Is KEX (Kirby Corporation) halal?

Q: Is KEX (Kirby Corporation) halal?

HALAL: Marine transportation and industrial services are generally permissible; known asset-based ratios pass, but the separate interest-income and cargo-activity evidence is incomplete. Kirby Corporation operates inland and coastal tank barges and a distribution-and-services business for engines, transmissions and power equipment. The core transport and industrial activity is generally permissible, while cargo end uses remain a qualitative consideration. Its March 31, 2026 Form 10-Q reports $6,119.203 million of assets, $983.384 million of interest-bearing debt, $58.014 million of cash and $536.350 million of trade receivables. Debt/assets is 16.07%, liquidity/assets is 0.95% and receivables-plus-cash/assets is 9.71%, below the examined asset-based limits. The filing does not provide a separate gross interest-income numerator, so the FTSE income test remains incomplete; cargo and customer activity are also not disclosed as a universal prohibited-revenue numerator. The current result is methodology-dependent rather than an official certification.

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KEX

Kirby Corporation

HALAL — DATA INCOMPLETEstock

Is KEX Halal?

Marine transportation and industrial services are generally permissible; known asset-based ratios pass, but the separate interest-income and cargo-activity evidence is incomplete.

What You Should Know

Kirby Corporation operates inland and coastal tank barges and a distribution-and-services business for engines, transmissions and power equipment. The core transport and industrial activity is generally permissible, while cargo end uses remain a qualitative consideration. Its March 31, 2026 Form 10-Q reports $6,119.203 million of assets, $983.384 million of interest-bearing debt, $58.014 million of cash and $536.350 million of trade receivables. Debt/assets is 16.07%, liquidity/assets is 0.95% and receivables-plus-cash/assets is 9.71%, below the examined asset-based limits. The filing does not provide a separate gross interest-income numerator, so the FTSE income test remains incomplete; cargo and customer activity are also not disclosed as a universal prohibited-revenue numerator. The current result is methodology-dependent rather than an official certification.

⚠️ Concerns

•Debt/assets is 16.07% ($983.384 million / $6,119.203 million), below the examined asset-based limits
•A separate gross interest-income amount is not disclosed for the FTSE income test
•Petrochemical, refined-product and agricultural-chemical cargo exposure is not quantified as a prohibited-activity numerator
•The balance sheet is capital-intensive and fleet cycles can change leverage
•Re-screen after a newer filing or material fleet, cargo or financing change

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

16.07%Within limit

Below 33.333% under FTSE Yasaar

983.384 / 6,119.203

Cash + interest-bearing securities / assets

0.95%Within limit

Below 33.333% under FTSE Yasaar

58.014 / 6,119.203

Receivables + cash / assets

9.71%Within limit

Below 50% under FTSE Yasaar

594.364 / 6,119.203

Methodology	Financial	Overall	What drives it
FTSE Yasaar v4.6, February 2026	Incomplete	Incomplete	Debt/assets is 16.07%, liquidity/assets is 0.95% and receivables plus cash/assets is 9.71%, below the examined limits; a separate interest-income numerator is unavailable.
MSCI Islamic (total-assets series) October 2024 methodology	Pass	Incomplete	Known debt, liquidity and receivables-plus-cash ratios pass the examined total-assets limits; cargo activity remains qualitative.
Malaysia SAC financial ratios single 5% activity benchmark adopted November 2025	Pass	Incomplete	Known debt and liquidity ratios pass the examined limits; this is not an official SAC classification and cargo activity remains incomplete.
Market-cap denominator methods MSCI M-Series, S&P and Dow Jones methods differ	Not calculated	Incomplete	A licensed historical market-cap series is not stored and the overall activity and income evidence remains incomplete.

FTSE Yasaar

v4.6, February 2026

Financial: Incomplete
Overall: Incomplete

Debt/assets is 16.07%, liquidity/assets is 0.95% and receivables plus cash/assets is 9.71%, below the examined limits; a separate interest-income numerator is unavailable.

MSCI Islamic (total-assets series)

October 2024 methodology

Financial: Pass
Overall: Incomplete

Known debt, liquidity and receivables-plus-cash ratios pass the examined total-assets limits; cargo activity remains qualitative.

Malaysia SAC financial ratios

single 5% activity benchmark adopted November 2025

Financial: Pass
Overall: Incomplete

Known debt and liquidity ratios pass the examined limits; this is not an official SAC classification and cargo activity remains incomplete.

Market-cap denominator methods

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

Financial: Not calculated
Overall: Incomplete

A licensed historical market-cap series is not stored and the overall activity and income evidence remains incomplete.

Business-activity disclosure

Kirby operates inland and coastal tank barges and a distribution-and-services business for engines, transmissions and power equipment. Marine transport and industrial services are generally permissible, while cargo end uses and customer activity are not fully separated in public revenue data.

Limitation: The filing does not provide a reproducible prohibited-activity numerator for cargo end uses, customer contracts or a separate gross interest-income line.

Purification

A separate gross interest-income amount is not available in the extracted filing statement, so no scholar-approved purification percentage is inferred.

Inputs, assumptions and primary sources

Amounts are USD millions from Kirby's March 31, 2026 Form 10-Q.
Debt combines $6.092 million of bank notes payable and $977.292 million of long-term debt; operating leases are excluded.
Cash and cash equivalents are $58.014 million; no separate interest-bearing securities balance is identified.
Trade receivables are $536.350 million; other receivables are not added to the trade-receivable field.
Quarterly revenue is $844.099 million and a separate gross interest-income numerator is not disclosed in the extracted filing statement.

U.S. Securities and Exchange Commission: Kirby 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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