Is SPG (Simon Property Group, Inc.) Halal or Haram?

Based on our AAOIFI-standard shariah screening, SPG 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 SPG.

Simon Property Group, Inc. (SPG) is a premier real estate investment trust (REIT) that owns and operates high-end shopping malls, premium outlets, and mixed-use destinations across North America, Europe, and Asia. As an S&P 100 company, it generates billions in retail sales by providing community gathering spaces and leasing properties to major retail, entertainment, and dining brands. For Muslim investors using HalalStocks.co.uk, Simon Property Group currently holds a Doubtful shariah compliance status. While the core business of leasing commercial real estate is perfectly halal, the company fails the AAOIFI financial screening due to its heavy reliance on interest-bearing debt used to finance and expand its massive property portfolio. From an Islamic finance perspective, the primary concern with SPG is its debt-to-market capitalization ratio, which stands at an elevated 44.8%, well above the strict 33% limit. On a positive note, the company maintains negligible interest-bearing cash reserves (1.3%) and reports 0.00% interest income against its revenue, meaning dividend purification requirements would be minimal if the debt issue were ever resolved. Muslim investors should monitor SPG's balance sheet and capital structure going forward. Unless the company significantly reduces its debt load or its market capitalization rises enough to naturally dilute the debt ratio below the 33% threshold, the stock remains unsuitable for strict shariah-compliant portfolios. Simon Property Group, Inc. operates in the Real Estate sector under the REIT - Retail industry and is headquartered in Indianapolis, IN, US. The company is led by CEO Eli Simon and employs approximately 3,600 people.

SPG 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. SPG passed 3 of these 4 screens.

SPG was last screened on 2026-04-29. 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.