Does Nuveen California Quality Municipal Income Fund pass AAOIFI screening?

Nuveen California Quality Municipal Income Fund (NAC) 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% (NAC: 0.0%), (3) interest-bearing deposits below 30% (NAC: 0.0%), and (4) prohibited income below 5% (NAC: 100.0%). HalalScreener provides free AAOIFI screening for 10,000+ stocks at halalscreener.app.

How much purification is needed for Nuveen California Quality Municipal Income Fund stock?

Nuveen California Quality Municipal Income Fund (NAC) has a non-permissible income ratio of 100.00%. Muslim investors should purify this percentage of any dividends received and capital gains realized from NAC 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 Nuveen California Quality Municipal Income Fund for Shariah compliance for free?

HalalScreener (halalscreener.app) offers free Shariah compliance screening for Nuveen California Quality Municipal Income Fund (NAC) 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 NAC's compliance across different madhabs (Hanafi, Shafi'i, Maliki, Hanbali, Ja'fari).

NAC: Is Nuveen California Quality Municipal Income Fund Halal?

Nuveen California Quality Municipal Income Fund

NYSEFinancial ServicesFR

$12.01

-0.58%

Market Cap: 1.9B

Compliance Status

Not Halal

Screened on Jul 15, 2026 · AAOIFI Standard 21

Non-Compliant

0Score

Is Nuveen California Quality Municipal Income Fund (NAC) halal? Not Halal. Based on AAOIFI screening, Nuveen California Quality Municipal Income Fund has involvement in prohibited business activities with a compliance score of 0/100 (Grade: F).

Basket rule

Over the limit

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

163.9% of 5.0% limit

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

About Nuveen California Quality Municipal Income Fund

Nuveen California Quality Municipal Income Fund is a closed ended fixed income mutual fund launched by Nuveen Investments, Inc. The fund is co-managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. It invests in the fixed income markets of California, United States. The fund invests in undervalued municipal securities and other related investments that are exempt from regular federal and California income taxes. It primarily invests in securities that are rated Baa or BBB or better by Moody's Investors Service, Inc. or Standard & Poor's, and have an average maturity of 20.96 years. The fund employs fundamental analysis with a bottom-up approach to create its portfolio. It benchmarks the performance of its portfolio against the Standard & Poor's (S&P) California Municipal Bond Index and Standard & Poor's (S&P) National Municipal Bond Index. The fund was formerly known as Nuveen California Dividend Advantage Municipal Fund. Nuveen California Quality Municipal Income Fund was formed on December 1, 1998 and is domiciled in the United States.

Sector: Financial Services · Industry: Asset Management - Income

Shariah Compliance Status

AAOIFI Standard 21Updated Jul 15, 2026

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% (163.9%)

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.

164%

Halal0%

Doubtful0%

Not Halal164%

Unknown0%

Top Holdings

Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010DNot Halal7.18%Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1Not Halal4.37%California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012Not Halal3.73%Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017CNot Halal3.37%California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023GNot Halal2.60%California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018ANot Halal2.54%Los Angeles, California, General Obligation Bonds, Tax & Revenue Anticipation Notes, Series 2025Not Halal2.41%San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2019ANot Halal2.39%California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024BNot Halal2.21%Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2017ANot Halal1.91%

Compliance History

Not Halalnow
since Jun 2026
Under Review
until the change above

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

Fiscal: N/AData source: FMP-LOOKTHROUGH

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Frequently Asked Questions

Is Nuveen California Quality Municipal Income Fund (NAC) halal to invest in?

Nuveen California Quality Municipal Income Fund (NAC) 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 Nuveen California Quality Municipal Income Fund get a F compliance rating?

Nuveen California Quality Municipal Income Fund's compliance grade is determined by AAOIFI Standard 21 screening, a two-step process: (1) qualitative screen for prohibited business activities and (2) quantitative check of debt, interest deposits, and prohibited income ratios. Scroll up to see the detailed ratio breakdown.

What could change Nuveen California Quality Municipal Income Fund's Shariah verdict?

Nuveen California Quality Municipal 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 Nuveen California Quality Municipal Income Fund re-screened for Shariah compliance?

Nuveen California Quality Municipal Income Fund (NAC) 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 15, 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.