musaffa — SJM", "url": "https://musaffa.com/stock/SJM/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is The J. M. Smucker Company (SJM) stock halal?", "answer": "No. The J. M. Smucker Company fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does The J. M. Smucker Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 56.1% of market cap (limit < 30%); cash plus interest-bearing securities is 0.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The J. M. Smucker Company held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-04-30", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 56.1, "cashPct": 0.5, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 56.1, "cashPct": 0.5, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 42.9, "cashPct": 0.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.the-kroger-stock", "question": "Is The Kroger Stock Halal?", "entityName": "The Kroger Co.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "The Kroger Co. (KR) does not pass Shariah screening: interest-bearing debt / market cap is 45.7% against the < 30% limit (data as of 2026-01-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "The Kroger Co. functions as a significant retail entity throughout the United States, encompassing a varied collection of store formats. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-01-31): interest-bearing debt / market cap at 45.7% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 171, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/the-kroger-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/the-kroger-stock.md", "entityType": "stock", "ticker": "KR", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-01-31", "businessScreen": { "pass": true, "activity": "The Kroger Co. functions as a significant retail entity throughout the United States, encompassing a varied collection of store formats. Its operations include integrated food and drug stores, which stock a broad range of products from natural and organic sections to pharmacies, general merchandise, pet centers, fresh seafood, and organic produce. The company also runs multi-department stores that broaden their offerings to include apparel, home fashion and furnishings, outdoor living goods, ele", "detail": "Interest income not separately material in the annual filing (The Kroger Co. FY2025 (fiscal year ended 2026-01-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 45.7, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 11.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (The Kroger Co. FY2025 (fiscal year ended 2026-01-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/KR/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates The Kroger Co. (KR) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 45.7% against a 30% limit on 2026-01-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "KR latest quarterly filing (balance sheet 2026-01-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Kroger%20Co.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "The Kroger Co. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Kroger%20Co.&type=10-K", "external": true }, { "label": "Zoya — KR Shariah compliance", "url": "https://zoya.finance/stocks/kr", "external": true }, { "label": "Musaffa — KR", "url": "https://musaffa.com/stock/KR/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is The Kroger Co. (KR) stock halal?", "answer": "No. The Kroger Co. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does The Kroger Co. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-01-31: interest-bearing debt is 45.7% of market cap (limit < 30%); cash plus interest-bearing securities is 11.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The Kroger Co. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-01-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 45.7, "cashPct": 11.5, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 45.7, "cashPct": 11.5, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 36.5, "cashPct": 9.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.the-mosaic-stock", "question": "Is The Mosaic Stock Halal?", "entityName": "The Mosaic Company", "verdict": "halal", "verdictLabel": "Halal", "answer": "The Mosaic Company (MOS) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 16.7% of market cap and cash plus interest-bearing securities 3.9% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Operating on a global scale via its various subsidiaries, The Mosaic Company specializes in the creation and distribution of concentrated phosphate and potash crop nutrients. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 16.7% of market cap, cash plus interest-bearing securities 3.9%, and filing-verified impermissible income 0.3% (Interest income $38.3M on $12.05B total revenue (The Mosaic Company FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 190, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/the-mosaic-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/the-mosaic-stock.md", "entityType": "stock", "ticker": "MOS", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Operating on a global scale via its various subsidiaries, The Mosaic Company specializes in the creation and distribution of concentrated phosphate and potash crop nutrients. Its business is structured into three distinct segments: Phosphates, Potash, and Mosaic Fertilizantes. The company maintains and operates its own mining facilities to extract raw materials, which are then processed into a diverse array of phosphate-based products. These offerings encompass crucial agricultural fertilizers s", "detail": "Interest income $38.3M on $12.05B total revenue (The Mosaic Company FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.3% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 16.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.3, "thresholdPct": 5, "pass": true, "note": "Interest income $38.3M on $12.05B total revenue (The Mosaic Company FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/MOS/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates The Mosaic Company (MOS) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 16.7% of market cap (limit 30%), cash plus interest-bearing securities 3.9% (limit 30%), impermissible income 0.3% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "MOS latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Mosaic%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "The Mosaic Company SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Mosaic%20Company&type=10-K", "external": true }, { "label": "Zoya — MOS Shariah compliance", "url": "https://zoya.finance/stocks/mos", "external": true }, { "label": "Musaffa — MOS", "url": "https://musaffa.com/stock/MOS/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is The Mosaic Company (MOS) stock halal?", "answer": "Yes, under our AAOIFI-based methodology The Mosaic Company passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does The Mosaic Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 16.7% of market cap (limit < 30%); cash plus interest-bearing securities is 3.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The Mosaic Company held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from The Mosaic Company?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 16.7, "cashPct": 3.9, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 16.7, "cashPct": 3.9, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 4.9, "cashPct": 1.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.the-pnc-financial-services-group-stock", "question": "Is The PNC Financial Services Stock Halal?", "entityName": "The PNC Financial Services Group, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "The PNC Financial Services Group, Inc. (PNC) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Banks - Regional\" / sector \"Financial Services\" pattern-matches a prohibited core business), and interest-bearing debt / market cap is 69.9% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 194.2% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 80.7% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "PNC Financial Services Group, Inc. stands as a diversified financial institution operating across the United States. Core business: Banks - Regional (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, The PNC Financial Services Group, Inc.'s balance-sheet ratios also fall outside AAOIFI's financial limits — interest-bearing debt 69.9% of market cap (limit 30%), cash plus interest-bearing securities 194.2% (limit 30%), impermissible income 80.7% of revenue (limit 5%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, PNC is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 209, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/the-pnc-financial-services-group-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/the-pnc-financial-services-group-stock.md", "entityType": "stock", "ticker": "PNC", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "PNC Financial Services Group, Inc. stands as a diversified financial institution operating across the United States. Founded in 1852 and headquartered in Pittsburgh, Pennsylvania, the company maintains an extensive physical footprint, boasting 2,591 branches and 9,502 ATMs. Its Retail Banking division delivers a full spectrum of financial solutions to individual consumers and small businesses. This includes a variety of deposit accounts such as checking, savings, money market, and certificates o", "detail": "Core business: Banks - Regional (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": 80.7 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 69.9, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 194.2, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 80.7, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/PNC/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates The PNC Financial Services Group, Inc. (PNC) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "PNC latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20PNC%20Financial%20Services%20Group%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "The PNC Financial Services Group, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20PNC%20Financial%20Services%20Group%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — PNC Shariah compliance", "url": "https://zoya.finance/stocks/pnc", "external": true }, { "label": "Musaffa — PNC", "url": "https://musaffa.com/stock/PNC/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is The PNC Financial Services Group, Inc. (PNC) stock halal?", "answer": "No. The PNC Financial Services Group, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does The PNC Financial Services Group, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 69.9% of market cap (limit < 30%); cash plus interest-bearing securities is 194.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The PNC Financial Services Group, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.procter-and-gamble-stock", "question": "Is The Procter & Gamble Stock Halal?", "entityName": "The Procter & Gamble Company", "verdict": "halal", "verdictLabel": "Halal", "answer": "The Procter & Gamble Company (PG) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 10.6% of market cap and cash plus interest-bearing securities 3.5% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETF HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Procter & Gamble is one of the cleanest large-cap names for halal investors. It is a consumer-staples manufacturer — its business is making and selling everyday branded goods such as Tide detergent, Pampers diapers, Gillette razors, Crest toothpaste, and Pantene shampoo. Selling permissible consumer products raises no business-activity concern, the stock is held by the Wahed FTSE USA Shariah ETF (HLAL), and it sits in many Islamic equity indices.\n\nThe financial ratios are comfortably inside AAOIFI limits. P&G carries modest interest-bearing debt relative to its market capitalization, holds little excess interest-bearing cash, and earns only a small amount of interest income — about 0.6% of revenue on our screen, matching the 0.58% independently reported by HalalScreener. All three ratios sit well under their thresholds, which is why screeners including Zoya, Musaffa, and HalalScreener (which grades it an A) all classify the stock as compliant.\n\nOne point that often confuses investors: some P&G cosmetic products may contain alcohol or animal-derived ingredients. That does not make the stock impermissible — Shariah equity screening looks at the company's business activity and revenue sources, not the formulation of individual end products. The practical takeaway: P&G passes both screens cleanly. Check the data-as-of date on this page since ratios move over time, and purify the small proportional share of any dividends attributable to incidental interest income.", "analysisWordCount": 221, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/procter-and-gamble-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/procter-and-gamble-stock.md", "entityType": "stock", "ticker": "PG", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Procter & Gamble is a global consumer-staples company that manufactures and sells branded personal-care, hygiene, grooming, and household-cleaning products — brands such as Tide, Pampers, Gillette, Crest, and Pantene. Manufacturing and selling everyday consumer goods is a permissible business activity.", "detail": "Core consumer-goods revenue raises no business-screen issues. The one review point is interest income earned on corporate cash — roughly 0.6% of revenue on our screen (HalalScreener independently reports 0.58%), well below the 5% AAOIFI threshold; the standard treatment is to purify the proportional share of dividends attributable to it. Note that while some cosmetic products may contain alcohol or animal-derived ingredients, Shariah equity screening assesses the company's business activity and revenue sources, not individual product formulations, so this does not affect the stock's compliance. No alcohol, gambling, tobacco, or interest-based lending business lines are disclosed.", "impermissibleRevenuePct": 0.6 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 10.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.6, "thresholdPct": 5, "pass": true, "note": "Interest/investment income $469.0M on $84.28B revenue = 0.6% (FMP as-reported XBRL, investmentincomeinterest). Verify no other impermissible revenue segments in 10-K." } ], "scholarPositions": [ { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-13 — passed the FTSE Shariah screen applied by the fund.", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null }, { "source": "Zoya", "position": "Classifies PG as Shariah-compliant under its AAOIFI-based methodology, reviewed at least quarterly.", "url": "https://zoya.finance/stocks/pg", "note": null }, { "source": "Musaffa", "position": "Classified HALAL as of May 2026 based on AAOIFI business-activity and financial-ratio screens (report source: 2026 Q3).", "url": "https://musaffa.com/stock/PG/", "note": null }, { "source": "HalalScreener", "position": "Rates PG Halal with an A grade (89/100) under AAOIFI Standard 21; reports debt/market-cap 7.4%, interest-bearing deposits 2.8%, and prohibited income 0.58% — all well within limits.", "url": "https://halalscreener.app/en/stock/PG", "note": null } ], "sources": [ { "label": "PG latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Procter%20%26%20Gamble%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "The Procter & Gamble Company 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=PG&type=10-K", "external": true }, { "label": "HLAL (Wahed FTSE USA Shariah ETF) holdings — Procter & Gamble held (Jun 2026)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true }, { "label": "Zoya — PG Shariah compliance status (compliant)", "url": "https://zoya.finance/stocks/pg", "external": true }, { "label": "Musaffa — PG Shariah status (HALAL, May 2026)", "url": "https://musaffa.com/stock/PG/", "external": true }, { "label": "HalalScreener — PG Halal, A grade (AAOIFI Standard 21)", "url": "https://halalscreener.app/en/stock/PG", "external": true } ], "faqs": [ { "question": "Is The Procter & Gamble Company (PG) stock halal?", "answer": "Yes, under our AAOIFI-based methodology The Procter & Gamble Company passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does The Procter & Gamble Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 10.6% of market cap (limit < 30%); cash plus interest-bearing securities is 3.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The Procter & Gamble Company held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, The Procter & Gamble Company is held by HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from The Procter & Gamble Company?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 10.6, "cashPct": 3.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 10.6, "cashPct": 3.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 28.8, "cashPct": 9.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.the-southern-stock", "question": "Is The Southern Stock Halal?", "entityName": "The Southern Company", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "The Southern Company (SO) does not pass Shariah screening: interest-bearing debt / market cap is 70.3% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "The Southern Company operates as an energy utility, primarily involved in the production, transmission, and distribution of electricity. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 70.3% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 169, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/the-southern-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/the-southern-stock.md", "entityType": "stock", "ticker": "SO", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "The Southern Company operates as an energy utility, primarily involved in the production, transmission, and distribution of electricity. Its operations are segmented into Gas Distribution Operations, Gas Pipeline Investments, Wholesale Gas Services, and Gas Marketing Services. The company also undertakes the development, construction, acquisition, ownership, and management of various power generation assets, including renewable energy ventures, and supplies electricity to the wholesale market. C", "detail": "Interest income not separately material in the annual filing (The Southern Company FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 70.3, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (The Southern Company FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/SO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates The Southern Company (SO) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 70.3% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "SO latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Southern%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "The Southern Company SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Southern%20Company&type=10-K", "external": true }, { "label": "Zoya — SO Shariah compliance", "url": "https://zoya.finance/stocks/so", "external": true }, { "label": "Musaffa — SO", "url": "https://musaffa.com/stock/SO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is The Southern Company (SO) stock halal?", "answer": "No. The Southern Company fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does The Southern Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 70.3% of market cap (limit < 30%); cash plus interest-bearing securities is 0.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The Southern Company held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 70.3, "cashPct": 0.9, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 70.3, "cashPct": 0.9, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 47.5, "cashPct": 0.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.the-tjx-companies-stock", "question": "Is The TJX Companies Stock Halal?", "entityName": "The TJX Companies, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "The TJX Companies, Inc. (TJX) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-05-02) interest-bearing debt is 1.5% of market cap and cash plus interest-bearing securities 3.0% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "The TJX Companies, Inc., alongside its various associated businesses, functions as a major discount retailer focusing on clothing and household decor. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-05-02: interest-bearing debt is 1.5% of market cap, cash plus interest-bearing securities 3.0%, and filing-verified impermissible income 0.3% (Interest income $195.0M on $60.37B total revenue (The TJX Companies, Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 184, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/the-tjx-companies-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/the-tjx-companies-stock.md", "entityType": "stock", "ticker": "TJX", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-05-02", "businessScreen": { "pass": true, "activity": "The TJX Companies, Inc., alongside its various associated businesses, functions as a major discount retailer focusing on clothing and household decor. Its operations are organized into four primary divisions: Marmaxx, HomeGoods, TJX Canada, and TJX International. The enterprise markets an extensive selection of goods, including clothing for all family members (such as shoes and complementary items); a broad array of home furnishings and accessories (ranging from essential household goods, furnit", "detail": "Interest income $195.0M on $60.37B total revenue (The TJX Companies, Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)) = 0.3% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 1.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.3, "thresholdPct": 5, "pass": true, "note": "Interest income $195.0M on $60.37B total revenue (The TJX Companies, Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)) = 0.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/TJX/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates The TJX Companies, Inc. (TJX) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 1.5% of market cap (limit 30%), cash plus interest-bearing securities 3% (limit 30%), impermissible income 0.3% of revenue (limit 5%) on 2026-05-02 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "TJX latest quarterly filing (balance sheet 2026-05-02)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20TJX%20Companies%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "The TJX Companies, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20TJX%20Companies%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — TJX Shariah compliance", "url": "https://zoya.finance/stocks/tjx", "external": true }, { "label": "Musaffa — TJX", "url": "https://musaffa.com/stock/TJX/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is The TJX Companies, Inc. (TJX) stock halal?", "answer": "Yes, under our AAOIFI-based methodology The TJX Companies, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-05-02). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does The TJX Companies, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-02: interest-bearing debt is 1.5% of market cap (limit < 30%); cash plus interest-bearing securities is 3.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The TJX Companies, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from The TJX Companies, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-05-02", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 1.5, "cashPct": 3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 1.5, "cashPct": 3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 7.9, "cashPct": 15.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.the-toronto-dominion-bank-stock", "question": "Is The Toronto-Dominion Bank Stock Halal?", "entityName": "The Toronto-Dominion Bank", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "The Toronto-Dominion Bank (TD.TO) does not pass Shariah screening: its core business fails the activity screen (TD's core business is conventional interest-based banking in Canada and the United States), and interest-bearing debt / market cap is 256.7% against the < 30% limit (data as of 2026-04-30), and cash + interest-bearing securities / market cap is 166.9% against the < 30% limit (data as of 2026-04-30), and impermissible income / total revenue is 75.6% against the < 5% limit (data as of 2026-04-30). It is not held by Shariah-screened ETFs WSHR. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "TD Bank fails Shariah screening at the business-activity stage, the same way every conventional bank does. TD's revenue comes from taking deposits and lending at interest across its Canadian personal and commercial banking and large U.S. retail banking franchises, plus conventional wealth management, insurance, and wholesale banking. In fiscal 2025, reported net interest income was $33.1 billion against $67.8 billion of total reported revenue, roughly half, and that reported total was itself inflated by a one-time gain on the sale of TD's investment in Charles Schwab. Interest-based lending is the engine of the business, which places TD outside the AAOIFI business screen's roughly 5% tolerance for impermissible revenue by a wide margin.\n\nBoth Zoya and Musaffa publicly classify TD as not Shariah-compliant, and Shariah-screened indices and funds available to Canadians, including Wealthsimple's WSHR and the S&P/TSX 60 Shariah, exclude conventional banks by construction. As with the other Big Six banks, this is a categorical exclusion: no quarter-to-quarter change in TD's ratios can fix it, because the issue is what the company does, not how much debt it carries.\n\nCanadian Muslim investors drawn to TD for its dividend should know the dividend stream itself derives primarily from interest income. The screened alternatives on the TSX tend to be in railways, energy, materials, and industrials, and any individual name should be re-verified on a current screening platform before buying.", "analysisWordCount": 227, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/the-toronto-dominion-bank-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/the-toronto-dominion-bank-stock.md", "entityType": "stock", "ticker": "TD.TO", "exchange": "TSX", "lastReviewed": "2026-06-14", "dataAsOf": "2026-04-30", "businessScreen": { "pass": false, "activity": "The Toronto-Dominion Bank (TD Bank Group) is one of Canada's largest banks, operating through Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking segments. For fiscal 2025 (year ended October 31, 2025) TD reported total revenue of $67,777 million on a reported basis, comprising net interest income of $33,062 million and non-interest income of $34,715 million.", "detail": "TD's core business is conventional interest-based banking in Canada and the United States. Per its Q4 2025 news release, reported net interest income of $33,062 million was approximately 49% of total reported fiscal 2025 revenue of $67,777 million (reported non-interest income in fiscal 2025 was elevated by the one-time gain on the sale of TD's Schwab investment; on an adjusted revenue basis of $61,810 million, net interest income is an even larger share). The remaining revenue is predominantly from conventional financial services. This is a clear business-screen failure under AAOIFI-style screening.", "impermissibleRevenuePct": 75.6 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 256.7, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 166.9, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 75.6, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Wealthsimple Shariah World Equity Index ETF (WSHR)", "position": "Not held in WSHR as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "note": null }, { "url": null, "note": null }, { "url": null, "note": null }, { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Verify current SPUS schedule before citing as held (reference SOI 2026-02-28).", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Verify current HLAL holdings before citing as held (reference 2026-06-05).", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null } ], "sources": [ { "label": "TD.TO latest filings on SEDAR+ (balance sheet 2026-04-30)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "TD Q4 2025 News Release (fiscal 2025 results)", "url": "https://www.td.com/content/dam/tdcom/canada/about-td/pdf/quarterly-results/2025/q4/q4-2025-news-release-en.pdf", "external": true }, { "label": "TD 2025 Annual Report", "url": "https://www.td.com/content/dam/tdcom/canada/about-td/pdf/quarterly-results/2025/q4/2025-annual-report-en.pdf", "external": true }, { "label": "Zoya screener page for TD", "url": "https://zoya.finance/stocks/td", "external": true }, { "label": "Musaffa screener page for TD.TO", "url": "https://musaffa.com/stock/TD.TO/", "external": true }, { "label": "WSHR holdings list (Wealthsimple)", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "external": true }, { "label": "S&P Shariah Indices Methodology (spglobal.com)", "url": "https://www.spglobal.com/spdji/pt/documents/methodologies/methodology-sp-shariah-indices.pdf", "external": true } ], "faqs": [ { "question": "Is The Toronto-Dominion Bank (TD.TO) stock halal?", "answer": "No. The Toronto-Dominion Bank fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does The Toronto-Dominion Bank pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 256.7% of market cap (limit < 30%); cash plus interest-bearing securities is 166.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The Toronto-Dominion Bank held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, The Toronto-Dominion Bank is not held by WSHR. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.the-walt-disney-stock", "question": "Is The Walt Disney Stock Halal?", "entityName": "The Walt Disney Company", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "The Walt Disney Company (DIS) passes the screens we can compute (data as of 2026-03-28) — interest-bearing debt / market cap 27.2%, cash + interest-bearing securities / market cap 3.3%, impermissible income / total revenue 0.3% — but one screen requires case-by-case judgment. It is not held by Shariah-screened ETFs SPUS or HLAL.", "analysis": "Disney is a case where Muslim investors genuinely disagree, and the disagreement is about the business itself, not just the numbers. Of its $94.4 billion in fiscal 2025 revenue, the Entertainment segment ($42.5 billion) is built on producing and distributing films, television, and streaming content, and the Sports segment ($17.7 billion) is largely ESPN. The Experiences segment ($36.2 billion) is theme parks, resorts, a cruise line, and consumer products. Parks and cruises are closer to ordinary hospitality, but they serve alcohol, and the content businesses are what most screeners scrutinize.\n\nMany Shariah stock screeners fail Disney at the business-activity stage because a large share of its revenue comes from entertainment media, a category these methodologies treat as impermissible or heavily restricted, independent of any financial ratio. Others weigh the Experiences segment favorably and view the content concern as a matter for the investor's conscience and purification rather than an automatic exclusion. There is no single agreed answer; this is a real difference of scholarly and methodological opinion, and an honest brief has to present it as such rather than declare a verdict.\n\nConsistent with the stricter reading, Disney is in the S&P 500 yet is held by neither SPUS (as of June 11, 2026) nor HLAL (as of February 28, 2026). Both the entertainment-industry screen and Disney's substantial leverage are plausible reasons, but neither fund publishes a stock-level explanation, so the precise cause cannot be confirmed. A Muslim investor considering Disney should recognize that the major US Shariah funds currently exclude it, that screeners commonly fail it on content, and that anyone who concludes otherwise is taking a minority position that still calls for purification of impermissible income.", "analysisWordCount": 278, "conditions": "Our computed AAOIFI financial-ratio screen passes on the latest filing data, but both major U.S. Shariah-screened ETFs — SPUS (S&P Shariah methodology) and HLAL (FTSE Shariah methodology) — exclude The Walt Disney Company from their holdings as of our June 2026 check, even though it is in their parent indices. Professional screens apply filing-level business-activity analysis (alcohol, pork, tobacco, or media revenue share) and different ratio bases that an automated ratio screen cannot replicate. That divergence usually signals an impermissible-revenue question. Treat this as unresolved until the segment revenue in the latest annual filing is verified line by line.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/the-walt-disney-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/the-walt-disney-stock.md", "entityType": "stock", "ticker": "DIS", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-28", "businessScreen": { "pass": true, "activity": "The Walt Disney Company is a diversified entertainment company operating in three segments. Per its fiscal 2025 10-K (year ended September 27, 2025), total revenues were $94,425 million: Entertainment $42,466M (film, television, and direct-to-consumer streaming including Disney+ and Hulu), Sports $17,672M (primarily ESPN), and Experiences $36,156M (theme parks, resorts, cruise line, and consumer products), net of $1,869M intersegment eliminations.", "detail": "Disney is one of the names where the business-activity screen, not just financial ratios, is contested. The Entertainment segment ($42.5 billion) produces and distributes films, television, and streaming content that includes material many scholars consider impermissible (music, depictions, and adult or morally objectionable themes), and the Sports segment ($17.7 billion, mainly ESPN) carries gambling-adjacent advertising and sportsbook integrations. The Experiences segment includes theme parks and a cruise line that serve alcohol. Disney does not separately disclose alcohol revenue, and the contested 'content' question is qualitative rather than a disclosed dollar figure. Disney also carries substantial debt and earns/pays interest. Disney is an S&P 500 constituent but is absent from SPUS (2026-06-11) and HLAL (2026-02-28); for media-content companies, both the entertainment industry screen and leverage are plausible causes, but the funds do not publish per-stock reasons.", "impermissibleRevenuePct": 0.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 27.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 3.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.3, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "DIS latest quarterly filing (balance sheet 2026-03-28)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Walt%20Disney%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Disney Q4/Full-Year fiscal 2025 earnings (SEC EDGAR, 8-K exhibit)", "url": "https://www.sec.gov/Archives/edgar/data/1744489/000174448925000154/fy2025_q4xprxex991.htm", "external": true }, { "label": "Disney FY2025 10-K (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is The Walt Disney Company (DIS) stock halal?", "answer": "The Walt Disney Company is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does The Walt Disney Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-28: interest-bearing debt is 27.2% of market cap (limit < 30%); cash plus interest-bearing securities is 3.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The Walt Disney Company held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, The Walt Disney Company is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-28", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 27.2, "cashPct": 3.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 27.2, "cashPct": 3.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 23.1, "cashPct": 2.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.the-williams-companies-stock", "question": "Is The Williams Companies Stock Halal?", "entityName": "The Williams Companies, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "The Williams Companies, Inc. (WMB) does not pass Shariah screening: interest-bearing debt / market cap is 34.4% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "The Williams Companies, Inc., alongside its subsidiaries, operates as a prominent energy infrastructure entity, primarily conducting business throughout the United States. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 34.4% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 172, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/the-williams-companies-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/the-williams-companies-stock.md", "entityType": "stock", "ticker": "WMB", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "The Williams Companies, Inc., alongside its subsidiaries, operates as a prominent energy infrastructure entity, primarily conducting business throughout the United States. The company’s operations are organized into four key segments: Transmission & Gulf of Mexico, Northeast G&P, West, and Gas & NGL Marketing Services. The Transmission & Gulf of Mexico division manages crucial natural gas pipelines such as Transco and Northwest, in addition to natural gas gathering and processing, and crude oil ", "detail": "Interest income only — verify other impermissible revenue lines in the 10-K", "impermissibleRevenuePct": 0.4 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 34.4, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.4, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/WMB/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates The Williams Companies, Inc. (WMB) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 34.4% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "WMB latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Williams%20Companies%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "The Williams Companies, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=The%20Williams%20Companies%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — WMB Shariah compliance", "url": "https://zoya.finance/stocks/wmb", "external": true }, { "label": "Musaffa — WMB", "url": "https://musaffa.com/stock/WMB/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is The Williams Companies, Inc. (WMB) stock halal?", "answer": "No. The Williams Companies, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does The Williams Companies, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 34.4% of market cap (limit < 30%); cash plus interest-bearing securities is 1.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is The Williams Companies, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 34.4, "cashPct": 1.1, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 34.4, "cashPct": 1.1, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 50.9, "cashPct": 1.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.trane-technologies-stock", "question": "Is Trane Technologies Stock Halal?", "entityName": "Trane Technologies plc", "verdict": "halal", "verdictLabel": "Halal", "answer": "Trane Technologies plc (TT) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 4.6% of market cap and cash plus interest-bearing securities 1.1% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Trane Technologies plc operates as a global innovator in climate control, focusing on the design, production, sales, and servicing of heating, ventilation, air conditioning (HVAC), and transport refrigeration solutions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 4.6% of market cap, cash plus interest-bearing securities 1.1%, and filing-verified impermissible income 0.0% (Interest income $4.5M on $21.32B total revenue (Trane Technologies plc FY2025 (fiscal year ended 2025-12-31, Form 10-K))…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 191, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/trane-technologies-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/trane-technologies-stock.md", "entityType": "stock", "ticker": "TT", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Trane Technologies plc operates as a global innovator in climate control, focusing on the design, production, sales, and servicing of heating, ventilation, air conditioning (HVAC), and transport refrigeration solutions. The company offers a comprehensive range of HVAC equipment, including air conditioners, heat pumps, furnaces, chillers, air handlers, and specialized components like coils and condensers. Its portfolio extends to indoor air quality products, home automation, thermostats, and vari", "detail": "Interest income $4.5M on $21.32B total revenue (Trane Technologies plc FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 4.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income $4.5M on $21.32B total revenue (Trane Technologies plc FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/TT/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Trane Technologies plc (TT) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 4.6% of market cap (limit 30%), cash plus interest-bearing securities 1.1% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "TT latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Trane%20Technologies%20plc&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Trane Technologies plc SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Trane%20Technologies%20plc&type=10-K", "external": true }, { "label": "Zoya — TT Shariah compliance", "url": "https://zoya.finance/stocks/tt", "external": true }, { "label": "Musaffa — TT", "url": "https://musaffa.com/stock/TT/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Trane Technologies plc (TT) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Trane Technologies plc passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Trane Technologies plc pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 4.6% of market cap (limit < 30%); cash plus interest-bearing securities is 1.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Trane Technologies plc held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Trane Technologies plc?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 4.6, "cashPct": 1.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 4.6, "cashPct": 1.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 20.3, "cashPct": 4.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.truist-financial-stock", "question": "Is Truist Financial Stock Halal?", "entityName": "Truist Financial Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Truist Financial Corporation (TFC) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Banks - Regional\" / sector \"Financial Services\" pattern-matches a prohibited core business), and interest-bearing debt / market cap is 107.3% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 80.6% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Truist Financial Corporation operates as a diversified financial holding company, providing an extensive array of banking and trust services throughout the Southeastern and Mid-Atlantic regions of the United States. Core business: Banks - Regional (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, Truist Financial Corporation's balance-sheet ratios also fall outside AAOIFI's financial limits — interest-bearing debt 107.3% of market cap (limit 30%), cash plus interest-bearing securities 6.7% (limit 30%), impermissible income 80.6% of revenue (limit 5%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, TFC is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 219, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/truist-financial-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/truist-financial-stock.md", "entityType": "stock", "ticker": "TFC", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Truist Financial Corporation operates as a diversified financial holding company, providing an extensive array of banking and trust services throughout the Southeastern and Mid-Atlantic regions of the United States. Its business activities are structured across three main segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. The corporation offers a broad spectrum of deposit products, including both interest-bearing and noninterest-bearing checking acco", "detail": "Core business: Banks - Regional (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": 80.6 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 107.3, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 6.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 80.6, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/TFC/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Truist Financial Corporation (TFC) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "TFC latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Truist%20Financial%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Truist Financial Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Truist%20Financial%20Corporation&type=10-K", "external": true }, { "label": "Zoya — TFC Shariah compliance", "url": "https://zoya.finance/stocks/tfc", "external": true }, { "label": "Musaffa — TFC", "url": "https://musaffa.com/stock/TFC/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Truist Financial Corporation (TFC) stock halal?", "answer": "No. Truist Financial Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Truist Financial Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 107.3% of market cap (limit < 30%); cash plus interest-bearing securities is 6.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Truist Financial Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.trump-media-technology-group-stock", "question": "Is Trump Media & Technology Stock Halal?", "entityName": "Trump Media & Technology Group Corp.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Trump Media & Technology Group Corp. (DJT) does not pass Shariah screening: interest-bearing debt / market cap is 44.5% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 1264.4% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Trump Media & Technology Group Corp., founded in 2021 and based in Sarasota, Florida, is the organization that operates Truth Social. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 44.5% versus the < 30% limit; impermissible income / total revenue at 1264.4% versus the < 5% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 161, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/trump-media-technology-group-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/trump-media-technology-group-stock.md", "entityType": "stock", "ticker": "DJT", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Trump Media & Technology Group Corp., founded in 2021 and based in Sarasota, Florida, is the organization that operates Truth Social. This digital platform provides social networking services to users across the United States.", "detail": "Interest income $46.6M on $3.7M total revenue (Trump Media & Technology Group Corp. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1264.4% — above AAOIFI's 5% limit.", "impermissibleRevenuePct": 1264.4 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 44.5, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 21.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1264.4, "thresholdPct": 5, "pass": false, "note": "Interest income $46.6M on $3.7M total revenue (Trump Media & Technology Group Corp. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1264.4% — above AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/DJT/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Trump Media & Technology Group Corp. (DJT) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 44.5% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "DJT latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Trump%20Media%20%26%20Technology%20Group%20Corp.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Trump Media & Technology Group Corp. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Trump%20Media%20%26%20Technology%20Group%20Corp.&type=10-K", "external": true }, { "label": "Zoya — DJT Shariah compliance", "url": "https://zoya.finance/stocks/djt", "external": true }, { "label": "Musaffa — DJT", "url": "https://musaffa.com/stock/DJT/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Trump Media & Technology Group Corp. (DJT) stock halal?", "answer": "No. Trump Media & Technology Group Corp. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Trump Media & Technology Group Corp. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 44.5% of market cap (limit < 30%); cash plus interest-bearing securities is 21.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Trump Media & Technology Group Corp. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 44.5, "cashPct": 21.1, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 44.5, "cashPct": 21.1, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 43, "cashPct": 20.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.twilio-stock", "question": "Is Twilio Stock Halal?", "entityName": "Twilio Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Twilio Inc. (TWLO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 3.2% of market cap and cash plus interest-bearing securities 7.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Twilio Inc. offers a comprehensive cloud-based communications platform, empowering developers to build, scale, and manage customer engagement features directly within their software applications across both U.S. and international markets. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 3.2% of market cap, cash plus interest-bearing securities 7.6%, and filing-verified impermissible income 1.4% (Interest income $70.6M on $5.07B total revenue (Twilio Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.4% — u…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 194, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/twilio-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/twilio-stock.md", "entityType": "stock", "ticker": "TWLO", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Twilio Inc. offers a comprehensive cloud-based communications platform, empowering developers to build, scale, and manage customer engagement features directly within their software applications across both U.S. and international markets. Central to its customer engagement solution is a robust suite of application programming interfaces (APIs). These APIs streamline the complex communication logic required for various customer interactions and enable developers to seamlessly integrate voice, mes", "detail": "Interest income $70.6M on $5.07B total revenue (Twilio Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.4% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 3.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 7.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.4, "thresholdPct": 5, "pass": true, "note": "Interest income $70.6M on $5.07B total revenue (Twilio Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.4% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/TWLO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Twilio Inc. (TWLO) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 3.2% of market cap (limit 30%), cash plus interest-bearing securities 7.6% (limit 30%), impermissible income 1.4% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "TWLO latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Twilio%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Twilio Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Twilio%20Inc.&type=10-K", "external": true }, { "label": "Zoya — TWLO Shariah compliance", "url": "https://zoya.finance/stocks/twlo", "external": true }, { "label": "Musaffa — TWLO", "url": "https://musaffa.com/stock/TWLO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Twilio Inc. (TWLO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Twilio Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Twilio Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 3.2% of market cap (limit < 30%); cash plus interest-bearing securities is 7.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Twilio Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Twilio Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 3.2, "cashPct": 7.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 3.2, "cashPct": 7.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 10.4, "cashPct": 24.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.u-s-bancorp-stock", "question": "Is U.S. Bancorp Stock Halal?", "entityName": "U.S. Bancorp", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "U.S. Bancorp (USB) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Banks - Diversified\" / sector \"Financial Services\" pattern-matches a prohibited core business), and interest-bearing debt / market cap is 86.6% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 237.5% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 72.3% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "U.S. Bancorp (USB) functions as a broad-based financial services holding company, delivering a comprehensive spectrum of banking and financial solutions throughout the United States. Core business: Banks - Diversified (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, U.S. Bancorp's balance-sheet ratios also fall outside AAOIFI's financial limits — interest-bearing debt 86.6% of market cap (limit 30%), cash plus interest-bearing securities 237.5% (limit 30%), impermissible income 72.3% of revenue (limit 5%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, USB is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 213, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/u-s-bancorp-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/u-s-bancorp-stock.md", "entityType": "stock", "ticker": "USB", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "U.S. Bancorp (USB) functions as a broad-based financial services holding company, delivering a comprehensive spectrum of banking and financial solutions throughout the United States. Its diverse customer base includes individual consumers, various businesses, institutional organizations, governmental bodies, and other financial entities. The company organizes its operations across key segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Serv", "detail": "Core business: Banks - Diversified (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": 72.3 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 86.6, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 237.5, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 72.3, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/USB/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates U.S. Bancorp (USB) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "USB latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=U.S.%20Bancorp&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "U.S. Bancorp SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=U.S.%20Bancorp&type=10-K", "external": true }, { "label": "Zoya — USB Shariah compliance", "url": "https://zoya.finance/stocks/usb", "external": true }, { "label": "Musaffa — USB", "url": "https://musaffa.com/stock/USB/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is U.S. Bancorp (USB) stock halal?", "answer": "No. U.S. Bancorp fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does U.S. Bancorp pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 86.6% of market cap (limit < 30%); cash plus interest-bearing securities is 237.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is U.S. Bancorp held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.uber-technologies-stock", "question": "Is Uber Technologies Stock Halal?", "entityName": "Uber Technologies, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Uber Technologies, Inc. (UBER) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 7.5% of market cap and cash plus interest-bearing securities 4.3% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETFs SPUS and HLAL, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Uber runs a platform that connects riders with drivers (Mobility), consumers with restaurants and stores (Delivery), and shippers with carriers (Freight). Its fiscal 2025 revenue of $52.0 billion is led by Mobility at roughly 57%, with Delivery near a third and Freight about a tenth. The underlying activities, transportation and delivery logistics, are permissible, so the screen turns on a few specific items rather than the model as a whole.\n\nTwo facts deserve attention. On alcohol, Uber closed the standalone Drizly app and brand in March 2024, but it did not exit alcohol delivery: Uber Eats still delivers beer, wine, and liquor where local law allows, which Uber has described as 35 U.S. states and more than 25 countries. That revenue is not separately disclosed and is a small slice of the Delivery business. On interest, Uber reported $743 million of interest income for 2025, an interest-linked item that screeners weigh against their tolerance and that investors would purify from any dividends (Uber does not currently pay one).\n\nDespite these items, Uber is currently held by both SPUS (as of June 11, 2026) and HLAL (as of February 28, 2026), meaning it passes the financial-ratio and industry screens of both major US Shariah methodologies at those dates, with the alcohol-delivery and interest exposure apparently within their tolerances. For a Muslim investor, Uber currently screens as compliant across both funds, with the honest caveats that some impermissible exposure exists, that purification logic applies to interest income, and that status can change with the company's revenue mix and ratios.", "analysisWordCount": 257, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/uber-technologies-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/uber-technologies-stock.md", "entityType": "stock", "ticker": "UBER", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Uber Technologies, Inc. operates a global platform across three segments: Mobility (ride-hailing), Delivery (Uber Eats food and grocery), and Freight. Per its fiscal 2025 results (year ended December 31, 2025), total revenue was $52,017 million, with Mobility the largest segment (about 57% of revenue, roughly $29.7B), Delivery about 33% (roughly $17.3B), and Freight about 10% (roughly $5.1B).", "detail": "Ride-hailing, food delivery, and freight brokerage are permissible activities. Two Shariah-relevant items: (1) Alcohol delivery: Uber shut down the standalone Drizly app and brand in March 2024, but Uber Eats continues to deliver beer, wine, and liquor where permitted (reported by Uber as operating in 35 U.S. states and 25+ countries); alcohol-delivery revenue is not separately disclosed and is a small part of Delivery. Uber Eats also delivers pork and other items. (2) Interest income: Uber reported $743 million of interest income for full-year 2025 (against $440M of interest expense), an interest-linked line measured against AAOIFI tolerance. Despite the alcohol delivery and interest income, Uber is currently held by BOTH SPUS (155,321 shares as of 2026-06-11) and HLAL (55,334 shares as of 2026-02-28), indicating it passes both major US Shariah methodologies as of those dates.", "impermissibleRevenuePct": 1.4 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 7.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 4.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.4, "thresholdPct": 5, "pass": true, "note": "Interest/investment income $743.0M on $52.02B revenue = 1.4% (FMP as-reported XBRL, investmentincomeinterest). Verify no other impermissible revenue segments in 10-K." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Held in SPUS as of 2026-06-11 — passed the S&P Shariah screen applied by the fund.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Held in HLAL as of 2026-06-11 — passed the FTSE Shariah screen applied by the fund.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "UBER latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Uber%20Technologies%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Uber Q4/Full-Year 2025 results (company IR, financials)", "url": "https://investor.uber.com/financials/default.aspx", "external": true }, { "label": "Uber closes Drizly alcohol-delivery service, March 2024 (TechCrunch)", "url": "https://techcrunch.com/2024/01/16/uber-is-closing-alcohol-delivery-service-drizly-three-years-after-acquistion/", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Uber Technologies, Inc. (UBER) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Uber Technologies, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Uber Technologies, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 7.5% of market cap (limit < 30%); cash plus interest-bearing securities is 4.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Uber Technologies, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Yes — as of our last check, Uber Technologies, Inc. is held by SPUS and HLAL. ETF inclusion confirms it passed those funds' Shariah screens at the holdings date cited in the sources below." }, { "question": "Do I need to purify dividends from Uber Technologies, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 7.5, "cashPct": 4.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 7.5, "cashPct": 4.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 17.6, "cashPct": 10.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.uipath-stock", "question": "Is UiPath Stock Halal?", "entityName": "UiPath Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "UiPath Inc. (PATH) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-04-30) interest-bearing debt is 0.2% of market cap and cash plus interest-bearing securities 23.3% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "UiPath Inc. delivers a comprehensive automation ecosystem, specializing in Robotic Process Automation (RPA) solutions, with a significant presence in the United States, Romania, and Japan. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-04-30: interest-bearing debt is 0.2% of market cap, cash plus interest-bearing securities 23.3%, and filing-verified impermissible income 3.0% (Interest income $48.0M on $1.61B total revenue (UiPath Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)) = 3% — und…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 190, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/uipath-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/uipath-stock.md", "entityType": "stock", "ticker": "PATH", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-04-30", "businessScreen": { "pass": true, "activity": "UiPath Inc. delivers a comprehensive automation ecosystem, specializing in Robotic Process Automation (RPA) solutions, with a significant presence in the United States, Romania, and Japan. The company's integrated software suite empowers organizations to design, administer, execute, interact with, evaluate, and oversee their automation initiatives. This robust platform seamlessly blends artificial intelligence with features such as desktop activity recording and in-depth analysis of both human a", "detail": "Interest income $48.0M on $1.61B total revenue (UiPath Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)) = 3% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 23.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 3, "thresholdPct": 5, "pass": true, "note": "Interest income $48.0M on $1.61B total revenue (UiPath Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)) = 3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/PATH/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates UiPath Inc. (PATH) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 0.2% of market cap (limit 30%), cash plus interest-bearing securities 23.3% (limit 30%), impermissible income 3% of revenue (limit 5%) on 2026-04-30 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "PATH latest quarterly filing (balance sheet 2026-04-30)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=UiPath%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "UiPath Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=UiPath%20Inc.&type=10-K", "external": true }, { "label": "Zoya — PATH Shariah compliance", "url": "https://zoya.finance/stocks/path", "external": true }, { "label": "Musaffa — PATH", "url": "https://musaffa.com/stock/PATH/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is UiPath Inc. (PATH) stock halal?", "answer": "Yes, under our AAOIFI-based methodology UiPath Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-04-30). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does UiPath Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 0.2% of market cap (limit < 30%); cash plus interest-bearing securities is 23.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is UiPath Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from UiPath Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-04-30", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.2, "cashPct": 23.3, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.2, "cashPct": 23.3, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 0.4, "cashPct": 45.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.ulta-beauty-stock", "question": "Is Ulta Beauty Stock Halal?", "entityName": "Ulta Beauty, Inc.", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Ulta Beauty, Inc. (ULTA) passes the screens we can compute (data as of 2026-05-02) — interest-bearing debt / market cap 0.7%, cash + interest-bearing securities / market cap 1.1%, impermissible income / total revenue 0.0% — but one screen requires case-by-case judgment.", "analysis": "Ulta Beauty, Inc. functions as a prominent beauty product retailer throughout the United States. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nComputed screens are mixed as of 2026-05-02: debt 0.7%, cash/securities 1.1%, impermissible income pending full filing verification. Treat as conditional until the impermissible-income line is confirmed against the annual report.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not size up until the conditional line is verified against the filing or a screener you trust; the dated ratio table on this page shows exactly what is still open.", "analysisWordCount": 151, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/ulta-beauty-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/ulta-beauty-stock.md", "entityType": "stock", "ticker": "ULTA", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-05-02", "businessScreen": { "pass": true, "activity": "Ulta Beauty, Inc. functions as a prominent beauty product retailer throughout the United States. Its physical locations feature a broad assortment of goods, including cosmetics, perfumes, skincare, haircare items, bath and body essentials, and professional salon styling instruments. Additionally, they provide a comprehensive suite of salon services, encompassing hair, skin, makeup, brow, and nail treatments. The company further offers its proprietary label products, such as the Ulta Beauty Colle", "detail": "Interest income not separately material in the annual filing (Ulta Beauty, Inc. FY2025 (fiscal year ended 2026-01-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Ulta Beauty, Inc. FY2025 (fiscal year ended 2026-01-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/ULTA/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Ulta Beauty, Inc. (ULTA) conditional: financial ratios pass (interest-bearing debt 0.7% of market cap (limit 30%), cash plus interest-bearing securities 1.1% (limit 30%), impermissible income 0% of revenue (limit 5%)) on 2026-05-02 figures, but an open business-activity question remains — verify the condition noted on this page against the latest filing before treating it as a clear pass.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ULTA latest quarterly filing (balance sheet 2026-05-02)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Ulta%20Beauty%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Ulta Beauty, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Ulta%20Beauty%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ULTA Shariah compliance", "url": "https://zoya.finance/stocks/ulta", "external": true }, { "label": "Musaffa — ULTA", "url": "https://musaffa.com/stock/ULTA/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Ulta Beauty, Inc. (ULTA) stock halal?", "answer": "Ulta Beauty, Inc. is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does Ulta Beauty, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-05-02: interest-bearing debt is 0.7% of market cap (limit < 30%); cash plus interest-bearing securities is 1.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Ulta Beauty, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-05-02", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.7, "cashPct": 1.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.7, "cashPct": 1.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 2.1, "cashPct": 3.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.under-armour-stock", "question": "Is Under Armour Stock Halal?", "entityName": "Under Armour, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Under Armour, Inc. (UAA) does not pass Shariah screening: interest-bearing debt / market cap is 52.1% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 35.4% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Under Armour, Inc. (UAA) specializes in the design, promotion, and distribution of athletic clothing, footwear, and accessories for men, women, and young people. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 52.1% versus the < 30% limit; cash + interest-bearing securities / market cap at 35.4% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 165, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/under-armour-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/under-armour-stock.md", "entityType": "stock", "ticker": "UAA", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Under Armour, Inc. (UAA) specializes in the design, promotion, and distribution of athletic clothing, footwear, and accessories for men, women, and young people. Its apparel collection includes various fits such as compression, fitted, and loose styles. Additionally, the firm produces specialized footwear designed for running, training, basketball, cleated sports, post-exercise recovery, and outdoor activities. The product range extends to accessories like gloves, bags, headwear, and sports mask", "detail": "Interest income not separately material in the annual filing (Under Armour, Inc. FY2026 (fiscal year ended 2026-03-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 52.1, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 35.4, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Under Armour, Inc. FY2026 (fiscal year ended 2026-03-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/UAA/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Under Armour, Inc. (UAA) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 52.1% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "UAA latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Under%20Armour%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Under Armour, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Under%20Armour%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — UAA Shariah compliance", "url": "https://zoya.finance/stocks/uaa", "external": true }, { "label": "Musaffa — UAA", "url": "https://musaffa.com/stock/UAA/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Under Armour, Inc. (UAA) stock halal?", "answer": "No. Under Armour, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Under Armour, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 52.1% of market cap (limit < 30%); cash plus interest-bearing securities is 35.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Under Armour, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 52.1, "cashPct": 35.4, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 52.1, "cashPct": 35.4, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 30.4, "cashPct": 20.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.union-pacific-stock", "question": "Is Union Pacific Stock Halal?", "entityName": "Union Pacific Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Union Pacific Corporation (UNP) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 19.1% of market cap and cash plus interest-bearing securities 0.6% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Union Pacific Corporation, a prominent American railway enterprise, conducts its primary operations through its subsidiary, Union Pacific Railroad Company. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 19.1% of market cap, cash plus interest-bearing securities 0.6%, and filing-verified impermissible income 0.1% (Interest income $16.0M on $24.51B total revenue (Union Pacific Corporation FY2025 (fiscal year ended 2025-12-31, Form 10…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 181, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/union-pacific-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/union-pacific-stock.md", "entityType": "stock", "ticker": "UNP", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Union Pacific Corporation, a prominent American railway enterprise, conducts its primary operations through its subsidiary, Union Pacific Railroad Company. The company provides extensive freight transportation services for a wide array of commodities. Its diverse cargo includes agricultural products like grain, fertilizers, and refrigerated foods; energy resources such as coal, renewables, petroleum, and liquid petroleum gases; and industrial materials encompassing construction products, chemica", "detail": "Interest income $16.0M on $24.51B total revenue (Union Pacific Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 19.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.6, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.1, "thresholdPct": 5, "pass": true, "note": "Interest income $16.0M on $24.51B total revenue (Union Pacific Corporation FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/UNP/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Union Pacific Corporation (UNP) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 19.1% of market cap (limit 30%), cash plus interest-bearing securities 0.6% (limit 30%), impermissible income 0.1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "UNP latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Union%20Pacific%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Union Pacific Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Union%20Pacific%20Corporation&type=10-K", "external": true }, { "label": "Zoya — UNP Shariah compliance", "url": "https://zoya.finance/stocks/unp", "external": true }, { "label": "Musaffa — UNP", "url": "https://musaffa.com/stock/UNP/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Union Pacific Corporation (UNP) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Union Pacific Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Union Pacific Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 19.1% of market cap (limit < 30%); cash plus interest-bearing securities is 0.6% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Union Pacific Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Union Pacific Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 19.1, "cashPct": 0.6, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 19.1, "cashPct": 0.6, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 44.3, "cashPct": 1.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.united-airlines-holdings-stock", "question": "Is United Airlines Stock Halal?", "entityName": "United Airlines Holdings, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "United Airlines Holdings, Inc. (UAL) does not pass Shariah screening: interest-bearing debt / market cap is 64.5% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 37.8% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "United Airlines Holdings, Inc., through its various subsidiaries, delivers air travel solutions on a global scale. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 64.5% versus the < 30% limit; cash + interest-bearing securities / market cap at 37.8% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 158, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/united-airlines-holdings-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/united-airlines-holdings-stock.md", "entityType": "stock", "ticker": "UAL", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "United Airlines Holdings, Inc., through its various subsidiaries, delivers air travel solutions on a global scale. Its vast network extends across North America, Europe, Asia, Africa, the Pacific, the Middle East, and Latin America, facilitating the movement of both passengers and freight. The company operates these services using a combination of its primary and regional aircraft fleets. Beyond its core transportation offerings, United also provides specialized support to external clients, enco", "detail": "Interest income $610.0M on $59.07B total revenue (United Airlines Holdings, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 64.5, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 37.8, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1, "thresholdPct": 5, "pass": true, "note": "Interest income $610.0M on $59.07B total revenue (United Airlines Holdings, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/UAL/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates United Airlines Holdings, Inc. (UAL) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 64.5% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "UAL latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=United%20Airlines%20Holdings%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "United Airlines Holdings, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=United%20Airlines%20Holdings%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — UAL Shariah compliance", "url": "https://zoya.finance/stocks/ual", "external": true }, { "label": "Musaffa — UAL", "url": "https://musaffa.com/stock/UAL/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is United Airlines Holdings, Inc. (UAL) stock halal?", "answer": "No. United Airlines Holdings, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does United Airlines Holdings, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 64.5% of market cap (limit < 30%); cash plus interest-bearing securities is 37.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is United Airlines Holdings, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 64.5, "cashPct": 37.8, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 64.5, "cashPct": 37.8, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 29.9, "cashPct": 17.5, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.unitedhealth-group-stock", "question": "Is UnitedHealth Stock Halal?", "entityName": "UnitedHealth Group Incorporated", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "UnitedHealth Group Incorporated (UNH) does not pass Shariah screening: its core business fails the activity screen (UnitedHealth fails the Shariah business-activity screen because conventional health insurance (the UnitedHealthcare segm). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "UnitedHealth is a frequent 'is it halal?' question because it is the largest healthcare company in the United States and healthcare feels intuitively permissible. But on standard Shariah screens it does not pass, and the reason is the business-activity screen rather than the financial ratios. UnitedHealth runs two divisions: UnitedHealthcare, a conventional health-insurance business, and Optum, a health-services, pharmacy-benefits, and analytics business. Optum's activities are permissible on their own — but UnitedHealthcare, the insurance arm, is a core, revenue-dominant segment, and conventional insurance is treated as impermissible by mainstream AAOIFI-aligned scholarship because of the riba, gharar, and maysir embedded in how premiums are pooled, invested, and paid out.\n\nThe financial ratios are actually not the problem here: UnitedHealth's enormous market capitalization keeps its debt-to-market-cap ratio (around 20%) and reported prohibited-income ratio inside the AAOIFI limits on some screens. That is precisely why this stock is a useful teaching case — passing the quantitative screens does not matter if the qualitative business-activity screen fails first. A company whose core business is conventional insurance is excluded at step one.\n\nThis is why Zoya, Musaffa, and Muslim Xchange all classify UnitedHealth as not Shariah-compliant, and why it does not appear in Shariah-screened funds such as SPUS or HLAL, which exclude the insurance sector by design. (One automated screener's stock page rates it 'B+ halal' by treating it purely as a healthcare name; that is an outlier that misses the insurance-activity screen, and it conflicts with the same provider's own written analysis.) Muslim investors who want healthcare exposure should look instead at pharmaceutical companies, medical-device makers, or permissible health-technology firms — or hold a Shariah-screened ETF that has already removed the insurers.", "analysisWordCount": 278, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/unitedhealth-group-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/unitedhealth-group-stock.md", "entityType": "stock", "ticker": "UNH", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "UnitedHealth Group's largest division is UnitedHealthcare, a conventional health-insurance business providing employer, individual, Medicare, and Medicaid benefit plans. It also operates Optum, a permissible health-services, pharmacy-benefit-management, data-analytics, and care-delivery business. Conventional health insurance is a core, revenue-dominant segment rather than an incidental activity.", "detail": "UnitedHealth fails the Shariah business-activity screen because conventional health insurance (the UnitedHealthcare segment) is a core line of business. Conventional insurance is treated as impermissible by mainstream AAOIFI-aligned scholars because of riba (interest earned on premium float invested in fixed-income securities), gharar (excessive uncertainty in the policy contract), and maysir (risk-transfer resembling gambling). Although the Optum health-services division is itself permissible, it does not cure the consolidated business-activity failure. The interest income earned on the company's large insurance float and reserves is an additional concern.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 21, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 8.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": null, "note": "Not determinative — this verdict is set by the business-activity screen, so the impermissible-income line does not change the outcome." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-13. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-13. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null }, { "source": "Zoya", "position": "Classifies UNH as NOT Shariah-compliant under its AAOIFI-based methodology; dividends from a non-compliant stock are treated as impermissible income to be purified.", "url": "https://zoya.finance/stocks/unh", "note": null }, { "source": "Musaffa", "position": "Classified NOT HALAL based on AAOIFI business-activity and financial-ratio screens — its health-insurance business fails the activity screen.", "url": "https://musaffa.com/stock/UNH", "note": null }, { "source": "Muslim Xchange", "position": "Rates UNH Shariah Not Compliant (as of February 2026), screening against AAOIFI, S&P Shariah, Dow Jones Islamic, FTSE Shariah, and MSCI standards.", "url": "https://muslimxchange.com/ticker/unh/", "note": null } ], "sources": [ { "label": "UNH latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=UnitedHealth%20Group%20Incorporated&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "UnitedHealth Group Inc. 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=UNH&type=10-K", "external": true }, { "label": "Zoya — UNH Shariah compliance status (not compliant)", "url": "https://zoya.finance/stocks/unh", "external": true }, { "label": "Musaffa — UNH Shariah status (NOT HALAL)", "url": "https://musaffa.com/stock/UNH", "external": true }, { "label": "Muslim Xchange — UNH Shariah Not Compliant (Feb 2026)", "url": "https://muslimxchange.com/ticker/unh/", "external": true } ], "faqs": [ { "question": "Is UnitedHealth Group Incorporated (UNH) stock halal?", "answer": "No. UnitedHealth Group Incorporated fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does UnitedHealth Group Incorporated pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 21.0% of market cap (limit < 30%); cash plus interest-bearing securities is 8.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is UnitedHealth Group Incorporated held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, UnitedHealth Group Incorporated is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.upstart-holdings-stock", "question": "Is Upstart Stock Halal?", "entityName": "Upstart Holdings, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Upstart Holdings, Inc. (UPST) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry \"Financial - Credit Services\" / sector \"Financial Services\" pattern-matches a prohibited core business), and interest-bearing debt / market cap is 67.4% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 31.9% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 19.0% against the < 5% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Through its various subsidiaries, Upstart Holdings Inc. operates an advanced, cloud-hosted artificial intelligence (AI) lending platform across the United States. Core business: Financial - Credit Services (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet.\n\nFor completeness, Upstart Holdings, Inc.'s balance-sheet ratios also fall outside AAOIFI's financial limits — interest-bearing debt 67.4% of market cap (limit 30%), cash plus interest-bearing securities 31.9% (limit 30%), impermissible income 19% of revenue (limit 5%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, UPST is non-compliant regardless of where the ratios land.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 211, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/upstart-holdings-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/upstart-holdings-stock.md", "entityType": "stock", "ticker": "UPST", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Through its various subsidiaries, Upstart Holdings Inc. operates an advanced, cloud-hosted artificial intelligence (AI) lending platform across the United States. This platform is designed to gather consumer loan requests and efficiently connect them with its extensive network of banks that leverage Upstart's AI technology. Established in 2012, the company maintains its primary operational base in San Mateo, California.", "detail": "Core business: Financial - Credit Services (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail.", "impermissibleRevenuePct": 19 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 67.4, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 31.9, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 19, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/UPST/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Upstart Holdings, Inc. (UPST) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "UPST latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Upstart%20Holdings%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Upstart Holdings, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Upstart%20Holdings%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — UPST Shariah compliance", "url": "https://zoya.finance/stocks/upst", "external": true }, { "label": "Musaffa — UPST", "url": "https://musaffa.com/stock/UPST/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Upstart Holdings, Inc. (UPST) stock halal?", "answer": "No. Upstart Holdings, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Upstart Holdings, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 67.4% of market cap (limit < 30%); cash plus interest-bearing securities is 31.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Upstart Holdings, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.usdc", "question": "Is USDC Halal?", "entityName": "USDC", "verdict": "scholars_differ", "verdictLabel": "Scholars Differ", "answer": "USD Coin (USDC) is a fiat-backed stablecoin pegged 1:1 to the US dollar. Scholars differ: many treat it as a permissible digital dollar for payments and transfers, since holders receive no interest from the reserves, while others flag that its reserves are invested in interest-bearing US Treasuries (indirect riba / assisting in sin) and that holding USDC is a claim on Circle's debt rather than ownership of dollars. The near-universal caution is that USDC must never be used in yield- or interest-bearing programs.", "analysis": "USDC is a different kind of question from the major coins, because it is not trying to be 'digital gold' — it is a digital dollar. Circle issues USDC against reserves of cash and short-term US Treasuries and redeems it 1:1, so its value is stable by design. The halal debate therefore is not about volatility or speculation; it is about riba and ownership.\n\nThe permissive view — articulated by analyses such as Sharlife and the Islamic Finance Guru — treats USDC as a permissible medium of exchange: when you hold USDC you do not receive the interest the reserves earn, so for everyday payments and transfers it behaves like a halal digital dollar, subject to the rules of bay' al-sarf (currency exchange must settle on the spot). The cautious view — reflected in HalalScreener's 'doubtful' rating and other analyses — raises two objections: first, the reserves are invested in interest-bearing Treasuries, so holding USDC may indirectly support an interest-based system (i'anat 'ala al-ma'siyah, assisting in sin); second, a USDC holder owns a claim on Circle's debt rather than the underlying dollars, which some scholars find structurally problematic.\n\nWhere almost everyone agrees is the boundary: earning yield on USDC — lending it out or parking it in an interest-bearing 'Earn' product for a return — is riba and impermissible. So the safe, widely-accepted use is narrow and clear: treat USDC as a transactional dollar for halal payments and transfers, settle promptly, and never use it to earn interest. Investors who are uncomfortable with the reserve and debt-structure concerns may prefer to minimize how long they hold it, or look to purpose-built Shariah-compliant alternatives. Follow the scholar or methodology you trust.", "analysisWordCount": 280, "conditions": "If following the permissive view: use USDC for payments, transfers, and as a transactional dollar only, settling on the spot per the rules of bay' al-sarf (currency exchange). Do not earn yield on USDC — lending and 'Earn' programs paying a return are riba. Some scholars avoid holding it long-term due to the reserve and debt-structure concerns.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/usdc", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/usdc.md", "entityType": "crypto", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Fiat-collateralized stablecoin issued by Circle, redeemable 1:1 for US dollars; reserves are held in cash and short-term US Treasuries; used as a medium of exchange and store of value on-chain.", "detail": "Holders receive no interest from the reserves. The debate centers on indirect riba from the interest-bearing reserve composition and on the debt/claim structure of the token (a claim on Circle rather than ownership of dollars).", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Permissive position", "position": "USDC is a digital dollar usable for halal payments and transfers; the holder does not receive interest from the reserves, so using it as a medium of exchange is permissible (subject to bay' al-sarf rules).", "url": "https://sharlife.my/stablecoin/USDC", "note": null }, { "source": "Cautious / prohibitive position", "position": "USDC reserves are invested in interest-bearing US Treasuries, so holding it may indirectly support riba (i'anat 'ala al-ma'siyah); the holder owns a claim on Circle's debt rather than the dollars themselves, which some scholars find problematic.", "url": "https://halalscreener.app/en/stock/CRYPTO:USDC", "note": null }, { "source": "Near-universal caution", "position": "Earning yield on USDC (lending it or using interest-bearing 'Earn' products) is widely treated as clear riba and impermissible, even among scholars who permit holding it for transactions.", "url": null, "note": null } ], "sources": [ { "label": "Is crypto halal? (HalalWallet)", "url": "/is-crypto-halal", "external": false }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Sharlife — USDC stablecoin Shariah analysis (permissible for transactions)", "url": "https://sharlife.my/stablecoin/USDC", "external": true }, { "label": "HalalScreener — USDC rated Doubtful (indirect riba from reserves)", "url": "https://halalscreener.app/en/stock/CRYPTO:USDC", "external": true } ], "faqs": [ { "question": "Is USDC halal?", "answer": "Scholars differ. Many permit USDC as a digital dollar for payments and transfers, because holders receive no interest from the reserves. Others caution that the reserves sit in interest-bearing Treasuries (indirect riba) and that USDC is a claim on Circle's debt rather than ownership of dollars. The shared bottom line: never use USDC in yield- or interest-bearing programs." }, { "question": "Can I earn yield on USDC and stay halal?", "answer": "No. Earning a return by lending USDC or placing it in interest-bearing 'Earn' programs is riba and is impermissible — this is the one point on which scholars who permit and who caution against USDC largely agree. Use it only as a transactional dollar, settled on the spot." } ] }, { "id": "verdict.v-f-stock", "question": "Is V.F. Stock Halal?", "entityName": "V.F. Corporation", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "V.F. Corporation (VFC) does not pass Shariah screening: interest-bearing debt / market cap is 51.1% against the < 30% limit (data as of 2026-03-28). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "V.F. Corporation, operating with its subsidiaries, specializes in the global design, sourcing, marketing, and distribution of branded lifestyle apparel, footwear, and complementary products. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-28): interest-bearing debt / market cap at 51.1% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 174, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/v-f-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/v-f-stock.md", "entityType": "stock", "ticker": "VFC", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-28", "businessScreen": { "pass": true, "activity": "V.F. Corporation, operating with its subsidiaries, specializes in the global design, sourcing, marketing, and distribution of branded lifestyle apparel, footwear, and complementary products. Catering to men, women, and children, its offerings reach markets across the Americas, Europe, and Asia-Pacific. The company structures its operations into three distinct segments: Outdoor, Active, and Work. Its expansive product portfolio includes a wide array of apparel, such as outdoor wear, casual and li", "detail": "Interest income $18.0M on $9.61B total revenue (V.F. Corporation FY2026 (fiscal year ended 2026-03-28, Form 10-K)) = 0.2% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.2 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 51.1, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 12.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.2, "thresholdPct": 5, "pass": true, "note": "Interest income $18.0M on $9.61B total revenue (V.F. Corporation FY2026 (fiscal year ended 2026-03-28, Form 10-K)) = 0.2% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/VFC/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates V.F. Corporation (VFC) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 51.1% against a 30% limit on 2026-03-28 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "VFC latest quarterly filing (balance sheet 2026-03-28)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=V.F.%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "V.F. Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=V.F.%20Corporation&type=10-K", "external": true }, { "label": "Zoya — VFC Shariah compliance", "url": "https://zoya.finance/stocks/vfc", "external": true }, { "label": "Musaffa — VFC", "url": "https://musaffa.com/stock/VFC/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is V.F. Corporation (VFC) stock halal?", "answer": "No. V.F. Corporation fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does V.F. Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-28: interest-bearing debt is 51.1% of market cap (limit < 30%); cash plus interest-bearing securities is 12.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is V.F. Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-28", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 51.1, "cashPct": 12.1, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 51.1, "cashPct": 12.1, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 38, "cashPct": 9, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.vale-stock", "question": "Is Vale Stock Halal?", "entityName": "Vale S.A.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Vale S.A. (VALE) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 27.4% of market cap and cash plus interest-bearing securities 7.9% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Operating globally and within Brazil, Vale S.A. is a major producer and seller of essential raw materials, including iron ore, iron ore pellets, nickel, and copper. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 27.4% of market cap, cash plus interest-bearing securities 7.9%, and filing-verified impermissible income 1.1% (Interest income $431.2M on $38.23B total revenue (Vale S.A. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.1% — u…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 191, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/vale-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/vale-stock.md", "entityType": "stock", "ticker": "VALE", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Operating globally and within Brazil, Vale S.A. is a major producer and seller of essential raw materials, including iron ore, iron ore pellets, nickel, and copper. Its operations are organized into two primary segments. The Iron Solutions segment is dedicated to the extraction and production of iron ore, pellets, and various other ferrous products, also providing crucial logistics services. Meanwhile, the Energy Transition Materials segment specializes in mining nickel, along with its valuable ", "detail": "Interest income $431.2M on $38.23B total revenue (Vale S.A. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 27.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 7.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1.1, "thresholdPct": 5, "pass": true, "note": "Interest income $431.2M on $38.23B total revenue (Vale S.A. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/VALE/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Vale S.A. (VALE) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 27.4% of market cap (limit 30%), cash plus interest-bearing securities 7.9% (limit 30%), impermissible income 1.1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "VALE latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Vale%20S.A.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Vale S.A. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Vale%20S.A.&type=10-K", "external": true }, { "label": "Zoya — VALE Shariah compliance", "url": "https://zoya.finance/stocks/vale", "external": true }, { "label": "Musaffa — VALE", "url": "https://musaffa.com/stock/VALE/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Vale S.A. (VALE) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Vale S.A. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Vale S.A. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 27.4% of market cap (limit < 30%); cash plus interest-bearing securities is 7.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Vale S.A. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Vale S.A.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 27.4, "cashPct": 7.9, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 27.4, "cashPct": 7.9, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 21, "cashPct": 6, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.valero-energy-stock", "question": "Is Valero Energy Stock Halal?", "entityName": "Valero Energy Corporation", "verdict": "halal", "verdictLabel": "Halal", "answer": "Valero Energy Corporation (VLO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 15.0% of market cap and cash plus interest-bearing securities 7.5% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Valero Energy Corporation functions as a global producer and marketer of transportation fuels and petrochemicals, with operations spanning the United States, Canada, the United Kingdom, Ireland, and other international territories. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 15.0% of market cap, cash plus interest-bearing securities 7.5%, and filing-verified impermissible income — (Net other expense; interest income immaterial vs $122.7B revenue. (Valero FY2025 10-K.)…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 187, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/valero-energy-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/valero-energy-stock.md", "entityType": "stock", "ticker": "VLO", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Valero Energy Corporation functions as a global producer and marketer of transportation fuels and petrochemicals, with operations spanning the United States, Canada, the United Kingdom, Ireland, and other international territories. The company organizes its business across three primary divisions: Refining, Renewable Diesel, and Ethanol. Its Refining segment generates a wide array of products, including various types of gasoline (conventional, premium, reformulated, and California Air Resources ", "detail": "Net other expense; interest income immaterial vs $122.7B revenue. (Valero FY2025 10-K.)", "impermissibleRevenuePct": null }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 15, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 7.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": true, "note": "Net other expense; interest income immaterial vs $122.7B revenue. (Valero FY2025 10-K.)" } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/VLO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Valero Energy Corporation (VLO) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 15% of market cap (limit 30%), cash plus interest-bearing securities 7.5% (limit 30%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "VLO latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Valero%20Energy%20Corporation&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Valero Energy Corporation SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Valero%20Energy%20Corporation&type=10-K", "external": true }, { "label": "Zoya — VLO Shariah compliance", "url": "https://zoya.finance/stocks/vlo", "external": true }, { "label": "Musaffa — VLO", "url": "https://musaffa.com/stock/VLO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Valero Energy Corporation (VLO) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Valero Energy Corporation passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Valero Energy Corporation pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 15.0% of market cap (limit < 30%); cash plus interest-bearing securities is 7.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Valero Energy Corporation held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Valero Energy Corporation?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 15, "cashPct": 7.5, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 15, "cashPct": 7.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 18.5, "cashPct": 9.2, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.voo-etf", "question": "Is Vanguard S&P 500 ETF (VOO) Halal?", "entityName": "Vanguard S&P 500 ETF (VOO)", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "VOO tracks the standard S&P 500, so it holds the index as-is — including conventional banks (JPMorgan, Bank of America), insurers, and companies whose interest-bearing debt or interest income exceed Shariah limits, and it earns interest on cash. That makes the fund itself not Shariah-compliant, even though roughly two-thirds of the underlying companies would pass screening individually. For the same large-cap U.S. exposure with the non-compliant names removed, use a Shariah-screened S&P 500 ETF such as SPUS, or the broader HLAL.", "analysis": "VOO is Vanguard's S&P 500 index fund, and the reason it is not halal has nothing to do with Vanguard and everything to do with what the S&P 500 contains. The fund's whole purpose is to replicate the index exactly — all 500 companies, weighted by size, with no editing. That means it necessarily holds conventional banks like JPMorgan and Bank of America, whose core business is interest (riba); it holds insurers, and it holds companies whose interest-bearing debt or interest income exceeds the AAOIFI thresholds. On top of that, the fund earns interest on its uninvested cash. None of that can be screened or purified away at the fund level, so the wrapper as a whole is not Shariah-compliant.\n\nWhat trips people up is that most of the S&P 500 is actually fine. By number of companies, roughly 320–350 of the 500 pass Shariah screening, and by market cap the compliant share is even higher because the largest names — Apple, Microsoft, Nvidia, Alphabet — are permissible. So the problem is not that the index is mostly haram; it is that buying VOO means buying the unscreened bundle, non-compliant names and interest income included.\n\nThe fix is straightforward and well-established: buy a Shariah-screened version of the same exposure. SPUS (SP Funds S&P 500 Sharia ETF) tracks a screened S&P 500 — the same index with the non-compliant companies removed — and HLAL (Wahed FTSE USA Shariah ETF) gives broader screened U.S. exposure. Both are scholar-supervised, apply AAOIFI-style sector and ratio screens, and publish a purification ratio so you can cleanse the small residual interest income. You give up a little on cost (around 0.45–0.50% versus VOO's 0.03%) in exchange for compliance.", "analysisWordCount": 282, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/voo-etf", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/voo-etf.md", "entityType": "fintech_product", "ticker": "VOO", "exchange": "NYSE Arca", "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": false, "activity": "A passive index fund that replicates the S&P 500 — the 500 largest U.S. companies, weighted by market cap — with no Shariah screening applied to its holdings.", "detail": "Because it tracks the index unchanged, VOO holds conventional banks, insurers, and other companies that fail the AAOIFI business-activity or financial-ratio screens, and it earns interest on uninvested cash. The non-compliant holdings and interest income cannot be purified away at the fund level, so the fund as a whole is not compliant. (Note that ~65–70% of S&P 500 constituents do pass screening individually — the issue is the unscreened wrapper, not every holding.)", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Mainstream AAOIFI-aligned view", "position": "A conventional, unscreened S&P 500 index fund is not permissible to hold, because it includes companies in impermissible sectors (conventional banking, insurance, alcohol, gambling) and companies breaching the debt/interest ratio limits, and the fund itself earns interest.", "url": "https://www.wahed.com/blog/what-makes-an-etf-halal", "note": null }, { "source": "Practical alternative", "position": "For Shariah-compliant S&P 500-style exposure, use the screened version of the index — tracked by SPUS — or a broader Shariah-screened U.S. fund such as HLAL, which remove the non-compliant companies and handle purification.", "url": "https://www.sp-funds.com/spus/", "note": null } ], "sources": [ { "label": "Wahed — what makes an ETF halal (standard S&P 500 ETFs are not)", "url": "https://www.wahed.com/blog/what-makes-an-etf-halal", "external": true }, { "label": "AAOIFI Shariah Standard No. 21 (investment in shares)", "url": "https://aaoifi.com", "external": true }, { "label": "SP Funds — SPUS S&P 500 Sharia ETF (methodology, Shariah board, purification)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Halal Stock Screeners Compared", "url": "/investing/stock-screeners", "external": false }, { "label": "SPUS vs HLAL — Halal ETF Comparison", "url": "/spus-vs-hlal", "external": false } ], "faqs": [ { "question": "Is VOO halal?", "answer": "No. VOO tracks the standard S&P 500 without any Shariah screening, so it holds conventional banks, insurers, and companies that breach the interest-based debt and income limits, and it earns interest on cash. The fund as a whole is not Shariah-compliant. Use a screened alternative like SPUS (screened S&P 500) or HLAL for comparable exposure." }, { "question": "Is the S&P 500 halal?", "answer": "The S&P 500 index itself is not Shariah-compliant as a fund, because it includes impermissible sectors and over-leveraged companies. However, roughly 65–70% of its constituents pass screening individually — which is why a Shariah-screened version of the S&P 500 (tracked by SPUS) exists and is the appropriate halal substitute." }, { "question": "What is the halal alternative to VOO?", "answer": "SPUS (SP Funds S&P 500 Sharia ETF) tracks a Shariah-screened version of the S&P 500 and is the closest 'halal S&P 500'. HLAL (Wahed FTSE USA Shariah ETF) offers broader screened U.S. exposure. Both apply sector and AAOIFI ratio screens, have Shariah supervisory boards, and publish a purification ratio." } ] }, { "id": "verdict.veeva-systems-stock", "question": "Is Veeva Systems Stock Halal?", "entityName": "Veeva Systems Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Veeva Systems Inc. (VEEV) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-04-30) interest-bearing debt is 0.1% of market cap and cash plus interest-bearing securities 28.2% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Veeva Systems Inc. is a leading provider of cloud-based software solutions, exclusively dedicated to the global life sciences industry. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-04-30: interest-bearing debt is 0.1% of market cap, cash plus interest-bearing securities 28.2%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Veeva Systems Inc. FY2026 (fiscal year ended 2026-01-31, F…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 183, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/veeva-systems-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/veeva-systems-stock.md", "entityType": "stock", "ticker": "VEEV", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-04-30", "businessScreen": { "pass": true, "activity": "Veeva Systems Inc. is a leading provider of cloud-based software solutions, exclusively dedicated to the global life sciences industry. Its extensive operational presence spans across North America, Europe, the Asia Pacific region, the Middle East, Africa, and Latin America. The company's product portfolio is primarily structured around two major offerings. First, the Veeva Commercial Cloud delivers an integrated suite of software, data, and analytics tools designed to optimize commercial operat", "detail": "Interest income not separately material in the annual filing (Veeva Systems Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 0.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 28.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Veeva Systems Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/VEEV/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Veeva Systems Inc. (VEEV) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 0.1% of market cap (limit 30%), cash plus interest-bearing securities 28.2% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-04-30 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "VEEV latest quarterly filing (balance sheet 2026-04-30)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Veeva%20Systems%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Veeva Systems Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Veeva%20Systems%20Inc.&type=10-K", "external": true }, { "label": "Zoya — VEEV Shariah compliance", "url": "https://zoya.finance/stocks/veev", "external": true }, { "label": "Musaffa — VEEV", "url": "https://musaffa.com/stock/VEEV/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Veeva Systems Inc. (VEEV) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Veeva Systems Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-04-30). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Veeva Systems Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 0.1% of market cap (limit < 30%); cash plus interest-bearing securities is 28.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Veeva Systems Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Veeva Systems Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-04-30", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 0.1, "cashPct": 28.2, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 0.1, "cashPct": 28.2, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 0.1, "cashPct": 80.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.vertex-pharmaceuticals-incorporated-stock", "question": "Is Vertex Pharmaceuticals Stock Halal?", "entityName": "Vertex Pharmaceuticals Incorporated", "verdict": "halal", "verdictLabel": "Halal", "answer": "Vertex Pharmaceuticals Incorporated (VRTX) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 1.8% of market cap and cash plus interest-bearing securities 6.4% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Vertex Pharmaceuticals Incorporated is a leading biotechnology firm primarily focused on the discovery, advancement, and marketing of innovative treatments, particularly for cystic fibrosis (CF). The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 1.8% of market cap, cash plus interest-bearing securities 6.4%, and filing-verified impermissible income 4.1% (Interest income $490.9M on $12.07B total revenue (Vertex Pharmaceuticals Incorporated FY2025 (fiscal year ended 2025-12-…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 184, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/vertex-pharmaceuticals-incorporated-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/vertex-pharmaceuticals-incorporated-stock.md", "entityType": "stock", "ticker": "VRTX", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Vertex Pharmaceuticals Incorporated is a leading biotechnology firm primarily focused on the discovery, advancement, and marketing of innovative treatments, particularly for cystic fibrosis (CF). The company offers a range of approved medications for CF patients, including SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO, which target specific mutations within the cystic fibrosis transmembrane conductance regulator gene. Additionally, they provide TRIKAFTA for individuals with CF aged six years and older ", "detail": "Interest income $490.9M on $12.07B total revenue (Vertex Pharmaceuticals Incorporated FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 4.1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 4.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 1.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 6.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 4.1, "thresholdPct": 5, "pass": true, "note": "Interest income $490.9M on $12.07B total revenue (Vertex Pharmaceuticals Incorporated FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 4.1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/VRTX/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Vertex Pharmaceuticals Incorporated (VRTX) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 1.8% of market cap (limit 30%), cash plus interest-bearing securities 6.4% (limit 30%), impermissible income 4.1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "VRTX latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Vertex%20Pharmaceuticals%20Incorporated&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Vertex Pharmaceuticals Incorporated SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Vertex%20Pharmaceuticals%20Incorporated&type=10-K", "external": true }, { "label": "Zoya — VRTX Shariah compliance", "url": "https://zoya.finance/stocks/vrtx", "external": true }, { "label": "Musaffa — VRTX", "url": "https://musaffa.com/stock/VRTX/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Vertex Pharmaceuticals Incorporated (VRTX) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Vertex Pharmaceuticals Incorporated passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Vertex Pharmaceuticals Incorporated pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 1.8% of market cap (limit < 30%); cash plus interest-bearing securities is 6.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Vertex Pharmaceuticals Incorporated held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Vertex Pharmaceuticals Incorporated?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 1.8, "cashPct": 6.4, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 1.8, "cashPct": 6.4, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 7.5, "cashPct": 27.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.visa-stock", "question": "Is Visa Stock Halal?", "entityName": "Visa Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Visa Inc. (V) does not pass Shariah screening: its core business fails the activity screen (Visa's 10-K states its revenue is generated from payments volume and processed transactions, and that issuing banks (not). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Visa is one of the most debated names in halal investing, and honest coverage requires showing both sides. The case for permissibility: Visa is a network, not a lender. Its fiscal 2025 10-K shows $40.0 billion of net revenue earned from service fees, data processing, cross-border transaction processing, and value-added services. Visa states that issuing banks, not Visa, extend credit and collect interest from cardholders. On that basis, the major retail screeners that apply AAOIFI methodology, including Zoya and Musaffa, currently classify Visa as Shariah-compliant, and Islamicly's research reaches the same conclusion.\n\nThe case for caution: a meaningful share of the payment volume Visa monetizes flows over interest-bearing credit cards, and some scholars view operating the infrastructure of conventional credit as impermissible facilitation of riba even when the company itself earns only fees. It is notable that the two largest US Shariah ETFs do not hold Visa: it is absent from the SPUS holdings (S&P 500 Shariah Industry Exclusions methodology) as of June 11, 2026, and from HLAL's SEC-filed schedule of investments as of February 28, 2026. Index providers like S&P and FTSE classify Visa within financials and exclude it at the sector-screen stage, while stock-level screeners that look through to actual revenue sources pass it.\n\nFor a Muslim retail investor, the practical takeaway is that this is a genuine difference of professional opinion, not a settled verdict. If you follow Zoya or Musaffa, Visa screens as halal today; if you prefer to mirror what the Shariah index funds hold, Visa is excluded. Either way, compliance status can change with each reporting period, so verify against a current screener before buying.", "analysisWordCount": 271, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/visa-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/visa-stock.md", "entityType": "stock", "ticker": "V", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Visa operates the world's largest card payment network. Per its fiscal 2025 10-K (year ended September 30, 2025), net revenue of $40.0 billion comprised service revenue ($17.54B), data processing revenue ($19.99B), international transaction revenue ($14.17B), and other revenue ($4.05B), reduced by $15.75B of client incentives. Visa earns fees on payment volume and processed transactions; it does not issue cards or extend credit itself.", "detail": "Visa's 10-K states its revenue is generated from payments volume and processed transactions, and that issuing banks (not Visa) set and collect interest and fees from cardholders. Visa reports no interest income from lending as a revenue line; its revenue components are service, data processing, international transaction, and other (mostly value-added services and license fees). The Shariah question is not Visa's own revenue lines but whether operating the rails for interest-based credit cards constitutes impermissible facilitation. AAOIFI-methodology screeners (Zoya, Musaffa, Islamicly) treat the network fee model as permissible. By contrast, the S&P 500 Shariah Industry Exclusions index tracked by SPUS and the FTSE USA Shariah index tracked by HLAL do not currently include Visa.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 3.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": null, "thresholdPct": 5, "pass": null, "note": "Not determinative — this verdict is set by the business-activity screen, so the impermissible-income line does not change the outcome." } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null }, { "source": "Zoya", "position": "Shariah-compliant (AAOIFI methodology); Zoya's stock page reports V as compliant and its blog lists Visa among top-rated halal stocks, noting it earns transaction and data processing fees rather than lending or charging interest.", "url": "https://zoya.finance/stocks/v", "note": null }, { "source": "Musaffa", "position": "Classified HALAL as of February 2026 based on Musaffa's AAOIFI-based business activity and financial ratio screens (report source: 2026 Q1 report).", "url": "https://musaffa.com/stock/V/", "note": null }, { "source": "Islamicly", "position": "Deems Visa Shariah-compliant; its research article argues payment processors collect a service fee for moving money and pass both sector and financial-ratio screens.", "url": "https://blog.islamicly.com/research/are-payment-processors-mastercard-visa-american-express-shariah-compliant/", "note": null }, { "source": "Amana/Saturna", "position": "Visa does not appear in the Amana Growth Fund holdings as of 2026-02-27 (an actively managed, concentrated fund of ~31 positions, so absence is not necessarily a screen verdict).", "url": "https://www.saturna.com/fund/amana-growth", "note": null } ], "sources": [ { "label": "V latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Visa%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Visa Q4/FY2025 earnings release (SEC EDGAR, 8-K exhibit)", "url": "https://www.sec.gov/Archives/edgar/data/1403161/000140316125000077/q42025earningsrelease.htm", "external": true }, { "label": "Visa FY2025 annual report financials (company IR)", "url": "https://annualreport.visa.com/financials/default.aspx", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true }, { "label": "Zoya compliance page for V", "url": "https://zoya.finance/stocks/v", "external": true }, { "label": "Musaffa compliance page for V", "url": "https://musaffa.com/stock/V/", "external": true } ], "faqs": [ { "question": "Is Visa Inc. (V) stock halal?", "answer": "No. Visa Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Visa Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 3.9% of market cap (limit < 30%); cash plus interest-bearing securities is 2.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Visa Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Visa Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.vistra-stock", "question": "Is Vistra Stock Halal?", "entityName": "Vistra Corp.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Vistra Corp. (VST) does not pass Shariah screening: interest-bearing debt / market cap is 39.9% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Vistra Corp., along with its various holdings, functions as a unified entity primarily engaged in retail electricity supply and power generation. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 39.9% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 172, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/vistra-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/vistra-stock.md", "entityType": "stock", "ticker": "VST", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Vistra Corp., along with its various holdings, functions as a unified entity primarily engaged in retail electricity supply and power generation. The company organizes its operations across six distinct segments: Retail, Texas, East, West, Sunset, and Asset Closure. It directly provides electricity and natural gas to residential, commercial, and industrial clients throughout 20 U.S. states and the District of Columbia. Beyond its retail endeavors, Vistra also participates in generating electrici", "detail": "Interest income not separately material in the annual filing (Vistra Corp. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": null }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 39.9, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.3, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Vistra Corp. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/VST/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Vistra Corp. (VST) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 39.9% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "VST latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Vistra%20Corp.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Vistra Corp. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Vistra%20Corp.&type=10-K", "external": true }, { "label": "Zoya — VST Shariah compliance", "url": "https://zoya.finance/stocks/vst", "external": true }, { "label": "Musaffa — VST", "url": "https://musaffa.com/stock/VST/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Vistra Corp. (VST) stock halal?", "answer": "No. Vistra Corp. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Vistra Corp. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 39.9% of market cap (limit < 30%); cash plus interest-bearing securities is 1.3% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Vistra Corp. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 39.9, "cashPct": 1.3, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 39.9, "cashPct": 1.3, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 48.2, "cashPct": 1.6, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.volkswagen-ag-stock", "question": "Is Volkswagen AG Stock Halal?", "entityName": "Volkswagen AG", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Volkswagen AG (VWAGY) does not pass Shariah screening: interest-bearing debt / market cap is 643.6% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 179.2% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Volkswagen AG, established in Wolfsburg, Germany, in 1937, operates as a subsidiary of Porsche Automobil Holding SE. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 643.6% versus the < 30% limit; cash + interest-bearing securities / market cap at 179.2% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 158, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/volkswagen-ag-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/volkswagen-ag-stock.md", "entityType": "stock", "ticker": "VWAGY", "exchange": "OTC", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Volkswagen AG, established in Wolfsburg, Germany, in 1937, operates as a subsidiary of Porsche Automobil Holding SE. This global automotive group is primarily engaged in the manufacturing and distribution of vehicles across key regions including Europe, North America, South America, and the Asia-Pacific. Its diverse operations are divided into four main segments: The Passenger Cars and Light Commercial Vehicles division focuses on designing, producing, and selling passenger automobiles, light co", "detail": "Interest income $1.75B on $309.21B total revenue (Volkswagen AG FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.6% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.6 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 643.6, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 179.2, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.6, "thresholdPct": 5, "pass": true, "note": "Interest income $1.75B on $309.21B total revenue (Volkswagen AG FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.6% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/VWAGY/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Volkswagen AG (VWAGY) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 643.6% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "VWAGY latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Volkswagen%20AG&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Volkswagen AG SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Volkswagen%20AG&type=10-K", "external": true }, { "label": "Zoya — VWAGY Shariah compliance", "url": "https://zoya.finance/stocks/vwagy", "external": true }, { "label": "Musaffa — VWAGY", "url": "https://musaffa.com/stock/VWAGY/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Volkswagen AG (VWAGY) stock halal?", "answer": "No. Volkswagen AG fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Volkswagen AG pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 643.6% of market cap (limit < 30%); cash plus interest-bearing securities is 179.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Volkswagen AG held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 643.6, "cashPct": 179.2, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 643.6, "cashPct": 179.2, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 42.8, "cashPct": 11.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.hlal-etf", "question": "Is Wahed FTSE USA Shariah ETF (HLAL) Halal?", "entityName": "Wahed FTSE USA Shariah ETF (HLAL)", "verdict": "halal", "verdictLabel": "Halal", "answer": "HLAL is Shariah-compliant by design. Managed by Wahed, it tracks the FTSE USA Shariah Index — a screened, broad U.S. large/mid-cap basket (~200+ holdings) that removes impermissible sectors and companies breaching the financial-ratio limits — under Wahed's Shariah supervisory board. It is heavily technology-weighted and is one of the two default halal U.S. equity ETFs alongside SPUS. A published purification ratio handles the small residual non-compliant income.", "analysis": "HLAL is Wahed's flagship U.S. equity ETF and, with SPUS, one of the two default building blocks of a halal U.S. stock portfolio. It tracks the FTSE USA Shariah Index, which takes the broad U.S. large- and mid-cap universe and applies FTSE's Shariah methodology: remove companies in impermissible sectors (conventional finance, alcohol, gambling, tobacco) and remove companies that breach the debt and interest-income ratio limits. What remains is a screened basket of roughly 200-plus companies, heavily weighted toward technology, healthcare, and communication services, with top holdings such as Apple, Microsoft, Meta, Alphabet, and Tesla.\n\nLike SPUS, what makes HLAL trustworthy is governance rather than branding. Wahed maintains a Shariah supervisory board that vets the index methodology and audits the holdings, and the fund publishes a purification ratio so investors can cleanse the small amount of incidental interest income that even screened companies earn. That transparency — disclosing the residual and quantifying the purification — is the hallmark of a properly run Shariah fund.\n\nThe natural question is SPUS versus HLAL. Both are genuinely compliant; the distinction is the underlying index. SPUS screens the S&P 500 specifically; HLAL screens the broader FTSE USA universe, so it reaches a little further down the cap spectrum. In practice their large-cap technology cores overlap heavily, and either works as a single core U.S. holding. Compare the expense ratios, the exact holdings, and the published purification ratios, then choose the methodology you are most comfortable with. As always, hold it long-term, apply the purification, and avoid margin and short-selling.", "analysisWordCount": 254, "conditions": null, "purificationNote": "HLAL holds screened companies that still earn small amounts of incidental interest, so Wahed publishes a purification ratio. Donate that percentage of your distributions to charity to cleanse the residual non-compliant income — our purification calculator automates this.", "url": "https://www.halalwallet.ca/is-it-halal/hlal-etf", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/hlal-etf.md", "entityType": "fintech_product", "ticker": "HLAL", "exchange": "Nasdaq", "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": true, "activity": "A passive ETF managed by Wahed tracking the FTSE USA Shariah Index — a Shariah-screened basket of roughly 200+ U.S. large- and mid-cap companies, with a strong weighting toward technology, healthcare, and communication services. Top holdings include Apple, Microsoft, Meta, Alphabet, and Tesla.", "detail": "The FTSE Shariah methodology removes impermissible sectors (conventional finance, alcohol, gambling, tobacco) and companies breaching AAOIFI-style debt and interest-income ratios. Wahed's Shariah supervisory board oversees the methodology and audits the fund; a purification ratio is published for the small residual non-compliant income.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Wahed Shariah Supervisory Board", "position": "Oversees the FTSE USA Shariah Index methodology, audits HLAL's holdings, and certifies the fund Shariah-compliant, with purification guidance for residual income.", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null }, { "source": "Mainstream view", "position": "A scholar-supervised, FTSE-Shariah-screened U.S. equity ETF is permissible passive exposure for Muslim investors, subject to performing purification and avoiding leverage and short-selling.", "url": "https://aaoifi.com", "note": null } ], "sources": [ { "label": "HLAL — Wahed FTSE USA Shariah ETF holdings", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true }, { "label": "AAOIFI Shariah Standard No. 21 (investment in shares)", "url": "https://aaoifi.com", "external": true }, { "label": "Wahed — what makes an ETF halal (standard S&P 500 ETFs are not)", "url": "https://www.wahed.com/blog/what-makes-an-etf-halal", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Halal Stock Screeners Compared", "url": "/investing/stock-screeners", "external": false }, { "label": "SPUS vs HLAL — Halal ETF Comparison", "url": "/spus-vs-hlal", "external": false } ], "faqs": [ { "question": "Is HLAL halal?", "answer": "Yes. HLAL (Wahed FTSE USA Shariah ETF) tracks the FTSE USA Shariah Index — a screened basket of ~200+ U.S. companies that pass sector and financial-ratio screens — and is supervised by Wahed's Shariah board. It is one of the two main halal U.S. equity ETFs alongside SPUS. Apply the fund's published purification ratio to cleanse residual income." }, { "question": "SPUS vs HLAL — which is more halal?", "answer": "Both are genuinely Shariah-compliant; the difference is the index, not the compliance. SPUS tracks a screened S&P 500 (large-cap, ~200+ names), while HLAL tracks the broader FTSE USA Shariah Index (large/mid-cap, also tech-heavy). Many investors hold one as their core U.S. position. Compare expense ratios, holdings overlap, and purification ratios, and pick the methodology you prefer." }, { "question": "Do I need to purify dividends from HLAL?", "answer": "Yes, a small amount. Screened companies still earn incidental interest, so Wahed publishes a purification ratio for HLAL. Donate that percentage of your distributions to charity. Our purification calculator does the math from your holding and the fund's disclosed figure." } ] }, { "id": "verdict.walmart-stock", "question": "Is Walmart Stock Halal?", "entityName": "Walmart Inc.", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Walmart Inc. (WMT) passes the screens we can compute (data as of 2026-04-30) — interest-bearing debt / market cap 5.4%, cash + interest-bearing securities / market cap 1.1%, impermissible income / total revenue 0.1% — but one screen requires case-by-case judgment. It is not held by Shariah-screened ETFs SPUS or HLAL.", "analysis": "Walmart is a general-merchandise and grocery retailer, and retailing itself is a permissible activity. Its fiscal 2026 revenue of $713 billion comes from Walmart U.S. ($483 billion), Walmart International ($130 billion), and Sam's Club U.S. ($93 billion). The Shariah question for a retailer of this kind is not the act of selling goods but the mix of what it sells.\n\nWalmart's shelves include several impermissible categories: alcohol, tobacco, pork products, and conventional packaged groceries, and Walmart offers financial services in some markets. None of these is separately disclosed, so an exact percentage cannot be cited, but for a broad-line retailer they are generally a minority of total revenue. This is the classic case for which many scholars allow investment when impermissible revenue stays below roughly 5% of the total, provided the investor purifies the corresponding share of dividends. Because the categories are not broken out, an investor relying on this tolerance is depending on a screener's estimate rather than a disclosed figure.\n\nWalmart is in the S&P 500 but is not held by SPUS as of June 11, 2026, and is absent from HLAL. Retailers that derive too much revenue from alcohol and tobacco can fail the business-activity screen outright, and that is a plausible reason here, but SPUS does not publish per-stock explanations, so it cannot be stated with certainty. A Muslim investor should treat Walmart as currently outside both major US Shariah funds and consult a live screener that estimates its impermissible-revenue share before deciding.", "analysisWordCount": 247, "conditions": "Our computed AAOIFI financial-ratio screen passes on the latest filing data, but both major U.S. Shariah-screened ETFs — SPUS (S&P Shariah methodology) and HLAL (FTSE Shariah methodology) — exclude Walmart Inc. from their holdings as of our June 2026 check, even though it is in their parent indices. Professional screens apply filing-level business-activity analysis (alcohol, pork, tobacco, or media revenue share) and different ratio bases that an automated ratio screen cannot replicate. That divergence usually signals an impermissible-revenue question. Treat this as unresolved until the segment revenue in the latest annual filing is verified line by line.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/walmart-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/walmart-stock.md", "entityType": "stock", "ticker": "WMT", "exchange": "NASDAQ", "lastReviewed": "2026-06-14", "dataAsOf": "2026-04-30", "businessScreen": { "pass": true, "activity": "Walmart Inc. is the world's largest retailer, operating supercenters, warehouse clubs, and eCommerce in three reportable segments. Per its fiscal 2026 results (year ended January 31, 2026), total revenues were $713,163 million (net sales $706,413M plus membership and other income $6,750M). Segment net sales were Walmart U.S. $482,978M, Walmart International $130,423M, and Sam's Club U.S. $93,015M.", "detail": "As a general-merchandise and grocery retailer, Walmart sells several categories that raise Shariah business-screen questions: alcohol, tobacco, pork products, and conventional grocery items, and it offers financial services in some markets. Walmart does not separately disclose the revenue from alcohol, tobacco, or pork in its segment reporting, so the exact share is not quantifiable from filings; for diversified retailers these impermissible categories are commonly a minority of total revenue, and many scholars tolerate impermissible revenue below roughly 5% of total with purification of the corresponding portion of dividends. Walmart is an S&P 500 constituent but is absent from SPUS as of 2026-06-11; retailers can fail the business screen when non-permissible categories (alcohol/tobacco) exceed the tolerance, but SPUS does not publish a stock-level reason, so the cause cannot be confirmed.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 5.4, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 1.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.1, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "note": null } ], "sources": [ { "label": "WMT latest quarterly filing (balance sheet 2026-04-30)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Walmart%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Walmart FY2026 Q4/full-year earnings release (SEC EDGAR, 8-K exhibit)", "url": "https://www.sec.gov/Archives/edgar/data/104169/000010416926000032/earningsreleasefy26q4.htm", "external": true }, { "label": "Walmart FY2025 10-K segment descriptions (company IR / SEC PDF)", "url": "https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-25-000059/0000104169-25-000059.pdf", "external": true }, { "label": "SPUS holdings (SP Funds)", "url": "https://www.sp-funds.com/spus/", "external": true }, { "label": "HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm", "external": true } ], "faqs": [ { "question": "Is Walmart Inc. (WMT) stock halal?", "answer": "Walmart Inc. is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal." }, { "question": "Does Walmart Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 5.4% of market cap (limit < 30%); cash plus interest-bearing securities is 1.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Walmart Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Walmart Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-04-30", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 5.4, "cashPct": 1.1, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 5.4, "cashPct": 1.1, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 17.8, "cashPct": 3.7, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.warner-bros-discovery-stock", "question": "Is Warner Bros. Discovery Stock Halal?", "entityName": "Warner Bros. Discovery, Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Warner Bros. Discovery, Inc. (WBD) does not pass Shariah screening: interest-bearing debt / market cap is 48.0% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Warner Bros. Discovery, Inc. operates as a prominent global media and entertainment conglomerate. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nFinancial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 48.0% versus the < 30% limit.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.\n\nInvestors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.", "analysisWordCount": 164, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/warner-bros-discovery-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/warner-bros-discovery-stock.md", "entityType": "stock", "ticker": "WBD", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Warner Bros. Discovery, Inc. operates as a prominent global media and entertainment conglomerate. Its operations are structured across three key divisions: Studios, Network, and Direct-to-Consumer (DTC). The Studios segment is responsible for the creation and theatrical release of feature films. It also develops and licenses television programming, serving both its internal network infrastructure and external partners, including direct-to-consumer platforms. Further, this segment manages the dis", "detail": "Interest income $206.0M on $37.30B total revenue (Warner Bros. Discovery, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.6% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 0.6 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 48, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 4.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.6, "thresholdPct": 5, "pass": true, "note": "Interest income $206.0M on $37.30B total revenue (Warner Bros. Discovery, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.6% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/WBD/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Warner Bros. Discovery, Inc. (WBD) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 48% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "WBD latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Warner%20Bros.%20Discovery%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Warner Bros. Discovery, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Warner%20Bros.%20Discovery%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — WBD Shariah compliance", "url": "https://zoya.finance/stocks/wbd", "external": true }, { "label": "Musaffa — WBD", "url": "https://musaffa.com/stock/WBD/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Warner Bros. Discovery, Inc. (WBD) stock halal?", "answer": "No. Warner Bros. Discovery, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Warner Bros. Discovery, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 48.0% of market cap (limit < 30%); cash plus interest-bearing securities is 4.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Warner Bros. Discovery, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 48, "cashPct": 4.8, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 48, "cashPct": 4.8, "thresholdPct": 33, "denominator": "market cap", "result": "fail" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 33.2, "cashPct": 3.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.waste-management-stock", "question": "Is Waste Management Stock Halal?", "entityName": "Waste Management, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Waste Management, Inc. (WM) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 26.0% of market cap and cash plus interest-bearing securities 0.2% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Waste Management, Inc. (WM) functions as a premier provider of environmental waste solutions across North America, serving a diverse client base that includes residential, commercial, industrial, and municipal customers. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 26.0% of market cap, cash plus interest-bearing securities 0.2%, and filing-verified impermissible income 0.0% (Interest income not separately material in the annual filing (Waste Management, Inc. FY2025 (fiscal year ended 2025-12-3…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 191, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/waste-management-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/waste-management-stock.md", "entityType": "stock", "ticker": "WM", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Waste Management, Inc. (WM) functions as a premier provider of environmental waste solutions across North America, serving a diverse client base that includes residential, commercial, industrial, and municipal customers. The company's core operations involve comprehensive collection services, which include gathering and transporting both waste materials and recyclables from their initial point of generation to designated transfer stations, material recovery facilities (MRFs), or final disposal s", "detail": "Interest income not separately material in the annual filing (Waste Management, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 26, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 0.2, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0, "thresholdPct": 5, "pass": true, "note": "Interest income not separately material in the annual filing (Waste Management, Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)); immaterial vs total revenue — well under 5%." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/WM/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Waste Management, Inc. (WM) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 26% of market cap (limit 30%), cash plus interest-bearing securities 0.2% (limit 30%), impermissible income 0% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "WM latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Waste%20Management%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Waste Management, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Waste%20Management%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — WM Shariah compliance", "url": "https://zoya.finance/stocks/wm", "external": true }, { "label": "Musaffa — WM", "url": "https://musaffa.com/stock/WM/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Waste Management, Inc. (WM) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Waste Management, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Waste Management, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 26.0% of market cap (limit < 30%); cash plus interest-bearing securities is 0.2% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Waste Management, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Waste Management, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 26, "cashPct": 0.2, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 26, "cashPct": 0.2, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 50.1, "cashPct": 0.3, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.wealthsimple", "question": "Is Wealthsimple Halal?", "entityName": "Wealthsimple", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Wealthsimple is the rare mainstream platform with a dedicated Halal Investing managed portfolio — equities screened against Shariah criteria with no bonds or interest instruments — making it genuinely usable for halal investors. The conditions: stick to the Halal portfolio (or self-directed screened stocks on Wealthsimple Trade), and avoid the platform's interest-bearing features (Wealthsimple Cash interest, margin, options, crypto staking).", "analysis": "Wealthsimple is the rare mainstream North American platform that built a real halal product rather than a marketing page. Its Halal Investing managed portfolio holds equities screened against Shariah criteria with a published methodology and no bonds — for a Canadian Muslim wanting hands-off investing, it is the lowest-friction compliant option that exists, and it can be held inside RRSP, TFSA, and FHSA wrappers. That product is straightforwardly permissible, with the standard caveats that screened-equity portfolios still warrant purification of incidental impermissible income.\n\nThe rest of the platform is conventional. Wealthsimple Cash pays interest on balances (decline it), Trade offers margin, options, and crypto alongside spot stocks, and the managed Classic portfolios hold bond ETFs. None of this contaminates the halal portfolio — the products are separate — but it means \"Wealthsimple\" as a whole is conditional: which product you use determines the ruling.\n\nThe compliant setup: Halal Investing portfolio for managed money (or self-screened holdings in a Trade cash account), inside your tax wrappers; interest on Cash balances declined; margin, options, and yield features untouched. Configured that way, Wealthsimple is arguably the strongest single answer to \"how do I invest halal in Canada with minimal effort.\"", "analysisWordCount": 197, "conditions": "Use the Halal Investing portfolio or self-screened holdings in Trade; decline interest on Cash balances; avoid margin, options, and custodial staking.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/wealthsimple", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/wealthsimple.md", "entityType": "fintech_product", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Canadian investment platform: managed portfolios (including a Halal Investing portfolio), self-directed trading, interest-bearing cash account, crypto, options.", "detail": "Verify current Halal portfolio methodology (screening provider, rebalancing approach, any sukuk/cash allocation) and current Cash account interest mechanics before publishing.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Mainstream contemporary position", "position": "Platforms are neutral tools; a screened halal portfolio is permissible to hold, while interest features on the same platform remain impermissible.", "url": null, "note": null }, { "source": "Shariah board of the Wealthsimple Halal portfolio (IdealRatings methodology)", "position": "The Halal Investing portfolio is screened and certified by a third-party Shariah board following IdealRatings methodology, which is why it is treated as compliant; that certification does not extend to Wealthsimple's conventional managed portfolios, Cash interest, or margin, which remain off-limits.", "url": null, "note": null } ], "sources": [ { "label": "Wealthsimple Halal Investing", "url": "https://www.wealthsimple.com/en-ca/halal-investing", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Halal Stock Screeners Compared", "url": "/investing/stock-screeners", "external": false }, { "label": "SPUS vs HLAL — Halal ETF Comparison", "url": "/spus-vs-hlal", "external": false } ], "faqs": [ { "question": "Is the Wealthsimple Halal Investing portfolio actually halal?", "answer": "It holds Shariah-screened equities and excludes bonds and interest instruments, screened against established Islamic index methodology. As with any managed product, review the current methodology — and note the rest of the platform (Cash interest, options, margin) is not part of the halal offering." }, { "question": "Is Wealthsimple Cash halal?", "answer": "The Cash account pays interest on balances, which is riba. Halal use of Wealthsimple means keeping cash balances out of interest-earning features or disposing of accrued interest to charity." } ] }, { "id": "verdict.webull", "question": "Is Webull Halal?", "entityName": "Webull", "verdict": "conditional", "verdictLabel": "Conditional", "answer": "Same analysis as other discount brokerages: buying Shariah-screened stocks in a cash account is permissible; margin, options, and interest-bearing cash features are not. Webull's heavy emphasis on options and margin makes deliberate configuration essential.", "analysis": "Webull's Shariah analysis is the standard discount-brokerage analysis. The platform is a neutral tool: spot purchases of Shariah-compliant stocks in a cash account are permissible, and nothing about Webull's basic execution model changes that. The impermissible features are the same trio found across the industry — margin accounts (interest-bearing loans), options trading (impermissible under the majority scholarly position), and interest paid on idle cash balances.\n\nWebull markets aggressively to active traders, and that's where a second-order concern enters: scholars distinguish investing in real companies from rapid speculative trading that resembles gambling (maysir). Day-trading screened stocks in a cash account is not automatically prohibited, but the more your activity depends on leverage, derivatives, and momentum rather than ownership of productive assets, the further it drifts from anything fiqh recognizes as legitimate commerce.\n\nKeep it permissible: cash account, no options, no margin, decline interest programs and securities lending, and screen every ticker — Webull offers no built-in halal screening, so pair it with a screener or stick to listed halal ETFs.", "analysisWordCount": 169, "conditions": "Cash account only, no options, no margin, disable any interest-on-cash or securities-lending programs, and screen all holdings.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/webull", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/webull.md", "entityType": "fintech_product", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Discount brokerage (US; launched in Canada 2024): stocks, ETFs, options, margin, paper trading.", "detail": "Platform-use verdict; permissibility follows account configuration and holdings.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Mainstream contemporary position", "position": "Brokerages are neutral tools; the ruling follows usage.", "url": null, "note": null }, { "source": "OIC International Islamic Fiqh Academy", "position": "Resolution 63 (1/7): options contracts are not permissible.", "url": "https://iifa-aifi.org/en", "note": null } ], "sources": [ { "label": "OIC International Islamic Fiqh Academy resolutions", "url": "https://iifa-aifi.org/en", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Halal Stock Screeners Compared", "url": "/investing/stock-screeners", "external": false }, { "label": "SPUS vs HLAL — Halal ETF Comparison", "url": "/spus-vs-hlal", "external": false } ], "faqs": [ { "question": "Can I invest halal on Webull?", "answer": "Yes — restrict yourself to a cash account holding Shariah-screened stocks and ETFs, and avoid options, margin, and interest-bearing cash programs." }, { "question": "Does Webull pay interest on cash I need to avoid?", "answer": "Webull offers a cash-management yield program and margin, both of which generate interest (riba). Keep cash uninvested without enrolling in the yield program, decline margin, never trade options, and screen every holding for the account to stay compliant." } ] }, { "id": "verdict.wells-fargo-stock", "question": "Is Wells Fargo Stock Halal?", "entityName": "Wells Fargo & Company", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Wells Fargo & Company (WFC) does not pass Shariah screening: its core business fails the activity screen (Wells Fargo fails the Shariah business-activity screen because conventional, interest-based banking (riba) is its core b), and interest-bearing debt / market cap is 175.8% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 238.9% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 70.7% against the < 5% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Wells Fargo is a conventional bank, and conventional banking is the textbook example of a non-compliant business under Shariah screening. Its revenue is dominated by net interest income — the spread it earns by taking deposits and making interest-based loans — along with other interest-linked banking activities. Because riba is at the center of the business model, the qualitative business-activity screen fails immediately.\n\nThe financial ratios confirm what the business screen already establishes: a bank's balance sheet is built on interest-bearing liabilities and assets, so Wells Fargo's debt and deposit ratios are many multiples of the 30% AAOIFI limits, and interest income is the bulk of its revenue, far over the 5% threshold. None of this is a close call.\n\nThis is why Zoya, HalalScreener, and every mainstream Shariah screen classify Wells Fargo as not halal, and why it is excluded from Shariah-screened funds such as SPUS and HLAL. Muslim investors seeking financial exposure should consider payment networks (Visa, Mastercard) that earn fees rather than interest, permissible fintech, or Shariah-compliant Islamic banking institutions instead.", "analysisWordCount": 174, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/wells-fargo-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/wells-fargo-stock.md", "entityType": "stock", "ticker": "WFC", "exchange": "NYSE", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Wells Fargo & Company is a diversified conventional bank, operating consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management. Its core revenue is net interest income earned from interest-based lending.", "detail": "Wells Fargo fails the Shariah business-activity screen because conventional, interest-based banking (riba) is its core business. The financial ratios also fail by wide margins — interest-bearing debt and interest-bearing deposits vastly exceed the 30% AAOIFI limits relative to market cap, and impermissible (interest) income is the majority of revenue, far above the 5% limit.", "impermissibleRevenuePct": 70.7 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 175.8, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 238.9, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 70.7, "thresholdPct": 5, "pass": false, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "SP Funds S&P 500 Sharia ETF (SPUS)", "position": "Not held in SPUS as of 2026-06-13. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://www.sp-funds.com/spus/", "note": null }, { "source": "Wahed FTSE USA Shariah ETF (HLAL)", "position": "Not held in HLAL as of 2026-06-13. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://stockanalysis.com/etf/hlal/holdings/", "note": null }, { "source": "Zoya", "position": "Classifies WFC as NOT Shariah-compliant — its conventional banking business fails the AAOIFI activity screen.", "url": "https://zoya.finance/stocks/wfc", "note": null }, { "source": "HalalScreener", "position": "Rates WFC Not Halal (Grade F) under AAOIFI Standard 21 — primary involvement in conventional banking.", "url": "https://halalscreener.app/ar/stock/BAC", "note": null } ], "sources": [ { "label": "WFC latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Wells%20Fargo%20%26%20Company&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Wells Fargo & Company 10-K filings (SEC EDGAR)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=WFC&type=10-K", "external": true }, { "label": "Zoya — WFC Shariah compliance status (not compliant)", "url": "https://zoya.finance/stocks/wfc", "external": true }, { "label": "HalalScreener — conventional banks rated Not Halal (Grade F)", "url": "https://halalscreener.app/ar/stock/BAC", "external": true } ], "faqs": [ { "question": "Is Wells Fargo & Company (WFC) stock halal?", "answer": "No. Wells Fargo & Company fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Wells Fargo & Company pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 175.8% of market cap (limit < 30%); cash plus interest-bearing securities is 238.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Wells Fargo & Company held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, Wells Fargo & Company is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.workday-stock", "question": "Is Workday Stock Halal?", "entityName": "Workday, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Workday, Inc. (WDAY) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-04-30) interest-bearing debt is 9.1% of market cap and cash plus interest-bearing securities 12.7% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Workday, Inc. delivers comprehensive, cloud-hosted enterprise software solutions to clients worldwide. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-04-30: interest-bearing debt is 9.1% of market cap, cash plus interest-bearing securities 12.7%, and filing-verified impermissible income 3.3% (Interest income $318.0M on $9.55B total revenue (Workday, Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)) = 3.3% …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 176, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/workday-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/workday-stock.md", "entityType": "stock", "ticker": "WDAY", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-04-30", "businessScreen": { "pass": true, "activity": "Workday, Inc. delivers comprehensive, cloud-hosted enterprise software solutions to clients worldwide. These platforms empower organizations to strategize, operate, examine performance, integrate with existing systems, and oversee their overall business functions. A core offering includes a robust suite of financial management tools. These are designed to assist Chief Financial Officers (CFOs) in meticulously maintaining general ledger accounting data, streamlining financial workflows, gaining i", "detail": "Interest income $318.0M on $9.55B total revenue (Workday, Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)) = 3.3% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 3.3 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 9.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 12.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 3.3, "thresholdPct": 5, "pass": true, "note": "Interest income $318.0M on $9.55B total revenue (Workday, Inc. FY2026 (fiscal year ended 2026-01-31, Form 10-K)) = 3.3% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/WDAY/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Workday, Inc. (WDAY) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 9.1% of market cap (limit 30%), cash plus interest-bearing securities 12.7% (limit 30%), impermissible income 3.3% of revenue (limit 5%) on 2026-04-30 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "WDAY latest quarterly filing (balance sheet 2026-04-30)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Workday%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Workday, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Workday%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — WDAY Shariah compliance", "url": "https://zoya.finance/stocks/wday", "external": true }, { "label": "Musaffa — WDAY", "url": "https://musaffa.com/stock/WDAY/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Workday, Inc. (WDAY) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Workday, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-04-30). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Workday, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 9.1% of market cap (limit < 30%); cash plus interest-bearing securities is 12.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Workday, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Workday, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": false, "balanceSheetAsOf": "2026-04-30", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 9.1, "cashPct": 12.7, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 9.1, "cashPct": 12.7, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 19.4, "cashPct": 27.1, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.wsp-global-stock", "question": "Is WSP Global Stock Halal?", "entityName": "WSP Global Inc.", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "WSP Global Inc. (WSP.TO) does not pass Shariah screening: interest-bearing debt / market cap is 31.7% against the < 30% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs WSHR. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "WSP Global earns its revenue by selling engineering and advisory expertise, designing transit systems, buildings, environmental remediation programs, and energy infrastructure. There is no product shelf to scrutinize: no alcohol, no tobacco, no gambling, no lending. On the business-activity screen, professional services firms like WSP pass without controversy.\n\nThe question that determines WSP's compliance status in any given quarter is financial, not operational. WSP has built itself into a global top-tier consultancy through a long series of acquisitions, and acquisitions are typically financed in part with interest-bearing debt. Under AAOIFI-style ratio screens, the level of that debt relative to the company's market value decides whether the stock screens in or out, and the answer can change with the share price and with each financing decision. A definitive, citable public screener verdict for WSP could not be verified during this research, so no status is asserted here; the stock is also not among the published WSHR holdings.\n\nFor a Canadian Muslim investor, WSP belongs on the watchlist of structurally permissible TSX businesses whose compliance comes down to balance-sheet math. Run it through Zoya or Musaffa at the time of decision, and if it currently screens out on debt, recognize that this is the recoverable kind of failure: the business itself raises no objection, and deleveraging or market-value growth can bring it back within thresholds.", "analysisWordCount": 223, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/wsp-global-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/wsp-global-stock.md", "entityType": "stock", "ticker": "WSP.TO", "exchange": "TSX", "lastReviewed": "2026-06-14", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "WSP Global is one of the world's largest professional services and engineering consulting firms, providing design, advisory, and program management services across transportation and infrastructure, property and buildings, earth and environment, power and energy, and industry sectors. It earns fee revenue from public- and private-sector clients and reports results across geographic regions including Canada, the Americas, EMEIA, and Asia-Pacific.", "detail": "Engineering and professional consulting services are a permissible business with no product-level impermissible categories (no alcohol, tobacco, gambling, or lending products). The screening consideration for WSP is quantitative: the firm has grown substantially through acquisitions financed partly with interest-bearing debt, so debt ratios are the item to verify on a current screener; no specific ratio figures are asserted here. A citable public screener verdict URL for WSP could not be verified during this research.", "impermissibleRevenuePct": 0.1 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 31.7, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 2.5, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.1, "thresholdPct": 5, "pass": true, "note": "Interest income only — verify other impermissible revenue lines in the 10-K" } ], "scholarPositions": [ { "source": "Wealthsimple Shariah World Equity Index ETF (WSHR)", "position": "Not held in WSHR as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "note": null }, { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/WSP.TO/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates WSP Global Inc. (WSP.TO) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 31.7% against a 30% limit on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "WSP.TO latest filings on SEDAR+ (balance sheet 2026-03-31)", "url": "https://www.sedarplus.ca/csa-party/records/document.html", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "WSP Global Investor Relations", "url": "https://www.wsp.com/en-gl/investors", "external": true }, { "label": "WSHR holdings list (Wealthsimple)", "url": "https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR", "external": true }, { "label": "WSP Global Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=WSP%20Global%20Inc.&type=10-K", "external": true }, { "label": "Musaffa — WSP.TO", "url": "https://musaffa.com/stock/WSP.TO/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is WSP Global Inc. (WSP.TO) stock halal?", "answer": "No. WSP Global Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does WSP Global Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 31.7% of market cap (limit < 30%); cash plus interest-bearing securities is 2.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is WSP Global Inc. held in halal ETFs like SPUS or HLAL?", "answer": "No — as of our last check, WSP Global Inc. is not held by WSHR. Absence can reflect a failed screen or index scope — verify current holdings before citing." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 31.7, "cashPct": 2.5, "thresholdPct": 30, "denominator": "market cap", "result": "fail" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 31.7, "cashPct": 2.5, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 30.7, "cashPct": 2.4, "thresholdPct": 33.33, "denominator": "total assets", "result": "pass" } ] } }, { "id": "verdict.wynn-resorts-limited-stock", "question": "Is Wynn Resorts Stock Halal?", "entityName": "Wynn Resorts, Limited", "verdict": "not_halal", "verdictLabel": "Not Halal", "answer": "Wynn Resorts, Limited (WYNN) does not pass Shariah screening: its core business fails the activity screen (Wynn Resorts (WYNN) — casino and gaming operator), and interest-bearing debt / market cap is 94.5% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.", "analysis": "Wynn Resorts (WYNN) — casino and gaming operator; fails the business-activity screen (gambling).\n\nOur verdict rests primarily on the business-activity screen: Wynn Resorts (WYNN) — casino and gaming operator; fails the business-activity screen (gambling). Financial ratios alone cannot cure a failed activity screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.", "analysisWordCount": 130, "conditions": null, "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/wynn-resorts-limited-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/wynn-resorts-limited-stock.md", "entityType": "stock", "ticker": "WYNN", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": false, "activity": "Wynn Resorts, Limited excels in the conceptualization, development, and operation of upscale integrated resort properties. The Wynn Palace, situated in Cotai, boasts a gaming floor spanning 424,000 square feet, which includes 323 table games, 1,035 slot machines, exclusive private gaming salons, and sky casinos. Accommodations are offered in a luxurious hotel tower featuring 1,706 guest rooms, suites, and villas, complemented by a health club, spa, salon, and swimming pool. This location further", "detail": "Wynn Resorts (WYNN) — casino and gaming operator; fails the business-activity screen (gambling).", "impermissibleRevenuePct": 0.9 }, "financialScreenPass": false, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 94.5, "thresholdPct": 30, "pass": false, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 10.7, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 0.9, "thresholdPct": 5, "pass": true, "note": "Interest income $66.5M on $7.14B total revenue (Wynn Resorts, Limited FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 0.9% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page classifies the stock NOT HALAL (checked 2026-06-15).", "url": "https://musaffa.com/stock/WYNN/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Wynn Resorts, Limited (WYNN) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page).", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "WYNN latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Wynn%20Resorts%2C%20Limited&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Wynn Resorts, Limited SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Wynn%20Resorts%2C%20Limited&type=10-K", "external": true }, { "label": "Zoya — WYNN Shariah compliance", "url": "https://zoya.finance/stocks/wynn", "external": true }, { "label": "Musaffa — WYNN", "url": "https://musaffa.com/stock/WYNN/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Wynn Resorts, Limited (WYNN) stock halal?", "answer": "No. Wynn Resorts, Limited fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons." }, { "question": "Does Wynn Resorts, Limited pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 94.5% of market cap (limit < 30%); cash plus interest-bearing securities is 10.7% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Wynn Resorts, Limited held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree" }, { "id": "verdict.xrp", "question": "Is XRP Halal?", "entityName": "XRP", "verdict": "scholars_differ", "verdictLabel": "Scholars Differ", "answer": "XRP follows the base cryptocurrency disagreement, but it carries notably stronger permissive backing than most coins: the Shariyah Review Bureau (under the Central Bank of Bahrain) has certified XRP Shariah-compliant, and several screeners rate it halal based on its use as a cross-border payment bridge currency. The token itself contains no interest mechanism. Prohibitive scholars who reject cryptocurrency broadly still apply their objection to XRP.", "analysis": "XRP is an interesting case because, while it inherits the broad cryptocurrency disagreement, it has received unusually concrete support on the permissive side. The Shariyah Review Bureau — a scholar panel operating under the Central Bank of Bahrain — formally assessed XRP as Shariah-compliant, and several Islamic screening services and advisory boards reach the same conclusion. Their reasoning is that XRP has a clear, legitimate utility: it functions as a bridge currency for cross-border payments and on-demand liquidity, and the token itself contains no interest-bearing mechanism.\n\nThat said, this is not a settled consensus. Scholars who take the prohibitive view of cryptocurrency in general — objecting on the grounds of gharar (excessive uncertainty), speculation, and the absence of tangible backing — extend that objection to XRP as well, regardless of its payment use case. The disagreement is therefore the familiar crypto-wide split, layered on top of XRP's stronger-than-average permissive credentials.\n\nThe practical takeaway: if you follow the permissive view, the case for XRP is comparatively well-supported — hold or spot-trade it without leverage, and avoid margin, futures, and any fixed-yield lending of the token. If you follow the prohibitive view of cryptocurrency, XRP is avoided along with the rest. As always, follow the scholar or methodology you trust.", "analysisWordCount": 208, "conditions": "For those following the permissive view: hold and spot-trade without leverage; avoid margin and futures; do not lend XRP for a fixed yield.", "purificationNote": null, "url": "https://www.halalwallet.ca/is-it-halal/xrp", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/xrp.md", "entityType": "crypto", "ticker": null, "exchange": null, "lastReviewed": "2026-06-15", "dataAsOf": null, "businessScreen": { "pass": null, "activity": "Digital asset native to the XRP Ledger, designed primarily as a bridge currency for cross-border payments and on-demand liquidity. The token itself carries no interest-bearing mechanism.", "detail": "Multiple Shariah bodies (including the Shariyah Review Bureau under the Central Bank of Bahrain) have assessed XRP as compliant, citing its payment-utility use case.", "impermissibleRevenuePct": null }, "financialScreenPass": null, "financialRatios": [], "scholarPositions": [ { "source": "Permissive position", "position": "XRP is permissible digital property used as a bridge currency for cross-border payments — a real utility — with no interest mechanism in the token itself.", "url": null, "note": null }, { "source": "Shariyah Review Bureau (Central Bank of Bahrain)", "position": "Formally assessed XRP as Shariah-compliant, allowing its use in Islamic financial services and transactions.", "url": "https://shariyah.net/cryptocurrency/", "note": null }, { "source": "Prohibitive position", "position": "Scholars who reject cryptocurrency broadly on gharar and speculation extend that objection to XRP regardless of its payment utility.", "url": null, "note": null } ], "sources": [ { "label": "Is crypto halal? (HalalWallet)", "url": "/is-crypto-halal", "external": false }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Shariyah Review Bureau — cryptocurrency assessments (XRP: Compliant)", "url": "https://shariyah.net/cryptocurrency/", "external": true }, { "label": "HalalWallet Methodology", "url": "/methodology", "external": false }, { "label": "HalalWallet Editorial Policy", "url": "/editorial-policy", "external": false }, { "label": "Halal Stock Screening Methodology (AAOIFI)", "url": "/halal-stock-screening-methodology", "external": false }, { "label": "Why Halal Stock Screeners Disagree", "url": "/why-halal-stock-screeners-disagree", "external": false }, { "label": "Is cryptocurrency halal? (HalalWallet guide)", "url": "/is-crypto-halal", "external": false } ], "faqs": [ { "question": "Is XRP halal?", "answer": "Scholars differ, but XRP has stronger permissive support than most cryptocurrencies: the Shariyah Review Bureau (Central Bank of Bahrain) has certified it Shariah-compliant, and several screeners rate it halal for its cross-border-payment utility. Prohibitive scholars who reject crypto broadly still object. There is no interest mechanism in the token itself." }, { "question": "Why do some scholars consider XRP halal?", "answer": "Because XRP functions as a bridge currency for moving value across borders — a genuine utility — and the token itself involves no riba. Bodies such as the Shariyah Review Bureau have certified it compliant on that basis. Hold and trade spot without leverage; avoid margin, futures, and fixed-yield lending." } ] }, { "id": "verdict.zoetis-stock", "question": "Is Zoetis Stock Halal?", "entityName": "Zoetis Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Zoetis Inc. (ZTS) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 27.1% of market cap and cash plus interest-bearing securities 5.8% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Zoetis Inc. stands as a global leader in animal health, focusing on the research, development, manufacturing, and commercialization of veterinary pharmaceuticals, vaccines, and diagnostic tools. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-03-31: interest-bearing debt is 27.1% of market cap, cash plus interest-bearing securities 5.8%, and filing-verified impermissible income 1.0% (Interest income $93.0M on $9.47B total revenue (Zoetis Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1% — und…) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 190, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/zoetis-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/zoetis-stock.md", "entityType": "stock", "ticker": "ZTS", "exchange": "NYSE", "lastReviewed": "2026-06-15", "dataAsOf": "2026-03-31", "businessScreen": { "pass": true, "activity": "Zoetis Inc. stands as a global leader in animal health, focusing on the research, development, manufacturing, and commercialization of veterinary pharmaceuticals, vaccines, and diagnostic tools. Its comprehensive portfolio serves a broad spectrum of species, encompassing both livestock, including cattle, swine, poultry, fish, and sheep, and beloved companion animals such as dogs, cats, and horses. Among its pharmaceutical offerings are various therapeutic agents. This includes vaccines, vital fo", "detail": "Interest income $93.0M on $9.47B total revenue (Zoetis Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 1 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 27.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 5.8, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 1, "thresholdPct": 5, "pass": true, "note": "Interest income $93.0M on $9.47B total revenue (Zoetis Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 1% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/ZTS/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Zoetis Inc. (ZTS) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 27.1% of market cap (limit 30%), cash plus interest-bearing securities 5.8% (limit 30%), impermissible income 1% of revenue (limit 5%) on 2026-03-31 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ZTS latest quarterly filing (balance sheet 2026-03-31)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Zoetis%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Zoetis Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Zoetis%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ZTS Shariah compliance", "url": "https://zoya.finance/stocks/zts", "external": true }, { "label": "Musaffa — ZTS", "url": "https://musaffa.com/stock/ZTS/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Zoetis Inc. (ZTS) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Zoetis Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-03-31). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Zoetis Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-03-31: interest-bearing debt is 27.1% of market cap (limit < 30%); cash plus interest-bearing securities is 5.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Zoetis Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Zoetis Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-03-31", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 27.1, "cashPct": 5.8, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 27.1, "cashPct": 5.8, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 59.7, "cashPct": 12.8, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } }, { "id": "verdict.zscaler-stock", "question": "Is Zscaler Stock Halal?", "entityName": "Zscaler, Inc.", "verdict": "halal", "verdictLabel": "Halal", "answer": "Zscaler, Inc. (ZS) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-04-30) interest-bearing debt is 8.1% of market cap and cash plus interest-bearing securities 16.9% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.", "analysis": "Globally recognized, Zscaler, Inc. functions as a leading provider of cloud-based security solutions. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.\n\nOn AAOIFI financial ratios as of 2026-04-30: interest-bearing debt is 8.1% of market cap, cash plus interest-bearing securities 16.9%, and filing-verified impermissible income 4.7% (Interest income $125.4M on $2.67B total revenue (Zscaler, Inc. FY2025 (fiscal year ended 2025-07-31, Form 10-K)) = 4.7% …) — against 30%/30%/5% limits on our screen.\n\nZoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa rates it doubtful. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.\n\nPractical takeaway: business activity passes on our reading, ratios pass on dated figures above, and major retail screeners lean compliant — still re-check after each 10-K, purify incidental interest income from dividends, and avoid margin or options on the position.", "analysisWordCount": 177, "conditions": null, "purificationNote": "Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.", "url": "https://www.halalwallet.ca/is-it-halal/zscaler-stock", "markdownUrl": "https://www.halalwallet.ca/is-it-halal/zscaler-stock.md", "entityType": "stock", "ticker": "ZS", "exchange": "NASDAQ", "lastReviewed": "2026-06-15", "dataAsOf": "2026-04-30", "businessScreen": { "pass": true, "activity": "Globally recognized, Zscaler, Inc. functions as a leading provider of cloud-based security solutions. Its core offerings include Zscaler Internet Access (ZIA), which ensures secure connectivity for a diverse range of entities – including users, servers, operational technology (OT), and IoT devices – when accessing external resources like software-as-a-service (SaaS) applications and general internet destinations. Complementing this, the Zscaler Private Access (ZPA) solution facilitates secure en", "detail": "Interest income $125.4M on $2.67B total revenue (Zscaler, Inc. FY2025 (fiscal year ended 2025-07-31, Form 10-K)) = 4.7% — under AAOIFI's 5% limit.", "impermissibleRevenuePct": 4.7 }, "financialScreenPass": true, "financialRatios": [ { "name": "Interest-bearing debt / market cap", "valuePct": 8.1, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Cash + interest-bearing securities / market cap", "valuePct": 16.9, "thresholdPct": 30, "pass": true, "note": null }, { "name": "Impermissible income / total revenue", "valuePct": 4.7, "thresholdPct": 5, "pass": true, "note": "Interest income $125.4M on $2.67B total revenue (Zscaler, Inc. FY2025 (fiscal year ended 2025-07-31, Form 10-K)) = 4.7% — under AAOIFI's 5% limit." } ], "scholarPositions": [ { "source": "Musaffa", "position": "Public page rates the stock doubtful (checked 2026-06-15).", "url": "https://musaffa.com/stock/ZS/", "note": null }, { "source": "HalalWallet AAOIFI screen", "position": "Rates Zscaler, Inc. (ZS) Shariah-compliant under AAOIFI: the core business is permissible and every financial ratio is within limits — interest-bearing debt 8.1% of market cap (limit 30%), cash plus interest-bearing securities 16.9% (limit 30%), impermissible income 4.7% of revenue (limit 5%) on 2026-04-30 figures.", "url": "/halal-stock-screening-methodology", "note": null } ], "sources": [ { "label": "ZS latest quarterly filing (balance sheet 2026-04-30)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Zscaler%2C%20Inc.&type=10-Q", "external": true }, { "label": "AAOIFI Shariah Standards", "url": "https://aaoifi.com", "external": true }, { "label": "Zscaler, Inc. SEC EDGAR filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Zscaler%2C%20Inc.&type=10-K", "external": true }, { "label": "Zoya — ZS Shariah compliance", "url": "https://zoya.finance/stocks/zs", "external": true }, { "label": "Musaffa — ZS", "url": "https://musaffa.com/stock/ZS/", "external": true }, { "label": "SPUS Schedule of Investments reference (2026-02-28)", "url": "https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm", "external": true }, { "label": "HLAL holdings reference (2026-06-05)", "url": "https://stockanalysis.com/etf/hlal/holdings/", "external": true } ], "faqs": [ { "question": "Is Zscaler, Inc. (ZS) stock halal?", "answer": "Yes, under our AAOIFI-based methodology Zscaler, Inc. passes the business-activity and financial-ratio screens as shown on this page (data as of 2026-04-30). Check the dated ratio table before investing; ratios move with the share price." }, { "question": "Does Zscaler, Inc. pass the AAOIFI financial ratio screen?", "answer": "As of 2026-04-30: interest-bearing debt is 8.1% of market cap (limit < 30%); cash plus interest-bearing securities is 16.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page." }, { "question": "Is Zscaler, Inc. held in halal ETFs like SPUS or HLAL?", "answer": "Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses." }, { "question": "Do I need to purify dividends from Zscaler, Inc.?", "answer": "Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash; donate the proportional share of dividends attributable to that income." } ], "screeningBasis": "AAOIFI Shariah Standard No. 21 — interest-bearing debt < 30% of market cap, interest-bearing securities < 30% of market cap, impermissible income < 5% of revenue. AAOIFI is the most widely used and most conservative mainstream standard; Dow Jones Islamic, S&P Shariah, MSCI Islamic, and FTSE Yasaar use ~33% limits or screen against total assets.", "methodologyUrl": "https://www.halalwallet.ca/halal-stock-screening-methodology", "disagreeGuideUrl": "https://www.halalwallet.ca/why-halal-stock-screeners-disagree", "crossStandard": { "note": "HalalWallet computation reproducing each standard's threshold and denominator from public filings; not the providers' licensed index determinations.", "standardsDisagree": true, "balanceSheetAsOf": "2026-04-30", "bases": [ { "standard": "AAOIFI (our standard)", "debtPct": 8.1, "cashPct": 16.9, "thresholdPct": 30, "denominator": "market cap", "result": "pass" }, { "standard": "Dow Jones Islamic / S&P Shariah threshold", "debtPct": 8.1, "cashPct": 16.9, "thresholdPct": 33, "denominator": "market cap", "result": "pass" }, { "standard": "MSCI Islamic / FTSE Yasaar basis", "debtPct": 23.9, "cashPct": 49.9, "thresholdPct": 33.33, "denominator": "total assets", "result": "fail" } ] } } ], "totalRecords": 342 }