Is Castor Maritime (CTRM) stock Halal?

Castor Maritime is a shipping company that specializes in the transportation of dry bulk goods across the globe. Operating within the maritime industry, Castor Maritime focuses on the acquisition, ownership, and operation of dry bulk vessels, which are integral to transporting commodities like coal, grain, and iron ore. These vessels are crucial for facilitating international trade, as they enable the efficient and large-scale movement of bulk goods that underpin various sectors of the economy. For Muslim investors, though, the most pressing question is simpler: is Castor Maritime a Halal investment?

Is Castor Maritime Shariah compliant?

No. In the October 2026 screening Castor Maritime (CTRM) does not pass AAOIFI screening: it fails the interest-bearing investments and interest-bearing debt screens. For industrial companies like Castor Maritime, the product is rarely the problem; aircraft, vehicles and machinery are permissible. The exposure is leverage: fleets and factories are financed, and the 30% cap that AAOIFI Shariah Standard No. 21 places on interest bearing debt is the screen that decides most verdicts in this sector.

Does Castor Maritime pass the business activity test?

The activity screen is only part of the picture this month: Castor Maritime currently fails the interest-bearing investments and interest-bearing debt screens, so the overall verdict is not compliant regardless of the business itself. The activity itself raises no Shariah objection; the scrutiny belongs to the financing.

Is Castor Maritime's income Halal?

Yes, within AAOIFI's tolerance. Castor Maritime's income from non-permissible sources stays below 5% of revenue in the October 2026 screening.

Does Castor Maritime meet AAOIFI's debt and investment ratio requirements?

No. Both ratios currently breach the 30% caps, measured against a market capitalisation of $19.6M (market data as of 1 October 2026): interest bearing investments and interest bearing debt each exceed the limit AAOIFI permits for a Halal investment. The ratios move with the share price as well as the balance sheet, and our Shariah Supervisory Board has CTRM re-screened every month.

Why do other halal screeners show a different verdict for Castor Maritime?

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?