Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Raymond James Financial, Inc. (RJF) Halal?

FAIL

Raymond James Financial, Inc. · NYSE: RJF · Financials

The short answer

No -- Raymond James Financial, Inc. (RJF) fails this Shariah stock screen. Per its own FY2025 10-K, Raymond James is a bank/financial holding company whose Bank segment (Raymond James Bank and TriState Capital Bank) conducts conventional interest-based banking and lending -- securities-based, corporate, commercial real estate and residential mortgage loans funded by FDIC-insured deposits -- a non-compliant business activity under the AAOIFI-style business screen, with FY2025 net interest income of $2,147M. Total interest income of $3,994M is about 25.10% of total revenues of $15,912M, above the 5% non-compliant income ceiling. Interest-bearing debt of $5,331M (senior notes payable, other borrowings, collateralized financings; bank deposits excluded) is about 17.19% of its ~$31.01B market cap ($159.76, latest close retrieved October 2, 2026), which passes the 33% debt ceiling -- the debt gate alone passes, but the page fails on the business and non-compliant income gates. Third parties agree where they cover it: Zoya flags RJF not Shariah-compliant (25.10%, matching this page's math) and Musaffa classifies it NOT HALAL (October 2026); ShariaPortfolio has no RJF page found. This is a factual screen, not a religious ruling -- consult a qualified scholar for personal rulings.

Gate 1 — Business activity: FAIL

Raymond James Financial, Inc. (NYSE: RJF), headquartered in St. Petersburg, Florida, is a bank holding company that elected to be a financial holding company, regulated by the Federal Reserve, per its FY2025 Form 10-K (fiscal year ended September 30, 2025). It reports five segments -- Private Client Group (with $1.67 trillion of client assets under administration), Capital Markets, Asset Management, Bank, and Other. Its banking subsidiaries are Raymond James Bank (Florida-chartered state member bank) and TriState Capital Bank (Pennsylvania-chartered state member bank), which make securities-based, corporate, commercial real estate and residential mortgage loans and take FDIC-insured deposits. Business screen (factual, from the filing): conventional interest-based banking and lending is a primary, disclosed business line -- the MD&A reports net interest income of $2,147M for FY2025 -- 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: PASS

Per Raymond James's FY2025 10-K (fiscal year ended September 30, 2025), interest-bearing debt was $5,331M -- senior notes payable of $3,520M, other borrowings of $700M, and collateralized financings of $1,111M. Bank deposits are excluded ($58,897M of bank deposits are not counted as debt). Against a market cap of about $31.01B ($159.76 latest close retrieved October 2, 2026), debt divided by market cap is about 17.19% -- under the ~33% ceiling, so this gate passes on its own; the page still fails because gates 1 and 3 fail. Cash and cash equivalents of $11,389M are about 36.7% of market cap. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: FAIL

Raymond James's FY2025 10-K separately discloses total interest income of $3,994M -- cash and cash equivalents $439M, segregated regulatory assets and restricted cash $149M, trading debt securities $75M, available-for-sale securities $185M, brokerage client receivables $171M, bank loans (net) $2,860M, and all other $115M -- against total revenues of $15,912M, or about 25.10% of total revenues -- five times the 5% non-compliant income ceiling. The figure matches Zoya's independent parse of the same filing (25.10%). Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

What does Raymond James Financial do?

Raymond James Financial, Inc. (NYSE: RJF), headquartered in St. Petersburg, Florida and founded in 1962, is a bank holding company that elected to be a financial holding company, regulated by the Federal Reserve. Per its FY2025 Form 10-K (fiscal year ended September 30, 2025), it reports five segments -- Private Client Group (with $1.67 trillion of client assets under administration), Capital Markets, Asset Management, Bank, and Other. Its banking subsidiaries are Raymond James Bank (Florida-chartered state member bank) and TriState Capital Bank (Pennsylvania-chartered state member bank).

Is Raymond James Financial's business Shariah compliant?

Raymond James operates brokerage, wealth management and capital markets businesses alongside conventional interest-based banking through its Bank segment (Raymond James Bank and TriState Capital Bank), which makes securities-based, corporate, commercial real estate and residential mortgage loans and takes FDIC-insured deposits. The MD&A reports net interest income of $2,147M for FY2025. Conventional interest-based banking and lending is a primary, disclosed business line and 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 Raymond James Financial's interest-bearing debt ratio?

Per Raymond James's FY2025 10-K (fiscal year ended September 30, 2025), interest-bearing debt was $5,331M -- senior notes payable of $3,520M, other borrowings of $700M, and collateralized financings of $1,111M. Bank deposits are excluded ($58,897M of bank deposits are not counted as debt). Against a market cap of about $31.01B ($159.76 latest close retrieved October 2, 2026), debt divided by market cap is about 17.19% -- under the ~33% ceiling, so this gate passes on its own. Cash and cash equivalents of $11,389M are about 36.7% of market cap. Gate 2 passes; the page still fails because gates 1 and 3 fail.

What is Raymond James Financial's non-compliant income ratio?

Raymond James's FY2025 10-K separately discloses total interest income of $3,994M -- cash and cash equivalents $439M, segregated regulatory assets and restricted cash $149M, trading debt securities $75M, available-for-sale securities $185M, brokerage client receivables $171M, bank loans (net) $2,860M, and all other $115M -- against total revenues of $15,912M, or about 25.10% of total revenues -- five times the 5% non-compliant income ceiling. The figure matches Zoya's independent parse of the same filing (25.10%). Gate 3 fails.

Do Zoya, Musaffa, or ShariaPortfolio cover Raymond James Financial?

Zoya covers RJF and flags it as not Shariah-compliant and not halal to invest in (zoya.finance/stocks/rjf) -- its data fields independently record FY2025 interest income of $3,994,000,000 on total revenues of $15,912,000,000 (25.10%), corroborating this page's Gate 3 math exactly. Musaffa covers RJF and classifies it as NOT HALAL as of October 2026 (musaffa.com/stock/RJF/). No ShariaPortfolio coverage page for RJF was found in web searches -- ShariaPortfolio is a wealth-management firm and publishes no per-stock compliance pages -- 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 Raymond James'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).