Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Simon Property Group, Inc. (SPG) Halal?

FAIL

Simon Property Group, Inc. · NYSE: SPG · Real Estate

The short answer

No -- Simon Property Group (SPG) fails this Shariah stock screen at the debt gate and the non-compliant income gate. Per its own FY2025 10-K, its core business is owning, developing and managing shopping destinations as a self-administered REIT -- a permissible retail real estate business, so it passes the business-activity gate; the filing discloses no conventional banking/lending, insurance, alcohol, gambling, pork, tobacco, or weapons line of business. But interest-bearing debt of $29,186.7M ($28,430.2M mortgages and unsecured indebtedness plus $756.5M lease liabilities) is about 44.73% of its ~$65.25B market cap ($200.81, latest close retrieved October 2, 2026), above the ~33% ceiling. And the closest disclosed interest-type line, Other income of $380.9M -- which the 10-K says primarily includes interest income -- is about 5.99% of $6,364.5M in total revenue, above the 5% ceiling. Two of the three third-party screeners agree: Zoya flags SPG not Shariah-compliant and Musaffa rates it not halal (October 2026); ShariaPortfolio has no SPG page that could be found. This is a factual screen, not a religious ruling.

Gate 1 — Business activity: PASS

Simon Property Group, Inc. (NYSE: SPG), based in Indianapolis, Indiana, describes itself in its FY2025 10-K as a self-administered and self-managed real estate investment trust (REIT) that owns, develops and manages premier shopping, dining, entertainment and mixed-use destinations, consisting primarily of malls, Premium Outlets, and The Mills. As of December 31, 2025, it owned or held an interest in 212 income-producing U.S. properties (108 malls, 70 Premium Outlets, 16 Mills, six lifestyle centers, 12 other retail properties), plus 42 properties internationally, a 22.2% equity stake in Klépierre SA, and platform investments in retail operations (Catalyst Brands LLC), e-commerce (Rue Gilt Groupe), and Jamestown. Business screen (factual, from the filing): the core business is retail real estate ownership and management -- the filing discloses no conventional banking/lending, insurance, alcohol, gambling, pork, tobacco, or weapons line of business (interest earned on cash deposits and loans to related entities is ancillary income, not the core business). Gate 1 passes. Facts only.

Gate 2 — Debt and cash: FAIL

Per Simon Property Group's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $29,186.7M -- mortgages and unsecured indebtedness of $28,430.2M plus lease liabilities of $756.5M. Against a market cap of about $65.25B ($200.81 latest close retrieved October 2, 2026; 324,945,274 common shares outstanding per the 10-K cover), debt divided by market cap is about 44.73%, well above the ~33% ceiling. Cash and cash equivalents of $823.1M are about 1.26% of market cap. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: FAIL

Simon Property Group's FY2025 10-K income statement reports total revenue of $6,364.5M (lease income $5,839.2M, management fees and other revenues $144.4M, Other income $380.9M). The filing does not separately state an absolute interest income figure; the closest disclosed line is Other income of $380.9M, which the 10-K says primarily includes interest income (plus land sales, dividends received, lease settlements, and mixed-use/franchise operations). Treated conservatively as the interest-type line, $380.9M against $6,364.5M of revenue is about 5.99% of revenue, above the 5% non-compliant income ceiling. Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

What does Simon Property Group do?

Simon Property Group, Inc., based in Indianapolis, Indiana, describes itself in its FY2025 10-K as a self-administered and self-managed real estate investment trust (REIT). It owns, develops and manages premier shopping, dining, entertainment and mixed-use destinations, consisting primarily of malls, Premium Outlets, and The Mills. As of December 31, 2025, it owned or held an interest in 212 income-producing U.S. properties (108 malls, 70 Premium Outlets, 16 Mills, six lifestyle centers, 12 other retail properties) plus 42 properties internationally, a 22.2% equity stake in Klépierre SA (Paris-based shopping center company), and platform investments including retail operations (Catalyst Brands LLC), the Rue Gilt Groupe e-commerce venture, and Jamestown.

Why does Simon Property Group fail this Shariah stock screen?

Simon Property Group fails this screen at the debt gate and the non-compliant income gate. Per its own FY2025 10-K, its core business is owning, developing and managing shopping destinations -- a permissible retail real estate business, so it passes the business-activity gate; the filing discloses no conventional banking/lending, insurance, alcohol, gambling, pork, tobacco, or weapons line of business. But interest-bearing debt of $29,186.7M (mortgages and unsecured indebtedness plus lease liabilities) is about 44.73% of its ~$65.25B market cap, above the ~33% ceiling, so Gate 2 fails. And the closest disclosed interest-type line, Other income of $380.9M -- which the 10-K says primarily includes interest income -- is about 5.99% of $6,364.5M in total revenue, above the 5% ceiling, so Gate 3 fails. This is a factual screen, not a religious ruling -- consult a qualified scholar for personal rulings.

What is Simon Property Group's interest-bearing debt ratio?

Per Simon Property Group's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $29,186.7M -- mortgages and unsecured indebtedness of $28,430.2M plus lease liabilities of $756.5M. Against a market cap of about $65.25B ($200.81 latest close retrieved October 2, 2026; 324,945,274 common shares outstanding per the 10-K cover), debt divided by market cap is about 44.73% -- well above the ~33% ceiling. Cash and cash equivalents of $823.1M are about 1.26% of market cap. Gate 2 fails.

What is Simon Property Group's non-compliant income ratio?

Simon Property Group's FY2025 10-K income statement reports total revenue of $6,364.5M (lease income $5,839.2M, management fees and other revenues $144.4M, Other income $380.9M). The filing does not separately state an absolute interest income figure; the closest disclosed line is Other income of $380.9M, which the 10-K says primarily includes interest income (plus land sales, dividends received, lease settlements, and mixed-use/franchise operations). Treated conservatively as the interest-type line, $380.9M against $6,364.5M of revenue is about 5.99%, above the 5% non-compliant income ceiling. Gate 3 fails.

Do Zoya, Musaffa, or ShariaPortfolio cover Simon Property Group?

Zoya covers SPG and flags it as not Shariah-compliant (zoya.finance/stocks/spg; the page's displayed assessment date was blank when accessed in October 2026). Musaffa covers SPG and classifies it as not halal as of October 2026 under its AAOIFI methodology (musaffa.com/stock/SPG/). ShariaPortfolio has no SPG screener page that could be found via web search in October 2026 -- no coverage found. The two coverages that exist are consistent with this page's own FAIL outcome. This page applies the screen directly from Simon Property Group's own filings and reports these positions honestly.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).