Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Intercontinental Exchange, Inc. (ICE) Halal?

FAIL

Intercontinental Exchange, Inc. · NYSE: ICE · Financials

The short answer

No - Intercontinental Exchange, Inc. (ICE) fails this Shariah stock screen at the business-activity gate. ICE's core business (about 55% of FY2025 revenues less transaction-based expenses) is operating derivatives (futures and options) exchanges - the FY2025 10-K describes 'regulated marketplaces for the listing, trading and clearing of a broad array of derivatives contracts and financial securities' across energy, agricultural, metals, financial and equity markets, plus six clearing houses. Futures and options are widely considered impermissible instruments in Islamic finance, so a strict reading fails the business gate (scholars differ on whether operating the marketplace itself is haram - this judgment call is stated, not hidden). Factual flags from the filing also include interest-rate futures and options, CDS (credit default swaps) clearing, and a Mortgage Technology segment serving the interest-based U.S. residential mortgage market. The financial ratios pass: interest-bearing debt of $19,644M is about 22.8% of its ~$86B market cap ($151.47/share, October 2, 2026), below the ~33% ceiling, and interest income of $119M is about 0.94% of revenue ($12,640M), below the 5% ceiling. Third-party screeners agree: Musaffa rates ICE 'not halal' (October 2026, AAOIFI methodology) and Zoya's page consistently flags it 'not Shariah-compliant'; no ShariaPortfolio rating was found - honestly reported as absent, not invented. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

Gate 1 — Business activity: FAIL

Intercontinental Exchange, Inc. (NYSE: ICE), founded in 2000 and headquartered in Atlanta, Georgia, is a Fortune 500 provider of technology and data to financial institutions, corporations and governments. Per its Form 10-K for the fiscal year ended December 31, 2025 (filed February 2026; Commission File No. 001-36198), it reports three business segments: Exchanges - 'regulated marketplaces for the listing, trading and clearing of a broad array of derivatives contracts and financial securities' - 13 regulated exchanges and six clearing houses including the global futures network and the New York Stock Exchange ($5.4B revenues less transaction-based expenses, about 55%); Fixed Income and Data Services - ICE Bonds fixed-income execution, CDS (credit default swaps) clearing, fixed-income pricing, reference data, indices and analytics ($2.4B, about 24%); and Mortgage Technology - digital workflow tools for the U.S. residential mortgage market life cycle. Business-screen implication (factual): the core business is operating derivatives (futures/options) exchanges. Futures and options contracts are widely considered impermissible instruments in Islamic finance (gharar/speculation); scholars differ on whether operating the marketplace itself is a haram business vs. a permissible service - a strict reading fails the business gate (judgment call stated, not hidden). Additional factual flags: interest-rate futures and options (interest-based instruments), CDS clearing, and mortgage technology serving the interest-based U.S. residential mortgage market. No alcohol, tobacco, pork, gambling or weapons operations. Gate 1 fails on strict reading. Facts only.

Gate 2 — Debt and cash: PASS

Per Intercontinental Exchange's FY2025 10-K (fiscal year ended December 31, 2025; filed February 2026; $ millions), total interest-bearing debt was $19,644M - short-term debt $1,035M (commercial paper) and long-term debt $18,609M (fixed-rate senior notes). Against a market cap of about $86.02B ($151.47 per share, Finnhub live quote, October 2, 2026; 567,896,513 shares outstanding per the 10-K cover), debt / market cap is about 22.84% - below the ~33% ceiling. Cross-check: WallStreetZen reports $85.03B as of October 2, 2026 (561,394,487 shares x $151.47), giving about 23.1%. Cash and cash equivalents of $837M are about 0.97% of market cap. Margin deposits and guaranty funds ($76,789M) are clearing-member collateral held in trust, matched by equal liabilities - correctly excluded from company assets and debt. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Per Intercontinental Exchange's FY2025 10-K (fiscal year ended December 31, 2025; filed February 2026; $ millions), interest income was $119M (a separately disclosed line) against total revenues of $12,640M (Exchanges $8,120M, Fixed income and data services $2,419M, Mortgage technology $2,101M) = about 0.94% of revenue - below the 5% non-compliant income ceiling. Methodology note disclosed: the 10-K's Item 1 states that other revenues include interest income on certain clearing margin deposits related to the futures business (amount not quantified) - the $119M disclosed line is the verifiable figure used here. The Q1 2026 10-Q shows the same pattern ($24M vs $3,666M, about 0.65%). The financial gates pass; this screen fails at Gate 1 (business activity), not on the numbers. Gate 3 passes. Facts only.

Key figures used

Frequently asked questions

What does Intercontinental Exchange do?

Intercontinental Exchange, Inc. (NYSE: ICE), founded in 2000 and headquartered in Atlanta, Georgia, is a Fortune 500 provider of technology and data to financial institutions, corporations and governments. Per its Form 10-K for the fiscal year ended December 31, 2025 (filed February 2026; Commission File No. 001-36198), it reports three business segments: Exchanges (regulated marketplaces for the listing, trading and clearing of derivatives contracts and financial securities - 13 regulated exchanges and six clearing houses, including the global futures network and the New York Stock Exchange; FY2025 revenues less transaction-based expenses $5.4B, about 55% of the total), Fixed Income and Data Services (ICE Bonds fixed-income execution, CDS clearing, fixed-income pricing, reference data, indices, analytics and multi-asset data delivery; $2.4B, about 24%) and Mortgage Technology (digital workflow tools for the U.S. residential mortgage market life cycle, from application through closing, servicing and the secondary market). FY2025 total revenues were $12,640M.

Why does Intercontinental Exchange fail this Shariah stock screen?

Intercontinental Exchange fails this Shariah stock screen at the first gate - the business-activity gate - even though its financial ratios pass. Its core Exchanges segment (about 55% of FY2025 revenues less transaction-based expenses) is operating derivatives (futures and options) exchanges: the 10-K describes 'regulated marketplaces for the listing, trading and clearing of a broad array of derivatives contracts and financial securities' across energy, agricultural and metals, financial (interest-rate and equity-index), cash equities and equity options markets, plus six clearing houses. Futures and options contracts are widely considered impermissible instruments in Islamic finance (gharar/speculation); scholars differ on whether operating the marketplace itself is a haram business or a permissible service - a strict reading fails it. Factual haram-adjacent flags from the filing: interest-rate futures and options (interest-based instruments), CDS (credit default swaps) clearing in Fixed Income and Data Services, and a Mortgage Technology segment serving the interest-based U.S. residential mortgage market. There are no alcohol, tobacco, pork, gambling or weapons operations. The financial gates pass: debt of $19,644M is about 22.84% of its ~$86B market cap (under the ~33% ceiling) and interest income of $119M is about 0.94% of FY2025 revenue (under the 5% ceiling). Both third-party screeners that cover ICE decline to certify it: Musaffa rates it 'not halal' (October 2026, AAOIFI methodology) and Zoya's page consistently flags it 'not Shariah-compliant' (October 2026). This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

What is Intercontinental Exchange's interest-bearing debt ratio?

Per Intercontinental Exchange's FY2025 10-K (fiscal year ended December 31, 2025; filed February 2026; $ millions), total interest-bearing debt was $19,644M - short-term debt $1,035M (commercial paper) and long-term debt $18,609M (fixed-rate senior notes). The 10-K states: 'As of December 31, 2025, we had $19.6 billion in outstanding debt, including $1.0 billion of short-term debt.' Against a market cap of about $86.02B ($151.47 per share, Finnhub live quote, October 2, 2026; 567,896,513 shares outstanding per the 10-K cover), debt divided by market cap is about 22.84% - below the ~33% ceiling. Cross-check: WallStreetZen reports a market cap of $85.03B as of October 2, 2026 (561,394,487 shares x $151.47), giving about 23.1%. Cash and cash equivalents of $837M are about 0.97% of market cap. Margin deposits and guaranty funds ($76,789M) are clearing-member collateral held in trust, matched by equal liabilities - correctly excluded from company assets and debt. Gate 2 passes. Facts only.

What is Intercontinental Exchange's non-compliant income ratio?

Intercontinental Exchange's FY2025 10-K reports interest income of $119M as a separately disclosed line against total revenues of $12,640M (Exchanges $8,120M, Fixed income and data services $2,419M, Mortgage technology $2,101M) - about 0.94% of revenue, below the 5% non-compliant income ceiling. Methodology note: the 10-K's Item 1 also discloses that other revenues include interest income on certain clearing margin deposits related to the futures business (amount not quantified) - the $119M disclosed line is the verifiable figure. The Q1 2026 10-Q shows the same pattern: interest income $24M vs total revenues $3,666M (about 0.65%). The financial gates pass; this screen fails at Gate 1 (business activity), not on the numbers. Gate 3 passes. Facts only.

Do Zoya, Musaffa, or ShariaPortfolio cover Intercontinental Exchange?

Musaffa covers ICE at musaffa.com/stock/ICE/ and classifies it as 'NOT HALAL' as of October 2026 under its AAOIFI methodology. Zoya covers ICE at zoya.finance/stocks/ice - its auto-generated FAQ text is garbled/contradictory (renders both 'not Shariah-compliant and therefore considered halal' and 'not Shariah-compliant and therefore not considered halal' fragments), so no clean Zoya rating can be quoted; the consistent headline wording is 'not Shariah-compliant.' Methodology difference disclosed: Zoya reports FY2025 interest income of $140M (1.11% of $12,638M revenue) vs this screen's $119M (0.94% of $12,640M) from the 10-K. No ShariaPortfolio screening page or rating for ICE was found - reported as absent, not invented. This page applies the screen directly from Intercontinental Exchange's own filings and reports these positions honestly.

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).