Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is M&T Bank Corporation (MTB) Halal?

FAIL

M&T Bank Corporation · NYSE: MTB · Financials

The short answer

No -- M&T Bank Corporation (MTB) fails this Shariah stock screen at all three gates. Per its own FY2025 10-K, M&T is a bank holding company whose core business is conventional banking and lending through M&T Bank (a New York-chartered commercial bank) and Wilmington Trust -- commercial, retail and mortgage banking, deposit-taking, trust and wealth management -- a non-compliant business activity under the AAOIFI-style business screen, with interest income on loans the only activity class contributing 10% or more of income in each of 2025, 2024 and 2023. Interest-bearing debt of $13,060M (short-term borrowings $2,149M plus long-term borrowings $10,911M; deposits and operating leases excluded) is about 41.78% of its ~$31.26B market cap ($217.35, latest close retrieved October 2, 2026), above the ~33% ceiling. Total interest income of $10,486M is about 79.27% of gross revenue of $13,228M (net interest income $6,948M is 71.71% of $9,690M), above the 5% non-compliant income ceiling. Zoya flags MTB not Shariah-compliant; Musaffa and ShariaPortfolio have no MTB pages found. This is a factual screen, not a religious ruling -- consult a qualified scholar for personal rulings.

Gate 1 — Business activity: FAIL

M&T Bank Corporation (NYSE: MTB), headquartered in Buffalo, New York, is a bank holding company that elected to be a financial holding company under the Bank Holding Company Act, per its FY2025 Form 10-K Item 1. Its two bank subsidiaries are M&T Bank (a New York-chartered commercial bank, member of the Federal Reserve System, with origins traced to 1856) and Wilmington Trust, N.A. (a national bank offering institutional and wealth services). It reports three segments -- Commercial Bank, Retail Bank, and Institutional Services and Wealth Management -- with consolidated total assets of $213.5B at December 31, 2025. Business screen (factual, from the filing): Item 1 states that the only activities contributing 10% or more of consolidated interest income and other income in any of the last three years were interest income on loans in each of 2025, 2024 and 2023 -- conventional interest-based banking and lending is the core business, a non-compliant business activity under the AAOIFI-style business screen applied on this site, the same treatment as the other banks screened in this pipeline. Gate 1 fails. Facts only.

Gate 2 — Debt and cash: FAIL

Per M&T Bank's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $13,060M -- short-term borrowings of $2,149M plus long-term borrowings of $10,911M. Deposits are excluded (total deposits of $166,909M are not counted as debt), and operating lease liabilities of $652M (carried in accrued interest and other liabilities) are excluded. Against a market cap of about $31.26B ($217.35 latest close retrieved October 2, 2026), debt divided by market cap is about 41.78% -- above the ~33% ceiling. Cash and due from banks plus interest-bearing deposits at banks total $18,769M (cash, cash equivalents and restricted cash at end of period), about 60.0% of market cap -- expected for a bank, not a gate. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: FAIL

M&T Bank's FY2025 10-K separately discloses total interest income of $10,486M -- interest and fees on loans $8,238M, interest on investment securities $1,429M, interest on deposits at banks $816M, and other interest income $3M -- against gross revenue of $13,228M (interest income plus total other income of $2,742M), or about 79.27% of gross revenue -- nearly sixteen times the 5% non-compliant income ceiling. On the net basis the company reports, net interest income of $6,948M is about 71.71% of net interest income plus other income ($9,690M). Either measure fails decisively. Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

What does M&T Bank do?

M&T Bank Corporation (NYSE: MTB), headquartered in Buffalo, New York, is a bank holding company that elected to be a financial holding company under the Bank Holding Company Act. Per its FY2025 Form 10-K Item 1, its two bank subsidiaries are M&T Bank (a New York-chartered commercial bank, member of the Federal Reserve System, tracing its origins to 1856) and Wilmington Trust, N.A. (a national bank offering institutional and wealth services). It reports three segments -- Commercial Bank, Retail Bank, and Institutional Services and Wealth Management -- with consolidated total assets of $213.5B at December 31, 2025.

Is M&T Bank's business Shariah compliant?

M&T Bank's business is conventional interest-based banking and lending -- commercial, consumer and mortgage loans, deposit-taking, trust and wealth management, and brokerage. Item 1 states that the only activities contributing 10% or more of consolidated interest income and other income in any of the last three years were interest income on loans in each of 2025, 2024 and 2023, plus interest income on investment securities and on deposits at banks. Conventional interest-based banking fails this screen's first gate, the same treatment as the other banks screened in this pipeline. This is a factual screen, not a religious ruling -- consult a qualified scholar for personal rulings.

What is M&T Bank's interest-bearing debt ratio?

Per M&T Bank's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $13,060M -- short-term borrowings of $2,149M plus long-term borrowings of $10,911M. Deposits are excluded (total deposits of $166,909M are not counted as debt) and operating lease liabilities ($652M, carried in other liabilities) are excluded. Against a market cap of about $31.26B ($217.35 latest close retrieved October 2, 2026), debt divided by market cap is about 41.78% -- above the ~33% ceiling. Cash and due from banks plus interest-bearing deposits at banks total $18,769M, about 60.0% of market cap -- expected for a bank, not a gate. Gate 2 fails.

What is M&T Bank's non-compliant income ratio?

M&T Bank's FY2025 10-K separately discloses total interest income of $10,486M -- interest and fees on loans $8,238M, interest on investment securities $1,429M, interest on deposits at banks $816M, and other interest income $3M -- against gross revenue of $13,228M (interest income plus total other income of $2,742M), or about 79.27% of gross revenue -- nearly sixteen times the 5% non-compliant income ceiling. On the net basis the company reports, net interest income of $6,948M is about 71.71% of net interest income plus other income ($9,690M). Either measure fails decisively. Gate 3 fails.

Do Zoya, Musaffa, or ShariaPortfolio cover M&T Bank?

Zoya covers MTB and flags it as not Shariah-compliant and not halal to invest in (zoya.finance/stocks/mtb) -- its data fields independently record FY2025 interest income of $10,486,000,000 (85.19% of combined total on Zoya's own revenue basis), corroborating that interest income dominates the income statement. No Musaffa coverage page for MTB was found in web searches -- honestly reported as no coverage found, not invented. No ShariaPortfolio coverage page for MTB was found either -- honestly reported as no coverage found, not invented. All coverage found is consistent with this page's own FAIL outcome. This page applies the screen directly from M&T Bank'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).