Is Rafael Holdings, Inc. RFL stock Halal to invest in?

No, as of September 2026, Rafael Holdings, Inc. stock (RFL) 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. Rafael Holdings, Inc. currently does not meet the threshold for the non-permissible income and interest-bearing investments 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 Rafael Holdings, Inc. and discover Shariah compliant alternatives among the Halal stocks in the Tabadulat app.

How often is Rafael Holdings, Inc. RFL reviewed for Shariah compliance?

Tabadulat reviews Rafael Holdings, Inc. RFL 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 Monthly screening ensures the status shown for Rafael Holdings, Inc. reflects current financial data rather than an outdated assessment, and Tabadulat app users are notified if a holding in their portfolio becomes non-compliant.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 Rafael Holdings, Inc. RFL pass the AAOIFI Non Permissible Income criteria?

No, as of September 2026, Rafael Holdings, Inc. stock (RFL) does not pass 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. Rafael Holdings, Inc.'s income from non-permissible sources currently exceeds this 5% ceiling, which makes the stock non-compliant on this criterion regardless of how it performs on the other screens. The screen is reassessed monthly, so the status can change when the company releases new financial statements.

Does Rafael Holdings, Inc. RFL pass the AAOIFI Interest Bearing Investments criteria?

No, as of September 2026, Rafael Holdings, Inc. stock (RFL) 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. Rafael Holdings, Inc.'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 Rafael Holdings, Inc. RFL pass the AAOIFI Interest Bearing Debt criteria?

Yes, as of September 2026, Rafael Holdings, Inc. stock (RFL) passes the AAOIFI interest-bearing debt screen. The debt screen caps Riba-based borrowing, meaning conventional bank loans, bonds and similar financing, at 30% of market capitalisation, limiting a shareholder's exposure to interest-based leverage. Rafael Holdings, Inc. is inside that limit in the latest screening. Because market capitalisation changes daily, a company's debt ratio can drift toward or away from the limit even without new borrowing, which is why this screen is reassessed every month.

What is the dividend purification factor for Rafael Holdings, Inc. RFL stock?

Rafael Holdings, Inc. (RFL) 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 Rafael Holdings, Inc. returns to compliance in a future monthly screening, its purification factor will be published alongside its updated status in the Tabadulat app.

Does Rafael Holdings, Inc. RFL pass the AAOIFI Preference Share screen?

Yes, as of September 2026, Rafael Holdings, Inc. stock (RFL) 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. Rafael Holdings, Inc. 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 Rafael (RFL) 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. Rafael Holdings, Inc. (RFL) does not meet the threshold for the non-permissible income and interest-bearing investments screens as of September 2026, so it is not Shariah compliant.

Sector:

Real Estate

Industry:

Real Estate Services

Employees:

Website:

https://www.rafaelholdings.com

Market cap:

$131M

P/E ratio:

14.3

Dividend yield:

52-week range:

$1.12 - $3.96

Data as of:

3 September 2026

Screening history:

September 2026: FAIL

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?

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, 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 REITs: Halal Real Estate for Muslim Investors

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