What is Forward Air Corporation's Shariah compliance score?

Forward Air Corporation's (FWRD) compliance score is being calculated. Check HalalScreener.app for the latest AAOIFI screening results.

Does Forward Air Corporation pass AAOIFI screening?

Forward Air Corporation (FWRD) does not pass 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% (FWRD: 398.7%), (3) interest-bearing deposits below 30% (FWRD: 25.0%), and (4) prohibited income below 5% (FWRD: 0.0%). HalalScreener provides free AAOIFI screening for 10,000+ stocks at halalscreener.app.

How much purification is needed for Forward Air Corporation stock?

Forward Air Corporation (FWRD) has a non-permissible income ratio of 0.00%. Muslim investors should purify this percentage of any dividends received and capital gains realized from FWRD 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 Air Corporation for Shariah compliance for free?

HalalScreener (halalscreener.app) offers free Shariah compliance screening for Forward Air Corporation (FWRD) 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 FWRD's compliance across different madhabs (Hanafi, Shafi'i, Maliki, Hanbali, Ja'fari).

FWRD: Is Forward Air Corporation Halal?

Forward Air Corporation

NASDAQIndustrialsUS

$13.45

-4.54%

Market Cap: 425.4M

Compliance Status

Not Halal

Screened on Jul 18, 2026 · AAOIFI Standard 21

Non-Compliant

0Score

Is Forward Air Corporation (FWRD) halal? Not Halal. Based on AAOIFI screening, Forward Air Corporation passes the business activity screen but fails financial ratio screens with a compliance score of 0/100 (Grade: F).

AvoidBorderlineClean

Business activity

What the company sells is permissible.

Passed

Company debt

Over the limit

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

398.7% of 30.0% limit

What this means for you

Most scholars advise not holding FWRD

It does not pass AAOIFI Shariah screening.

See halal alternatives from the same sector further down this page

About Forward Air Corporation

Forward Air Corporation, including its various subsidiaries, functions as a streamlined transportation and logistics enterprise throughout the United States and Canada, operating with an asset-light model. The company's business is structured into two principal divisions: Expedited Freight and Intermodal. The Expedited Freight segment delivers time-sensitive regional, inter-regional, and national less-than-truckload (LTL) services, complemented by local collection and delivery capabilities. This comprehensive segment also extends to final-mile services, full truckload transport, cargo consolidation and deconsolidation, storage solutions, customs brokerage, and general freight handling. Furthermore, it encompasses expedited truckload brokerage, dedicated fleet operations, and specialized logistics for high-security or temperature-sensitive goods. The Intermodal segment primarily focuses on drayage services for intermodal containers. It also provides contract warehousing as well as container freight station (CFS) warehousing and related handling services. Forward Air caters to a diverse customer base, which includes freight forwarders, third-party logistics (3PL) providers, integrated air cargo companies, both passenger and cargo airlines, ocean carriers, and retailers. Founded in 1981, Forward Air Corporation is based in Greeneville, Tennessee.

Sector: Industrials · Industry: Integrated Freight & Logistics

Shariah Compliance Status

AAOIFI Standard 21Updated Jul 18, 2026

Compliance History

Not Halal, unchanged since May 2026.

No status changes recorded since we began tracking.

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

Fiscal: Q1 2026Data source: EDGAR

Halal Alternatives in Industrials

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

PHOEA+

Phoenix Asia Holdings Limited Ordinary Shares

$17.80

+1.37%

FASTA+

Fastenal Company

$45.49

+0.30%

ODFLA+

Old Dominion Freight Line, Inc.

$233.84

-0.43%

SAIAA+

Saia, Inc.

$467.89

-6.83%

ADURA+

Aduro Clean Technologies Inc.

$13.86

-1.56%

More Industrials Stocks

GE Aerospace

A+

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Caterpillar Inc.

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RTX Corporation

UNP

Union Pacific Corporation

HON

Honeywell International Inc.

UPS

United Parcel Service, Inc.

B+

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Frequently Asked Questions

Is Forward Air Corporation (FWRD) halal to invest in?

Forward Air Corporation (FWRD) is rated Not Halal under AAOIFI Standard 21 screening. It fails either the business activity screen (primary involvement in prohibited sectors such as conventional banking, alcohol, or gambling) or one of the quantitative financial ratio thresholds. Muslim investors should avoid or exit this position.

Why did Forward Air Corporation get a F compliance rating?

Forward Air Corporation (FWRD) received a grade of F (Non-Compliant) based on three AAOIFI Standard 21 financial ratios: debt-to-market-cap of 398.7% (limit 30%); interest-bearing deposits of 25.0% (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 Air Corporation's Shariah verdict?

Forward Air Corporation'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 Air Corporation re-screened for Shariah compliance?

Forward Air Corporation (FWRD) 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 18, 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.