Is The Goldman Sachs Stock Halal?
The Goldman Sachs Group, Inc. · GS · NYSE
The Goldman Sachs Group, Inc. (GS) does not pass Shariah screening: its core business fails the activity screen (the goldman sachs group is a conventional investment bank and financial-services firm), and interest-bearing debt / market cap is 238.5% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 64.2% against the < 5% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.
Financial data as of 2026-03-31 · Screening basis: AAOIFI · Last reviewed 2026-06-14
Our Analysis
Goldman Sachs is a clear-cut non-compliant stock, and the reason is the business-activity screen rather than any borderline financial ratio. Goldman is a conventional investment bank: its revenue comes from financing and lending, market-making and trading in interest-bearing instruments and derivatives, advisory and underwriting of conventional debt, and wealth management invested in interest-bearing securities. Every major revenue stream is tied to riba in some form, so the qualitative screen fails at the most fundamental level.
The financial ratios fail as well — like any bank, Goldman's balance sheet carries enormous interest-bearing liabilities relative to its market capitalization, and its impermissible (interest) income is the bulk of its revenue. But this is the case where ratios do not even matter: when the core business activity is itself prohibited, a company cannot be rescued by its balance sheet.
This is why Musaffa, HalalScreener, and every mainstream Shariah screen classify Goldman Sachs as not halal, and why it is excluded from Shariah-screened funds such as SPUS and HLAL by design. Muslim investors who want financial-sector exposure should look beyond conventional banks — for example to payment networks such as Visa and Mastercard that earn transaction fees rather than interest, permissible fintech, or Shariah-compliant Islamic banks.
Business Activity Screen
The Goldman Sachs Group is a conventional investment bank and financial-services firm. Its core business is interest-based and conventional financial intermediation across Global Banking & Markets (financing, advisory, market-making, and trading in fixed income, equities, currencies, and commodities), Asset & Wealth Management, and Platform Solutions (consumer platforms, credit cards, and transaction banking).
Goldman Sachs fails the Shariah business-activity screen because conventional banking and capital-markets intermediation — built on riba (interest) through lending, fixed-income trading, derivatives, and the structuring of interest-bearing products — is its core business. The financial ratios also fail by wide margins: interest-bearing debt is well over the 30% AAOIFI limit relative to market cap, and impermissible income is far above the 5% revenue limit. When the primary business activity is itself prohibited, the quantitative ratios are moot.
Financial Ratio Screen
| Screen | Value | AAOIFI limit | Result |
|---|---|---|---|
| Interest-bearing debt / market cap | 238.5% | < 30% | Fail |
| Cash + interest-bearing securities / market cap | 2.2% | < 30% | Pass |
| Impermissible income / total revenueInterest income only — verify other impermissible revenue lines in the 10-K | 64.2% | < 5% | Fail |
Spot market cap at research date (consider trailing average for borderline names). Data as of 2026-03-31 · thresholds per AAOIFI Shariah standards.
This verdict uses the AAOIFI standard — the most widely used and, at a 30% debt limit, the most conservative mainstream Shariah standard. Interest-bearing debt and interest-bearing securities each stay under 30% of market cap, and impermissible income under 5% of revenue. Other standards (Dow Jones Islamic, S&P Shariah, MSCI Islamic, FTSE Yasaar) use ~33% limits or screen against total assets, so a borderline company can be rated differently by each. How we screen & why screeners disagree →
Scholars' & Screeners' Positions
Published positions, cited as stated. Screeners can reach different conclusions on the same company because of ratio timing and methodology differences — we report the disagreement rather than flatten it.
SP Funds S&P 500 Sharia ETF (SPUS)
Not held in SPUS as of 2026-06-13. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.
Source →Wahed FTSE USA Shariah ETF (HLAL)
Not held in HLAL as of 2026-06-13. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.
Source →Musaffa
Classified NOT HALAL as of March 2026 — conventional banking/financial-services business fails the AAOIFI activity screen.
Source →HalalScreener
Rates GS Not Halal (Grade F) under AAOIFI Standard 21 — primary involvement in conventional banking, a prohibited sector.
Source →
What to do instead
You don't have to choose between investing and your values — screened alternatives exist for nearly every position.
Related guides
Consider Consulting an Islamic Scholar
Major whether The Goldman Sachs Group, Inc. is halal decisions often involve nuances that vary by scholarly opinion and personal circumstance. While HalalWallet provides educational comparisons and tools, we are not scholars or financial advisors. For personal guidance on Shariah compliance, consider speaking with a qualified Islamic scholar, your local imam, or a Shariah-certified financial advisor familiar with your situation.
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This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-06-01
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