CBRE
CBRE Group, Inc.
Is CBRE Halal?
Commercial real estate services with disclosed mortgage origination and loan servicing; current receivables-plus-cash ratio fails the examined MSCI total-assets limit while activity treatment remains scholar-dependent.
What You Should Know
CBRE's March 2026 filing reports $30.170 billion of assets, $8.011 billion of interest-bearing debt, $1.664 billion of cash, $47 million of available-for-sale debt securities, $9.354 billion of receivables including warehouse receivables and $10.527 billion of quarterly revenue. Debt/assets are 26.55%, liquidity/assets 5.67% and receivables plus cash/assets 36.52%; the filing reports $81 million of commercial mortgage-origination revenue and $120 million of loan-servicing revenue but does not disclose a universal prohibited-activity numerator.
⚠️ Concerns
- •Receivables plus cash/assets are 36.52% and fail the examined MSCI total-assets limit
- •Commercial mortgage origination and loan servicing are disclosed revenue lines requiring contract-level Sharia review
- •Warehouse lines fund mortgage loans held for sale under forward purchase commitments
- •Investment management and unconsolidated real-estate investments may involve conventional leverage
- •Gross interest income is not separately disclosed; no fixed purification percentage is prescribed
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
8,011 / 30,170
1,711 / 30,170
11,018 / 30,170
- Financial
- Incomplete
- Overall
- Incomplete
Debt is 26.55%, liquidity is 5.67% and receivables plus cash are 36.52%, below the examined FTSE asset limits. Gross interest income is not separately disclosed, so the income screen remains incomplete; mortgage and investment-management activity also remains unresolved.
- Financial
- Fails
- Overall
- Fails
Debt is 26.55% and liquidity is 5.67%, but receivables plus cash are 36.52%, above the examined 33.33% total-assets limit. This is a calculation against the named method, not an index-membership claim; the business and gross-income evidence remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt is 26.55% and identifiable conventional liquidity is 5.67%, below the examined 33% limits. This is a calculation against SAC ratios, not an official SAC classification of a U.S.-listed security; mortgage and investment-management activity remains unresolved.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
CBRE provides facilities management, project management, property management, advisory, valuation, capital-markets and real-estate investment services. Facilities, brokerage, valuation and consulting are generally permissible services, while arranging commercial mortgage financing, servicing mortgage loans and managing leveraged real-estate investments create school- and contract-specific facilitation questions.
Limitation: The filing discloses service lines but does not identify a universally accepted prohibited-activity numerator. Commercial mortgage origination, loan servicing and investment management can involve different contracts and roles, so the site does not label the entire line as haram or claim zero screened revenue.
Purification
Gross interest income is not separately disclosed, and the filing does not provide a universal prohibited-activity allocation for mortgage, servicing or investment-management revenue. The site therefore does not prescribe a fixed purification percentage; readers should follow the scholar or methodology they use.
Inputs, assumptions and primary sources
- Interest-bearing debt includes $5,149 million of long-term debt including current maturities and $2,862 million of short-term borrowings, including warehouse lines, commercial paper and other short-term borrowings. Operating lease liabilities are not added to the debt input.
- Cash uses $1,664 million of cash and cash equivalents. Restricted cash of $131 million is separately identified and excluded.
- Interest-bearing securities use $47 million of available-for-sale debt securities: U.S. Treasuries, corporate debt securities and asset-backed securities. Equity securities and unconsolidated investments are excluded.
- Receivables use $8,404 million of net receivables plus $950 million of warehouse receivables. Warehouse receivables are mortgage loans held for sale under forward purchase commitments, so they are retained in the receivables-plus-cash numerator rather than silently excluded.
- Revenue uses $10,527 million for the three months ended March 31, 2026. The filing reports facilities management, property management, critical infrastructure, project management, advisory, mortgage origination, loan servicing, investment management and development services.
- The filing reports $59 million of interest expense, net of interest income, but does not separately disclose gross interest income. The FTSE income input is therefore unavailable rather than estimated.
- CBRE discloses $81 million of commercial mortgage-origination revenue and $120 million of loan-servicing revenue, but those fees and services do not establish a universal prohibited-revenue numerator; the activity treatment remains methodology- and contract-dependent.
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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