Is Carnival Stock Halal?
Carnival Corporation & plc · CCL · NYSE
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.
Financial data as of 2026-02-28 · Screening basis: AAOIFI · Last reviewed 2026-06-15
Our Analysis
Carnival Corporation & plc is a publicly traded company in its sector. Review the latest 10-K segment disclosure for revenue mix.
Financial ratios drive the fail (data as of 2026-02-28): interest-bearing debt / market cap at 62.6% versus the < 30% limit.
Zoya'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.
Practical 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.
Investors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.
Business Activity Screen
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
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.
Financial Ratio Screen
| Screen | Value | AAOIFI limit | Result |
|---|---|---|---|
| Interest-bearing debt / market cap | 62.6% | < 30% | Fail |
| Cash + interest-bearing securities / market cap | 3.5% | < 30% | Pass |
| Impermissible income / total revenueInterest 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. | 0.2% | < 5% | Pass |
Spot market cap at research date (consider trailing average for borderline names). Data as of 2026-02-28 · thresholds per AAOIFI Shariah standards.
This verdict uses the AAOIFI standard — the most widely used and, at a 30% debt limit, the most conservative mainstream Shariah standard. Interest-bearing debt and interest-bearing securities each stay under 30% of market cap, and impermissible income under 5% of revenue. Other standards (Dow Jones Islamic, S&P Shariah, MSCI Islamic, FTSE Yasaar) use ~33% limits or screen against total assets, so a borderline company can be rated differently by each. How we screen & why screeners disagree →
How Carnival screens across Shariah standards
All three mainstream bases below reach the same conclusion for this company.
| Standard | Debt | Cash & interest securities | Limit / basis | Result |
|---|---|---|---|---|
| AAOIFI (our standard) | 62.6% | 3.5% | < 30% of market cap | Fail |
| Dow Jones Islamic / S&P Shariah thresholdDow Jones and S&P apply this limit against a trailing 24–36-month average market cap; shown here on the same point-in-time market cap for comparison. | 62.6% | 3.5% | < 33% of market cap | Fail |
| MSCI Islamic / FTSE Yasaar basisTotal-assets denominator. MSCI/FTSE also apply entry/exit buffers and a receivables screen we do not reproduce. | 49.0% | 2.8% | < 33.33% of total assets | Fail |
HalalWallet computation reproducing each standard's threshold and denominator from public filings (balance sheet as of 2026-02-28) — not the providers' licensed index determinations, which can differ. Debt is interest-bearing borrowings (operating leases excluded). The impermissible-income screen (< 5% of revenue) is common to all of these standards and is shown in the ratio table above. Dow Jones and S&P apply their limit against a trailing 24–36-month average market cap; MSCI and FTSE add entry/exit buffers and a receivables screen. Full methodology →
Scholars' & Screeners' Positions
Published positions, cited as stated. Screeners can reach different conclusions on the same company because of ratio timing and methodology differences — we report the disagreement rather than flatten it.
Musaffa
Public page classifies the stock NOT HALAL (checked 2026-06-15).
Source →SP Funds S&P 500 Sharia ETF (SPUS)
Bulk research pass — verify current SPUS schedule of investments before citing as held or excluded (reference SOI dated 2026-02-28).
Source →Wahed FTSE USA Shariah ETF (HLAL)
Bulk research pass — verify current HLAL holdings before citing as held or excluded (reference list 2026-06-05).
Source →
What to do instead
You don't have to choose between investing and your values — screened alternatives exist for nearly every position.
Related guides
Consider Consulting an Islamic Scholar
Major whether Carnival Corporation & plc is halal decisions often involve nuances that vary by scholarly opinion and personal circumstance. While HalalWallet provides educational comparisons and tools, we are not scholars or financial advisors. For personal guidance on Shariah compliance, consider speaking with a qualified Islamic scholar, your local imam, or a Shariah-certified financial advisor familiar with your situation.
Important: HalalWallet is an educational comparison platform. We do not provide financial, legal, or religious advice.
Product structures and Shariah-compliance oversight vary by provider. Before applying:
- Verify halal compliance directly with the provider.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Consult a qualified Islamic finance advisor or scholar for guidance on your individual circumstances.
Frequently Asked Questions
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-06-01
How to cite this page
Preferred format:
For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Editorial Team, HalalWallet
Independent halal finance research
Reviewed quarterly and updated for major content changes.