CF
CF Industries Holdings
Is CF Halal?
Fertilizer manufacturer — supports agriculture (permissible).
What You Should Know
CF's March 31, 2026 filing shows debt/assets 22.02%, liquidity/assets 13.98%, receivables plus cash/assets 18.95%, and interest income/revenue 1.01%. Fertilizer production is generally permissible, with environmental and contract-level questions retained.
⚠️ Concerns
- •Environmental and emissions obligations
- •Carbon-capture and supply contracts
- •Product/end-use revenue not separately quantified
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
3,216 / 14,608
2,042 / 14,608
2,768 / 14,608
20 / 1,986
- Financial
- Pass
- Overall
- Incomplete
Debt is 22.02%, liquidity is 13.98%, receivables plus cash is 18.95%, and interest income is 1.01%; each is below the examined FTSE thresholds. Business activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt, liquidity and receivables plus cash are below the examined total-assets limits. This is not an index-membership claim; screened activity revenue remains undisclosed.
- Financial
- Pass
- Overall
- Incomplete
Debt and identifiable liquidity are below 33% of total assets. This is a calculation against SAC ratios, not an official classification; screened activity revenue remains unavailable.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible 24- or 36-month issuer market-cap history is not stored, so market-cap methods are not estimated from a current spot price.
Business-activity disclosure
CF Industries manufactures nitrogen fertilizers and related products that support agriculture. The core activity is generally permissible, but the filing does not provide a universal scholar-agreed classification for all industrial, carbon-credit and supply-contract activities.
Limitation: Public reporting does not separately quantify any prohibited or non-compliant revenue numerator for product, end-use or contract categories.
Purification
Interest income is disclosed at 1.01% of quarterly net sales, but no universal purification percentage is inferred and screened operating revenue remains unquantified.
Inputs, assumptions and primary sources
- Debt is the reported $3,216 million long-term debt balance; no current debt line is reported separately.
- CF reports $2,042 million as cash and cash equivalents, including $277 million of government obligations and $1,320 million of other debt securities. These are kept in the combined cash input and not counted again as securities.
- Quarterly net sales are $1,986 million and interest income is $20 million.
- The filing does not separately quantify any prohibited-revenue numerator; ammonia, urea, UAN, AN and carbon-capture activities are assessed qualitatively.
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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