Is Top Ships, Inc. TOPS stock Halal to invest in?

No, as of September 2026, Top Ships, Inc. stock (TOPS) 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. Top Ships, Inc. currently does not meet the threshold for the interest-bearing investments and interest-bearing debt 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 Top Ships, Inc. and discover Shariah compliant alternatives among the Halal stocks in the Tabadulat app.

How often is Top Ships, Inc. TOPS reviewed for Shariah compliance?

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 Monthly screening ensures the status shown for Top Ships, Inc. reflects current financial data rather than an outdated assessment, and Tabadulat app users are notified if a holding in their portfolio becomes non-compliant.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

Yes, as of September 2026, Top Ships, Inc. stock (TOPS) passes the AAOIFI non-permissible income screen. Each month Tabadulat measures Top Ships, Inc.'s income from impermissible sources, covering Riba, conventional financial services, alcohol, gambling and tobacco, against AAOIFI's 5% revenue ceiling. The latest screening puts the company inside the limit. 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 Top Ships, Inc. TOPS pass the AAOIFI Interest Bearing Investments criteria?

No, as of September 2026, Top Ships, Inc. stock (TOPS) 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. Top Ships, 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 Top Ships, Inc. TOPS pass the AAOIFI Interest Bearing Debt criteria?

No, as of September 2026, Top Ships, Inc. stock (TOPS) 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. Top Ships, Inc.'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 Top Ships, Inc. TOPS stock?

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

Does Top Ships, Inc. TOPS pass the AAOIFI Preference Share screen?

Yes, as of September 2026, Top Ships, Inc. stock (TOPS) 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. Top Ships, 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 Top Ships (TOPS) 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. Top Ships, Inc. (TOPS) does not meet the threshold for the interest-bearing investments and interest-bearing debt screens as of September 2026, so it is not Shariah compliant.

Sector:

Energy

Industry:

Oil & Gas Midstream

Employees:

Website:

https://www.topships.org

Market cap:

P/E ratio:

Dividend yield:

52-week range:

Data as of:

Screening history:

September 2026: FAIL

Top Ships is a prominent vessel-owning corporation in the maritime shipping industry, primarily dedicated to the transportation of oil, petroleum products, and chemicals. Top Ships serves the global energy sector by providing essential sea-based transport services that facilitate the movement of critical raw materials and finished products necessary for various industries. Featuring a diversified fleet and strategic leasing agreements, the company navigates worldwide shipping lanes, connecting products from production sites to refineries and end-users. For Muslim investors, though, the most pressing question is simpler: is Top Ships a Halal investment?

Is Top Ships Shariah compliant?

Extracting and selling oil, gas or materials is a permissible business, so companies like Top Ships rarely stumble on the activity screen. The pressure point is capital structure: energy is a capital hungry industry that borrows heavily, and AAOIFI Shariah Standard No. 21 caps interest bearing debt at 30% of market capitalisation, a line that moves as commodity cycles move the share price.

Does Top Ships pass the business activity test?

The activity screen is only part of the picture this month: Top Ships currently fails the interest-bearing investments and interest-bearing debt screens, so the overall verdict is not compliant regardless of the business itself. The activity itself, extracting and selling resources, raises no Shariah objection; the scrutiny belongs to the financing.

Is Top Ships' income Halal?

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

Does Top Ships meet AAOIFI's debt and investment ratio requirements?

No. Both ratios currently breach the 30% caps: interest bearing investments and interest bearing debt each exceed the limit AAOIFI permits for a Halal investment. The ratios move with the share price as well as the balance sheet, and our Shariah Supervisory Board has TOPS re-screened 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 four screens? Read AAOIFI Standards Explained: What Makes a Stock Halal?

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