EMAAR
Emaar Properties (Dubai)
Is EMAAR Halal?
Real-estate developer with a current liquidity-screen failure and hospitality, leisure and retail activity requiring qualitative review.
What You Should Know
Emaar Properties' audited 2025 consolidated statements report AED 186,700.687 million of assets, AED 9,806.103 million of tracked loans and sukuk, AED 52,632.912 million of cash, AED 20,611.734 million of other financial assets, AED 11,137.414 million of trade and unbilled receivables and AED 49,557.263 million of revenue. Debt/assets is 5.25%, liquidity/assets is 39.24% and receivables-plus-cash/assets is 34.15%; the examined asset-based financial screens fail on liquidity and, under the examined MSCI limit, receivables plus cash. Property development is generally permissible, while hospitality, leisure, retail tenants and financing structures remain qualitative review items.
⚠️ Concerns
- •Liquidity/assets is 39.24%, above the examined limits
- •Hospitality, leisure and entertainment venue mix
- •Retail tenants may include alcohol and other non-compliant products
- •Conventional loans and sukuk structures require contract-level review
- •The result is a current ZakatInvest calculation, not an official index classification
Current quantitative Sharia screen
Based on annual-report figures for the period ended 2025-12-31; calculated 2026-07-15.
9,806.103 / 186,700.687
73,244.646 / 186,700.687
63,770.326 / 186,700.687
- Financial
- Fails
- Overall
- Fails
Cash plus identifiable financial assets is 39.24%, above the examined liquidity limit; debt/assets is 5.25% and receivables-plus-cash/assets is 34.15%.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 39.24% and receivables-plus-cash/assets is 34.15%, both above the examined MSCI total-assets limits.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 39.24%, above the examined ratio; this is a ZakatInvest calculation, not an official SAC classification.
- Financial
- Not calculated
- Overall
- Incomplete
A properly licensed and reproducible historical market-cap series is not stored; filing-based asset ratios are documented.
Business-activity disclosure
Emaar develops property and operates malls, hospitality, leisure and entertainment assets. Property development is generally permissible, while hotel and leisure venues, retail tenant mix, alcohol or casino venues and financing structures require school-specific review.
Limitation: The report does not allocate revenue into a universal prohibited-activity numerator across hospitality, leisure, retail tenants and financing income.
Purification
Finance income includes Islamic finance income and other components that are not reduced to a scholar-approved prohibited-income percentage.
Inputs, assumptions and primary sources
- Amounts are AED millions converted from Emaar's 2025 audited consolidated statements, which report AED thousands.
- Interest-bearing loans and borrowings of AED 3,382.174 million plus sukuk of AED 6,423.929 million are tracked as debt; trade payables and customer advances are excluded.
- Cash is AED 52,632.912 million and other financial assets are AED 20,611.734 million, used as a conservative identifiable-securities proxy.
- Trade and unbilled receivables are AED 11,137.414 million and revenue is AED 49,557.263 million. Reported finance income includes Islamic finance income and is not treated as a universal prohibited-income numerator.
- Real-estate development is generally permissible, but hospitality, leisure, retail tenant mix, alcohol or casino venues and conventional financing require qualitative review.
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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