Is Bellevue Gold (BGL) stock Halal?

Blue Gold Limited Class A Ordinary Shares represent equity ownership in Blue Gold Limited, a gold mining company focused on acquiring, developing, financing, licensing, and operating gold mines primarily in Ghana's Ashanti Gold Belt. The company emphasizes sustainable and responsible mining practices, aiming to leverage its significant legacy investment and infrastructure to create value in a well-established gold mining region. Before any of that matters to a Muslim investor, one question comes first: is Bellevue Gold stock Halal?

Is Bellevue Gold Shariah compliant?

For a resources company like Bellevue Gold, AAOIFI Shariah Standard No. 21 has little quarrel with the product; the scrutiny falls on the financing. Heavy machinery and long project cycles are usually funded with debt, and the standard tolerates interest bearing borrowing only below 30% of market capitalisation.

Does Bellevue Gold pass the business activity test?

The activity screen is only part of the picture this month: Bellevue Gold currently fails the non-permissible income screen, so the overall verdict is not compliant regardless of the business itself. The activity itself, extracting and selling resources, raises no Shariah objection; the scrutiny belongs to the financing.

Is Bellevue Gold's income Halal?

No. Bellevue Gold's income from impermissible sources currently exceeds AAOIFI's 5% revenue ceiling, which makes the stock non-compliant on this screen regardless of the others. The screen is reassessed monthly, so the status can change when new financial statements arrive.

Does Bellevue Gold 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. Because the caps move with the share price, our Shariah Supervisory Board has BGL re-screened every month, and the result above always shows the latest verdict.

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 four screens? Read AAOIFI Standards Explained: What Makes a Stock Halal?