NASDAQ Shariah screener · October 2026

Is Nasdaq, Inc. (NDAQ) Halal?

PASS

Nasdaq, Inc. · NASDAQ: NDAQ · Financials

The short answer

Yes — Nasdaq, Inc. (NDAQ) passes this Shariah stock screen. The exchange operator's three segments (Capital Access Platforms, Financial Technology, Market Services) contain no prohibited business lines. Interest-bearing debt of $8,761M ($269M short-term + $8,492M long-term at June 30, 2026) is about 17.1% of its ~$51.3B market cap ($91.67, Oct 2, 2026), under the ~33% ceiling; interest income of $13M is about 0.28% of H1 2026 total revenues ($4,670M), well under the 5% non-compliant income ceiling. One caveat: Zoya flags NDAQ as not Shariah-compliant as of September 2026 based on business-activity considerations — reported here as Zoya's published position, not this screen's result. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

Gate 1 — Business activity: PASS

Nasdaq, Inc. (NASDAQ: NDAQ) is the operator of The Nasdaq Stock Market plus the Nasdaq Nordic, Nasdaq Baltic, Nasdaq First North, and Nasdaq Texas exchanges — about 5,768 listed companies at June 30, 2026, per its Q2 2026 Form 10-Q. It reports three segments: Capital Access Platforms (market data, listing services, Nasdaq-branded indices licensed to 481 ETPs with $1.1T AUM, analytics and corporate solutions); Financial Technology (Verafin anti-financial-crime SaaS used by 2,800+ financial institutions, AxiomSL regulatory-reporting software, Calypso trade/treasury/risk-management technology, market technology sold to exchanges and banks); and Market Services (equity derivatives and cash-equity trading, Nordic clearing via Nasdaq Clearing AB; 18 exchanges across asset classes). It is market infrastructure and enterprise software — not a conventional lender or insurer, and none of the prohibited lines (alcohol, gambling, pork, conventional banking/insurance, tobacco, cannabis, adult entertainment) are among its disclosed businesses. Selling technology and services to financial institutions is a service business, not lending or insurance itself. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

At June 30, 2026 Nasdaq reported $269M of short-term debt and $8,492M of long-term debt (senior unsecured notes), for total interest-bearing debt of $8,761M, per its Q2 2026 Form 10-Q. Against a market capitalization of about $51.3B — $91.67 per share at the October 2, 2026 quote — debt ÷ market cap is about 17.1%, under the ~33% ceiling. Cash and cash equivalents of $520M are about 1.0% of market cap, within the ~33% guideline. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Interest income is disclosed as a separate line in the condensed consolidated statements of income: $13M for the six months ended June 30, 2026 ($8M in Q2 alone) against total revenues of $4,670M — about 0.28% of revenue, far below the 5% non-compliant income limit (Q2 alone: $8M ÷ $2,532M ≈ 0.32%, also well below). The interest is earned on cash balances, not from lending. Gate 3 passes. Facts only.

Key figures used

Business: exchange operator — The Nasdaq Stock Market + Nasdaq Nordic/Baltic/First North + Nasdaq Texas; ~5,768 listed companies at Jun 30, 2026; three segments: Capital Access Platforms, Financial Technology (Verafin, AxiomSL, Calypso), Market Services (18 exchanges, Nordic clearing via Nasdaq Clearing AB)
Interest-bearing debt: $269M short-term + $8,492M long-term = $8,761M at Jun 30, 2026 — ≈17.1% of ~$51.3B market cap ($91.67 share price, Oct 2, 2026), under the ~33% ceiling
Market cap: ~$51.29B (Oct 2, 2026); cash and cash equivalents $520M ≈ 1.0% of market cap
Interest income: $13M (H1 2026) vs total revenues $4,670M — ≈0.28% of revenue, well under the 5% ceiling (Q2: $8M ÷ $2,532M ≈ 0.32%)
H1 2026: net income $1,026M on revenues $4,670M; Q2 net revenue $1.5B (+15% YoY); annualized recurring revenue $3.3B; net debt repayment $162M in Q2 2026
Coverage: Zoya covers NDAQ and rates it not Shariah-compliant (Sep 2026, AAOIFI basis — cites FY2025 interest income $38M on $8,218M revenue, 0.46%); no Musaffa or ShariaPortfolio per-ticker rating found — reported as absent, not invented

Frequently asked questions

What does Nasdaq Inc do?

Nasdaq, Inc. (NASDAQ: NDAQ) is the company that operates The Nasdaq Stock Market — one of the world's largest stock exchanges — plus the Nasdaq Nordic, Nasdaq Baltic, Nasdaq First North, and Nasdaq Texas exchanges (about 5,768 listed companies at June 30, 2026). Its three business segments are Capital Access Platforms (market data, listing services, Nasdaq-branded indices licensed to 481 exchange-traded products with $1.1 trillion in assets, analytics and corporate-solutions software), Financial Technology (Verafin anti-financial-crime SaaS used by more than 2,800 financial institutions, AxiomSL regulatory-reporting software, Calypso trading/treasury/risk-management technology, and market technology sold to exchanges and banks), and Market Services (equity derivatives and cash-equity trading plus clearing through Nasdaq Clearing AB). It is market infrastructure and enterprise software, not a conventional lender or insurer.

Why does Nasdaq Inc pass this Shariah stock screen?

Nasdaq passes on all three gates. Its business — operating exchanges, licensing indices, and selling market data and financial technology — contains no prohibited lines (no alcohol, gambling, pork, conventional lending or insurance, tobacco, or adult entertainment). Interest-bearing debt of $8,761M ($269M short-term plus $8,492M long-term senior notes at June 30, 2026) is about 17.1% of its ~$51.3B market cap ($91.67 share price, October 2, 2026), under the ~33% ceiling. Interest income of $13M is about 0.28% of H1 2026 total revenues ($4,670M), well under the 5% non-compliant income ceiling. One material caveat: Zoya publishes a contrary rating, flagging NDAQ as not Shariah-compliant as of September 2026 on business-activity considerations — reported here as Zoya's published position, not this screen's result. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Nasdaq Inc's interest-bearing debt ratio?

At June 30, 2026 Nasdaq reported $269M of short-term debt and $8,492M of long-term debt (senior unsecured notes), for total interest-bearing debt of $8,761M, per its Q2 2026 Form 10-Q. With a market capitalization of about $51.3B ($91.67 per share at the October 2, 2026 quote), debt divided by market cap is about 17.1%, under the ~33% ceiling used in this screen. Cash and cash equivalents of $520M are about 1.0% of market cap.

What is Nasdaq Inc's non-compliant income ratio?

Nasdaq discloses interest income as a separate line in its income statement: $13M for the six months ended June 30, 2026 ($8M in Q2 alone), against total revenues of $4,670M — about 0.28% of revenue (Q2 alone: $8M against $2,532M, about 0.32%), well under the 5% non-compliant income ceiling. The interest is earned on cash balances, not from lending. Zoya cites FY2025 interest income of $38M on revenue of $8,218M (0.46%), which is also under the 5% ceiling.

Do Zoya, Musaffa, or ShariaPortfolio cover Nasdaq Inc?

Zoya covers NDAQ — its zoya.finance page flags NDAQ as not Shariah-compliant as of September 2026, based on its AAOIFI-framework review of Nasdaq's business activities and financials (it notes Nasdaq's operations do not definitively violate Islamic guidelines but says certain aspects of the business require careful consideration). No Musaffa rating page for NDAQ was found in web searches, and no per-ticker ShariaPortfolio rating for NDAQ was found — both are honestly reported as absent, not invented. ShariaPortfolio operates as an advisory/portfolio-management service rather than a public per-stock screener.

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).