Nuveen Municipal Income Fund, Inc.

NMI: Is Nuveen Municipal Income Fund, Inc. Halal?

Nuveen Municipal Income Fund, Inc.

NYSEFinancial ServicesUS

$10.39

+0.19%

Market Cap: 117.0M

Compliance Status

Not Halal

Screened on Aug 26, 2026 · AAOIFI Standard 21

F

Non-Compliant

0Score

Is Nuveen Municipal Income Fund, Inc. (NMI) halal? Not Halal. Based on AAOIFI screening, Nuveen Municipal Income Fund, Inc. 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.

98.8% of 5.0% limit

99% of the basket's holdings were screened individually.

About Nuveen Municipal Income Fund, Inc.

The Nuveen Municipal Income Fund, Inc. operates as a closed-end mutual fund dedicated to fixed-income investments. Established by Nuveen Investments Inc., its management is a collaborative effort between Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. The fund primarily allocates capital to the United States' fixed income markets, with a significant emphasis on municipal obligations issued by state and local government authorities. Its diversified investment portfolio includes holdings connected to various sectors such as healthcare, materials, education, civic organizations, and consumer staples. Formed on April 20, 1988, this U.S.-based fund has been in operation for decades.

Sector: Financial Services · Industry: Asset Management - Income

Shariah Compliance Status

AAOIFI Standard 21Updated Aug 26, 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% (98.8%)

Basket Composition

99% 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.

99%
Halal0%
Doubtful0%
Not Halal99%
Unknown1%

Top Holdings

Bartow County, Georgia, Tax Allocation Revenue Bonds, Highway 411 Corridor Development Project District Number 3, Senior Convertible Capital AppreciatNot Halal1.35%Massachusetts School Building Authority, Senior Dedicated Sales Tax Revenue Bonds, Subordinated Social Series 2025ANot Halal1.30%Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2019ANot Halal1.28%New York Transportation Development Corporation, New York, Special Facilities Revenue Bonds, Terminal 6 John F Kennedy International Airport RedevelopNot Halal1.27%Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018ANot Halal1.20%Ventana Metropolitan District, El Paso County, Colorado, General Obligation Bonds, Limited Tax Refunding and Improvement Series 2023ANot Halal1.10%Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2025ANot Halal1.08%Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017Not Halal1.03%Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2Not Halal1.00%Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project M Bonds, Series 19ANot Halal0.94%
Fiscal: N/AData source: FMP-LOOKTHROUGH

Halal Alternatives in Financial Services

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

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Frequently Asked Questions

Is Nuveen Municipal Income Fund, Inc. (NMI) halal to invest in?
Nuveen Municipal Income Fund, Inc. (NMI) 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 Municipal Income Fund, Inc. get a F compliance rating?
Nuveen Municipal Income Fund, Inc.'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 Municipal Income Fund, Inc.'s Shariah verdict?
Nuveen Municipal Income Fund, Inc.'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 Municipal Income Fund, Inc. re-screened for Shariah compliance?
Nuveen Municipal Income Fund, Inc. (NMI) 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: Aug 26, 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.