What is First Trust Mortgage Income Fund's Shariah compliance score?

First Trust Mortgage Income Fund (FMY) has a Shariah compliance score of 0/100 (Grade: F, Non-Compliant). A fund is screened by looking through its holdings: each holding is screened under AAOIFI Standard No. 21 and weighed, and the fund is halal when non-compliant holdings stay under 5% of the basket by weight.

Does First Trust Mortgage Income Fund pass AAOIFI look-through screening?

First Trust Mortgage Income Fund (FMY) does not pass AAOIFI look-through screening. A fund is screened by looking through its holdings: each holding is screened under AAOIFI Standard No. 21 and weighed, and the fund is halal when non-compliant holdings stay under 5% of the basket by weight.

How much purification is needed for First Trust Mortgage Income Fund?

Muslim investors purify the portion of dividends and realized gains that comes from non-permissible income by donating it to charity. HalalScreener's purification calculator at halalscreener.app/en/purification computes the percentage and amount for First Trust Mortgage Income Fund (FMY) using the latest financial data.

Where can I screen First Trust Mortgage Income Fund for Shariah compliance for free?

HalalScreener (halalscreener.app) offers free Shariah compliance screening for First Trust Mortgage Income Fund (FMY) and 8,200+ securities. US-listed stocks and ETFs are screened under AAOIFI Standard No. 21. Bursa Malaysia securities carry the Securities Commission Malaysia's official status. Coins are screened separately, under published scholarly opinion. The verdict is free, with no credit card or signup required for basic screening.

FMYNot HalalF

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Compliance Status

Not Halal

Screened on Oct 10, 2026 · AAOIFI Standard 21 look-through

Non-Compliant

0Score

Is First Trust Mortgage Income Fund (FMY) halal? Not Halal. Looking through its holdings under AAOIFI Standard 21, First Trust Mortgage Income Fund has 5% or more of its basket by weight in non-compliant holdings with a compliance score of 0/100 (Grade: F).

Quote this verdict

HalalScreener rates First Trust Mortgage Income Fund (FMY) Not Halal, 0/100, grade F under AAOIFI Standard 21 look-through, screened Oct 10, 2026. Source: https://halalscreener.app/en/stock/FMY

Basket rule

Over the limit

An ETF is halal when non-compliant holdings stay under 5% of the basket by weight.

100.0% of 5.0% limit

100% of the basket's holdings were screened individually.

FMY: Is First Trust Mortgage Income Fund Halal?

First Trust Mortgage Income Fund

NYSEFinancial ServicesUS

$11.06

Market Cap: 46.6M

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About First Trust Mortgage Income Fund

The First Trust Mortgage Income Fund operates as a closed-end mutual fund primarily focused on generating income. It is managed by First Trust Advisors L.P., with Brookfield Investment Management Inc. sharing co-management responsibilities. The fund's investment mandate centers on the fixed income markets, specifically targeting a range of fixed income securities. A significant portion of its portfolio is dedicated to mortgage-backed securities (MBS), encompassing diverse categories such as pass-through certificates, collateralized mortgage obligations (CMOs), and both residential and commercial mortgage-backed instruments. Established on May 25, 2005, this U.S.-domiciled fund was initially known as the First Trust/FIDAC Mortgage Income Fund.

Sector: Financial Services · Industry: Asset Management - Income

Shariah Compliance Status

AAOIFI Standard 21 look-throughUpdated Oct 10, 2026

AI Compliance Insight

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Institutional-grade Shariah analysis

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Business Activity Screen

Failed

Checks if the business is involved in prohibited activities (alcohol, gambling, pork, conventional banking, etc.)

Basket-weighted haram holdings exceed 5% (100.0%)

Basket Composition

100% of basket screened

ETFs are baskets of many stocks. AAOIFI-aligned rule: basket is halal when haram weight is under 5%. The purification share is the weighted prohibited-income contribution of the underlying holdings.

100%

Halal0%

Doubtful0%

Not Halal100%

Unknown0%

Top Holdings

MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDSNot Halal3.88%FEDERAL HOME LOAN MORTGAGE CORPNot Halal2.13%PRIORITY 1 ISSUER LOGISTICS DACNot Halal2.11%SFO COMMERCIAL MORTGAGE TRUST 2021-555Not Halal2.03%FEDERAL NATIONAL MORTGAGE ASSOCIATIONNot Halal1.94%PRP Advisors, LLCNot Halal1.87%GREAT WOLF TRUST 2015-WOLFNot Halal1.85%VERUS SECURITIZATION TRUST 2025-INV1Not Halal1.85%FREDDIE MAC STACR REMIC TRUST 2025-DNA4Not Halal1.85%BX TRUST 2025-DELCNot Halal1.85%

10 more screened holdings, each with its own verdict, are part of Pro.See the full basket

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The verdict above is final and free.

Pro members can verify every number behind it: interest-bearing deposits, prohibited income breakdown, and the full AAOIFI math.

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Screened according to AAOIFI Standard 21

Compliance History

Not Halal, unchanged since Sep 2026.

No status changes recorded since we began tracking.

Tracked since Sep 2026. Updates automatically on each re-screen.

Fiscal: N/AData source: FMP-LOOKTHROUGH

Halal Alternatives in Financial Services

This fund is not Shariah-compliant. Here are halal alternatives from the same sector, ranked by compliance score:

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$384.58

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iShares Silver Trust

$54.78

PSLVA+

Sprott Physical Silver Trust

$19.89

PHYSA+

Sprott Physical Gold Trust

$31.70

CEFA+

Sprott Physical Gold and Silver Trust

$41.67

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Frequently Asked Questions

Is First Trust Mortgage Income Fund (FMY) halal to invest in?

First Trust Mortgage Income Fund (FMY) is rated Not Halal by holdings look-through. Each holding is screened individually under AAOIFI Standard 21 and the result is weighed. A fund is halal when non-compliant holdings stay under 5% of the basket by weight.

Why did First Trust Mortgage Income Fund get a F compliance rating?

First Trust Mortgage Income Fund's grade of F (Non-Compliant) reflects the weighted result of its holdings, not one company's ratios: debt and deposit ratios do not describe a fund.

What could change First Trust Mortgage Income Fund's Shariah verdict?

First Trust Mortgage Income Fund's verdict is recalculated whenever the fund rebalances or holdings change materially. If the haram-weight of underlying holdings crosses 5% (the AAOIFI threshold for fund look-through), the verdict will flip to Not Halal. HalalScreener rescreens ETFs at each rebalance cycle.

How often is First Trust Mortgage Income Fund re-screened for Shariah compliance?

First Trust Mortgage Income Fund is re-screened as its published holdings change. Last screened: Oct 10, 2026.

Screened by holdings look-through under AAOIFI Standard No. 21 · For informational purposes only. Consult a qualified Islamic finance advisor before investing.

Disclaimer: This screening is for informational purposes only and does not constitute financial, legal, or religious advice. A fund is evaluated by screening its holdings under AAOIFI financial standards and weighing the result, using publicly available data. Ethical, political, social, or environmental considerations are outside the scope of this screening. Individual scholars and methodologies may differ. Always consult a qualified Islamic finance advisor before making investment decisions.