The short answer
CBRE Group (CBRE) remains DOUBTFUL under ZakatInvest's qualitative verdict. Its facilities, brokerage, valuation and consulting services are generally permissible, but the company also arranges commercial mortgages, services mortgage loans and manages real-estate investments. Its current total-assets screen passes the examined FTSE and Malaysia financial ratios but fails the MSCI total-assets receivables-plus-cash limit at 36.52%.
This is a reproducible research screen, not a fatwa or investment recommendation. Scholars can differ on fee-based facilitation, loan servicing, investment-management mandates, warehouse financing and which asset balances belong in each ratio.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
8,011 / 30,170
1,711 / 30,170
11,018 / 30,170
- Financial
- Incomplete
- Overall
- Incomplete
Debt is 26.55%, liquidity is 5.67% and receivables plus cash are 36.52%, below the examined FTSE asset limits. Gross interest income is not separately disclosed, so the income screen remains incomplete; mortgage and investment-management activity also remains unresolved.
- Financial
- Fails
- Overall
- Fails
Debt is 26.55% and liquidity is 5.67%, but receivables plus cash are 36.52%, above the examined 33.33% total-assets limit. This is a calculation against the named method, not an index-membership claim; the business and gross-income evidence remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt is 26.55% and identifiable conventional liquidity is 5.67%, below the examined 33% limits. This is a calculation against SAC ratios, not an official SAC classification of a U.S.-listed security; mortgage and investment-management activity remains unresolved.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
CBRE provides facilities management, project management, property management, advisory, valuation, capital-markets and real-estate investment services. Facilities, brokerage, valuation and consulting are generally permissible services, while arranging commercial mortgage financing, servicing mortgage loans and managing leveraged real-estate investments create school- and contract-specific facilitation questions.
Limitation: The filing discloses service lines but does not identify a universally accepted prohibited-activity numerator. Commercial mortgage origination, loan servicing and investment management can involve different contracts and roles, so the site does not label the entire line as haram or claim zero screened revenue.
Purification
Gross interest income is not separately disclosed, and the filing does not provide a universal prohibited-activity allocation for mortgage, servicing or investment-management revenue. The site therefore does not prescribe a fixed purification percentage; readers should follow the scholar or methodology they use.
Inputs, assumptions and primary sources
- Interest-bearing debt includes $5,149 million of long-term debt including current maturities and $2,862 million of short-term borrowings, including warehouse lines, commercial paper and other short-term borrowings. Operating lease liabilities are not added to the debt input.
- Cash uses $1,664 million of cash and cash equivalents. Restricted cash of $131 million is separately identified and excluded.
- Interest-bearing securities use $47 million of available-for-sale debt securities: U.S. Treasuries, corporate debt securities and asset-backed securities. Equity securities and unconsolidated investments are excluded.
- Receivables use $8,404 million of net receivables plus $950 million of warehouse receivables. Warehouse receivables are mortgage loans held for sale under forward purchase commitments, so they are retained in the receivables-plus-cash numerator rather than silently excluded.
- Revenue uses $10,527 million for the three months ended March 31, 2026. The filing reports facilities management, property management, critical infrastructure, project management, advisory, mortgage origination, loan servicing, investment management and development services.
- The filing reports $59 million of interest expense, net of interest income, but does not separately disclose gross interest income. The FTSE income input is therefore unavailable rather than estimated.
- CBRE discloses $81 million of commercial mortgage-origination revenue and $120 million of loan-servicing revenue, but those fees and services do not establish a universal prohibited-revenue numerator; the activity treatment remains methodology- and contract-dependent.
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.
Current quantitative screen
The calculations above use CBRE's official filing (Form 10-Q for the quarter ended March 31, 2026). Amounts are in USD millions and use total assets as the denominator so the inputs can be reproduced from the filing.
- Interest-bearing debt / assets: 26.55%, using $5.149 billion of long-term debt including current maturities and $2.862 billion of short-term borrowings.
- Cash plus separately identified interest-bearing securities / assets: 5.67%, using $1.664 billion of cash and $47 million of Treasury, corporate-debt and asset-backed securities.
- Receivables plus cash / assets: 36.52%, using $8.404 billion of net receivables, $950 million of warehouse receivables and the reported cash balance.
- Gross interest income: unavailable. The filing reports $59 million of interest expense, net of interest income, but does not separately disclose gross interest income.
Under the reproduced FTSE Yasaar calculation, debt, liquidity and receivables-plus-cash are below the examined asset limits, but the income screen is incomplete because gross interest income is unavailable. Under MSCI's total-assets series, receivables plus cash exceed the examined 33.33% limit. Under the Malaysia SAC financial-ratio calculation, debt and identifiable liquidity are below the examined 33% limits, but the activity evidence remains incomplete. Market-cap-denominator methods are not calculated because this site does not store a licensed, reproducible historical market-cap series.
What CBRE does now
CBRE reports four principal operating segments: Advisory Services, Building Operations & Experience, Project Management and Real Estate Investments. In Q1 2026, revenue included facilities management ($5.229 billion), project management ($1.838 billion), advisory leasing ($1.035 billion), property management and critical infrastructure, plus $81 million of commercial mortgage origination, $120 million of loan servicing, $154 million of investment management and $45 million of development services.
The older fixed split of revenue into advisory, workplace, real-estate investments and capital markets is not retained because the current filing provides a more detailed service-line disclosure. The filing also says mortgage-origination fees arrange financing with third-party lenders; that is materially more precise than treating all CBRE revenue as direct interest income.
Qualitative considerations
- Mortgage origination: CBRE reported $81 million of commercial mortgage-origination revenue. The filing describes fees for arranging financing with third-party lender contacts. Some scholars may treat arranging conventional financing as impermissible facilitation, while others distinguish a fee-based intermediary role from lending itself.
- Loan servicing: CBRE reported $120 million of loan-servicing revenue. Servicing contracts, mortgage-servicing rights, collection duties and the company's exact role should be reviewed rather than assigned an invented universal percentage.
- Investment management: CBRE's Real Estate Investments segment reported $154 million of investment-management revenue, and the company holds unconsolidated real-estate investments. Funds and projects may use conventional leverage; the filing does not quantify the financed share or returns attributable to interest.
- Warehouse financing: CBRE Capital Markets funds mortgage loans through warehouse lines before committed sales to Freddie Mac, Fannie Mae or Ginnie Mae/MBS purchasers. The assets and short-term borrowings are material and require contract-level Sharia review.
- Permissible core services: facilities management, property management, project management, advisory leasing, valuation, critical infrastructure and brokerage are substantial service lines and remain part of the qualitative analysis.
- Leverage and governance: commercial paper, senior notes, term loans, cross-currency swaps, development projects, data-center work, global operations and regulatory exposure warrant continuing review.
What the financial evidence does—and does not—show
The filing supports a measured conclusion: CBRE is not simply a conventional bank, but it has identifiable financing-related services and a methodology-dependent balance-sheet result. The $81 million mortgage-origination and $120 million servicing lines are disclosed revenue categories, not proof that all of those fees are interest income. Conversely, the filing does not support a claim that financing-related revenue is zero or that a fixed double-digit prohibited-revenue estimate is authoritative.
Bottom line
CBRE is presented as DOUBTFUL because its financing-related services remain material and contract-dependent, while the current MSCI total-assets receivables screen fails. Investors who follow a methodology that accepts the relevant ratios may still consult a scholar about mortgage origination, servicing and investment-management contracts. No fixed purification percentage is prescribed because gross interest income and a universal prohibited-activity numerator are not separately disclosed.
Core real-estate services are permissible, while mortgage origination, servicing, investment management and the receivables screen require continuing review.
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