Is City Developments (C09) Halal?
Shariah Screening — 5 Standards
Based on financial data from December 2025
| Standard | Debt Ratio | Cash Ratio | Receivables | Income | Status |
|---|---|---|---|---|---|
| AAOIFI | 170.8% / 30% | 36.7% / 30% | 4.2% / 30% | 2.95% / 5% | ✗ NOT HALAL |
| DJIM | 170.8% / 33% | 36.7% / 33% | 4.2% / 33% | 2.95% / 5% | ✗ NOT HALAL |
| MSCI | 54.6% / 33% | 11.7% / 33% | 1.3% / 33% | 2.95% / 5% | ✗ NOT HALAL |
| S&P | 170.8% / 33% | 36.7% / 33% | 4.2% / 33% | 2.95% / 5% | ✗ NOT HALAL |
| FTSE | 54.6% / 33% | 11.7% / 33% | 1.3% / 50% | 2.95% / 5% | ✗ NOT HALAL |
Financial Highlights
Profitability
| Gross Margin | 40.8% | |
| Operating Margin | 10.6% | |
| Net Margin | 17.6% | |
| Return on Equity (ROE) | 6.4% | |
| Return on Assets (ROA) | 0.9% |
Cash Flow & Balance Sheet
| Operating Cash Flow | -$1.5B |
| Free Cash Flow | -$2.4B |
| Total Debt | $14.1B |
| Debt-to-Equity | 132.3 |
| Current Ratio | 2.2 |
| Total Assets | $27.0B |
Price & Trading
| Last Close | SGD 8.28 |
| 50-Day MA | SGD 9.26 |
| 200-Day MA | SGD 7.48 |
| Avg Volume | 2.8M |
| Beta | 0.3 |
|
52-Week Range
SGD 4.32
| |
About City Developments (C09)
City Developments Limited (CDL) is a leading global real estate company with a network spanning 168 locations in 29 countries and regions. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalisation. Its income-stable and geographically diverse portfolio comprises residences, offices, hotels, serviced apartments, student accommodation, retail malls and integrated developments. With a proven track record of over 60 years in real estate development, investment and management, the Group has developed over 53,000 homes and owns around 23 million square feet of gross floor area in residential for lease, commercial and hospitality assets globally. Along with its wholly-owned hotel subsidiary, Millennium & Copthorne Hotels Limited (M&C), the Group has over 160 hotels worldwide, many in key gateway cities. Leveraging its deep expertise in developing and managing a diversified asset base, the Group is focused on enhancing the performance of its portfolio and strengthening its recurring income streams to deliver long-term sustainable value to shareholders. The Group is actively pursuing its fund management growth strategy to further leverage its strengths.
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Frequently Asked Questions
Is City Developments (C09) halal to invest in?
Based on our screening using AAOIFI Standard 21 (the strictest methodology), City Developments is Not Halal. The company fails one or more screening criteria. We screen against all 5 major standards: AAOIFI, DJIM, MSCI, S&P, and FTSE.
What is City Developments's debt ratio?
City Developments's debt ratio is 170.8% under the AAOIFI standard (which uses market capitalization as the denominator). The AAOIFI threshold is 30%. Under MSCI and FTSE (which use total assets as the denominator), the debt ratio is 54.6%.
What are City Developments's key financial metrics?
City Developments has a market capitalization of $7.5B, trailing P/E ratio of 12.3, and revenue of $3.6B. The company maintains a gross margin of 40.8% and a net margin of 17.6%. Return on equity stands at 6.4%.
How often is the screening data updated?
Our screening data is updated regularly using the latest available financial statements and market data. Stock prices and market caps are refreshed frequently, while financial statements are updated quarterly when companies report earnings.
Disclaimer: HalalStockGuide.com provides Shariah compliance screening for educational and informational purposes only. This is not a fatwa, financial advice, or a recommendation to buy or sell any security. Screening results are based on publicly available financial data and established methodologies. Always consult a qualified Islamic scholar and a licensed financial advisor before making investment decisions.