SPG
Simon Property Group
Is SPG Halal?
Mall REIT — conventional leverage/interest plus tenants selling haram products.
What You Should Know
Simon Property Group's March 31, 2026 10-Q reports $39,639.081 million of assets and $28,247.682 million of interest-bearing debt, or approximately 71.26% debt/assets. That fails the examined FTSE Yasaar, MSCI total-assets and Malaysia SAC debt limits; tenant categories still need separate look-through review.
⚠️ Concerns
- •Approximately 71.26% conventional debt/assets
- •Alcohol, gaming and entertainment tenant exposure
- •Lease-income look-through and purification
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
28,247.682 / 39,639.081
542.955 / 39,639.081
1,423.762 / 39,639.081
- Financial
- Fails
- Overall
- Fails
Debt/assets is approximately 71.26%, above the 33.333% threshold; cash and receivables ratios do not change the failed financial result.
- Financial
- Fails
- Overall
- Fails
Debt/assets is approximately 71.26%, above the 33.33% threshold; this is an analytical calculation, not an official index classification.
- Financial
- Fails
- Overall
- Fails
Debt/assets is approximately 71.26%, above the examined 33% threshold; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Fails
Market-cap methods are not calculated; the failed asset-based debt screen independently prevents a pass.
Business-activity disclosure
Simon is a retail-property REIT. Mall and mixed-use property leasing is not resolved by the financial ratios alone because a look-through review of tenant categories, lease income and financing structure is required.
Limitation: The filing does not provide a universal, school-independent prohibited-revenue numerator for tenant activities, so this record does not invent one.
Purification
No stand-alone interest-income numerator was identified in the selected filing data, and tenant-income purification requires a defined scholar-approved look-through method.
Inputs, assumptions and primary sources
- Amounts are USD millions from Simon's March 31, 2026 Form 10-Q.
- Interest-bearing debt is 28,247.682 and total assets are 39,639.081; the resulting debt/assets ratio is approximately 71.26%.
- Cash is 542.955 and accounts receivable is 880.807; total revenue is 1,757.093.
- The selected filing data did not provide a stand-alone interest-income line suitable for a disclosed numerator, so non-compliant income is unavailable rather than estimated.
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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