Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is The Goldman Sachs Group, Inc. (GS) Halal?

FAIL

The Goldman Sachs Group, Inc. · NYSE: GS · Financials

The short answer

No — Goldman Sachs (GS) fails this Shariah stock screen at the business-activity gate. It is a conventional global investment bank and financial services firm (Global Banking & Markets, Asset & Wealth Management, Platform Solutions): interest-based finance is its core business — FY2025 interest income of $80,373M exceeds its entire noninterest revenue base ($44,724M) — and conventional financial services are a prohibited industry under AAOIFI-style business screens, excluded outright. Interest income is about 64.25% of gross revenue ($125,097M), versus a 5% non-compliant-income ceiling. The debt gate is not assessed for a bank (borrowings and deposits are operating liabilities). Zoya rates GS not Shariah-compliant; no verifiable Musaffa or ShariaPortfolio rating for GS was found — honestly reported as absent, not invented.

Gate 1 — Business activity: FAIL

The Goldman Sachs Group, Inc. (NYSE: GS) describes itself as a leading global investment banking, securities and investment management firm. Per its FY2025 10-K it reports three business segments: Global Banking & Markets (investment banking advisory, equity/fixed-income underwriting, market-making, transaction banking; fixed income, currency, commodities and equities), Asset & Wealth Management (asset management, wealth management, private banking and lending) and Platform Solutions (consumer-related financial services, transaction banking). Business-screen implication (factual): under AAOIFI-style screens, conventional financial services are a prohibited industry excluded outright — the Fiqh Council of North America explicitly lists "Conventional financial services (banks, insurance, etc)" among excluded businesses. Goldman Sachs's core business is interest-based finance: interest income of $80.4B is larger than its entire noninterest revenue base. Gate 1 fails. Facts only.

Gate 2 — Debt and cash: Not assessed — business gate decisive

Not assessed — the business gate is decisive. For a bank, unsecured long-term borrowings and deposits are operating liabilities, not corporate borrowing, so a debt-to-market-cap ratio is not meaningful (December 2025: unsecured long-term borrowings $285,500M, deposits $501,422M — against a ~$266B market cap the raw figure would exceed 100% regardless). The screen already fails at Gate 1. Facts only.

Gate 3 — Non-compliant income: FAIL

Goldman Sachs' FY2025 10-K (year ended December 31, 2025, filed February 2026) reports interest income of $80,373M. Against gross revenue of $125,097M (interest income $80,373M + noninterest revenues $44,724M — the combined total Zoya also discloses), that is about 64.25% of revenue, massively above the 5% non-compliant income ceiling. (Net interest income of $13,559M was 23.3% of FY2025 net revenues of $58,283M — reported for completeness; the gross figure is the relevant measure.) This is the expected profile of a conventional investment bank and confirms the Gate 1 business-screen failure. Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

What does Goldman Sachs do?

The Goldman Sachs Group, Inc. (NYSE: GS) describes itself as a leading global investment banking, securities and investment management firm. Per its FY2025 10-K it reports three business segments: Global Banking & Markets (investment banking advisory, equity/fixed-income underwriting, market-making, transaction banking; fixed income, currency, commodities and equities), Asset & Wealth Management (asset management, wealth management, private banking and lending) and Platform Solutions (consumer-related financial services, transaction banking).

Why does Goldman Sachs fail this Shariah stock screen?

Goldman Sachs fails this screen at the first gate — the business-activity gate. It is a conventional global investment bank whose core business is interest-based finance — its FY2025 interest income of $80,373M is larger than its entire noninterest revenue base ($44,724M). Under AAOIFI-style business screens, conventional financial services are a prohibited industry excluded outright, regardless of balance-sheet strength — the Fiqh Council of North America explicitly lists "Conventional financial services (banks, insurance, etc)" among excluded businesses. Interest income is about 64.25% of gross revenue ($125,097M), versus a 5% non-compliant income ceiling. Zoya rates GS not Shariah-compliant. This is a factual screen, not a religious ruling — consult a qualified scholar for personal rulings.

What is Goldman Sachs' debt ratio?

The debt gate is not assessed for Goldman Sachs because the business gate is decisive: as a global bank, unsecured long-term borrowings and deposits are operating liabilities, not corporate borrowing, so a debt-to-market-cap ratio is not meaningful (December 2025: unsecured long-term borrowings $285,500M, deposits $501,422M — against a ~$266B market cap the raw figure would exceed 100% regardless). The screen already fails at Gate 1.

What is Goldman Sachs' non-compliant income ratio?

Goldman Sachs' FY2025 10-K (year ended December 31, 2025, filed February 2026) reports interest income of $80,373M. Against gross revenue of $125,097M (interest income $80,373M + noninterest revenues $44,724M) — the combined total Zoya also discloses — that is about 64.25% of revenue, massively above the 5% non-compliant income ceiling. (Net interest income of $13,559M was 23.3% of FY2025 net revenues of $58,283M — reported for completeness; the gross figure is the relevant non-compliant-income measure.) This is the expected profile of a conventional investment bank and confirms the Gate 1 business-screen failure.

Do Zoya, Musaffa, or ShariaPortfolio cover Goldman Sachs?

Zoya covers GS (zoya.finance/stocks/gs): "GS is not Shariah-compliant and therefore not considered halal to invest in," citing interest income $80,373,000,000 = 64.25% of combined revenue $125,097,000,000 (FY2025 annual report) — matching the 10-K exactly. Musaffa: no GS-specific public rating found. ShariaPortfolio: no GS-specific public rating found — both honestly reported as absent, not invented. This page applies the screen directly from Goldman Sachs' 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).