Is Nuveen California Municipal Value Fund (NCA) halal? Not Halal. Based on AAOIFI screening, Nuveen California Municipal Value Fund has involvement in prohibited business activities with a compliance score of 0/100 (Grade: F).

Nuveen California Municipal Value Fund

NCA: Is Nuveen California Municipal Value Fund Halal?

Not Halal

Nuveen California Municipal Value Fund

NYSEFinancial ServicesUS

$9.21

-0.22%

About Nuveen California Municipal Value Fund

The Nuveen California Municipal Value Fund (NCA) is a closed-end investment vehicle, established by Nuveen Investments, Inc., which began operations on October 7, 1987, and is domiciled in the United States. Management responsibilities are jointly shared by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. The fund's core objective is to invest in California's fixed income markets, primarily targeting municipal securities rated Baa/BBB or higher. A significant draw for investors is the income generated from these holdings, which is designed to be exempt from both federal and California state income taxes. Its portfolio is meticulously constructed using a fundamental analysis approach combined with bottom-up security selection. To gauge its performance, the fund compares its results against the S&P California Municipal Bond Index and the S&P National Municipal Bond Index.

Sector: Financial Services 路 Industry: Asset Management

Shariah Compliance Status

AAOIFI Standard 21Updated Jun 17, 2026
F

Non-Compliant

Fails Shariah screening

0Score

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% (99.0%)

Basket Composition

99% 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.

99%
Halal0%
Doubtful0%
Haram99%
Unknown1%

Top Holdings

Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010Dharam6.14%San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose Second Series 2017Bharam5.35%San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011Aharam4.31%Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018Charam3.43%Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2025Charam3.40%Berkeley Unified School District, Alameda County, California, General Obligation Bonds, Election of 2020 Series 2024Dharam3.14%Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2020Charam2.09%Riverside, California, Sewer Revenue Bonds, Refunding Series 2018Aharam1.97%California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016Aharam1.88%Chino Valley Unified School District, San Bernardino County, California, General Obligation Bonds, 2016 Election Series 2020Bharam1.68%

Compliance History

  1. Not Halalnow

    current status

  2. Under Review

    until the change above

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

Screened: Jun 17, 2026Fiscal: N/ASource: FMP-LOOKTHROUGH

Financial Overview

Market Cap

304.9M

Price

$9.21

Sector

Financial Services

Industry

Asset Management

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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+0.47%

AllianceBernstein Holding L.P.
ABA+

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Inflection Point Acquisition Corp. III
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Inflection Point Acquisition Corp. III

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Axiom Intelligence Acquisition Corp 1
AXINA+

Axiom Intelligence Acquisition Corp 1

$10.42

+0.29%

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BAC

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WFC

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Frequently Asked Questions

Is Nuveen California Municipal Value Fund (NCA) halal to invest in?
Nuveen California Municipal Value Fund (NCA) 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 Nuveen California Municipal Value Fund get a F compliance rating?
Nuveen California Municipal Value Fund'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 Nuveen California Municipal Value Fund's Shariah verdict?
Nuveen California Municipal Value Fund'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 Nuveen California Municipal Value Fund re-screened for Shariah compliance?
Nuveen California Municipal Value Fund (NCA) 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: Jun 17, 2026.

Screened according to AAOIFI Standard No. 21 路 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.