EWG
iShares MSCI Germany ETF
Is EWG Halal?
Germany equity ETF with passing known asset ratios but incomplete look-through activity and purification analysis.
What You Should Know
EWG's February 28, 2026 semi-annual statements report USD 1,805.111 million of total assets, USD 5.534 million of affiliated money-market holdings, USD 0.168 million of cash and collateral, USD 6.154 million of receivables and USD 5.178 million of investment income. Known debt/assets is 0.00%, liquidity/assets is 0.32% and receivables-plus-cash/assets is 0.35%; disclosed interest and securities-lending income is about 0.44% of investment income. Germany banks, insurers, defense and mixed issuer activities remain qualitative look-through questions.
⚠️ Concerns
- •Deutsche Bank and other conventional financial institutions
- •Munich Re and insurance activity
- •Rheinmetall and defense exposure
- •Underlying issuers are not all screened under one Sharia methodology
Current quantitative Sharia screen
Based on N-CSRS figures for the period ended 2026-02-28; calculated 2026-07-15.
0 / 1,805.111
5.702 / 1,805.111
6.322 / 1,805.111
0.023 / 5.178
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 0.00%, liquidity/assets is 0.32% and receivables-plus-cash/assets is 0.35%; disclosed incidental income is about 0.44%, while underlying activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Known debt, liquidity and receivables-plus-cash ratios are below the examined MSCI limits, but underlying issuer activity is not classified by a universal prohibited-revenue numerator.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and liquidity/assets are below the examined Malaysia limits; the pass-through portfolio remains qualitatively incomplete.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series and a fund-level prohibited-income convention are not stored.
Business-activity disclosure
EWG is a Germany equity pass-through ETF. Industrial, technology and healthcare businesses are generally permissible, while banks, insurers, defense, media and other issuer-level activities require review.
Limitation: The fund reports holdings and aggregate income but no school-neutral prohibited-revenue allocation for every underlying issuer.
Purification
EWG discloses incidental interest and securities-lending income, but no scholar-approved purification percentage is inferred from aggregate fund income.
Inputs, assumptions and primary sources
- Amounts are USD millions from EWG's February 28, 2026 semi-annual statements: total assets USD 1,805.111 million, cash and foreign-currency collateral USD 0.168 million, affiliated money-market holdings USD 5.534 million and reported receivables USD 6.154 million.
- Six-month investment income is USD 5.178 million; disclosed interest and securities-lending income is USD 0.023 million. The fund does not disclose a universal prohibited-income allocation across all holdings.
- EWG's largest holdings include Siemens Energy, Deutsche Telekom, Rheinmetall, Munich Re, Infineon and Deutsche Bank; underlying issuer activity and financial screens remain look-through questions.
- ETF look-through ratios are not an official FTSE, MSCI or Malaysia classification.
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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