Is Forward Air Corp. FWRD stock Halal to invest in?

No, as of September 2026, Forward Air Corp. stock (FWRD) 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. Forward Air Corp. currently does not meet the threshold for the interest-bearing debt screen. 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 Forward Air Corp. and discover Shariah compliant alternatives among the Halal stocks in the Tabadulat app.

How often is Forward Air Corp. FWRD reviewed for Shariah compliance?

Tabadulat reviews Forward Air Corp. FWRD 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 Forward Air 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 reflects current financial data rather than an outdated assessment, and Tabadulat app users are notified if a holding in their portfolio becomes non-compliant.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 Forward Air Corp. FWRD pass the AAOIFI Non Permissible Income criteria?

Yes, as of September 2026, Forward Air Corp. stock (FWRD) passes the AAOIFI non-permissible income screen. Under AAOIFI Shariah Standard No. 21, income from impermissible sources (such as interest or Riba, conventional financial services, alcohol, gambling, or tobacco) must remain below 5% of a company's total revenue. Forward Air Corp.'s income from non-permissible sources is currently within this 5% threshold. 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 Forward Air Corp. FWRD pass the AAOIFI Interest Bearing Investments criteria?

Yes, as of September 2026, Forward Air Corp. stock (FWRD) passes the AAOIFI interest-bearing investments screen. Each month Tabadulat compares Forward Air Corp.'s holdings in interest-earning instruments, such as conventional deposits, bonds and treasury bills, against AAOIFI's 30% market capitalisation cap. The current screening shows the company inside the limit. Because the ratio is measured against market capitalisation, it can move with the share price as well as the balance sheet, which is why Tabadulat rescreens the stock every month.

Does Forward Air Corp. FWRD pass the AAOIFI Interest Bearing Debt criteria?

No, as of September 2026, Forward Air Corp. stock (FWRD) 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. Forward Air 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 Forward Air Corp. FWRD stock?

Forward Air Corp. (FWRD) 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 Forward Air Corp. returns to compliance in a future monthly screening, its purification factor will be published alongside its updated status in the Tabadulat app.

Does Forward Air Corp. FWRD pass the AAOIFI Preference Share screen?

Yes, as of September 2026, Forward Air Corp. stock (FWRD) 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. Forward Air 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.

Invest Halal, Anytime, Anywhere

Download the Tabadulat app and start building your Shariah-compliant portfolio in minutes.

English

العربية

Is Forward Air (FWRD) stock Halal?

NASDAQ

Shariah-Compliant

Not Shariah

September 2026 AAOIFI screening result for Forward Air Corp. (FWRD): non-permissible income, pass. Interest-bearing investments, pass. Interest-bearing debt, fail. Preference shares, pass. Forward Air Corp. is not currently Shariah compliant. Re-screened monthly against AAOIFI Shariah Standard No. 21.

Sector:

Industrials

Industry:

Integrated Freight & Logistics

Employees:

6319

Website:

https://www.forwardair.com/about

Market cap:

P/E ratio:

Dividend yield:

52-week range:

Data as of:

Screening history:

September 2026: FAIL

Forward Air is an integrated freight and logistics company headquartered in Greeneville, Tennessee. The company operates through three main segments: Expedited Freight, offering less-than-truckload regional and national expedited services along with warehousing and customs brokerage; Omni Logistics, which provides global air and ocean freight forwarding, warehousing, and supply chain solutions; and Intermodal, focusing on container drayage and related warehouse handling services. Before any of that matters to a Muslim investor, one question comes first: is Forward Air stock Halal?

Is Forward Air Shariah compliant?

Industrial businesses like Forward Air usually pass the activity screen without drama. The harder test is financial: heavy assets mean heavy financing, and AAOIFI Shariah Standard No. 21 tolerates interest bearing debt and investments only below 30% of market capitalisation, ratios that shift with every move in the share price.

Does Forward Air pass the business activity test?

The activity screen is only part of the picture this month: Forward Air currently fails the interest-bearing debt screen, 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 Forward Air's income Halal?

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

Does Forward Air meet AAOIFI's debt and investment ratio requirements?

Not in full. Interest bearing debt currently exceeds the 30% cap, while the other ratio stays within it. One breach is enough to fail the screening; the ratios are reassessed monthly under our Shariah Supervisory Board.

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?

Frequently asked questions

Related stocks

Mobile login screen for Tabadulat with fields to enter email, a Continue button, an option to create an account, and a language selector showing EN.

Step 1

Open your account.

Create your Tabadulat account in minutes: enter your details, complete identity verification, and add funds by secure transfer in multiple currencies. You're ready to start investing in Halal stocks the same day.

Mobile screen showing add money interface with 100 AED amount and Manual Bank Transfer payment method selected, noting 1-2 business days processing.

Step 2

Deposit.

Add funds to your account using a secure payment method. You can deposit in multiple currencies to get started.

Step 3

Screen.

Screen Stocks for Free and explore a wide range of stocks that are ethically screened for Shariah compliance. Use our Halal Stock Screener to find the best opportunities.