CCL
Carnival Corp.
Is CCL Halal?
Cruise line company — leisure with alcohol services.
What You Should Know
Carnival operates cruise ships with onboard sales and entertainment. Its May 2026 Form 10-Q reports $52,228 million of assets, $24,889 million of interest-bearing debt, $2,243 million of cash, $633 million of receivables and $6,663 million of quarterly revenue. Debt/assets is 47.65%, liquidity/assets is 4.29%, receivables-plus-cash/assets is 5.51%, and disclosed interest income is 0.18%; passenger-cruise, alcohol, gambling and entertainment revenue are not isolated into a universal prohibited-revenue numerator.
⚠️ Concerns
- •Alcohol on ships
- •Entertainment and gambling at sea
- •Debt/assets exceeds the examined 33.333% limits
- •Onboard activity mix is not fully classified
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-05-31; calculated 2026-07-14.
24,889 / 52,228
2,243 / 52,228
2,876 / 52,228
12 / 6,663
- Financial
- Fails
- Overall
- Fails
Debt/assets is 47.65%, above the examined 33.333% limit; liquidity/assets is 4.29% and receivables-plus-cash/assets is 5.51%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 47.65%, above the examined MSCI 33.33% limit; disclosed interest income is 0.18% of revenue and activity classification remains incomplete.
- Financial
- Fails
- Overall
- Fails
Debt/assets is above the examined Malaysia 33% limit; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored; the debt failure remains independently documented.
Business-activity disclosure
Carnival operates passenger cruises with onboard sales, entertainment and hospitality. Cruise transportation can be permissible, but alcohol, gambling and other onboard activities are material qualitative concerns.
Limitation: The filing discloses onboard and other revenue but does not isolate a universal prohibited-activity numerator across ships, brands and jurisdictions.
Purification
Carnival discloses $12 million of interest income, but does not provide a complete prohibited-activity numerator; no definitive purification percentage is invented.
Inputs, assumptions and primary sources
- Amounts are USD millions from Carnival's May 31, 2026 Form 10-Q.
- Interest-bearing debt is $1,471 million of current debt plus $23,418 million of long-term debt.
- Cash and cash equivalents are $2,243 million; no separate interest-bearing securities balance is identified.
- Trade and other receivables are $633 million.
- Revenue is $6,663 million for the three months ended May 31, 2026; disclosed interest income is $12 million.
- Passenger-cruise, onboard sales and entertainment/gambling/alcohol activities are not reduced to a universal prohibited-revenue numerator.
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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