SANM
Sanmina Corporation
Is SANM Halal?
Integrated electronics manufacturing and supply-chain services — a generally permissible activity with methodology-dependent filing-based results because receivables are high under the MSCI asset test.
What You Should Know
Sanmina provides contract electronics manufacturing, design, engineering and supply-chain services to communications, cloud, industrial, medical, defense and automotive customers. Its March 28, 2026 Form 10-Q reports $2,171.762 million of interest-bearing debt, $1,575.517 million of cash, $2,229.744 million of receivables and $8.433 million of quarterly interest income on $4,013.271 million of net sales. Debt is 22.46%, liquidity is 16.29% and receivables plus cash are 39.35% of assets: the known FTSE and Malaysia asset ratios pass, while the examined MSCI receivables test fails. Customer end use and prohibited-revenue classification remain qualitative.
⚠️ Concerns
- •Receivables plus cash are 39.35% of assets, above the examined MSCI 33.33% limit but below the examined FTSE 50% limit
- •Interest-bearing debt is 22.46% of assets and includes term loans
- •Defense, medical, communications and customer end markets require qualitative review
- •Quarterly interest income is 0.21% of revenue; no fixed purification percentage is prescribed
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-28; calculated 2026-07-15.
2,171.762 / 9,669.089
1,575.517 / 9,669.089
3,805.261 / 9,669.089
8.433 / 4,013.271
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 22.46%, liquidity/assets is 16.29%, receivables-plus-cash/assets is 39.35% and disclosed interest income is 0.21%; known ratios pass the examined FTSE limits, while business activity remains incomplete.
- Financial
- Fails
- Overall
- Fails
Debt/assets and liquidity/assets pass the examined limits, but receivables-plus-cash/assets is 39.35%, above the examined MSCI 33.33% total-assets limit; this is not an index-membership claim.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 22.46% and identifiable liquidity/assets is 16.29%, below the examined Malaysia limits; activity remains incomplete and this is not an official classification.
- Financial
- Not calculated
- Overall
- Not calculated
A licensed historical market-cap series is not stored.
Business-activity disclosure
Sanmina provides integrated electronics manufacturing, engineering and supply-chain services to communications, cloud, industrial, medical, defense and automotive customers. General-purpose contract manufacturing is generally permissible, but customer end-use and program-level revenue are not reduced to a universal prohibited-revenue numerator.
Limitation: The filing does not classify every customer contract, defense or medical end use by a universal Sharia category; activity remains qualitative.
Purification
Sanmina discloses $8.433 million of interest income for the quarter, but ZakatInvest does not prescribe a scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Sanmina's March 28, 2026 Form 10-Q.
- Interest-bearing debt is $172.000 million of short-term debt plus $1,999.762 million of long-term debt; operating liabilities are excluded.
- Cash and cash equivalents are $1,575.517 million; no separate interest-bearing securities balance is identified in the balance sheet.
- Net accounts receivable is $2,229.744 million and first-quarter net sales are $4,013.271 million.
- The filing reports $8.433 million of interest income for the quarter; no fixed purification percentage is prescribed.
- Electronics manufacturing, design and supply-chain services are generally permissible, while defense, medical, communications and customer end-use revenue remain qualitative.
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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