SO
Southern Company
Is SO Halal?
Utility — same concerns as Duke Energy.
What You Should Know
Southern provides regulated electric and natural-gas service, generation, transmission and related infrastructure. Its March 31, 2026 filing reports debt/assets of 47.46%, identifiable liquidity/assets of 1.33% and receivables plus cash/assets of 3.09%. Gross interest income and a universal prohibited-revenue numerator are not separately disclosed; nuclear trusts, VIEs and financing structures remain qualitative concerns.
⚠️ Concerns
- •Debt/assets is 47.46% and exceeds the examined FTSE, MSCI and Malaysia limits
- •Nuclear decommissioning trusts include debt and equity investments
- •VIEs, derivatives, regulatory recovery, fuel contracts and financing structures require review
- •Coal, natural-gas, nuclear, environmental and customer-affordability issues remain qualitative
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
74,522 / 157,031
2,084 / 157,031
4,854 / 157,031
- Financial
- Fails
- Overall
- Fails
Debt/assets is 47.46%, above the 33.333% limit; liquidity/assets is 1.33% and receivables plus cash/assets is 3.09%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 47.46%, above the examined 33.33% limit; liquidity and receivables-plus-cash remain below their limits.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 47.46%, above the examined Malaysia SAC limit; identifiable liquidity/assets is below its limit. This is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
No licensed historical market-cap series is stored; the asset-based screens fail on debt/assets.
Business-activity disclosure
Southern provides regulated electric and natural-gas service, generation, transmission and related infrastructure. Utility service is generally permissible, while conventional financing, nuclear funds, derivatives, VIEs and fuel contracts require continuing review.
Limitation: The filing does not provide a universal prohibited-revenue numerator or separately disclose gross interest income across regulated, power, gas and investment activities.
Purification
Gross interest income is not separately disclosed and the activity screen is incomplete; no fixed scholar-approved purification percentage is prescribed.
Inputs, assumptions and primary sources
- Amounts are USD millions from Southern Company's March 31, 2026 Form 10-Q and rounded to the nearest million.
- Debt includes securities due within one year of $5,701 million, notes payable of $1,673 million and long-term debt of $67,148 million; operating lease obligations are excluded.
- Cash is $981 million. Interest-bearing securities use $1,103 million of disclosed Treasury, municipal, corporate, mortgage- and asset-backed debt securities; equity investments and cash equivalents are excluded.
- Receivables combine customer accounts of $2,405 million, unbilled revenues of $740 million, under-recovered fuel-clause revenues of $299 million and other accounts and notes net of the $95 million allowance ($429 million). Quarterly operating revenue is $8,397 million.
- Gross interest income and a universal prohibited-revenue numerator are not separately disclosed.
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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