Is GRMN (Garmin Ltd.) halal?

Q: Is GRMN (Garmin Ltd.) halal?

HALAL: GPS, wearable, aviation, marine and automotive electronics are generally permissible at the activity level, but the current asset-based financial screen fails because liquidity is 39.38% of assets. Garmin Ltd. designs GPS navigation, wearable, fitness, outdoor, aviation, marine and automotive OEM products. Its March 28, 2026 Form 10-Q reports $10,952.438 million of total assets, no interest-bearing debt, $2,289.916 million of cash, $2,023.357 million of marketable securities and $940.959 million of net receivables. Those inputs produce debt/assets of 0.00%, cash plus marketable securities/assets of 39.38%, receivables plus cash/assets of 29.50%, and disclosed interest income/revenue of 2.05% for the quarter. The examined FTSE Yasaar, MSCI and Malaysia asset-ratio calculations fail on liquidity; market-cap methods are not calculated without a licensed historical series. The device and navigation businesses are generally permissible at the activity level, while investment-instrument composition and downstream use remain qualitative review topics.

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GRMN

Garmin Ltd.

HALAL — SCREEN DOES NOT PASSstock

Is GRMN Halal?

GPS, wearable, aviation, marine and automotive electronics are generally permissible at the activity level, but the current asset-based financial screen fails because liquidity is 39.38% of assets.

What You Should Know

Garmin Ltd. designs GPS navigation, wearable, fitness, outdoor, aviation, marine and automotive OEM products. Its March 28, 2026 Form 10-Q reports $10,952.438 million of total assets, no interest-bearing debt, $2,289.916 million of cash, $2,023.357 million of marketable securities and $940.959 million of net receivables. Those inputs produce debt/assets of 0.00%, cash plus marketable securities/assets of 39.38%, receivables plus cash/assets of 29.50%, and disclosed interest income/revenue of 2.05% for the quarter. The examined FTSE Yasaar, MSCI and Malaysia asset-ratio calculations fail on liquidity; market-cap methods are not calculated without a licensed historical series. The device and navigation businesses are generally permissible at the activity level, while investment-instrument composition and downstream use remain qualitative review topics.

⚠️ Concerns

•Cash plus marketable securities are 39.38% of total assets, above the examined 33% liquidity limits
•Garmin discloses $35.974 million of interest income for the quarter, but no scholar-approved fixed purification percentage
•The investment portfolio includes corporate debt, mortgage-backed, agency, municipal and Treasury securities and should be reviewed under the investor's methodology
•General-purpose products serve recreational, aviation, marine and automotive customers whose downstream uses may be assessed differently
•Product safety, privacy and supply-chain risks remain broader ethical diligence topics

Current quantitative Sharia screen

Based on 10-Q figures for the period ended 2026-03-28; calculated 2026-07-13.

USD · millions

Interest-bearing debt / assets

0.00%Within limit

Below 33.333% under FTSE Yasaar

0 / 10,952.438

Cash + interest-bearing securities / assets

39.38%Above limit

Below 33.333% under FTSE Yasaar

4,313.273 / 10,952.438

Receivables + cash / assets

29.50%Within limit

Below 50% under FTSE Yasaar

3,230.875 / 10,952.438

Non-compliant income / revenue

2.05%Within limit

No more than 5% under FTSE Yasaar

35.974 / 1,753.489

Methodology	Financial	Overall	What drives it
FTSE Yasaar v4.6, February 2026	Fails	Fails	Debt is 0.00%, but liquidity is 39.38%, above the examined 33.333% FTSE asset limit; receivables plus cash are 29.50% and disclosed interest income is 2.05%.
MSCI Islamic (total-assets series) October 2024 methodology	Fails	Fails	Debt is 0.00%, but liquidity is 39.38%, above the examined MSCI 33.33% total-assets limit; receivables plus cash are 29.50%.
Malaysia SAC financial ratios single 5% activity benchmark adopted November 2025	Fails	Fails	Debt is 0.00% but liquidity is 39.38%, above the examined 33% Malaysia SAC financial limit.
Market-cap denominator methods MSCI M-Series, S&P and Dow Jones methods differ	Not calculated	Not calculated	A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.

FTSE Yasaar

v4.6, February 2026

Financial: Fails
Overall: Fails

Debt is 0.00%, but liquidity is 39.38%, above the examined 33.333% FTSE asset limit; receivables plus cash are 29.50% and disclosed interest income is 2.05%.

MSCI Islamic (total-assets series)

October 2024 methodology

Financial: Fails
Overall: Fails

Debt is 0.00%, but liquidity is 39.38%, above the examined MSCI 33.33% total-assets limit; receivables plus cash are 29.50%.

Malaysia SAC financial ratios

single 5% activity benchmark adopted November 2025

Financial: Fails
Overall: Fails

Debt is 0.00% but liquidity is 39.38%, above the examined 33% Malaysia SAC financial limit.

Market-cap denominator methods

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

Financial: Not calculated
Overall: Not calculated

A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.

Business-activity disclosure

Garmin designs GPS navigation, wearable, aviation, marine, fitness, outdoor and automotive OEM products. Consumer electronics, wearables, avionics and marine electronics are generally permissible at the activity level.

Limitation: The filing does not allocate a universal prohibited-revenue numerator by product use, content, customer or certification; no exact prohibited-revenue percentage is asserted.

Purification

Garmin discloses interest income but does not prescribe a scholar-approved purification percentage. Readers should follow the qualified scholar or methodology they use rather than applying an invented fixed rate.

Inputs, assumptions and primary sources

Inputs use Garmin's March 28, 2026 Form 10-Q; amounts are USD millions and revenue and interest income are for the 13-week period.
Garmin reports no interest-bearing debt on the condensed balance sheet; operating lease liabilities are not added.
Interest-bearing securities use current marketable securities of $411.034 million plus noncurrent marketable securities of $1,612.323 million.
Receivables use $940.959 million of net accounts receivable; inventories and other current assets are not added.
Quarterly revenue is $1,753.489 million and disclosed interest income is $35.974 million; the screen does not infer a fixed purification rate.

U.S. Securities and Exchange Commission: Garmin Ltd. 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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