Is Azimut Holding (AZM.MI) stock halal?
Screened against AAOIFI Shari’ah Standard 21
Not settled. Azimut Holding (AZM.MI) could not be confirmed either way under the AAOIFI Shari’ah Standard 21 screen. Its annual report shows insurance contracts (InsuranceServiceResult, InsuranceContractsIssuedThatAreLiabilities), but doesn’t report how much of its revenue insurance is. We show this as Needs Review rather than guess. Last checked 1 October 2026.
Azimut Holding needs further review 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% | 209.17% | Review |
| Cash and interest-bearing investments | 30% | 237.03% | Review |
| Prohibited income | 5% | — | Review |
| Not just cash and debts | 90% | 91.24% | Review |
Key Findings & Observations
- Its annual report shows insurance contracts (InsuranceServiceResult, InsuranceContractsIssuedThatAreLiabilities), but doesn’t report how much of its revenue insurance is.Source: https://filings.xbrl.org/81560025690EF8540635/2025-12-31/ESEF/IT/0/81560025690EF8540635-2025-12-31-it/reports/ixbrlviewer.html
- The interest-bearing debt test couldn’t be settled: The figures give 0.0% and 209.2%, on either side of the limit. The balance sheet is in order of liquidity, as banks and insurers present it, so every liability that isn’t clearly tax, provisions, pensions, policyholder contracts or payables is counted as possible borrowing. The filing doesn’t total its liabilities, so total assets are used instead; they can only be larger.Source: AAOIFI Shari'ah Standard 21
- The cash and interest-bearing investments test couldn’t be settled: The figures give 12.8% and 237.0%, on either side of the limit. The balance sheet is in order of liquidity, as banks and insurers present it, so every asset that isn’t clearly property, intangibles, tax, pensions, inventory, insurance or a stake in an associate is counted as possible cash or interest-bearing investment.Source: AAOIFI Shari'ah Standard 21
- The prohibited income test couldn’t be settled: The share of revenue from conventional banking, lending or insurance isn’t reported.Source: AAOIFI Shari'ah Standard 21
- The not just cash and debts test couldn’t be settled: The figures give 7.6% and 91.2%, on either side of the limit. The balance sheet is in order of liquidity, as banks and insurers present it, so every asset that isn’t clearly property, intangibles, tax, pensions, inventory, insurance or a stake in an associate is counted as possible cash or interest-bearing investment.Source: AAOIFI Shari'ah Standard 21
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Frequently Asked Questions about Azimut Holding S.p.A. (AZM.MI)
Is Azimut Holding (AZM.MI) stock halal?▾
Not settled. Azimut Holding (AZM.MI) could not be confirmed either way under the AAOIFI Shari’ah Standard 21 screen. Its annual report shows insurance contracts (InsuranceServiceResult, InsuranceContractsIssuedThatAreLiabilities), but doesn’t report how much of its revenue insurance is. We show this as Needs Review rather than guess. Last checked 1 October 2026.
What is Azimut Holding'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. Azimut Holding's ratio is about 209.2%.
How much dividend purification is required for Azimut Holding (AZM.MI) stock?▾
No purification is required for Azimut Holding based on its latest annual report.
Does Azimut Holding 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. Azimut Holding'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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