Does RiverNorth Flexible Municipal Income Fund, Inc. pass AAOIFI screening?

RiverNorth Flexible Municipal Income Fund, Inc. (RFM) 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% (RFM: 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 RiverNorth Flexible Municipal Income Fund, Inc. 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 RiverNorth Flexible Municipal Income Fund, Inc. (RFM) using the latest financial data.

Where can I screen RiverNorth Flexible Municipal Income Fund, Inc. for Shariah compliance for free?

HalalScreener (halalscreener.app) offers free Shariah compliance screening for RiverNorth Flexible Municipal Income Fund, Inc. (RFM) 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 RFM's compliance across different madhabs (Hanafi, Shafi'i, Maliki, Hanbali, Ja'fari).

RFM: Is RiverNorth Flexible Municipal Income Fund, Inc. Halal?

RiverNorth Flexible Municipal Income Fund, Inc.

NYSEFinancial ServicesUS

$14.47

+0.17%

Market Cap: 88.5M

Compliance Status

Not Halal

Screened on Aug 26, 2026 · AAOIFI Standard 21

Non-Compliant

0Score

Is RiverNorth Flexible Municipal Income Fund, Inc. (RFM) halal? Not Halal. Based on AAOIFI screening, RiverNorth Flexible 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.

97.3% of 5.0% limit

97% of the basket's holdings were screened individually.

About RiverNorth Flexible Municipal Income Fund, Inc.

Rivernorth Flexible Municipal Income Fund, Inc. operates as a closed-end investment management firm. Its core mission is to generate a steady flow of income that is explicitly not subject to standard U.S. federal income taxation. This entity, which began its operations in 2019, maintains its primary business location in West Palm Beach, Florida.

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% (97.3%)

Basket Composition

97% 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.

97%

Halal0%

Doubtful0%

Not Halal97%

Unknown3%

Top Holdings

Blackrock Liquidity Funds MunicashNot Halal7.07%MHDBlackrock Muniholdings Fund IncNot Halal5.74%MQYBlackrock Muniyield Quality Fund IncNot Halal4.68%Mansfield Tx Indep Sch DistNot Halal4.67%Port Auth Of New York & New Jersey NyNot Halal3.33%Chicago Il O'hare International Arpt RevenueNot Halal3.31%Kentucky Bond Dev Corp Indl Bldg RevenueNot Halal2.95%Salt Lake City Ut Arpt RevenueNot Halal2.92%Massachusetts St Transprtn Fund RevenueNot Halal2.63%Gtr Asheville Regl Arpt Auth Nc Arpt Sys RevenueNot Halal2.63%

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 RiverNorth Flexible Municipal Income Fund, Inc. (RFM) halal to invest in?

RiverNorth Flexible Municipal Income Fund, Inc. (RFM) 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 RiverNorth Flexible Municipal Income Fund, Inc. get a F compliance rating?

RiverNorth Flexible 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 RiverNorth Flexible Municipal Income Fund, Inc.'s Shariah verdict?

RiverNorth Flexible 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 RiverNorth Flexible Municipal Income Fund, Inc. re-screened for Shariah compliance?

RiverNorth Flexible Municipal Income Fund, Inc. (RFM) 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.