Is SCAT halal?
Southern Cross Acquisition II C
Not halal
Southern Cross Acquisition II C did not pass AAOIFI screening. The failed check is shown below.
Checked: 15 October 2026
Exchange
NASDAQ
Price
9.87
Day
-0.30%
Market cap
$75.8M
Industry
Shell Companies
Sector
Financial Services
What the company does
Southern Cross Acquisition II is a blank-check company (SPAC) that raised ~$76.5 million in its August 2026 IPO and holds it in trust. It is searching for a company to merge with; its management has strong ties to China, so the target may be in mainland China, Hong Kong or Macau.
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
Prohibited activity: Shell Companies
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $329K ÷ current market cap $75.76M = 0.4%
0.4%
Pass
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $94K ÷ current market cap $75.76M = 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.
In the lists
- In the S&P 500
- Not in the S&P 500
- Held by funds
- Not held by any tracked fund
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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?
Our scanner watches 1454 halal stocks around the clock and fires a signal with entry, TP and SL when a technical setup completes. The full signal history — with outcomes — is public.
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.