Is First Solar, Inc. (FSLR) stock halal?

First Solar, Inc. is considered halal under 4 of 5 standards — the scholars disagree. HalalGauge screens FSLR under AAOIFI, Mufti Taqi Usmani, S&P DJIM, Ja'fari and the strict view, citing every threshold to its primary source.

Is FSLR halal under Mufti Taqi Usmani?

Under Mufti Taqi Usmani's methodology, FSLR is halal. All ratio checks pass.

FSLR · Energy

First Solar, Inc.

Is First Solar, Inc. (FSLR) halal?

First Solar, Inc. is considered halal under 4 of 5 standards — the scholars disagree. Below is the verdict under each of the five mainstream scholarly standards, with the deciding numbers and the source behind every threshold.

FSLR verdict by standard · 4 halal · 0 borderline · 1 not halal

AAOIFI Standard
All ratio checks pass.
Halal
Mufti Taqi Usmani (stricter Hanafi)
All ratio checks pass.
Halal
Dow Jones Islamic Market
All ratio checks pass.
Halal
Ja'fari (Sistani-aligned)
All ratio checks pass.
Halal
Strict / zero-tolerance
Impermissible income / revenue 1.6% (limit 0%); Interest-bearing debt / market cap 1.7% (limit 0%); Cash + interest-bearing securities / market cap 9.9% (limit 0%)
Not halal

The numbers behind the verdict

Interest-bearing debt / market cap: 1.7%
Cash + securities / market cap: 9.9%
Receivables / market cap: 4.5%
Impermissible income / revenue: 1.6%
Illiquid (tangible) assets / total: 48.0%

Thresholds and methodology differ by scholar — e.g. AAOIFI caps interest-bearing debt at 30% of market cap, DJIM at 33%, and Mufti Taqi additionally requires tangible assets to be at least 20% of total assets. That's why two screeners can disagree on the same stock.

Screen FSLR interactively See the full balance sheet How the methodologies work

Sources

AAOIFI: AAOIFI Shariah Standard No. 21 (Financial Papers — Shares and Bonds)
Mufti Taqi: Mufti Taqi Usmani — published equity-screening rulings (illiquid-asset rule)
DJIM: S&P Dow Jones Islamic Market Indices — Index Methodology (Shariah Screening)
Ja'fari: Ayatollah Sistani — Code of Practice (sistani.org)
Strict: Minority scholars holding zero-tolerance on riba exposure
Financials: Q1 2026 filing

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HalalGauge surfaces published scholarly methodologies with full sourcing; it does not issue fatwa or certify any security as halal. Verify with a qualified scholar before investing.