Is The Boeing Stock Halal?
The Boeing Company · BA · NYSE
The Boeing Company (BA) does not pass Shariah screening: its core business fails the activity screen (the boeing company designs and manufactures commercial jetliners, defense and space systems, and provides aftermarket 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.
Financial data as of 2026-03-31 · Screening basis: AAOIFI · Last reviewed 2026-06-14
Our 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.
It 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.
There 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.
Business Activity Screen
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).
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.
Financial Ratio Screen
| Screen | Value | AAOIFI limit | Result |
|---|---|---|---|
| Interest-bearing debt / market cap | 27.4% | < 30% | Pass |
| Cash + interest-bearing securities / market cap | 12.1% | < 30% | Pass |
| Impermissible income / total revenueNot determinative — this verdict is set by the business-activity screen, so the impermissible-income line does not change the outcome. | — | < 5% | Under verification |
Spot market cap at research date (consider trailing average for borderline names). Data as of 2026-03-31 · 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 →
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.
SP Funds S&P 500 Sharia ETF (SPUS)
Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.
Source →Wahed FTSE USA Shariah ETF (HLAL)
Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.
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 The Boeing Company 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.
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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
- BA latest quarterly filing (balance sheet 2026-03-31)
- AAOIFI Shariah Standards
- Boeing FY2025 10-K segment revenue reconciliation (BCA/BDS/BGS) (SEC EDGAR XBRL)
- Boeing FY2025 10-K geographic/total revenue detail (SEC EDGAR XBRL)
- Boeing FY2025 10-K (SEC EDGAR primary document)
- SPUS holdings (SP Funds)
- HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)
- HalalWallet Methodology
- Editorial Policy
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