The Short Answer
Crown Holdings (CCK) is doubtful on the current examined asset-based financial screens, despite its generally permissible metal-packaging activity. The March 31, 2026 filing reports $6,257 million of interest-bearing debt against $14,305 million of assets, producing a 43.74% debt/assets ratio above the examined 33% limits. This is a methodology-based result, not a fatwa or universal certification.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
6,257 / 14,305
584 / 14,305
2,541 / 14,305
12 / 3,259
- Financial
- Fails
- Overall
- Fails
Debt is 43.74%, above the examined 33.333% asset limit; liquidity is 4.08%, receivables plus cash are 17.76% and disclosed interest income is 0.37%.
- Financial
- Fails
- Overall
- Fails
Debt is 43.74%, above the examined MSCI 33.33% total-assets limit; liquidity, receivables plus cash and disclosed interest income are below their examined limits. This is a calculation against the named method, not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt is 43.74%, above the examined 33% Malaysia SAC financial limit; identifiable liquidity is 4.08% and disclosed interest income is 0.37%. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security.
- 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
Crown Holdings manufactures metal beverage and food cans, aerosol cans, metal closures and industrial-protective packaging through its Americas Beverage, European Beverage, Asia Pacific, Transit Packaging and other operations. General-purpose metal-packaging manufacturing is generally permissible at the activity level.
Limitation: The filing describes segments and customers but does not provide a universal prohibited-revenue numerator by alcoholic-beverage customer, product end use or packaging application, so no unsupported haram-revenue percentage is estimated.
Purification
Disclosed interest income is 0.37% of quarterly revenue and passes the examined income threshold, but no fixed scholar-approved purification rate is asserted and business-revenue allocation remains incomplete.
Inputs, assumptions and primary sources
- Assets use Crown Holdings' consolidated total assets of $14,305 million at March 31, 2026.
- Interest-bearing debt uses $53 million of short-term debt, $507 million of current maturities and $5,697 million of long-term debt excluding current maturities, or $6,257 million total carrying debt. Operating lease, pension and other noncurrent liabilities are not silently added.
- Cash uses $584 million of cash and cash equivalents. The filing does not separately report an interest-bearing securities balance, so none is added.
- Receivables use the reported $1,957 million net balance; other current assets and contract assets are not silently added.
- Quarterly revenue is $3,259 million and disclosed interest income is $12 million, or 0.37% of revenue.
- Crown's March 2026 filing continues to report Transit Packaging as a segment and identifies Signode Industrial Group US Inc. as a credit-agreement party; no completed Signode divestiture is assumed.
- The filing reports commodity and foreign-exchange derivatives, including $380 million of commodity-hedge notional exposure and $477 million of non-designated foreign-exchange notional exposure; derivatives are retained as a qualitative methodology consideration rather than added to debt or securities.
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.
This is a reproducible ZakatInvest calculation from Crown Holdings' March 31, 2026 Form 10-Q. Market-cap denominator methods are not estimated without a licensed historical market-cap series.
Sharia Screening Methodology
Islamic equity screens commonly examine business activity, interest-bearing debt, cash and securities, receivables and separately disclosed non-compliant income. Denominators and thresholds vary by methodology, so the named methods are shown separately.
Crown Holdings' Business Activity
Crown manufactures aluminum and steel beverage and food cans, aerosol cans, metal closures and industrial-protective packaging. Its March 2026 report lists Americas Beverage, European Beverage, Asia Pacific, Transit Packaging and other operations. General-purpose metal-packaging manufacturing is generally permissible at the activity level.
Q1 2026 revenue was $3,259 million, but Crown does not provide a universal prohibited-revenue numerator by alcoholic-beverage customer, packaging product or downstream end use. No unsupported haram-revenue percentage is estimated.
Qualitative Concerns
1. Debt and credit facilities
Crown reports short-term debt, current maturities, senior notes, term loans and revolving facilities. The March 2026 amended credit agreement extends facilities to 2031 and includes Signode entities. The debt/assets ratio is therefore the principal current screen concern.
2. Beverage customers and end use
Some beverage-can customers produce beer and ready-to-drink alcoholic products. Crown's role is general-purpose packaging manufacturing rather than alcohol production, but stricter Sharia advisers may apply additional customer-mix scrutiny because public reporting does not quantify every end use.
3. Transit Packaging and Signode
Transit Packaging remains a reported segment in the Q1 2026 filing, and Signode entities remain named in the credit agreement. This screen does not assume a completed Signode divestiture; future filings should be checked for any perimeter change.
4. Interest income and derivatives
Crown reported $12 million of interest income, or 0.37% of quarterly revenue, below the examined 5% threshold. The filing also discloses commodity and foreign-exchange hedges. No fixed scholar-approved purification rate is asserted, and derivative treatment can vary by adviser.
Current Financial Ratios (March 31, 2026)
- Interest-bearing debt / assets: 43.74% — above the examined 33% limits ❌
- Cash + interest-bearing securities / assets: 4.08% — below the examined liquidity limits ✅
- Receivables + cash / assets: 17.76% — below the examined 50% limit ✅
- Disclosed interest income / revenue: 0.37% — below the examined 5% threshold ✅
- Prohibited-revenue numerator: Not disclosed; customer and end-use allocation remains incomplete
How to Read the Result
CCK is financially failing on the examined debt ratio even though liquidity, receivables-plus-cash and disclosed interest income pass. Investors using FTSE Yasaar, MSCI total-assets or Malaysia SAC-style limits should treat the current result as doubtful until a later filing changes the balance sheet.
- FTSE Yasaar asset-based financial screen — Fails at 43.74% debt/assets ❌
- MSCI Islamic total-assets financial screen — Fails at 43.74% debt/assets ❌
- Malaysia SAC asset-based financial screen — Fails at 43.74% debt/assets ❌
Bottom Line
Crown Holdings (CCK) is currently doubtful on the examined quantitative screens. Its general-purpose metal-packaging business is generally permissible, but debt/assets of 43.74% exceeds the examined asset-based limits. Investors should recheck the next filing, Signode status and customer mix with their preferred Sharia adviser.
CCK's liquidity, receivables and disclosed interest-income ratios pass, but debt/assets is above the examined asset-based limits.
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