Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is Northern Trust Corporation (NTRS) Halal?

FAIL

Northern Trust Corporation · NASDAQ: NTRS · Financials

The short answer

No -- Northern Trust Corporation (NTRS) fails this Shariah stock screen at all three gates. Per its own FY2025 10-K, Northern Trust is a financial holding company whose core business is conventional banking and financial services -- wealth management, asset servicing, asset management and banking through The Northern Trust Company -- a non-compliant business activity under the AAOIFI-style business screen, with the Bank the stated major source of consolidated assets, revenues, and net income. Interest-bearing debt of $16,427.5M (federal funds purchased, repos, other borrowings, senior notes, and long-term debt; deposits excluded) is about 52.0% of its ~$31.59B market cap ($169.20, latest close retrieved October 2, 2026), above the ~33% ceiling. Total interest income of $8,624.6M is about 60.31% of gross revenue of $14,300.0M (net interest income $2,411.0M is 29.8% of reported Total Revenue of $8,086.4M), above the 5% non-compliant income ceiling. Third parties agree where they cover it: Zoya flags NTRS not Shariah-compliant (September 2026) and Musaffa classifies it NOT HALAL (October 2026); ShariaPortfolio has no NTRS page found. This is a factual screen, not a religious ruling -- consult a qualified scholar for personal rulings.

Gate 1 — Business activity: FAIL

Northern Trust Corporation (NASDAQ: NTRS), headquartered in Chicago, Illinois and founded in 1889, is a financial holding company conducting business through subsidiaries including The Northern Trust Company (the Bank), per its FY2025 Form 10-K Item 1. It describes itself as a leading provider of wealth management, asset servicing, asset management and banking solutions to corporations, institutions, families and individuals, reporting two client-focused segments -- Asset Servicing and Wealth Management -- with asset management supporting both. At December 31, 2025 it had consolidated total assets of $177.1B and $1.8 trillion of assets under management. Business screen (factual, from the filing): the 10-K states the Bank will continue to be the major source of the corporation's consolidated assets, revenues, and net income -- 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 Northern Trust's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $16,427.5M -- federal funds purchased of $2,141.1M, securities sold under agreements to repurchase of $292.2M, other borrowings of $7,158.3M, senior notes of $3,351.5M, and long-term debt of $3,484.4M. Deposits are excluded (total deposits of $142,797.7M are not counted as debt). Against a market cap of about $31.59B ($169.20 latest close retrieved October 2, 2026), debt divided by market cap is about 52.0% -- well above the ~33% ceiling. Cash and due from banks of $5,873.1M is about 18.6% of market cap -- expected for a bank, not a gate. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: FAIL

Northern Trust's FY2025 10-K separately discloses total interest income of $8,624.6M -- interest on loans $2,282.3M, interest on debt securities $1,886.1M, Federal Reserve and other central bank deposits $1,463.8M, interest-bearing due from and deposits with banks $86.6M, federal funds sold and securities purchased under agreements to resell $2,829.2M, and other interest-earning assets $105.1M -- against gross revenue of $14,300.0M (interest income plus total noninterest income of $5,675.4M), or about 60.31% of gross revenue -- twelve times the 5% non-compliant income ceiling. On the net basis the company reports, net interest income of $2,411.0M is about 29.8% of its reported Total Revenue of $8,086.4M. Either measure fails decisively, and the gross figure matches Zoya's independent parse of the same filing (60.31%). Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

What does Northern Trust do?

Northern Trust Corporation (NASDAQ: NTRS), headquartered in Chicago, Illinois and founded in 1889, is a financial holding company that conducts business through subsidiaries including The Northern Trust Company (the Bank). Per its FY2025 Form 10-K Item 1, it is a leading provider of wealth management, asset servicing, asset management and banking solutions to corporations, institutions, families and individuals. It reports two client-focused segments -- Asset Servicing and Wealth Management. At December 31, 2025 it had consolidated total assets of $177.1B and assets under management of $1.8 trillion.

Is Northern Trust's business Shariah compliant?

Northern Trust's business is conventional interest-based banking and financial services -- custody, trust, asset management, private banking and lending through The Northern Trust Company. The 10-K states the Bank will continue to be the major source of the corporation's consolidated assets, revenues, and net income, and interest income ($8,624.6M) is its largest revenue component. 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 Northern Trust's interest-bearing debt ratio?

Per Northern Trust's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $16,427.5M -- federal funds purchased $2,141.1M, securities sold under agreements to repurchase $292.2M, other borrowings $7,158.3M, senior notes $3,351.5M, and long-term debt $3,484.4M. Deposits are excluded ($142,797.7M of total deposits are not counted as debt). Against a market cap of about $31.59B ($169.20 latest close retrieved October 2, 2026), debt divided by market cap is about 52.0% -- well above the ~33% ceiling. Cash and due from banks of $5,873.1M is about 18.6% of market cap -- expected for a bank, not a gate. Gate 2 fails.

What is Northern Trust's non-compliant income ratio?

Northern Trust's FY2025 10-K separately discloses total interest income of $8,624.6M -- interest on loans $2,282.3M, debt securities $1,886.1M, Federal Reserve and other central bank deposits $1,463.8M, interest-bearing due from and deposits with banks $86.6M, federal funds sold and securities purchased under agreements to resell $2,829.2M, and other interest-earning assets $105.1M -- against gross revenue of $14,300.0M (interest income plus total noninterest income of $5,675.4M), or about 60.31% -- twelve times the 5% non-compliant income ceiling. On the net basis the company reports, net interest income of $2,411.0M is about 29.8% of its reported Total Revenue of $8,086.4M. Either measure fails decisively; the gross figure matches Zoya's independent parse of the same filing (60.31%). Gate 3 fails.

Do Zoya, Musaffa, or ShariaPortfolio cover Northern Trust?

Zoya covers NTRS and flags it as not Shariah-compliant (zoya.finance/stocks/ntrs; status last updated September 2026) -- its data fields independently record FY2025 interest income of $8,624.6M on gross revenue of $14,299.9M (60.31%), corroborating this page's Gate 3 math. Musaffa covers NTRS and classifies it as NOT HALAL as of October 2026 (musaffa.com/stock/NTRS/). No ShariaPortfolio coverage page for NTRS was found in web searches -- 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 Northern Trust'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).