Seeking investment opportunities in the Netherlands that align with Islamic principles? Halal stocks offer a solution for those wanting to combine ethical investing with strong financial returns.
In this guide, we’ll explore the landscape of Sharia-compliant investments in the Netherlands. Learn how to identify stocks that meet Islamic finance criteria and discover opportunities that fit both your values and financial goals.
Whether you’re a seasoned investor or new to halal investing, this article will help you navigate the Dutch market and build a portfolio that reflects your values.
List of 20 Halal Stocks in the Netherlands by Market Cap
| Company Name | Ticker | Market Cap | Shariah-Compliance Status | Halal Ranking |
| ASML Holding NV | ASML.AS | € 288.77B | Halal | ★ ☆ ☆ ☆ ☆ |
| ASM International NV | ASM.AS | € 27.66B | Halal | ★ ★ ★ ☆ ☆ |
| BE Semiconductor Industries NV | BESI.AS | € 9.13B | Halal | ★ ★ ★ ★ ☆ |
| Randstad NV | RAND.AS | € 7.64B | Halal | ★ ★ ★ ☆ ☆ |
| Aalberts NV | AALB.AS | € 3.82B | Halal | ★ ★ ★ ★ ☆ |
| Koninklijke Boskalis Westminster NV | BOKA.AS | € 4.22B | Halal | ★ ★ ★ ☆ ☆ |
| Accell Group NV | ACCEL.AS | € 1.55B | Halal | ★ ★ ★ ☆ ☆ |
| Theon International Plc | THEON.AS | € 782.60M | Halal | ★ ☆ ☆ ☆ ☆ |
| TomTom NV | TOM2.AS | € 592.95M | Halal | ★ ☆ ☆ ☆ ☆ |
| Brunel International NV | BRNL.AS | € 428.91M | Halal | ★ ☆ ☆ ☆ ☆ |
| Sif Holding NV | SIFG.AS | € 370.62M | Halal | ★ ☆ ☆ ☆ ☆ |
| Envipco Holding NV | ENVI.AS | € 302.87M | Halal | ★ ★ ★ ☆ ☆ |
| Alfen NV | ALFEN.AS | € 266.41M | Halal | ★ ★ ★ ★ ★ |
| Motork PLC | MTRK.AS | € 264.69M | Halal | ★ ★ ★ ☆ ☆ |
| Hydratec Industries NV | HYDRA.AS | € 181.76M | Halal | ★ ★ ★ ★ ★ |
| Holland Colours NV | HOLCO.AS | € 80.87M | Halal | ★ ★ ★ ☆ ☆ |
| Ebusco Holding NV | EBUS.AS | € 57.93M | Halal | ★ ★ ★ ★ ☆ |
| Ctac NV | CTAC.AS | € 41.32M | Halal | ★ ★ ☆ ☆ ☆ |
| RoodMicrotec N.V. | ROOD.AS | € 27.74M | Halal | ★ ☆ ☆ ☆ ☆ |
| Ease2pay NV | EAS2P.AS | € 12.29M | Halal | ★ ★ ★ ★ ★ |
Common Structures in Islamic Finance in the Netherlands
Islamic finance is still in its early stages in the Netherlands, with only a few shariah-compliant real estate transactions completed. These transactions are often funded by foreign Islamic financial institutions, using structures based on murabahah or ijarah contracts.
Murabahah Structure
In the Netherlands, the murabahah contract used is the commodity murabahah, or tawarruq. Shariah-compliant investors typically form a private limited company (PropCo) to acquire real estate, partially funding it through equity and a murabahah facility. The financier sells commodities to the PropCo with a profit margin, and the PropCo repays the financier in installments while securing funding.
Role of SPV in Murabahah
An SPV can serve as the financier instead of a bank, entering into a back-to-back facility agreement with a bank to secure funding. The SPV creates a right of pledge over its secured rights, including a right of mortgage, in favour of the bank. This structure allows for a seamless funding mechanism in Shariah-compliant transactions.
Ijarah Structure
The ijarah structure involves two BVs (private limited companies): a PropCo to acquire the real estate and an InvestCo for Shariah-compliant investors. The PropCo leases the real estate to the InvestCo, which subleases it to tenants. The lease payments match the interest paid under a conventional facility agreement, and profits are distributed to the Shariah-compliant investors.
Source: Lexology
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