Is Carnival (CCL) stock halal?
Carnival (CCL) needs a closer look before any standard would include it. Its main business: cruise lines (casinos and bars on board). On debt it also fails all four.
Fails all four standards Screened 28 September 2026 on that day's price. Market-value tests move with the share price.
The four standards
| Standard | Debt measured against | Debt ratio | Limit | Verdict |
|---|---|---|---|---|
| AAOIFI | market capitalisation on the day | 81.5% | 30.0% | Fails on debt |
| Dow Jones Islamic | trailing 24-month average market capitalisation | 77.9% | 33.3% | Fails on debt |
| S&P Shariah | trailing 36-month average market capitalisation | 88.6% | 33.3% | Fails on debt |
| MSCI Islamic | total assets | 47.7% | 33.3% | Fails on debt |
Debt ratio is interest-bearing debt over each standard's own size measure. A company whose main business a standard excludes is never compliant under it, whatever its debt.
Business screen
| Industry (SEC code) | Water Transportation (4400) |
|---|---|
| Main business | cruise lines (casinos and bars on board) |
| Needs a closer look under | AAOIFI, Dow Jones Islamic Market, S&P Shariah, MSCI Islamic |
| Income from side activities | not checked (needs segment revenue) |
The figures
| Market value | $30.5 billion |
|---|---|
| Interest-bearing debt (30 June 2026) | $24.9 billion |
| Total assets (30 June 2026) | $52.2 billion |
Debt and assets from SEC XBRL company facts; price from live market data.
Each standard also limits income from prohibited side activities (usually to 5% of revenue). That needs the company's segment revenue, which Mizan does not read yet, so check it for companies with a mixed business.
Halal alternatives
Carnival's main business, cruise lines (casinos and bars on board), needs a closer look under every standard. No large US company in a related industry passes all four standards, so a Shariah fund is the simplest route: SPUS or HLAL in the US, or ISDU and ISWD for UK investors.
Shariah funds:
- SPUS: SP Funds S&P 500 Sharia Industry Exclusions ETF (US)
- HLAL: Wahed FTSE USA Shariah ETF (US)
- ISDU: iShares MSCI USA Islamic UCITS ETF (London (UK investors))
- ISWD: iShares MSCI World Islamic UCITS ETF (London (UK investors))
Companies Mizan covers whose business is permitted under all four standards and whose debt passes all four, clear of the borderline band, at the quarter ending 2026-06-30. Prices have moved since, so screen your pick live on its page here before you buy.
Quick answers
- Is Carnival (CCL) stock halal?
- Carnival (CCL) needs a closer look before any standard would include it. Its main business: cruise lines (casinos and bars on board). On debt it also fails all four.
- What is Carnival's debt ratio?
- Interest-bearing debt is 81.5% of its market value, against AAOIFI's 30% limit.
How Mizan screens
First the business: a standard that excludes the company's main business (from its SEC industry code and Mizan's list of named companies) marks it non-compliant. Then the debt: interest-bearing debt over each standard's own size measure, compared with that standard's threshold. Averaged denominators use the trailing quarterly market capitalisations of the study panel with today's market capitalisation as the final observation.
Research behind it: Price-Driven Churn in Islamic Equity Screening (SSRN). Where the standards disagree.
Mizan reports how four published screening standards read a company's own filings and market price. It is research output, not investment advice and not a fatwa.
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