--- title: "Is S&P Global Stock Halal?" canonical: https://www.halalwallet.ca/is-it-halal/s-p-global-stock publisher: HalalWallet license: CC BY 4.0 verdict: not_halal verdict_label: Not Halal entity_type: stock ticker: SPGI exchange: NYSE last_reviewed: 2026-06-14 data_as_of: 2026-03-31 authorities_with_position: 2 authority_agreement: split --- # Is S&P Global Stock Halal? **Authority consensus:** Halal screening authorities disagree on S&P Global Inc.: not halal (HalalWallet (AAOIFI)); doubtful (Musaffa). **Verdict: Not Halal** (Not permissible) S&P Global Inc. (SPGI) 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 S&P Global Inc., through its affiliated entities, delivers crucial services like credit assessments, market benchmarks, advanced analytics, and comprehensive workflow tools. 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, S&P Global Inc.'s balance-sheet ratios in fact sit within AAOIFI's financial limits — interest-bearing debt 10.8% of market cap (limit 30%), cash plus interest-bearing securities 1.5% (limit 30%), as of 2026-03-31; but the outcome does not turn on them — because the activity screen fails, SPGI 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 rates it doubtful. 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 S&P Global Inc., through its affiliated entities, delivers crucial services like credit assessments, market benchmarks, advanced analytics, and comprehensive workflow tools. Their reach extends across the worldwide capital, commodity, and automotive industries. The company is structured into six key operating segments: S&P Global Ratings, S&P Dow Jones Indices, S&P Global Commodity Insights, S&P Global Market Intelligence, S&P Global Mobility, and S&P Global Engineering Solutions. S&P Global Rat 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 | 10.8% | < 30% | Pass | | Cash + interest-bearing securities / market cap | 1.5% | < 30% | Pass | | Impermissible income / total revenue | — | < 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 rates the stock doubtful (checked 2026-06-15). ([source](https://musaffa.com/stock/SPGI/)) - **HalalWallet AAOIFI screen**: Rates S&P Global Inc. (SPGI) 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 - SPGI latest quarterly filing (balance sheet 2026-03-31) (https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=S%26P%20Global%20Inc.&type=10-Q) - AAOIFI Shariah Standards (https://aaoifi.com) - S&P Global Inc. SEC EDGAR filings (https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=S%26P%20Global%20Inc.&type=10-K) - Zoya — SPGI Shariah compliance (https://zoya.finance/stocks/spgi) - Musaffa — SPGI (https://musaffa.com/stock/SPGI/) - 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 S&P Global Inc. (SPGI) stock halal? No. S&P Global Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons. ### Does S&P Global Inc. pass the AAOIFI financial ratio screen? As of 2026-03-31: interest-bearing debt is 10.8% of market cap (limit < 30%); cash plus interest-bearing securities is 1.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page. ### Is S&P Global 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