Is SAFX halal?
XCF Global, Inc.
Doubtful
No clear verdict is possible for XCF Global, Inc. — data is insufficient or the case is contested in fiqh. As a precaution it is NOT included in the halal list.
Checked: 15 October 2026
Exchange
NASDAQ
Price
0.1403
Day
-16.79%
Market cap
$82.6M
Industry
Utilities - Renewable
Sector
Utilities
What the company does
XCF Global (via SPAC in 2025) produces sustainable aviation fuel (SAF) at its New Rise plant in Reno, with three more plants planned. Its money comes from SAF sales (still small).
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 $124.60M ÷ 36-month average market cap $431.92M = 28.9%
28.9%
Pass
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $329K ÷ 36-month average market cap $431.92M = 0.1%
0.1%
Pass
Non-compliant income / total revenue
limit 5%
—
No data
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: $82.60M.
For information (AAOIFI 3/1 note): cash + receivables are 0.9% 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 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.