NASDAQ Shariah screener · October 2026

Is First Citizens BancShares, Inc. (FCNCA) Halal?

FAIL

First Citizens BancShares, Inc. · NASDAQ: FCNCA · Financials

The short answer

First Citizens BancShares fails the Shariah business-activity gate: it is a conventional bank whose core revenue is interest on loans ($11,778M, 81.2% of revenue), and interest-bearing debt of $36,008M is 154.2% of its ~$23.35 billion market cap.

Gate 1 — Business activity: FAIL

Gate 1 — business activity: FAIL. First Citizens BancShares, Inc., per its FY2025 Form 10-K (year ended December 31, 2025), is the bank holding company for First Citizens Bank, headquartered in Raleigh, North Carolina (roots to a community bank founded in 1898). It offers consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, specialized lending, wealth management, trust and fiduciary services, and capital-markets support. It acquired the Silicon Valley Bank bridge bank in 2023, booking a $9.8 billion bargain gain, and repurchased $3.0 billion of Class A shares in 2025.

This is a conventional interest-based bank: its core business is taking deposits and extending credit, earning interest on loans. Interest-based lending is the business, not an ancillary line. The business fails gate 1.

Gate 2 — Debt and cash: FAIL

Gate 2 — interest-bearing debt: FAIL (154.2%, ceiling 33%). Per First Citizens' FY2025 Form 10-K consolidated balance sheet, interest-bearing debt was about $36,008 million at December 31, 2025 (short-term borrowings $224 million plus long-term debt $35,784 million).

$36,008 million against a market capitalization of about $23.35 billion (Finnhub, October 2, 2026; NASDAQ: FCNCA) is about 154.2%, far over the 33% ceiling.

Gate 3 — Non-compliant income: FAIL

Gate 3 — non-compliant income: FAIL (81.2%, ceiling 5%). First Citizens' FY2025 Form 10-K consolidated statement of income reports total interest income of $11,778 million (the filing's exact label) against total revenue of $14,505 million - about 81.2%, far over the 5% non-compliant income ceiling.

Interest income is the core business revenue of a bank. Expected for a conventional bank, and reported for the record.

Key figures used

Business: bank holding company (First Citizens Bank; Raleigh NC; roots to 1898) — consumer/business deposits, commercial/industrial lending, real estate + mortgage lending, treasury management, wealth management, trust, capital markets
Haram assessment: conventional interest-based bank — interest on loans is the core business (not an ancillary line); fails business-activity gate
Debt: $36,008M interest-bearing debt (FY2025 10-K) ÷ ~$23.35B market cap (Finnhub, Oct 2, 2026) = 154.2% — far over the 33% ceiling
Interest income: $11,778M total interest income, exact filing label (FY2025) ÷ $14,505M revenue = 81.2% — far over the 5% ceiling (expected for a bank)
Market data: NASDAQ-listed (FCNCA, Nasdaq Global Select Market); still listed on NASDAQ (confirmed October 2, 2026; Finnhub XNAS live quote; 10-K cover verified; no delisting; no ticker reassignment)
Corporate actions: acquired Silicon Valley Bank bridge bank in 2023 ($9.8B bargain gain); $3.0B Class A buybacks in 2025; Series D preferred issued 2025
Third-party: Zoya flags FCNCA not Shariah-compliant (FY2025 basis) — consistent with this FAIL; no verifiable Musaffa or ShariaPortfolio rating

Frequently asked questions

What does First Citizens BancShares do?

First Citizens BancShares, Inc. (NASDAQ: FCNCA) is the bank holding company for First Citizens Bank, headquartered in Raleigh, North Carolina, with roots to a community bank founded in 1898. Per its FY2025 Form 10-K (year ended December 31, 2025), it offers consumer and business deposits, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, wealth management, trust and fiduciary services, and capital markets. It acquired the Silicon Valley Bank bridge bank in 2023 (a $9.8 billion bargain gain).

Is First Citizens BancShares' business Shariah compliant?

No - First Citizens BancShares is a conventional bank. Its core business is taking deposits and extending interest-bearing loans: commercial, industrial, real estate, and mortgage lending. Interest-based lending is the business, not an ancillary line. Assessed on the filed business description, the business fails this screener's first gate.

How much interest-bearing debt does First Citizens have?

First Citizens' FY2025 Form 10-K reports interest-bearing debt of about $36,008 million (short-term borrowings $224 million plus long-term debt $35,784 million) at December 31, 2025. Against a market capitalization of about $23.35 billion (Finnhub, October 2, 2026), that is about 154.2% - far over the 33% ceiling.

How much interest income does First Citizens earn?

First Citizens' FY2025 Form 10-K reports total interest income of $11,778 million (the filing's exact label) against total revenue of $14,505 million - about 81.2%, far over the 5% non-compliant income ceiling. Interest income is the core business revenue of a bank. This gate failure is expected for a conventional bank and is reported for the record.

What do third-party Shariah screeners say about First Citizens?

Zoya flags FCNCA as not Shariah-compliant (FY2025 basis), consistent with this page's FAIL. I could not verify a Musaffa rating page for FCNCA or a ShariaPortfolio rating from public sources. Third-party screeners apply different assumptions and update on different schedules - always check the latest screening before investing.

Sources

Screened 2026-10-02 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).