Is Heiwa Real Estate REIT (8966.T) stock halal?
Screened against AAOIFI Shari’ah Standard 21
No. Heiwa Real Estate REIT (8966.T) does not pass the AAOIFI Shari’ah Standard 21 screen. Interest-bearing debt is 69.8% of the company’s 36-month average market value. AAOIFI’s limit is under 30% (Shari'ah Standard 21, 3/4/2). Last checked 30 September 2026.
Heiwa Real Estate REIT is not compliant under Halal / Islamic guidelines
AAOIFI Shari’ah Standard 21 Financial Audit
Figures from the latest annual report (the SEC filing or, for European companies, the ESEF annual report, where one exists, checked against Yahoo Finance) and a 36-month average market value.
| Test | Standard Limit | Actual Figure | Status |
|---|---|---|---|
| Main business | — | — | Pass |
| Interest-bearing debt | 30% | 69.85% | Fail |
| Cash and interest-bearing investments | 30% | 7.73% | Pass |
| Prohibited income | 5% | 0.13% | Pass |
| Not just cash and debts | 90% | 5.28% | Pass |
Key Findings & Observations
- Interest-bearing debt is 69.8% of the company’s 36-month average market value. AAOIFI’s limit is under 30% (Shari'ah Standard 21, 3/4/2).Source: AAOIFI Shari'ah Standard 21
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Frequently Asked Questions about Heiwa Real Estate REIT, Inc. (8966.T)
Is Heiwa Real Estate REIT (8966.T) stock halal?▾
No. Heiwa Real Estate REIT (8966.T) does not pass the AAOIFI Shari’ah Standard 21 screen. Interest-bearing debt is 69.8% of the company’s 36-month average market value. AAOIFI’s limit is under 30% (Shari'ah Standard 21, 3/4/2). Last checked 30 September 2026.
What is Heiwa Real Estate REIT's debt ratio under Islamic finance standards?▾
Under AAOIFI Shari’ah Standard 21, interest-bearing debt must stay under 30% of a company's 36-month average market value. Heiwa Real Estate REIT's ratio is about 69.8%.
How much dividend purification is required for Heiwa Real Estate REIT (8966.T) stock?▾
Heiwa Real Estate REIT does not pass the screen, so purification does not apply: the standard does not permit holding it.
Does Heiwa Real Estate REIT operate in prohibited business activities?▾
AAOIFI Shari’ah Standard 21 excludes companies whose main business is prohibited, such as alcohol, pork, gambling, conventional interest-based finance and adult entertainment. Heiwa Real Estate REIT's main business is checked against these. For companies that file with the US SEC, revenue by division is also read from the filing, so a division in a prohibited business is counted. Where the check cannot be settled, the result is shown as Needs Review rather than guessed.
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