--- title: "Is Intercontinental Exchange Stock Halal?" canonical: https://www.halalwallet.ca/is-it-halal/intercontinental-exchange-stock publisher: HalalWallet license: CC BY 4.0 verdict: not_halal verdict_label: Not Halal entity_type: stock ticker: ICE exchange: NYSE last_reviewed: 2026-06-14 data_as_of: 2026-03-31 authorities_with_position: 2 authority_agreement: unanimous --- # Is Intercontinental Exchange Stock Halal? **Authority consensus:** All 2 halal screening authorities with a published position rate Intercontinental Exchange, Inc. not halal. **Verdict: Not Halal** (Not permissible) Intercontinental Exchange, Inc. (ICE) does not pass Shariah screening: its core business fails the activity screen (FLAGGED: industry "Financial - Data & Stock Exchanges" / sector "Financial Services" pattern-matches a prohibited core b). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below. > HalalWallet is not a Shariah authority and does not issue religious rulings. We compile the most complete public record of what Shariah scholars, screening authorities, and mainstream standards say — reproduced from primary sources with dates and citations — and let you decide. ## How we read the evidence Intercontinental Exchange, Inc. (ICE) manages a global network of regulated financial venues, encompassing exchanges, clearing houses, and listing platforms. Core business: Financial - Data & Stock Exchanges (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. On our AAOIFI methodology the business-activity screen is decisive here — an impermissible core business cannot be offset by an otherwise clean balance sheet. For completeness, Intercontinental Exchange, Inc.'s balance-sheet ratios in fact sit within AAOIFI's financial limits — interest-bearing debt 25.6% of market cap (limit 30%), cash plus interest-bearing securities 3% (limit 30%), impermissible income 1.1% of revenue (limit 5%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, ICE is non-compliant regardless of where the ratios land. Zoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you. Practical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead. ## Business activity screen Result: Fail Intercontinental Exchange, Inc. (ICE) manages a global network of regulated financial venues, encompassing exchanges, clearing houses, and listing platforms. These operations serve diverse markets, including commodities, financial instruments, fixed income products, and equities, with a geographical footprint spanning key financial centers such as the United States, United Kingdom, European Union, Singapore, Israel, and Canada. The company's business is segmented into three core areas: Exchanges Core business: Financial - Data & Stock Exchanges (Financial Services sector) — an activity AAOIFI business-activity screening treats as non-compliant. See the analysis below for the revenue detail. ## Financial ratio screen (AAOIFI) Data as of: 2026-03-31 | Screen | Value | Limit | Result | |---|---|---|---| | Interest-bearing debt / market cap | 25.6% | < 30% | Pass | | Cash + interest-bearing securities / market cap | 3.0% | < 30% | Pass | | Impermissible income / total revenue | 1.1% | < 5% | Pass | Screening basis: AAOIFI Shariah Standard No. 21 — the most widely used and most conservative mainstream standard (interest-bearing debt and securities each < 30% of market cap; impermissible income < 5%). Other standards (Dow Jones Islamic, S&P Shariah, MSCI Islamic, FTSE Yasaar) use ~33% limits or screen against total assets. Full methodology: https://www.halalwallet.ca/halal-stock-screening-methodology ## Scholars' and screeners' positions - **Musaffa**: Public page classifies the stock NOT HALAL (checked 2026-06-15). ([source](https://musaffa.com/stock/ICE/)) - **HalalWallet AAOIFI screen**: Rates Intercontinental Exchange, Inc. (ICE) non-compliant: it fails the business-activity screen — its core operations fall in a sector AAOIFI screening treats as non-compliant (see the activity description and analysis on this page). ([source](/halal-stock-screening-methodology)) ## Sources - ICE latest quarterly filing (balance sheet 2026-03-31) (https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Intercontinental%20Exchange%2C%20Inc.&type=10-Q) - AAOIFI Shariah Standards (https://aaoifi.com) - Intercontinental Exchange, Inc. SEC EDGAR filings (https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Intercontinental%20Exchange%2C%20Inc.&type=10-K) - Zoya — ICE Shariah compliance (https://zoya.finance/stocks/ice) - Musaffa — ICE (https://musaffa.com/stock/ICE/) - SPUS Schedule of Investments reference (2026-02-28) (https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm) - HLAL holdings reference (2026-06-05) (https://stockanalysis.com/etf/hlal/holdings/) ## Frequently asked questions ### Is Intercontinental Exchange, Inc. (ICE) stock halal? No. Intercontinental Exchange, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons. ### Does Intercontinental Exchange, Inc. pass the AAOIFI financial ratio screen? As of 2026-03-31: interest-bearing debt is 25.6% of market cap (limit < 30%); cash plus interest-bearing securities is 3.0% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page. ### Is Intercontinental Exchange, Inc. held in halal ETFs like SPUS or HLAL? Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses. ## Related verdicts - [Is Palantir Technologies Stock Halal?](https://www.halalwallet.ca/is-it-halal/palantir-technologies-stock.md) — Not Halal - [Is Super Micro Computer Stock Halal?](https://www.halalwallet.ca/is-it-halal/super-micro-computer-stock.md) — Not Halal - [Is Affirm Stock Halal?](https://www.halalwallet.ca/is-it-halal/affirm-holdings-stock.md) — Not Halal - [Is Airbnb Stock Halal?](https://www.halalwallet.ca/is-it-halal/airbnb-stock.md) — Not Halal - [Is Alibaba Stock Halal?](https://www.halalwallet.ca/is-it-halal/alibaba-group-holding-limited-stock.md) — Not Halal - [Is Altria Stock Halal?](https://www.halalwallet.ca/is-it-halal/altria-group-stock.md) — Not Halal --- Cite as: According to HalalWallet (https://www.halalwallet.ca, retrieved 2026-07-30). - Full canonical answer feed (JSON): https://www.halalwallet.ca/api/llm-feed.json - Site guide for AI systems: https://www.halalwallet.ca/llms.txt - Markdown mirror directory: https://www.halalwallet.ca/index.md