Is Clearwater Paper Corp. CLW stock Halal to invest in?

No, as of September 2026, Clearwater Paper Corp. stock (CLW) is not currently classified as a Shariah compliant stock. This verdict follows the screening methodology of AAOIFI (the Accounting and Auditing Organization for Islamic Financial Institutions), whose Shariah Standard No. 21 is the leading global benchmark for screening Halal stocks. To qualify as Halal under this standard, a company must keep non-permissible income below 5% of total revenue, keep both interest-bearing investments and interest-bearing debt below 30% of market capitalisation, and have no impermissible preference share structure. Clearwater Paper Corp. currently does not meet the threshold for the interest-bearing investments and interest-bearing debt screens. Because screenings are refreshed monthly as new financial reports are published, a non-compliant stock can regain compliant status if its financial structure changes. You can track the latest status of Clearwater Paper Corp. and discover Shariah compliant alternatives among the Halal stocks in the Tabadulat app.

How often is Clearwater Paper Corp. CLW reviewed for Shariah compliance?

Tabadulat reviews Clearwater Paper Corp. CLW for Shariah compliance every month. Each review applies the AAOIFI Shariah Standard No. 21 methodology, screening the company's business activities, non-permissible income, interest-bearing investments, interest-bearing debt, and preference shares, against the company's latest available financial data. The process operates under the direct supervision of Tabadulat's dedicated Shariah Supervisory Board of Islamic finance scholars. Because compliance depends on financial ratios that move with market capitalisation and reported results, a stock's status can change from one review to the next. Monthly screening ensures the status shown for Clearwater Paper Corp. reflects current financial data rather than an outdated assessment, and Tabadulat app users are notified if a holding in their portfolio becomes non-compliant.

Does Clearwater Paper Corp. CLW pass the AAOIFI Non Permissible Income criteria?

Yes, as of September 2026, Clearwater Paper Corp. stock (CLW) passes the AAOIFI non-permissible income screen. Each month Tabadulat measures Clearwater Paper Corp.'s income from impermissible sources, covering Riba, conventional financial services, alcohol, gambling and tobacco, against AAOIFI's 5% revenue ceiling. The latest screening puts the company inside the limit. Even permissible levels of incidental impure income should still be purified: investors donate the corresponding share of dividends to charity, as reflected in the stock's purification factor. This screen is reassessed monthly using the company's latest financial disclosures.

Does Clearwater Paper Corp. CLW pass the AAOIFI Interest Bearing Investments criteria?

No, as of September 2026, Clearwater Paper Corp. stock (CLW) does not pass the AAOIFI interest-bearing investments screen. Under AAOIFI Shariah Standard No. 21, the cash a company places in interest-earning instruments (such as conventional deposits, bonds, treasury bills and money-market funds) must remain below 30% of its market capitalisation. Clearwater Paper Corp.'s interest-bearing investments currently exceed this 30% limit, meaning too large a share of the company's value derives from Riba-based instruments for the stock to qualify as Halal on this criterion. The ratio moves with both the balance sheet and the share price, and is reassessed monthly.

Does Clearwater Paper Corp. CLW pass the AAOIFI Interest Bearing Debt criteria?

No, as of September 2026, Clearwater Paper Corp. stock (CLW) does not pass the AAOIFI interest-bearing debt screen. Under AAOIFI Shariah Standard No. 21, a company's borrowings that accrue interest (conventional bank loans, bonds and similar Riba-based financing) must remain below 30% of its market capitalisation. Clearwater Paper Corp.'s interest-bearing debt currently exceeds this 30% limit, meaning the company relies on Riba-based financing beyond the level AAOIFI permits for a Halal investment. A company can return to compliance by reducing debt or through changes in market capitalisation, and the screen is reassessed monthly.

What is the dividend purification factor for Clearwater Paper Corp. CLW stock?

Clearwater Paper Corp. (CLW) is currently classified as not Shariah compliant, so no dividend purification factor applies, because purification factors are calculated only for stocks that pass the AAOIFI screens. Purification (Tazkiyah) is the practice of donating to charity the small portion of dividend income that stems from incidental non-permissible sources, such as interest earned on a compliant company's cash deposits. For non-compliant stocks the issue is not purification but eligibility: under AAOIFI Shariah Standard No. 21 the stock does not currently qualify as a Halal investment. If Clearwater Paper Corp. returns to compliance in a future monthly screening, its purification factor will be published alongside its updated status in the Tabadulat app.

Does Clearwater Paper Corp. CLW pass the AAOIFI Preference Share screen?

Yes, as of September 2026, Clearwater Paper Corp. stock (CLW) passes the AAOIFI preference share screen. AAOIFI Shariah Standard No. 21 prohibits investing in preference shares because they grant holders guaranteed or priority rights to dividends and capital ahead of ordinary shareholders, a structure that conflicts with the Shariah principle that investors should share profit and loss in proportion to their ownership. Clearwater Paper Corp. has no impermissible preference share structure affecting its ordinary shares, so the stock is compliant on this criterion. Like all AAOIFI screens, this is verified in each monthly review.

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Is Clearwater Paper (CLW) stock Halal?

NYSE

Shariah-Compliant

Not Shariah

Under AAOIFI Shariah Standard No. 21, a Halal stock keeps non-permissible income below 5% of revenue and interest-bearing debt and investments each below 30% of market capitalisation. Clearwater Paper Corp. (CLW) does not meet the threshold for the interest-bearing investments and interest-bearing debt screens as of September 2026, so it is not Shariah compliant.

Sector:

Basic Materials

Industry:

Paper & Paper Products

Employees:

2200

Website:

https://www.clearwaterpaper.com

Market cap:

P/E ratio:

Dividend yield:

52-week range:

Data as of:

Screening history:

September 2026: FAIL

Clearwater Paper is a prominent company specializing in the production of quality consumer tissue products and bleached paperboard. The primary function of Clearwater Paper Corporation is to supply private-label tissue products to major retailers and wholesale distributors, offering a cost-effective alternative to branded goods. Its manufacturing operations focus on producing facial and bath tissue, paper towels, and napkins, which are essential household items. For Muslim investors, though, the most pressing question is simpler: is Clearwater Paper a Halal investment?

Is Clearwater Paper Shariah compliant?

Extracting and selling oil, gas or materials is a permissible business, so companies like Clearwater Paper 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 Clearwater Paper pass the business activity test?

The activity screen is only part of the picture this month: Clearwater Paper 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, extracting and selling resources, raises no Shariah objection; the scrutiny belongs to the financing.

Is Clearwater Paper's income Halal?

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

Does Clearwater Paper meet AAOIFI's debt and investment ratio requirements?

No. Both ratios currently breach the 30% caps: 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 CLW re-screened 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 four screens? Read AAOIFI Standards Explained: What Makes a Stock Halal?

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