Is SGA halal?
Saga Communications, Inc.
Doubtful
No clear verdict is possible for Saga Communications, 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
8.32
Day
+1.96%
Market cap
$52.2M
Industry
Broadcasting
Sector
Communication Services
Manually identified reason
Automatic screening reads the industry label, not what's inside. This company's filings were checked by hand and a hidden prohibited activity was found:
Doubtful: music-format radio (~70 of 112 stations) — same treatment as SPOT (musical instruments per Hanafi view)
What the company does
Saga Communications owns 112 radio stations in 28 small/mid-sized US markets (mostly music formats, some news/talk) plus digital advertising services. Its money comes from local advertising.
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
Doubtful: music-format radio (~70 of 112 stations) — same treatment as SPOT (musical instruments per Hanafi view)
Interest-bearing debt / market cap
limit 30%
5.6%
Pass
Cash & investments / market cap
limit 30%
31.2%
Fail
Non-compliant income / total revenue
limit 5%
0.8%
Pass
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 Broadcasting — for comparison.
Related articles
- Halal investingBlogThe "doubtful" category: film, music and scholarly disagreementWhy Netflix, Disney and Spotify are not on our halal list — yet not labelled "haram" either. How we handle a disputed question.
- Halal investingBlogWhy does a stock's halal status change?A stock that was halal yesterday can leave the list today. The four main reasons — and why none of them is a bug.
- 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.