Is WAVE halal?
Eco Wave Power Global AB (publ)
Not halal
Eco Wave Power Global AB (publ) did not pass AAOIFI screening. The failed check is shown below.
Checked: 12 October 2026
Exchange
NASDAQ
Price
5.2
Day
-2.89%
Market cap
$36.6M
Industry
Utilities - Renewable
Sector
Utilities
What the company does
Eco Wave Power (Sweden / Israel) develops wave-energy technology (floaters mounted on breakwaters) with pilot plants in Israel, Portugal and the US. Almost no revenue; funded by investors and grants.
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 $1.27M ÷ 36-month average market cap (estimated) $35.99M = 3.5%
3.5%
Pass
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $8.15M ÷ 36-month average market cap (estimated) $35.99M = 22.6%
22.6%
Pass
Non-compliant income / total revenue
limit 5%
Interest income $271K ÷ annual revenue $38K (2025) = 713.2%
713.2%
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: $36.56M.
For information (AAOIFI 3/1 note): cash + receivables are 82.9% 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 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.