Is CBL & Associates Properties (CBL) stock halal?
Screened against AAOIFI Shari’ah Standard 21
No. CBL & Associates Properties (CBL) does not pass the AAOIFI Shari’ah Standard 21 screen. Interest-bearing debt is 220.6% of the company’s 36-month average market value. AAOIFI’s limit is under 30% (Shari'ah Standard 21, 3/4/2). Last checked 26 September 2026.
CBL & Associates Properties 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% | 220.61% | Fail |
| Cash and interest-bearing investments | 30% | 42.82% | Review |
| Prohibited income | 5% | 2.29% | Pass |
| Not just cash and debts | 90% | 17.14% | Pass |
Key Findings & Observations
- Interest-bearing debt is 220.6% 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
- The cash and interest-bearing investments test couldn’t be settled: The figures give 4.3% and 42.8%, on either side of the limit. Includes long-term investments that may be shares in other companies.Source: AAOIFI Shari'ah Standard 21
- Insiders sold shares worth $351,684 and $366,653, which could be viewed as questionable practice under Shariah governance standards.Source: News Analyzer
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Frequently Asked Questions about CBL & Associates Properties, Inc. (CBL)
Is CBL & Associates Properties (CBL) stock halal?▾
No. CBL & Associates Properties (CBL) does not pass the AAOIFI Shari’ah Standard 21 screen. Interest-bearing debt is 220.6% of the company’s 36-month average market value. AAOIFI’s limit is under 30% (Shari'ah Standard 21, 3/4/2). Last checked 26 September 2026.
What is CBL & Associates Properties'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. CBL & Associates Properties's ratio is about 220.6%.
How much dividend purification is required for CBL & Associates Properties (CBL) stock?▾
CBL & Associates Properties does not pass the screen, so purification does not apply: the standard does not permit holding it.
Does CBL & Associates Properties 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. CBL & Associates Properties'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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