AEE
Ameren Corporation
Is AEE Halal?
Regulated electric and natural-gas utility — the service is generally permissible, but the latest filing shows debt/assets of 42.74%, above the examined asset-based limits.
What You Should Know
Ameren Corporation is a regulated utility holding company serving electric and natural-gas customers in Missouri and Illinois through Ameren Missouri and Ameren Illinois. Providing electricity and gas is a permissible service, so the activity screen is generally permissible, subject to fuel-mix and end-use review. Ameren's March 31, 2026 Form 10-Q reports $49,846 million of assets, $21,304 million of interest-bearing debt, $13 million of cash, $1,478 million of identifiable decommissioning-fund investments, $703 million of accounts receivable and $2,176 million of first-quarter revenue. Debt/assets is 42.74%, while liquidity/assets is 2.99% and receivables-plus-cash/assets is 1.44%; disclosed investment income interest and dividends were $9 million (0.41% of revenue). The asset-based financial screens fail on leverage, so AEE remains doubtful.
⚠️ Concerns
- •Debt/assets is 42.74%, above the examined 33.333% asset-based limits — confirm any market-cap screen separately
- •The regulated-utility model is structurally dependent on interest-bearing leverage
- •Ameren's $9 million of disclosed investment income should be reviewed for purification; no fixed percentage is inferred
- •Decommissioning-fund investments and fuel mix require methodology-specific review
- •Verdict can change as debt, investments and regulatory structures change — re-screen against new filings
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
21,304 / 49,846
1,491 / 49,846
716 / 49,846
9 / 2,176
- Financial
- Fails
- Overall
- Fails
Debt/assets is 42.74%, above the 33.333% limit; liquidity/assets is 2.99% and receivables plus cash/assets is 1.44%. Interest income/revenue is 0.41%; the debt ratio fails.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 42.74%, above the examined 33.33% limit; liquidity and receivables-plus-cash remain below their limits.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 42.74%, above the examined Malaysia SAC limit; identifiable liquidity/assets is below its limit. This is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the asset-based screens already fail on debt/assets.
Business-activity disclosure
Ameren provides regulated electricity transmission, generation and distribution plus natural-gas delivery. Supplying energy is generally permissible at the activity level, while fuel mix, regulatory structures, derivatives, environmental obligations and conventional financing require continuing review.
Limitation: The filing does not allocate revenue into a universal prohibited-activity numerator or separate every customer, fuel and investment exposure by Sharia status.
Purification
Ameren discloses $9 million of investment income interest and dividends, but no scholar-approved purification percentage is inferred from that disclosure.
Inputs, assumptions and primary sources
- Amounts are USD millions from Ameren's March 31, 2026 Form 10-Q and rounded to the nearest million.
- Debt combines $1,178 million of short-term borrowings, $1,123 million of current long-term debt and $19,003 million of long-term debt; operating leases are excluded.
- Cash and cash equivalents are $13 million. Identifiable decommissioning-fund investments of $1,478 million are included as interest-bearing securities; other restricted funds are not assumed to be securities.
- Accounts receivable, net is $703 million and first-quarter revenue is $2,176 million.
- Investment income interest and dividend is $9 million; Ameren does not provide a universal prohibited-revenue numerator for utility end uses.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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