Is International Consolidated Airlines Group (IAG.L) stock halal?
Screened against AAOIFI Shari’ah Standard 21
No. International Consolidated Airlines Group (IAG.L) does not pass the AAOIFI Shari’ah Standard 21 screen. Interest-bearing debt is 47.8% of the company’s 36-month average market value. AAOIFI’s limit is under 30% (Shari'ah Standard 21, 3/4/2). Last checked 20 September 2026.
International Consolidated Airlines Group 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% | 47.83% | Fail |
| Cash and interest-bearing investments | 30% | 54.53% | Fail |
| Prohibited income | 5% | 0.82% | Pass |
| Not just cash and debts | 90% | 22.48% | Pass |
Key Findings & Observations
- Interest-bearing debt is 47.8% 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
- Cash and interest-bearing investments are 54.5% of the company’s 36-month average market value. AAOIFI’s limit is under 30% (Shari'ah Standard 21, 3/4/3).Source: AAOIFI Shari'ah Standard 21
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Frequently Asked Questions about International Consolidated Airlines Group S.A. (IAG.L)
Is International Consolidated Airlines Group (IAG.L) stock halal?▾
No. International Consolidated Airlines Group (IAG.L) does not pass the AAOIFI Shari’ah Standard 21 screen. Interest-bearing debt is 47.8% of the company’s 36-month average market value. AAOIFI’s limit is under 30% (Shari'ah Standard 21, 3/4/2). Last checked 20 September 2026.
What is International Consolidated Airlines Group'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. International Consolidated Airlines Group's ratio is about 47.8%.
How much dividend purification is required for International Consolidated Airlines Group (IAG.L) stock?▾
International Consolidated Airlines Group does not pass the screen, so purification does not apply: the standard does not permit holding it.
Does International Consolidated Airlines Group 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. International Consolidated Airlines Group'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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