What is Chicago Atlantic Real Estate Finance, Inc.'s Shariah compliance score?

Chicago Atlantic Real Estate Finance, Inc. (REFI) has a Shariah compliance score of 0/100 (Grade: F, Non-Compliant). AAOIFI Standard No. 21 requires: (1) no primary involvement in prohibited activities like alcohol, gambling, or conventional banking, (2) debt-to-market-cap below 30%, (3) interest-bearing deposits below 30%, and (4) prohibited income below 5%.

Does Chicago Atlantic Real Estate Finance, Inc. pass AAOIFI screening?

Chicago Atlantic Real Estate Finance, Inc. (REFI) does not pass AAOIFI Shariah screening. AAOIFI Standard No. 21 requires: (1) no primary involvement in prohibited activities like alcohol, gambling, or conventional banking, (2) debt-to-market-cap below 30%, (3) interest-bearing deposits below 30%, and (4) prohibited income below 5%. REFI's debt-to-market-cap is 21.8%.

How much purification is needed for Chicago Atlantic Real Estate Finance, Inc.?

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 percentage and amount for Chicago Atlantic Real Estate Finance, Inc. (REFI) using the latest financial data.

Where can I screen Chicago Atlantic Real Estate Finance, Inc. for Shariah compliance for free?

HalalScreener (halalscreener.app) offers free Shariah compliance screening for Chicago Atlantic Real Estate Finance, Inc. (REFI) and 8,200+ securities. US-listed stocks and ETFs are screened under AAOIFI Standard No. 21. Bursa Malaysia securities carry the Securities Commission Malaysia's official status. Coins are screened separately, under published scholarly opinion. The verdict is free, with no credit card or signup required for basic screening. The compliance grade, score, and debt ratio are free too; the full ratio breakdown is part of Pro.

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Is Chicago Atlantic Real Estate Finance (REFI) Stock Halal?

Compliance Status

Not Halal

Screened on Nov 10, 2026 · AAOIFI Standard 21

Non-Compliant

0Score

Is Chicago Atlantic Real Estate Finance, Inc. (REFI) halal? Not Halal. Based on AAOIFI screening, Chicago Atlantic Real Estate Finance, Inc. has involvement in prohibited business activities with a compliance score of 0/100 (Grade: F).

Quote this verdict

HalalScreener rates Chicago Atlantic Real Estate Finance, Inc. (REFI) Not Halal, 0/100, grade F under AAOIFI Standard 21, screened Nov 10, 2026. Source: https://halalscreener.app/en/stock/REFI

AvoidBorderlineClean

Business activity

Involved in prohibited business activities.

Failed

Company debt

Within the limit

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

21.8% of 30.0% limit

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The verdict above is final and free.

Pro members can verify every number behind it: interest-bearing deposits, prohibited income breakdown, and the full AAOIFI math.

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Screened according to AAOIFI Standard 21

What this means for you

Most scholars advise not holding REFI

It does not pass AAOIFI Shariah screening.

See halal alternatives from the same sector further down this page

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REFI

Chicago Atlantic Real Estate Finance, Inc.

NASDAQReal EstateUS

$8.80

Market Cap: 225.5M

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About Chicago Atlantic Real Estate Finance, Inc.

Chicago Atlantic Real Estate Finance, Inc. functions as a commercial real estate financing enterprise operating throughout the United States. Its primary activities include developing, arranging, and deploying capital into various secured debt instruments, notably first mortgage loans, which are collateralized by commercial properties. A specific area of focus for the company is extending senior-priority loans to both state-approved operators and property owners within the legal cannabis industry. Chicago Atlantic has chosen to be taxed as a Real Estate Investment Trust (REIT), which allows it to avoid federal corporate income tax, conditional on distributing a minimum of 90% of its taxable profits to its investors. The firm was established in 2021 and is headquartered in Chicago, Illinois.

Sector: Real Estate · Industry: REIT - Mortgage

Why this does not pass

Business activity: the company earns from an activity AAOIFI treats as prohibited.
Income from prohibited sources is over the 5% limit.

Screened under AAOIFI Standard 21. The exact figure behind this is part of Pro; the failing check and its limit are always free.

Shariah Compliance Status

AAOIFI Standard 21Updated Nov 10, 2026

AI Compliance InsightProSee plans

Business Activity Screen

Failed

Checks if the business is involved in prohibited activities (alcohol, gambling, pork, conventional banking, etc.)

Prohibited industry: REIT - Mortgage

Revenue BreakdownProSee plans

Compliance History

Not Halal, unchanged since Aug 2026.

No status changes recorded since we began tracking.

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

Fiscal: Q3 2026Data source: FMP

Halal Alternatives in Real Estate

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

5106.KLA+

Axis Real Estate Investment Trust

$1.73

+0.01%

5116.KLA+

Al-'Aqar Healthcare REIT

$1.19

-0.01%

5269.KLA+

Al-Salam Real Estate Investment Trust

$0.54

-0.01%

5307.KLA+

AME Real Estate Investment Trust

$1.44

+0.00%

7249.KLA+

Skygate Solutions Berhad

$0.72

-0.05%

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Frequently Asked Questions

Is Chicago Atlantic Real Estate Finance, Inc. (REFI) halal to invest in?

Chicago Atlantic Real Estate Finance, Inc. (REFI) 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 Chicago Atlantic Real Estate Finance, Inc. get a F compliance rating?

Chicago Atlantic Real Estate Finance, Inc. (REFI) received a grade of F (Non-Compliant) based on three AAOIFI Standard 21 financial ratios: debt-to-market-cap of 21.8% (limit 30%); interest-bearing deposits well clear of the 30% limit; prohibited income over the 5% limit. The grade reflects the margin of safety across all three ratios relative to their thresholds.

What could change Chicago Atlantic Real Estate Finance, Inc.'s Shariah verdict?

Chicago Atlantic Real Estate Finance, Inc.'s verdict is recalculated at every re-screen, including the one that follows each new quarterly or annual report. 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 Chicago Atlantic Real Estate Finance, Inc. re-screened for Shariah compliance?

Chicago Atlantic Real Estate Finance, Inc. (REFI) is screened from the latest financial statements on record, currently those for fiscal Q3 2026. The 500 largest US-listed companies, and every stock on a HalalScreener watchlist or portfolio, are re-screened daily against the current market cap; every other stock at least once a week. When the company files a new quarterly or annual report with the SEC, it is re-screened from that filing: we check the SEC's filing feed every 15 minutes and the earnings calendar every day. Last screened: Nov 10, 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.