Is Millicom International Cellular SA TIGO stock Halal to invest in?

No, as of September 2026, Millicom International Cellular SA stock (TIGO) 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. Millicom International Cellular SA 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 Millicom International Cellular SA and discover Shariah compliant alternatives among the Halal stocks in the Tabadulat app.

How often is Millicom International Cellular SA TIGO reviewed for Shariah compliance?

Tabadulat reviews Millicom International Cellular SA TIGO 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ensures the status shown for Millicom International Cellular SA reflects current financial data rather than an outdated assessment, and Tabadulat app users are notified if a holding in their portfolio becomes non-compliant.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 Millicom International Cellular SA TIGO pass the AAOIFI Non Permissible Income criteria?

Yes, as of September 2026, Millicom International Cellular SA stock (TIGO) passes the AAOIFI non-permissible income screen. In practice this screen asks a simple question: how much of the company's revenue comes from sources Islam prohibits, such as Riba, conventional financial services, alcohol, gambling or tobacco? AAOIFI allows at most 5%, and Millicom International Cellular SA stays below that line this month. 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 Millicom International Cellular SA TIGO pass the AAOIFI Interest Bearing Investments criteria?

Yes, as of September 2026, Millicom International Cellular SA stock (TIGO) passes the AAOIFI interest-bearing investments screen. This screen looks at where the company parks its cash: conventional deposits, bonds, treasury bills and money-market funds all earn Riba, so AAOIFI caps them at 30% of market capitalisation. Millicom International Cellular SA stays inside that cap in the latest screening. 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 Millicom International Cellular SA TIGO pass the AAOIFI Interest Bearing Debt criteria?

No, as of September 2026, Millicom International Cellular SA stock (TIGO) 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. Millicom International Cellular SA'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 Millicom International Cellular SA TIGO stock?

Millicom International Cellular SA (TIGO) 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 Millicom International Cellular SA returns to compliance in a future monthly screening, its purification factor will be published alongside its updated status in the Tabadulat app.

Does Millicom International Cellular SA TIGO pass the AAOIFI Preference Share screen?

Yes, as of September 2026, Millicom International Cellular SA stock (TIGO) 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. Millicom International Cellular SA 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 Millicom International Cellular (TIGO) stock Halal?

NASDAQ

Shariah-Compliant

Not Shariah

Millicom International Cellular SA (TIGO) is not Shariah compliant in the September 2026 AAOIFI screening: it fails the interest-bearing debt screen. Tabadulat re-screens TIGO monthly, and a stock can return to compliance when new financial reports change its ratios.

Sector:

Communication Services

Industry:

Telecom Services

Employees:

14000

Website:

https://www.millicom.com

Market cap:

$16.0B

P/E ratio:

23.8

Dividend yield:

6.33%

52-week range:

$44.88 - $107.13

Data as of:

3 September 2026

Screening history:

September 2026: FAIL

Millicom International Cellular is a leading telecommunications and media company that primarily operates in Latin America and Africa. Millicom International Cellular plays a pivotal role in enhancing connectivity and digital inclusion by deploying both 3G and 4G mobile technologies and advancing fiber-based internet services. In addition to telecommunications, the company invests in digital applications, such as mobile financial services, to offer comprehensive access to banking facilities for underbanked populations. Before any of that matters to a Muslim investor, one question comes first: is Millicom International Cellular stock Halal?

Is Millicom International Cellular Shariah compliant?

For a communications operator like Millicom International Cellular, AAOIFI Shariah Standard No. 21 has little quarrel with the service itself; the scrutiny falls on how the network is financed. Towers, spectrum and satellites are typically funded with debt, which the standard tolerates only below 30% of market capitalisation, a ratio that moves with the share price.

Does Millicom International Cellular pass the business activity test?

The activity screen is only part of the picture this month: Millicom International Cellular currently fails the interest-bearing debt screen, so the overall verdict is not compliant regardless of the business itself. The service itself, carrying calls and data, raises no Shariah objection; the scrutiny belongs to the debt financed network behind it.

Is Millicom International Cellular's income Halal?

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

Does Millicom International Cellular 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?

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