What is Forward Industries, Inc.'s Shariah compliance score?

Forward Industries, Inc. (FWDI) has a Shariah compliance score of 99/100 (Grade: A+, Excellent) based on AAOIFI screening standards. Scores above 70 typically indicate strong compliance. The score factors in business activity screening and financial ratio analysis including debt levels, interest-bearing deposits, and prohibited income percentages. View the full breakdown at HalalScreener.app.

Does Forward Industries, Inc. pass AAOIFI screening?

Forward Industries, Inc. (FWDI) passes AAOIFI Shariah screening. AAOIFI requires: (1) no primary involvement in prohibited activities like alcohol, gambling, or conventional banking, (2) debt-to-market-cap below 30% (FWDI: 0.8%), (3) interest-bearing deposits below 30% (FWDI: 0.9%), and (4) prohibited income below 5% (FWDI: 0.0%). HalalScreener provides free AAOIFI screening for 10,000+ stocks at halalscreener.app.

How much purification is needed for Forward Industries, Inc. stock?

Forward Industries, Inc. (FWDI) has a non-permissible income ratio of 0.00%. Muslim investors should purify this percentage of any dividends received and capital gains realized from FWDI shares by donating it to charity. HalalScreener's purification calculator at halalscreener.app/en/purification automates this calculation using the latest financial data.

Where can I screen Forward Industries, Inc. for Shariah compliance for free?

HalalScreener (halalscreener.app) offers free Shariah compliance screening for Forward Industries, Inc. (FWDI) and 10,000+ other US-listed stocks, ETFs, and 100+ cryptocurrencies. The screening uses AAOIFI Standard No. 21 and shows all financial ratios transparently. No credit card or signup required for basic screening. HalalScreener also includes an AI Islamic Scholar for follow-up questions about FWDI's compliance across different madhabs (Hanafi, Shafi'i, Maliki, Hanbali, Ja'fari).

FWDI: Is Forward Industries, Inc. Halal?

Forward Industries, Inc.

NASDAQConsumer CyclicalUS

$3.96

+11.86%

Market Cap: 295.7M

Compliance Status

Halal

Screened on Jul 19, 2026 · AAOIFI Standard 21

A+

Excellent

99Score

Is Forward Industries, Inc. (FWDI) halal? Halal. Based on AAOIFI screening, Forward Industries, Inc. passes both qualitative (business activity) and quantitative (financial ratio) screens with a compliance score of 99/100 (Grade: A+).

AvoidBorderlineClean

Business activity

What the company sells is permissible.

Passed

Company debt

Well clear of the limit

How much the company borrows, compared to its total value. AAOIFI allows up to 30%.

0.8% of 30.0% limit

What this means for you

You can own FWDI

It passes both the business activity and financial ratio screens under AAOIFI Standard 21.

No purification owed

Based on the latest screening, none of its income comes from prohibited sources.

About Forward Industries, Inc.

Forward Industries, Inc., together with its subsidiaries, provides hardware and software product design and engineering services primarily in the United States. The company operates through Design and Digital Assets segments. It offers design, engineering, and development services for consumer and industrial electronics products, such as medical products, smart displays, beverage vending, enterprise and mobile software applications, lighting, security and detections systems, cameras, wearables, and vehicle controls. The company also provides electrical, mechanical, software, and optical engineering services; industrial design and user experience/user interface design and development; and program management, IoT system architecture, and IT support services. Forward Industries, Inc. was incorporated in 1961 and is based in Hauppauge, New York.

Sector: Consumer Cyclical · Industry: Personal Products & Services

Shariah Compliance Status

AAOIFI Standard 21Updated Jul 19, 2026

Compliance History

Halalnow
since Jun 2026
Not Halal
until the change above

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

Fiscal: Q2 2026Data source: EDGAR

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Frequently Asked Questions

Is Forward Industries, Inc. (FWDI) halal to invest in?

Based on AAOIFI Standard 21 screening, Forward Industries, Inc. (FWDI) is rated Halal with a compliance grade of A+ (Excellent). It passes both the business activity screen (no primary involvement in prohibited sectors) and the quantitative financial ratio screen (debt, interest deposits, and prohibited income all below AAOIFI thresholds).

Why did Forward Industries, Inc. get a A+ compliance rating?

Forward Industries, Inc. (FWDI) received a grade of A+ (Excellent) based on three AAOIFI Standard 21 financial ratios: debt-to-market-cap of 0.8% (limit 30%); interest-bearing deposits of 0.9% (limit 30%); prohibited income of 0.00% (limit 5%). The grade reflects the margin of safety across all three ratios relative to their thresholds.

What could change Forward Industries, Inc.'s Shariah verdict?

Forward Industries, Inc.'s verdict is re-evaluated at each annual re-screen. Three events could change it: (1) the debt-to-market-cap ratio crossing 30%, typically from new debt issuance or a major drop in share price; (2) interest-bearing deposits exceeding 30% of market cap; or (3) prohibited revenue (alcohol, gambling, conventional finance, etc.) exceeding 5% of total revenue. Verdict flips are tracked in the compliance history section above.

How often is Forward Industries, Inc. re-screened for Shariah compliance?

Forward Industries, Inc. (FWDI) is re-screened annually using the most recent full-year financial data from SEC filings. HalalScreener also triggers an on-demand re-screen whenever the stored data is more than 7 days old, ensuring the ratios reflect the latest available financial statements. Last screened: Jul 19, 2026.

Screened according to 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. Compliance is evaluated using AAOIFI financial standards (debt, deposits, and prohibited income ratios) and 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.