Is Nova Ltd. (NVMI) halal?
Nova Ltd. is not considered halal under the mainstream standards. Below is the verdict under each of the five mainstream scholarly standards, with the deciding numbers and the source behind every threshold.
- BorderlineAAOIFI Standard
Impermissible income / revenue 5.2% (limit 5%)
- Not halalMufti Taqi Usmani (stricter Hanafi)
Impermissible income / revenue 5.2% (limit 5%); Illiquid (tangible) assets / total assets 15.0% (limit 20%)
- BorderlineDow Jones Islamic Market
Impermissible income / revenue 5.2% (limit 5%)
- BorderlineJa'fari (Sistani-aligned)
Impermissible income / revenue 5.2% (limit 5%)
- Not halalStrict / zero-tolerance
Impermissible income / revenue 5.2% (limit 0%); Interest-bearing debt / market cap 4.7% (limit 0%); Cash + interest-bearing securities / market cap 5.8% (limit 0%)
The numbers behind the verdict
- Interest-bearing debt / market cap
- 4.7%
- Cash + securities / market cap
- 5.8%
- Receivables / market cap
- 0.8%
- Impermissible income / revenue
- 5.2%
- Illiquid (tangible) assets / total
- 15.0%
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.
- 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.