Is ICON Public Limited Company (ICLR) halal?
ICON Public Limited Company is considered halal under 2 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.
- BorderlineAAOIFI Standard
Interest-bearing debt / market cap 32.0% (limit 30%)
- Not halalMufti Taqi Usmani (stricter Hanafi)
Interest-bearing debt / market cap 32.0% (limit 30%); Illiquid (tangible) assets / total assets 3.0% (limit 20%)
- HalalDow Jones Islamic Market
All ratio checks pass.
- HalalJa'fari (Sistani-aligned)
All ratio checks pass.
- Not halalStrict / zero-tolerance
Impermissible income / revenue 0.1% (limit 0%); Interest-bearing debt / market cap 32.0% (limit 0%); Cash + interest-bearing securities / market cap 5.8% (limit 0%)
The standards disagree — knowing why lets you decide which view you follow.
- Illiquid-asset floor
Tangible (illiquid) assets are 3.0% of total. Mufti Taqi require at least 20% — the only standard that imposes this floor — so ICLR fails there while the others, which have no such rule, pass.
- Debt cap
Interest-bearing debt is 32.0% of market cap — over the 0%/30% cap used by AAOIFI, Mufti Taqi and Strict, but within the 33% cap of DJIM and Ja'fari.
- Cash & securities cap
Cash + interest-bearing securities are 5.8% of market cap — above the limit Strict apply, but within AAOIFI, Mufti Taqi, DJIM and Ja'fari's.
- Impermissible income
Impermissible (mostly interest) income is 0.1% of revenue — Strict allow 0% here, the others up to 5%.
Each difference is computed from the exact threshold each standard publishes — not an opinion. Pick the standard your scholar follows; HalalGauge shows the receipts either way.
The numbers behind the verdict
- Interest-bearing debt / market cap
- 32.0%
- Cash + securities / market cap
- 5.8%
- Receivables / market cap
- 24.8%
- Impermissible income / revenue
- 0.1%
- Illiquid (tangible) assets / total
- 3.0%
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
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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.