Is ING Groep (INGA.AS) stock halal?
Screened against AAOIFI Shari’ah Standard 21
No. ING Groep (INGA.AS) does not pass the AAOIFI Shari’ah Standard 21 screen. Its main business is conventional banking, lending or insurance (Yahoo industry “Banks - Diversified”), which AAOIFI Shari’ah Standard 21 excludes (3/4/1). Last checked 2 October 2026.
ING Groep 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 | — | — | Fail |
| Interest-bearing debt | 30% | 31.82% | Fail |
| Cash and interest-bearing investments | 30% | 95.19% | Fail |
| Prohibited income | 5% | — | Review |
| Not just cash and debts | 90% | 99.34% | Review |
Key Findings & Observations
- Its main business is conventional banking, lending or insurance (Yahoo industry “Banks - Diversified”), which AAOIFI Shari’ah Standard 21 excludes (3/4/1).Source: Business check
- Its business description mentions conventional banking, lending or insurance, but it doesn’t report how much of its revenue that is.Source: Business check
- Interest-bearing debt is 31.8% of the company’s 36-month average market value. AAOIFI’s limit is under 30% (Shari'ah Standard 21, 3/4/2).Source: AAOIFI Shari'ah Standard 21
- Cash and interest-bearing investments are 95.2% of the company’s 36-month average market value. AAOIFI’s limit is under 30% (Shari'ah Standard 21, 3/4/3).Source: AAOIFI Shari'ah Standard 21
- The prohibited income test couldn’t be settled: SEC filing reports interest income of €43.5B, more than the company’s cash, investments and receivables could earn at 10% (€24.9B), so that figure was set aside. Yahoo reports interest income of €51.1B, more than the company’s cash, investments and receivables could earn at 10% (€24.9B), so that figure was set aside. So the income test can’t be settled.Source: AAOIFI Shari'ah Standard 21
- The not just cash and debts test couldn’t be settled: The figures give 5.1% and 99.3%, on either side of the limit. The balance sheet is in order of liquidity, as banks and insurers present it, so every asset that isn’t clearly property, intangibles, tax, pensions, inventory, insurance or a stake in an associate is counted as possible cash or interest-bearing investment.Source: AAOIFI Shari'ah Standard 21
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Frequently Asked Questions about ING Groep N.V. (INGA.AS)
Is ING Groep (INGA.AS) stock halal?▾
No. ING Groep (INGA.AS) does not pass the AAOIFI Shari’ah Standard 21 screen. Its main business is conventional banking, lending or insurance (Yahoo industry “Banks - Diversified”), which AAOIFI Shari’ah Standard 21 excludes (3/4/1). Last checked 2 October 2026.
What is ING Groep'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. ING Groep's ratio is about 31.8%.
How much dividend purification is required for ING Groep (INGA.AS) stock?▾
ING Groep does not pass the screen, so purification does not apply: the standard does not permit holding it.
Does ING Groep 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. ING Groep'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.
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