What is Research Frontiers Incorporated's Shariah compliance score?

Research Frontiers Incorporated (REFR) has a Shariah compliance score of 74/100 (Grade: B+, Good). 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 Research Frontiers Incorporated pass AAOIFI screening?

Research Frontiers Incorporated (REFR) passes 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%. REFR's debt-to-market-cap is 5.0%.

How much purification is needed for Research Frontiers Incorporated?

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 Research Frontiers Incorporated (REFR) using the latest financial data.

Where can I screen Research Frontiers Incorporated for Shariah compliance for free?

HalalScreener (halalscreener.app) offers free Shariah compliance screening for Research Frontiers Incorporated (REFR) 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.

REFRHalalB+

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Compliance Status

Halal

Screened on Oct 8, 2026 · AAOIFI Standard 21

B+

Good

74Score

Is Research Frontiers Incorporated (REFR) halal? Halal. Based on AAOIFI screening, Research Frontiers Incorporated passes both qualitative (business activity) and quantitative (financial ratio) screens with a compliance score of 74/100 (Grade: B+).

Quote this verdict

HalalScreener rates Research Frontiers Incorporated (REFR) Halal, 74/100, grade B+ under AAOIFI Standard 21, screened Oct 8, 2026. Source: https://halalscreener.app/en/stock/REFR

AvoidBorderlineClean

Business activity

What the company sells is permissible.

Passed

Company debt

Well clear of the limit

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

5.0% of 30.0% limit

PRO DETAIL

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

You can own REFR

It passes both the business activity and financial ratio screens under AAOIFI Standard 21.

Purification amount is Pro

We have screened REFR's prohibited income, but the exact share you would need to purify is part of Pro.

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REFR: Is Research Frontiers Incorporated Halal?

Research Frontiers Incorporated

NASDAQTechnologyUS

$0.59

Market Cap: 20.7M

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About Research Frontiers Incorporated

Research Frontiers Incorporated (REFR) stands as a global innovator, focusing on the development and commercialization of advanced light-regulating technologies and associated devices. The company's core business revolves around its proprietary Suspended Particle Device (SPD-Smart) light-control technology, which it licenses to other businesses. These licensees then undertake the manufacturing and marketing of various components: the SPD-Smart chemical emulsion, the light-controlling film created from this emulsion, laminated light-control panels, and the necessary electronic systems to power final products that integrate the film. Additionally, Research Frontiers offers licenses for lamination services and the end-products themselves, such as dynamic windows, skylights, and sunroofs. The versatile SPD-Smart light-control technology is integrated into a diverse array of applications. This includes architectural elements like windows, sunshades, skylights, and interior partitions for both residential and commercial buildings. In the automotive sector, it's utilized in vehicle windows, sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels, and navigation systems. Beyond these, the technology enhances aircraft windows, museum display panels, specialized eyewear products, and flat panel displays for electronic goods. The company primarily caters to the architectural, automotive, marine, aerospace, and appliance industries. Research Frontiers Incorporated was established in 1965 and is based in Woodbury, New York.

Sector: Technology · Industry: Hardware, Equipment & Parts

Shariah Compliance Status

AAOIFI Standard 21Updated Oct 8, 2026

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Screened according to AAOIFI Standard 21

Compliance History

Halal, unchanged since Aug 2026.

No status changes recorded since we began tracking.

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

Fiscal: Q2 2026Data source: EDGAR

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Frequently Asked Questions

Is Research Frontiers Incorporated (REFR) halal to invest in?

Based on AAOIFI Standard 21 screening, Research Frontiers Incorporated (REFR) is rated Halal with a compliance grade of B+ (Good). It passes both the business activity screen (no primary involvement in prohibited sectors) and the quantitative financial ratio screen (debt, interest deposits, and prohibited income all below AAOIFI thresholds).

Why did Research Frontiers Incorporated get a B+ compliance rating?

Research Frontiers Incorporated (REFR) received a grade of B+ (Good) based on three AAOIFI Standard 21 financial ratios: debt-to-market-cap of 5.0% (limit 30%). The grade reflects the margin of safety across all three ratios relative to their thresholds.

What could change Research Frontiers Incorporated's Shariah verdict?

Research Frontiers Incorporated's verdict is re-evaluated at each annual re-screen. 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 Research Frontiers Incorporated re-screened for Shariah compliance?

Research Frontiers Incorporated (REFR) 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: Oct 8, 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.