Is Natural Grocers by Vitamin Cottage (NGVC) stock halal?
Screened against AAOIFI Shari’ah Standard 21
Not settled. Natural Grocers by Vitamin Cottage (NGVC) could not be confirmed either way under the AAOIFI Shari’ah Standard 21 screen. Companies in its industry (SEC industry code 5411 (Retail-Grocery Stores)) usually sell alcohol. It doesn’t report how much of its revenue that is. We show this as Needs Review rather than guess. Last checked 28 September 2026.
Natural Grocers by Vitamin Cottage 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% | 48.15% | Review |
| Cash and interest-bearing investments | 30% | 2.48% | Pass |
| Prohibited income | 5% | — | Review |
| Not just cash and debts | 90% | 4.34% | Pass |
Key Findings & Observations
- Companies in its industry (SEC industry code 5411 (Retail-Grocery Stores)) usually sell alcohol. It doesn’t report how much of its revenue that is.Source: Business check
- Companies in its industry (SEC industry code 5411 (Retail-Grocery Stores)) usually sell pork. It doesn’t report how much of its revenue that is.Source: Business check
- The interest-bearing debt test couldn’t be settled: The figures give 0.0% and 48.2%, 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
- The prohibited income test couldn’t be settled: The share of revenue from alcohol and pork isn’t reported.Source: AAOIFI Shari'ah Standard 21
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Frequently Asked Questions about Natural Grocers by Vitamin Cottage, Inc. (NGVC)
Is Natural Grocers by Vitamin Cottage (NGVC) stock halal?▾
Not settled. Natural Grocers by Vitamin Cottage (NGVC) could not be confirmed either way under the AAOIFI Shari’ah Standard 21 screen. Companies in its industry (SEC industry code 5411 (Retail-Grocery Stores)) usually sell alcohol. It doesn’t report how much of its revenue that is. We show this as Needs Review rather than guess. Last checked 28 September 2026.
What is Natural Grocers by Vitamin Cottage'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. Natural Grocers by Vitamin Cottage's ratio is about 48.2%.
How much dividend purification is required for Natural Grocers by Vitamin Cottage (NGVC) stock?▾
No purification is required for Natural Grocers by Vitamin Cottage based on its latest annual report.
Does Natural Grocers by Vitamin Cottage 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. Natural Grocers by Vitamin Cottage'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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