Is Intercontinental Exchange (ICE) stock halal?
Screened against AAOIFI Shari’ah Standard 21
No. Intercontinental Exchange (ICE) does not pass the AAOIFI Shari’ah Standard 21 screen. Prohibited income, interest included, is 41.5% of total revenue. AAOIFI’s limit is 5% (Shari'ah Standard 21, 3/4/4). Last checked 16 September 2026.
Intercontinental Exchange is not compliant under Halal / Islamic guidelines
AAOIFI Shari’ah Standard 21 Financial Audit
Figures from the latest annual report (the SEC filing or, for European companies, the ESEF annual report, where one exists, checked against Yahoo Finance) and a 36-month average market value.
| Test | Standard Limit | Actual Figure | Status |
|---|---|---|---|
| Main business | — | — | Pass |
| Interest-bearing debt | 30% | 24.03% | Pass |
| Cash and interest-bearing investments | 30% | 4.20% | Pass |
| Prohibited income | 5% | 41.48% | Fail |
| Not just cash and debts | 90% | 3.78% | Pass |
Key Findings & Observations
- 23.9% of revenue comes from futures and options trading (a documented estimate: https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/ice-20251231.htm).Source: Business check
- 16.6% of revenue comes from conventional banking, lending or insurance (its ‘Mortgage Technology Segment’ division, annual report for the year ending 31 Dec 2025).Source: Business check
- Its annual report has a product line called ‘Mortgage Technology Data And Analytics’ (2.1% of revenue). We couldn’t tell from the name whether it is conventional banking, lending or insurance.Source: https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/
- Prohibited income, interest included, is 41.5% of total revenue. AAOIFI’s limit is 5% (Shari'ah Standard 21, 3/4/4).Source: AAOIFI Shari'ah Standard 21
Get an email when verdicts change
One email a month. No spam, unsubscribe any time.
Frequently Asked Questions about Intercontinental Exchange, Inc. (ICE)
Is Intercontinental Exchange (ICE) stock halal?▾
No. Intercontinental Exchange (ICE) does not pass the AAOIFI Shari’ah Standard 21 screen. Prohibited income, interest included, is 41.5% of total revenue. AAOIFI’s limit is 5% (Shari'ah Standard 21, 3/4/4). Last checked 16 September 2026.
What is Intercontinental Exchange's debt ratio under Islamic finance standards?▾
Under AAOIFI Shari’ah Standard 21, interest-bearing debt must stay under 30% of a company's 36-month average market value. Intercontinental Exchange's ratio is about 24.0%.
How much dividend purification is required for Intercontinental Exchange (ICE) stock?▾
Intercontinental Exchange does not pass the screen, so purification does not apply: the standard does not permit holding it.
Does Intercontinental Exchange operate in prohibited business activities?▾
AAOIFI Shari’ah Standard 21 excludes companies whose main business is prohibited, such as alcohol, pork, gambling, conventional interest-based finance and adult entertainment. Intercontinental Exchange's main business is checked against these. For companies that file with the US SEC, revenue by division is also read from the filing, so a division in a prohibited business is counted. Where the check cannot be settled, the result is shown as Needs Review rather than guessed.
Other Halal & Shariah-compliant Financial Services Stocks
Explore other screened equities in the Financial Services sector.
Track your entire portfolio for Halal / Islamic compliance
Check whether your stocks, ETFs, and 401(k) holdings comply with AAOIFI Shari’ah Standard 21. Save stocks and keep every holding’s verdict in one place.