CNHI
CNH Industrial N.V.
Is CNHI Halal?
Agricultural and construction equipment maker with a material captive-finance arm; current consolidated debt, financing receivables and finance-income proxies fail the examined screens.
What You Should Know
CNH Industrial N.V. manufactures agricultural and construction equipment through brands such as Case IH and New Holland, and also runs CNH Industrial Capital. Its March 31, 2026 Form 10-Q reports assets of $42,038 million, debt of $25,904 million, cash of $1,604 million, financing and other receivables of $23,028 million and total revenue of $3,826 million. Debt/assets is 61.62%, receivables-plus-cash/assets is 58.59%, and the conservative finance-and-interest-income proxy is $526 million, or 13.75% of quarterly revenue; the consolidated financial screens fail and the captive-finance activity remains a material qualitative concern.
⚠️ Concerns
- •Debt/assets is 61.62%, above the examined 33% limits
- •Financing receivables plus cash/assets is 58.59%, above the examined FTSE and MSCI limits
- •Finance and interest income proxy is 13.75% of quarterly revenue
- •CNH Industrial Capital originates conventional interest-bearing dealer and customer financing
- •Cyclical with agricultural and construction demand — re-screen after the next filing
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
25,904 / 42,038
1,604 / 42,038
24,632 / 42,038
526 / 3,826
- Financial
- Fails
- Overall
- Fails
Debt/assets is 61.62% and receivables plus cash/assets is 58.59%, above the examined FTSE limits; the conservative finance-and-interest-income proxy is 13.75% of quarterly revenue.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 61.62% and financing receivables plus cash/assets is 58.59%, above the examined MSCI total-assets limits; this is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 61.62%, 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 issuer market-cap series is not stored; the debt, receivables and finance-income failures independently prevent a pass.
Business-activity disclosure
CNH Industrial manufactures agricultural and construction equipment through Agriculture and Construction segments and operates CNH Industrial Capital, a substantial captive-finance business. Equipment manufacturing is generally permissible, but conventional financing, interest-bearing receivables and financial-services contracts require continuing scholar review.
Limitation: The filing separates industrial and financial-services revenue but does not provide a universal prohibited-activity numerator or a scholar-specific treatment for every finance, lease, rent and fee stream.
Purification
The filing reports $526 million of finance and interest income, but no scholar-approved purification percentage can be inferred; the income proxy documents the failed screen rather than prescribing a rate.
Inputs, assumptions and primary sources
- Amounts are USD millions from CNH Industrial's March 31, 2026 Form 10-Q.
- Debt is the reported consolidated debt of $25,904 million; financial-services funding is not removed because the consolidated screen is being shown transparently.
- Cash and cash equivalents are $1,604 million. Restricted cash of $735 million is excluded from unrestricted liquidity, and no separate interest-bearing securities balance is identified.
- Accounts receivable combine $207 million of trade receivables, $22,629 million of financing receivables and $192 million of financial receivables from Iveco Group; these finance receivables are retained in the conservative receivables proxy.
- Total first-quarter revenue is $3,826 million. Finance, interest and other income is $656 million, of which $526 million is reported as finance and interest income; that line is used as a conservative upper-bound income proxy, not as a purification prescription.
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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