RCL
Royal Caribbean Group
Is RCL Halal?
Cruise operator — leisure with alcohol and casinos.
What You Should Know
Royal Caribbean operates cruise lines with onboard casinos and alcohol services. Its March 2026 Form 10-Q reports $41,990 million of assets, $21,114 million of interest-bearing debt, $512 million of cash, $479 million of receivables and $4,452 million of quarterly revenue. Debt/assets is 50.28%, liquidity/assets is 1.22%, receivables-plus-cash/assets is 2.36%, and disclosed interest income is 0.11%; onboard revenue is material but the filing does not isolate a universal prohibited-revenue numerator.
⚠️ Concerns
- •Onboard casinos (maysir)
- •Alcohol services
- •Debt/assets exceeds the examined 33.333% limits
- •Onboard activity mix and end uses require qualitative review
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
21,114 / 41,990
512 / 41,990
991 / 41,990
5 / 4,452
- Financial
- Fails
- Overall
- Fails
Debt/assets is 50.28%, above the examined 33.333% limit; liquidity/assets is 1.22% and receivables-plus-cash/assets is 2.36%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 50.28%, above the examined MSCI 33.33% limit; disclosed interest income is 0.11% of revenue and activity classification remains incomplete.
- Financial
- Fails
- Overall
- Fails
Debt/assets is above the examined Malaysia 33% limit; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored; the debt failure remains independently documented.
Business-activity disclosure
Royal Caribbean operates passenger cruises with onboard sales, entertainment, casinos and hospitality. Cruise transportation can be permissible, but gambling, alcohol and other onboard activities require qualitative review.
Limitation: The filing reports onboard and other revenue but does not isolate a universal prohibited-activity numerator across brands and jurisdictions.
Purification
Royal Caribbean discloses $5 million of interest income, but does not provide a complete prohibited-activity numerator; no definitive purification percentage is invented.
Inputs, assumptions and primary sources
- Amounts are USD millions from Royal Caribbean Group's March 31, 2026 Form 10-Q.
- Interest-bearing debt is $21,114 million net of issuance costs, comprising $1,448 million current debt and $19,666 million long-term debt.
- Cash and cash equivalents are $512 million; no separate interest-bearing securities balance is identified.
- Trade and other receivables are $479 million.
- Revenue is $4,452 million for the three months ended March 31, 2026; disclosed interest income is $5 million.
- Cruise, onboard, casino, alcohol and entertainment activities are not reduced to a universal prohibited-revenue numerator.
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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