Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Blackstone Inc. (BX) Halal?

PASS

Blackstone Inc. · NYSE: BX · Financials

The short answer

Yes — Blackstone (BX) passes this Shariah stock screen. The New York company is one of the largest independent managers of private capital in the world: it earns management and advisory fees, incentive fees, performance allocations and principal-investment income across Private Equity, Real Estate, Credit & Insurance, and Multi-Asset Investing (hedge fund solutions) — financial-services activity, not deposit-taking banking, with no haram business segments disclosed in its FY2025 10-K. The financial ratios pass: corporate borrowings of $13,189.5M (Q1 2026 10-Q) are 9.30% of its ~$141.86B market cap (Finnhub, $112.24, October 1, 2026), below the ~33% ceiling, and its ‘interest and dividend revenue’ of $416.1M is 2.88% of FY2025 revenue ($14,450.3M), below the 5% ceiling. Honest disagreement: Musaffa independently classifies BX as NOT HALAL (AAOIFI, as of October 2026), and Zoya’s BX page renders contradictory rating text. This is a factual screen, not a religious ruling — consult a qualified scholar for personal rulings.

Gate 1 — Business activity: PASS

Blackstone Inc. (NYSE: BX), founded in 1985 and headquartered at 345 Park Avenue, New York, New York, describes itself as one of the largest independent managers of private capital in the world. It is organized into four segments: Private Equity (flagship and sector corporate private equity funds, tactical opportunities, growth, life sciences, secondaries), Real Estate (opportunistic, Core+, real estate debt funds), Credit & Insurance (private credit, liquid credit including CLOs, insurer-focused platform), and Multi-Asset Investing (hedge fund of fund solutions, GP stakes). Its business model earns fees and investment income from the funds it manages: FY2025 revenues of $14,450.265M = management and advisory fees, net $8,075.601M + incentive fees $978.202M + performance allocations $4,305.306M + principal investments $945.936M + interest and dividend revenue $416.093M + other –$270.873M. Business-screen implication (factual): alternative asset management is financial services, not conventional deposit-taking banking; the 10-K discloses no alcohol, gambling, conventional banking, pork, weapons or tobacco revenue. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

Per Blackstone’s Q1 2026 10-Q (filed May 8, 2026; SEC CIK 1393818, accession 0001193125-26-214609), the corporate Loans Payable line was $13,189.537M at March 31, 2026 — senior notes issued through Blackstone Holdings Finance Co. L.L.C. and Blackstone Reg Finance Co. L.L.C. (The consolidated total Loans Payable of $13,280.285M includes $90.748M of notes payable of consolidated CLO vehicles, due to unaffiliated third parties; those CLO notes are excluded here.) Against a market cap of about $141.86B (Finnhub, current price $112.24, October 1, 2026), debt ÷ market cap is 9.30% — below the ~33% ceiling. Cash and cash equivalents of $2,448.5M at March 31, 2026 are about 1.73% of market cap. The Q2 2026 10-Q was not retrievable, so the Q1 10-Q is the latest verifiable 10-Q; Zacks’ compiled June 30, 2026 balance sheet shows a consistent ~$13.195B long-term debt figure. The debt gate passes. Facts only.

Gate 3 — Non-compliant income: PASS

Blackstone’s FY2025 10-K (filed February 27, 2026; SEC CIK 1393818, accession 0001193125-26-082531) reports ‘Interest and Dividend Revenue’ of $416.093M against FY2025 total revenues of $14,450.265M — about 2.88% of revenue, below the 5% non-compliant income ceiling. The 10-K notes that interest consists primarily of interest income earned on cash, receivables and Blackstone-held principal investments not accounted for under the equity method, with dividend revenue earned on principal investments. This is the broadest verifiable interest/investment income line from primary filings. The income gate passes. Facts only.

Key figures used

Frequently asked questions

What does Blackstone do?

Blackstone Inc., founded in 1985 and headquartered at 345 Park Avenue, New York, New York, describes itself as one of the largest independent managers of private capital in the world. It is organized into four segments: Private Equity, Real Estate, Credit & Insurance, and Multi-Asset Investing (hedge fund solutions). Its business model earns management and advisory fees, incentive fees, performance allocations, and principal-investment income from the funds it manages — not deposit-taking banking. FY2025 total revenues were $14,450.265M: management and advisory fees, net $8,075.601M; incentive fees $978.202M; performance allocations $4,305.306M; principal investments $945.936M; interest and dividend revenue $416.093M; other –$270.873M (FY2025 10-K, filed February 27, 2026; SEC CIK 1393818, accession 0001193125-26-082531). The 10-K discloses no alcohol, gambling, pork, weapons or tobacco business.

Why does BX pass this Shariah stock screen?

BX passes this Shariah stock screen at all three gates. Gate 1 (business activities): alternative asset management — management and advisory fees, incentive fees, performance allocations and principal investments — is financial-services activity, not conventional deposit-taking banking; the FY2025 10-K discloses no alcohol, gambling, conventional banking, pork, weapons or tobacco revenue. Gate 2 (debt): corporate Loans Payable of $13,189.5M (Q1 2026 10-Q, filed May 8, 2026; accession 0001193125-26-214609) is 9.30% of its ~$141.86B market cap (Finnhub, current price $112.24, October 1, 2026), against the ~33% ceiling. Gate 3 (interest income): FY2025 interest and dividend revenue of $416.093M is 2.88% of $14,450.265M revenue, under the 5% ceiling. Note: Musaffa independently classifies BX as NOT HALAL (AAOIFI methodology, as of October 2026) — reported honestly; this page applies the screen directly from Blackstone's own filings. This is a factual screen, not a religious ruling — consult a qualified scholar for personal rulings.

What is BX's interest-bearing debt ratio?

Per Blackstone's Q1 2026 10-Q (filed May 8, 2026; SEC CIK 1393818, accession 0001193125-26-214609), Loans Payable was $13,280.285M at March 31, 2026 — of which $13,189.537M is corporate borrowings (senior notes issued through Blackstone Holdings Finance Co. L.L.C. and Blackstone Reg Finance Co. L.L.C.) and $90.748M is notes payable of consolidated CLO vehicles. Using the corporate borrowings line against a market cap of about $141.86B (Finnhub, current price $112.24, October 1, 2026), debt ÷ market cap is 9.30% — below the ~33% ceiling. Cash and cash equivalents of $2,448.5M at March 31, 2026 are about 1.73% of market cap. The Q2 2026 10-Q was not retrievable, so the Q1 10-Q is the latest verifiable 10-Q; Zacks' compiled June 30, 2026 balance sheet shows a consistent ~$13.195B long-term debt figure. The debt gate passes.

What is BX's non-compliant income ratio?

Blackstone's FY2025 10-K (filed February 27, 2026; SEC CIK 1393818, accession 0001193125-26-082531) reports 'Interest and Dividend Revenue' of $416.093M against FY2025 total revenues of $14,450.265M — about 2.88% of revenue, below the 5% non-compliant income ceiling. The 10-K notes that interest consists primarily of interest income earned on cash, receivables and Blackstone-held principal investments not accounted for under the equity method, with dividend revenue earned on principal investments. This is the broadest verifiable interest/investment income line from the filings. The income gate passes.

Do Zoya, Musaffa, or ShariaPortfolio cover BX?

Zoya covers BX (zoya.finance/stocks/bx) and cites FY2025 revenue of $13,828,896,000 with interest income of $416,093,000 (3.01%), but its public page renders contradictory auto-generated template text (simultaneously calling BX not Shariah-compliant and halal to invest in), so no clean Zoya rating is retrievable — reported as inconclusive. Musaffa covers BX and classifies it NOT HALAL (AAOIFI methodology, as of October 2026; the public page does not publish the specific failing gate). ShariaPortfolio: no BX entry found (its screener site covers Blackstone Mortgage Trust (BXMT) and Blackstone Secured Lending Fund (BXSL) only). All honestly reported as found, not invented. This page applies the screen directly from Blackstone's own filings.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).