Is BALL (Ball Corporation) halal?

Q: Is BALL (Ball Corporation) halal?

HALAL: Aluminum-packaging maker — a permissible manufacturing business, with debt and end-use to screen. Ball Corporation manufactures aluminum beverage, aerosol and specialty packaging. Its March 31, 2026 Form 10-Q reports assets of $19,770 million, interest-bearing debt of $7,807 million, cash of $730 million, receivables of $2,904 million and quarterly revenue of $3,603 million. Debt/assets is 39.49%, liquidity/assets is 3.69% and receivables-plus-cash/assets is 18.38%; the filing-based debt screen fails. Disclosed interest income is $10 million (0.28% of revenue), while customer end-use and prohibited-revenue allocation remain qualitative.

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BALL

Ball Corporation

HALAL — SCREEN DOES NOT PASSstock

Is BALL Halal?

Aluminum-packaging maker — a permissible manufacturing business, with debt and end-use to screen.

What You Should Know

Ball Corporation manufactures aluminum beverage, aerosol and specialty packaging. Its March 31, 2026 Form 10-Q reports assets of $19,770 million, interest-bearing debt of $7,807 million, cash of $730 million, receivables of $2,904 million and quarterly revenue of $3,603 million. Debt/assets is 39.49%, liquidity/assets is 3.69% and receivables-plus-cash/assets is 18.38%; the filing-based debt screen fails. Disclosed interest income is $10 million (0.28% of revenue), while customer end-use and prohibited-revenue allocation remain qualitative.

⚠️ Concerns

•Known interest-bearing debt/assets is 39.49%, above examined 33.333% limits
•Some cans are sold to alcohol producers — an indirect end-use that stricter investors may weigh
•Disclosed interest income is 0.28% of quarterly revenue; no fixed purification percentage is asserted
•Capital-intensive packaging and customer mix require qualitative review
•Re-screen the financial ratios periodically

Current quantitative Sharia screen

Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.

USD · millions

Interest-bearing debt / assets

39.49%Above limit

Below 33.333% under FTSE Yasaar

7,807 / 19,770

Cash + interest-bearing securities / assets

3.69%Within limit

Below 33.333% under FTSE Yasaar

730 / 19,770

Receivables + cash / assets

18.38%Within limit

Below 50% under FTSE Yasaar

3,634 / 19,770

Non-compliant income / revenue

0.28%Within limit

No more than 5% under FTSE Yasaar

10 / 3,603

Methodology	Financial	Overall	What drives it
FTSE Yasaar v4.6, February 2026	Fails	Fails	Debt/assets is 39.49%, above the examined 33.333% limit; liquidity/assets is 3.69%.
MSCI Islamic (total-assets series) October 2024 methodology	Fails	Fails	Debt/assets is 39.49%, above the examined MSCI 33.33% limit; liquidity and receivables-plus-cash remain below their limits.
Malaysia SAC financial ratios single 5% activity benchmark adopted November 2025	Fails	Fails	Debt/assets is 39.49%, above the examined Malaysia limit; this is not an official classification.
Market-cap denominator methods MSCI M-Series, S&P and Dow Jones methods differ	Not calculated	Fails	A properly licensed and reproducible historical market-cap series is not stored; the asset-based debt screen fails.

FTSE Yasaar

v4.6, February 2026

Financial: Fails
Overall: Fails

Debt/assets is 39.49%, above the examined 33.333% limit; liquidity/assets is 3.69%.

MSCI Islamic (total-assets series)

October 2024 methodology

Financial: Fails
Overall: Fails

Debt/assets is 39.49%, above the examined MSCI 33.33% limit; liquidity and receivables-plus-cash remain below their limits.

Malaysia SAC financial ratios

single 5% activity benchmark adopted November 2025

Financial: Fails
Overall: Fails

Debt/assets is 39.49%, above the examined Malaysia limit; this is not an official classification.

Market-cap denominator methods

MSCI M-Series, S&P and Dow Jones methods differ

Financial: Not calculated
Overall: Fails

A properly licensed and reproducible historical market-cap series is not stored; the asset-based debt screen fails.

Business-activity disclosure

Ball manufactures aluminum beverage, aerosol and specialty packaging; the neutral packaging activity is generally permissible.

Limitation: The filing does not allocate revenue by customer end use or provide a universal prohibited-revenue numerator.

Purification

The filing discloses $10 million of interest income (0.28% of revenue); treatment is disclosed for transparency, but no scholar-approved purification percentage is asserted.

Inputs, assumptions and primary sources

Amounts are USD millions from Ball's March 31, 2026 Form 10-Q.
Debt combines current debt of $786 million and noncurrent long-term debt and capital-lease obligations of $7,021 million.
Cash excludes separately disclosed restricted cash. Receivables use the filing's total net current receivables balance.
Interest income of $10 million is the disclosed operating interest-income line; no universal prohibited-revenue numerator is disclosed.
Packaging is generally permissible, but some customers may use cans for alcohol; the indirect end-use is qualitative.

U.S. Securities and Exchange Commission: Ball Corporation First Quarter 2026 Form 10-Q FTSE Russell: FTSE Yasaar Global Equity Shariah Index Series Ground Rules MSCI: MSCI Islamic Index Series Methodology Securities Commission Malaysia: Shariah-Compliant Securities Screening Methodology

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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