Does Nuveen Minnesota Quality Municipal Income Fund pass AAOIFI screening?

Nuveen Minnesota Quality Municipal Income Fund (NMS) 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% (NMS: 0.0%), (3) interest-bearing deposits below 30%, and (4) prohibited income below 5%. HalalScreener provides free AAOIFI screening for 6,200+ stocks at halalscreener.app.

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

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 exact percentage and amount for Nuveen Minnesota Quality Municipal Income Fund (NMS) using the latest financial data.

Where can I screen Nuveen Minnesota Quality Municipal Income Fund for Shariah compliance for free?

HalalScreener (halalscreener.app) offers free Shariah compliance screening for Nuveen Minnesota Quality Municipal Income Fund (NMS) and 5,100+ other US-listed stocks, ETFs, and 100+ cryptocurrencies. The screening uses AAOIFI Standard No. 21 and shows the verdict, compliance grade, score, and debt ratio free. No credit card or signup required for basic screening; the full ratio breakdown is part of Pro. HalalScreener also includes an AI Islamic Scholar for follow-up questions about NMS's compliance across different madhabs (Hanafi, Shafi'i, Maliki, Hanbali, Ja'fari).

NMS: Is Nuveen Minnesota Quality Municipal Income Fund Halal?

Nuveen Minnesota Quality Municipal Income Fund

NYSEFinancial ServicesUS

$11.08

+0.45%

Market Cap: 71.0M

Compliance Status

Not Halal

Screened on Aug 26, 2026 · AAOIFI Standard 21

Non-Compliant

0Score

Is Nuveen Minnesota Quality Municipal Income Fund (NMS) halal? Not Halal. Based on AAOIFI screening, Nuveen Minnesota 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.

100.0% of 5.0% limit

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

About Nuveen Minnesota Quality Municipal Income Fund

The Nuveen Minnesota Quality Municipal Income Fund (NMS) operates as a closed-end mutual fund, focusing on fixed income assets, initially launched by Nuveen Investments, Inc. Its management responsibilities are jointly handled by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. The fund primarily allocates its capital within the fixed income markets across the United States. A core part of its strategy involves investing in investment-grade municipal bonds that provide exemptions from regular federal and Minnesota personal income taxes. To ensure quality, the fund targets securities with a credit rating of at least Baa/BBB or better, as assessed by S&P, Moody's, or Fitch. This fund, formerly recognized as the Nuveen Minnesota Municipal Income Fund, was established on June 25, 1993, and is domiciled in the United States.

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% (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

Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018ANot Halal4.07%Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series 2018ANot Halal2.61%Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016Not Halal2.25%Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7Not Halal2.09%Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015ANot Halal2.09%Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2022BNot Halal2.00%Bird Island-Olivia-Lake Lillian Independent School District 2534, Minnesota, General Obligation Bonds, School Building Series 2024ANot Halal1.87%Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011Not Halal1.80%Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014ANot Halal1.73%Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Series 2023Not Halal1.67%

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 Minnesota Quality Municipal Income Fund (NMS) halal to invest in?

Nuveen Minnesota Quality Municipal Income Fund (NMS) 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 Minnesota Quality Municipal Income Fund get a F compliance rating?

Nuveen Minnesota 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 Minnesota Quality Municipal Income Fund's Shariah verdict?

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

Nuveen Minnesota Quality Municipal Income Fund (NMS) 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.