Is CCL (Carnival Corporation & plc) Halal or Haram?

Based on our AAOIFI-standard shariah screening, CCL is classified as Doubtful. It passed 3 of 4 compliance screens. Some scholars may permit investing with income purification, while others advise avoiding it. We recommend consulting a qualified Islamic scholar before investing in CCL.

Carnival Corporation & plc is the world's largest leisure travel company, operating a massive fleet of over 90 ships under iconic brands like Carnival Cruise Line, Princess Cruises, and Holland America Line. Beyond ocean travel, the company manages an extensive portfolio of port destinations and land-based tour operations, including hotels and railcars in Alaska and the Canadian Yukon. It serves millions of guests annually, dominating the global cruise market across North America , Europe, and Australia. For Muslim investors, Carnival presents a significant compliance challenge under AAOIFI standards, resulting in a 'Doubtful' or non-compliant status. While the core business of travel is permissible, the company fails the financial screening due to its heavy reliance on interest-bearing debt. Specifically, its Debt-to-Market Cap ratio sits at 63.9%, which is nearly double the maximum allowable threshold of 33%, making it unsuitable for strict shariah-compliant portfolios at this time. Financially, the company's structure is heavily burdened by liabilities accumulated during global travel shutdowns, which directly impacts its halal status. However, it does pass the liquidity and interest-income screens, with cash and securities making up only 4.4% of its market cap and interest income accounting for a negligible 0.19% of revenue. Investors watching this stock should monitor its deleveraging efforts, as a significant reduction in debt or a rise in market capitalization would be required to bring it back into compliance. Carnival Corporation & plc operates in the Consumer Cyclical sector under the Leisure industry and is headquartered in Miami, FL, US. The company is led by CEO Joshua Ian Weinstein and employs approximately 115,000 people.

CCL was screened using AAOIFI-based shariah compliance criteria. Four tests are applied: (1) Business Activity — the company's core business must not derive primary income from haram (prohibited) activities such as alcohol, gambling, tobacco, or interest-based finance. (2) Debt-to-Market-Cap — total debt must not exceed 33% of market capitalization. (3) Interest Income — interest income must not exceed 5% of total revenue. (4) Cash & Securities — cash and interest-bearing securities must not exceed 33% of market cap. CCL passed 3 of these 4 screens.

CCL was last screened on 2026-02-25. Shariah compliance status can change as companies report new financial data, acquire new businesses, or shift revenue streams. We recommend checking back periodically for the most up-to-date screening results.