Is Almonty Industries (ALM) stock Halal?

Almonty Industries is a Canadian mining company specializing in the extraction, processing, and shipping of tungsten concentrate. Its operations focus primarily on tungsten and tin deposits, with active mining projects located in Spain, Portugal, and South Korea. The company holds a portfolio of established mines, including the historical Panasqueira mine in Portugal and the Sangdong project in South Korea, aiming to produce tungsten concentrate used in various industrial applications. For Muslim investors, though, the most pressing question is simpler: is Almonty Industries a Halal investment?

Is Almonty Industries Shariah compliant?

Yes. In the October 2026 screening Almonty Industries (ALM) passes AAOIFI Shariah Standard No. 21: the business activity screen and every financial ratio screen hold. Extracting and selling oil, gas or materials is a permissible business, so companies like Almonty Industries rarely stumble on the activity screen. The pressure point is capital structure: energy is a capital hungry industry that borrows heavily, and AAOIFI Shariah Standard No. 21 caps interest bearing debt at 30% of market capitalisation, a line that moves as commodity cycles move the share price.

Does Almonty Industries pass the business activity test?

Yes. In the October 2026 screening Almonty Industries holds an overall PASS, which a stock only earns when its core business clears the activity screen. The activity itself, extracting and selling resources, raises no Shariah objection; the scrutiny belongs to the financing.

Is Almonty Industries' income Halal?

Yes, within AAOIFI's tolerance. Almonty Industries' income from non-permissible sources stays below 5% of revenue in the October 2026 screening, and the small impure portion is handled through purification: the factor of 98.27% tells holders of ALM what share of each dividend to keep and what remainder to donate to charity. On a dividend yield of around None, the purification amount is modest but real.

Does Almonty Industries meet AAOIFI's debt and investment ratio requirements?

Yes. Both caps hold this month: interest bearing investments and interest bearing debt each stay below 30% of market capitalisation, measured against a market capitalisation of $3.8B (market data as of 1 October 2026). Because the caps move with the share price, our Shariah Supervisory Board has ALM re-screened every month, and the result above always shows the latest verdict.

Why do other halal screeners show a different verdict for Almonty Industries?

Screeners can disagree without either being wrong. AAOIFI Shariah Standard No. 21, which Tabadulat applies, measures interest bearing debt and investments against market capitalisation with a 30% ceiling. MSCI and FTSE measure them against total assets with a 33% ceiling, and S&P and Dow Jones Islamic use a multi year average of market capitalisation. Data dates differ too, because each provider reads filings and prices on its own schedule. The same company can therefore pass one standard and fail another in the same month. Tabadulat publishes one answer, the AAOIFI result as of October 2026, and re-screens it every month.

Tabadulat is an ADGM regulated brokerage whose license covers Shari'a Compliant Regulated Activities, as the FSRA permission names them. New to the terminology? Gharar and Maysir, Sukuk, Zakat and purification are all explained in plain English.

New to the screening method? Read AAOIFI Standards Explained: What Makes a Stock Halal?