Is Rafael (RFL) stock Halal?

Rafael operates as a holding company with a focus on healthcare and real estate. Its primary function is to invest in and support the development of biopharmaceutical ventures alongside managing a portfolio of commercial real estate properties. The company actively engages in the life sciences sector, where it holds interests in entities exploring innovative cancer and metabolic disease therapies. These ventures reflect its strategic aim to contribute to groundbreaking medical advancements. For Muslim investors, though, the most pressing question is simpler: is Rafael a Halal investment?

Is Rafael Shariah compliant?

No. In the October 2026 screening Rafael (RFL) does not pass AAOIFI screening: it fails the non-permissible income and interest-bearing investments screens. Property itself is a permissible asset, which is why real estate attracts Halal investors. The screening question for Rafael is how the portfolio is financed and whether rental income flows from impermissible tenants; the debt cap and the 5% income ceiling of AAOIFI Shariah Standard No. 21 carry the verdict.

Does Rafael pass the business activity test?

The activity screen is only part of the picture this month: Rafael currently fails the non-permissible income and interest-bearing investments screens, so the overall verdict is not compliant regardless of the business itself. The watch item is the tenant roll: rental income from impermissible businesses counts against the 5% ceiling.

Is Rafael's income Halal?

No. Rafael's income from impermissible sources currently exceeds AAOIFI's 5% revenue ceiling, which makes the stock non-compliant on this screen regardless of the others. The screen is reassessed monthly, so the status can change when new financial statements arrive.

Does Rafael meet AAOIFI's debt and investment ratio requirements?

Not in full. Interest bearing investments currently exceed the 30% cap, measured against a market capitalisation of $68.6M (market data as of 1 October 2026), 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.

Why do other halal screeners show a different verdict for Rafael?

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 REITs: Halal Real Estate for Muslim Investors