Is Modine Manufacturing (MOD) stock Halal?

Modine Manufacturing is a global industrial manufacturer specializing in engineered thermal management products and solutions. The company focuses on designing, engineering, testing, and producing mission-critical heat transfer and cooling systems that manage temperature in demanding environments across multiple industries. Through its Climate Solutions and Performance Technologies segments, Modine Manufacturing Company serves applications such as commercial and industrial HVAC, refrigeration, data centers, power generation, and transportation. For Muslim investors, though, the most pressing question is simpler: is Modine Manufacturing a Halal investment?

Is Modine Manufacturing Shariah compliant?

Yes. In the October 2026 screening Modine Manufacturing (MOD) passes AAOIFI Shariah Standard No. 21: the business activity screen and every financial ratio screen hold. For consumer companies like Modine Manufacturing, the products are rarely the problem; clothing, cars, travel and home goods are permissible. The exposure is usually financing: stores, inventory and expansion are often funded with borrowing, 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 Modine Manufacturing pass the business activity test?

Yes. In the October 2026 screening Modine Manufacturing holds an overall PASS, which a stock only earns when its core business clears the activity screen. The activity itself raises no Shariah objection; the scrutiny belongs to the financing.

Is Modine Manufacturing's income Halal?

Yes, within AAOIFI's tolerance. Modine Manufacturing's income from non-permissible sources stays below 5% of revenue in the October 2026 screening, and the small impure portion is handled through purification: the factor of 99.95% tells holders of MOD what share of each dividend to keep and what remainder to donate to charity. On a dividend yield of around 0.25%, the purification amount is modest but real.

Does Modine Manufacturing 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, measured against a market capitalisation of $9.94B (market data as of 1 October 2026). Because the caps move with the share price, our Shariah Supervisory Board has MOD re-screened every month, and the result above always shows the latest verdict.

Why do other halal screeners show a different verdict for Modine Manufacturing?

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?