Is Extra Space Storage (EXR) stock halal?
Screened against AAOIFI Shari’ah Standard 21
No. Extra Space Storage (EXR) does not pass the AAOIFI Shari’ah Standard 21 screen. Prohibited income, interest included, is 15.3% of total revenue. AAOIFI’s limit is 5% (Shari'ah Standard 21, 3/4/4). Last checked 2 October 2026.
Extra Space Storage 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% | 43.46% | Review |
| Cash and interest-bearing investments | 30% | 0.43% | Pass |
| Prohibited income | 5% | 15.28% | Fail |
| Not just cash and debts | 90% | 5.63% | Pass |
Key Findings & Observations
- 10.4% of revenue comes from conventional banking, lending or insurance (its ‘Tenant Reinsurance’ division, annual report for the year ending 31 Dec 2025).Source: Business check
- The interest-bearing debt test couldn’t be settled: The figures give 0.4% and 43.5%, on either side of the limit. Includes lease liabilities that may be ordinary rent, which AAOIFI does not count as borrowing.Source: AAOIFI Shari'ah Standard 21
- Prohibited income, interest included, is 15.3% of total revenue. AAOIFI’s limit is 5% (Shari'ah Standard 21, 3/4/4).Source: AAOIFI Shari'ah Standard 21
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Frequently Asked Questions about Extra Space Storage Inc. (EXR)
Is Extra Space Storage (EXR) stock halal?▾
No. Extra Space Storage (EXR) does not pass the AAOIFI Shari’ah Standard 21 screen. Prohibited income, interest included, is 15.3% of total revenue. AAOIFI’s limit is 5% (Shari'ah Standard 21, 3/4/4). Last checked 2 October 2026.
What is Extra Space Storage'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. Extra Space Storage's ratio is about 43.5%.
How much dividend purification is required for Extra Space Storage (EXR) stock?▾
Extra Space Storage does not pass the screen, so purification does not apply: the standard does not permit holding it.
Does Extra Space Storage 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. Extra Space Storage'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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