Does Nuveen Massachusetts Quality Municipal Income Fund pass AAOIFI screening?

Nuveen Massachusetts Quality Municipal Income Fund (NMT) 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% (NMT: 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 Massachusetts 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 Massachusetts Quality Municipal Income Fund (NMT) using the latest financial data.

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

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

NMT: Is Nuveen Massachusetts Quality Municipal Income Fund Halal?

Nuveen Massachusetts Quality Municipal Income Fund

NYSEFinancial ServicesUS

$12.73

+1.92%

Market Cap: 118.7M

Compliance Status

Not Halal

Screened on Aug 26, 2026 · AAOIFI Standard 21

Non-Compliant

0Score

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

The Nuveen Massachusetts Quality Municipal Income Fund is a closed-end fixed income mutual fund, originally established on January 12, 1993, and domiciled in the United States. Launched by Nuveen Investments, Inc., it is jointly managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. The fund primarily allocates capital to the fixed income markets within Massachusetts, United States, concentrating on undervalued municipal securities and associated investments that offer exemptions from both federal and Massachusetts income taxes. A core investment criterion is that securities must achieve an investment-grade rating of at least Baa/BBB from S&P, Moody's, or Fitch. Portfolio construction employs a rigorous fundamental analysis coupled with a bottom-up security selection methodology. Its performance is benchmarked against the Standard & Poor's (S&P) Massachusetts Municipal Bond Index and the Standard & Poor's (S&P) National Municipal Bond Index. This fund was previously known as the Nuveen Massachusetts Premium Income Municipal Fund.

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

Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Series 2023A-1Not Halal2.85%Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series 2023BNot Halal2.80%Massachusetts State, General Obligation Bonds, Consolidated Series 2023DNot Halal2.78%Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Refunding Series 2023FFNot Halal2.55%Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1Not Halal2.49%Massachusetts Municipal Wholesale Electric Company, MMWEC, Revenue Bonds, Project 2015A, Series 2021ANot Halal2.28%Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2019ANot Halal2.18%Massachusetts Development Finance Agency, Revenue Bonds, Berklee College of Music, Series 2016Not Halal1.89%Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002ANot Halal1.88%Massachusetts Development Finance Agency, Revenue Bonds, Lahey Health System Obligated Group Issue, Series 2015FNot Halal1.87%

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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Sprott Physical Gold and Silver Trust

$43.28

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Frequently Asked Questions

Is Nuveen Massachusetts Quality Municipal Income Fund (NMT) halal to invest in?

Nuveen Massachusetts Quality Municipal Income Fund (NMT) 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 Massachusetts Quality Municipal Income Fund get a F compliance rating?

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

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

Nuveen Massachusetts Quality Municipal Income Fund (NMT) 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.