Is ELLO halal?
Ellomay Capital Ltd
Not halal
Ellomay Capital Ltd did not pass AAOIFI screening. The failed check is shown below.
Checked: 13 October 2026
Exchange
AMEX
Price
21.06
Day
-3.39%
Market cap
$300.5M
Industry
Utilities - Renewable
Sector
Utilities
What the company does
Ellomay Capital (Israel) generates renewable power: solar plants in Spain and Italy, biogas plants in the Netherlands and a pumped-storage hydro project in Israel. Revenue comes from selling electricity.
What was checked
The AAOIFI standard has four steps: business activity first, then three financial ratios. Fail one and the stock is not halal.
Business activity
No prohibited activity
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $743.53M ÷ 36-month average market cap $226.90M = 327.7%
327.7%
Fail
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $186.69M ÷ 36-month average market cap $226.90M = 82.3%
82.3%
Fail
Non-compliant income / total revenue
limit 5%
Interest income $2.59M ÷ annual revenue $37.93M (2025) = 6.8%
6.8%
Fail
Figures from the company's filings (2026-06-30), USD. Market cap is a 36-month average (the S&P Shariah index approach), so a one-day price move does not flip the verdict. Today's market cap: $300.47M.
For information (AAOIFI 3/1 note): cash + receivables are 19.8% of total assets (2026-06-30). AAOIFI recommends tangible assets of at least one third — this figure does not affect the verdict, and other major screeners do not apply it either.
In the lists
- In the S&P 500
- Not in the S&P 500
- Held by funds
- Not held by any tracked fund
Halal stocks in the same industry
The largest halal stocks in Utilities - Renewable — for comparison.
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- Halal investingBlogWhy a company's cash affects whether its stock is halalLots of cash sounds like a good sign — but halal screening checks it separately. What counts, what doesn't, and where we are stricter than AAOIFI.
- Halal investingBlogAAOIFI Shariah Standard No. 21 in plain languageThe most widely used standard for halal stock screening: the two-step test, the three ratios and how it differs from other methods.
Halal is the first question. The second: when to enter?
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This is neither investment advice nor a fatwa. Screening is based on public financial statements and AAOIFI standard No. 21; data may lag. For a personal decision consult your own scholar.