Is Sky Harbour (SKYH) stock Halal?

Sky Harbour is a real estate and aviation infrastructure company specialized in the development of advanced hangar campuses. Its primary function is to provide sophisticated and customizable hangar space for private jets, focusing on enhancing aviation experiences for private and corporate aircraft owners. Established with the aim of addressing the growing demand for private aviation infrastructure, Sky Harbour's facilities offer unparalleled convenience, security, and privacy. Before any of that matters to a Muslim investor, one question comes first: is Sky Harbour stock Halal?

Is Sky Harbour Shariah compliant?

No. In the October 2026 screening Sky Harbour (SKYH) does not pass AAOIFI screening: it fails the interest-bearing debt screen. Real estate begins from a strong position in Shariah screening: buildings and land are permissible assets. What AAOIFI Shariah Standard No. 21 examines for Sky Harbour is the mortgage financing behind the portfolio, capped at 30% of market capitalisation, and whether tenant income includes impermissible sources beyond the 5% ceiling.

Does Sky Harbour pass the business activity test?

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

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

Does Sky Harbour meet AAOIFI's debt and investment ratio requirements?

Not in full. Interest bearing debt currently exceeds the 30% cap, measured against a market capitalisation of $773M (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 Sky Harbour?

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