FSLR

Q: Is FSLR (First Solar Inc. (already in some analysis)) halal?

HALAL: Solar panels — renewable energy manufacturing is permissible. First Solar makes solar panels. Renewable energy supports environmental stewardship (permissible under Islamic ethics). Its March 31, 2026 Form 10-Q reports $13,351.097 million of assets, $425.776 million of interest-bearing debt, $2,362.979 million of cash, $278.252 million of marketable securities, $1,659.112 million of receivables and $1,044.240 million of quarterly sales. The examined financial ratios pass, while a universal prohibited-revenue allocation remains incomplete.

First Solar Inc. (already in some analysis)

HALAL — DATA INCOMPLETEstock

Is FSLR Halal?

Solar panels — renewable energy manufacturing is permissible.

What You Should Know

First Solar makes solar panels. Renewable energy supports environmental stewardship (permissible under Islamic ethics). Its March 31, 2026 Form 10-Q reports $13,351.097 million of assets, $425.776 million of interest-bearing debt, $2,362.979 million of cash, $278.252 million of marketable securities, $1,659.112 million of receivables and $1,044.240 million of quarterly sales. The examined financial ratios pass, while a universal prohibited-revenue allocation remains incomplete.

⚠️ Concerns

•Minor interest income
•Cyclical solar market
•Large cash and securities balance
•Activity allocation not universal

Current quantitative Sharia screen

Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.

USD · millions

Interest-bearing debt / assets

3.19%Within limit

Below 33.333% under FTSE Yasaar

425.776 / 13,351.097

Cash + interest-bearing securities / assets

19.78%Within limit

Below 33.333% under FTSE Yasaar

2,641.231 / 13,351.097

Receivables + cash / assets

30.13%Within limit

Below 50% under FTSE Yasaar

4,022.091 / 13,351.097

Non-compliant income / revenue

2.76%Within limit

No more than 5% under FTSE Yasaar

28.862 / 1,044.24

Methodology	Financial	Overall	What drives it
FTSE Yasaar v4.6, February 2026	Pass	Incomplete	Debt/assets is 3.19%, liquidity/assets is 19.78%, receivables-plus-cash/assets is 30.13% and disclosed interest income is 2.76%; examined financial ratios pass, but the activity numerator remains incomplete.
MSCI Islamic (total-assets series) October 2024 methodology	Pass	Incomplete	Debt, liquidity and receivables-plus-cash are below the examined total-assets limits; activity allocation remains incomplete. This is not an index-membership claim.
Malaysia SAC financial ratios single 5% activity benchmark adopted November 2025	Pass	Incomplete	Debt/assets and identifiable conventional cash and securities are below the examined Malaysia limits; activity allocation remains incomplete.
Market-cap denominator methods MSCI M-Series, S&P and Dow Jones methods differ	Not calculated	Incomplete	A properly licensed and reproducible historical market-cap series is not stored.

FTSE Yasaar

v4.6, February 2026

Financial: Pass
Overall: Incomplete

Debt/assets is 3.19%, liquidity/assets is 19.78%, receivables-plus-cash/assets is 30.13% and disclosed interest income is 2.76%; examined financial ratios pass, but the activity numerator remains incomplete.

MSCI Islamic (total-assets series)

October 2024 methodology

Financial: Pass
Overall: Incomplete

Debt, liquidity and receivables-plus-cash are below the examined total-assets limits; activity allocation remains incomplete. This is not an index-membership claim.

Malaysia SAC financial ratios

single 5% activity benchmark adopted November 2025

Financial: Pass
Overall: Incomplete

Debt/assets and identifiable conventional cash and securities are below the examined Malaysia limits; activity allocation remains incomplete.

Market-cap denominator methods

MSCI M-Series, S&P and Dow Jones methods differ

Financial: Not calculated
Overall: Incomplete

A properly licensed and reproducible historical market-cap series is not stored.

Business-activity disclosure

First Solar designs and manufactures thin-film photovoltaic modules. Solar manufacturing is generally permissible under the retained qualitative analysis, but government incentives, supply-chain relationships and end-market allocation are not converted into a school-neutral prohibited-revenue numerator.

Limitation: No universal prohibited-revenue allocation is inferred from customer, government-grant or geographic disclosures.

Purification

First Solar discloses $28.862 million of interest income, but no scholar-approved purification percentage is asserted for the operating business.

Inputs, assumptions and primary sources

Amounts are USD millions from First Solar's March 31, 2026 Form 10-Q.
Debt is $188.594 million current plus $237.182 million long-term debt. Cash is $2,362.979 million; marketable and restricted marketable securities total $278.252 million.
Accounts receivable includes $1,373.954 million trade receivables and $285.158 million current government-grants receivable. Quarterly net sales are $1,044.240 million.
Disclosed interest income is $28.862 million, or 2.76% of quarterly net sales. The filing does not provide a scholar-universal prohibited-revenue numerator for manufacturing incentives or end markets.

U.S. Securities and Exchange Commission: First Solar First Quarter 2026 Form 10-Q FTSE Russell: FTSE Yasaar Global Equity Shariah Index Series Ground Rules MSCI: MSCI Islamic Index Series Methodology Securities Commission Malaysia: Shariah-Compliant Securities Screening Methodology

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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