Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is State Street Corporation (STT) Halal?

FAIL

State Street Corporation · NYSE: STT · Financials

The short answer

No -- State Street Corporation (STT) fails this Shariah stock screen at all three gates. Per its own FY2025 10-K, its core business is conventional banking: it is a bank holding company that elected financial holding company status and operates primarily through State Street Bank and Trust Company, a trust and custody bank serving institutional clients, with two lines of business -- Investment Servicing and Investment Management (~$5.67T in AUM) -- which is a non-compliant business activity under the AAOIFI-style business screen. Its separately disclosed interest income of $11,644M for FY2025 is about 83.51% of its $13,944M in total revenue, above the 5% non-compliant income ceiling. Its debt screen also fails: $29,805M of borrowings (long-term debt, other short-term borrowings, and repurchase agreements; deposits excluded) is about 61.24% of its ~$48.67B market cap ($174.62, latest close retrieved October 2, 2026), above the ~33% ceiling. Third-party screeners agree: Zoya flags STT not Shariah-compliant and Musaffa rates it not halal (October 2026); no ShariaPortfolio coverage was found -- honestly reported, not invented.

Gate 1 — Business activity: FAIL

State Street Corporation (NYSE: STT), based in Boston, Massachusetts, describes itself in its FY2025 10-K as a bank holding company that has elected to be treated as a financial holding company, conducting business primarily through State Street Bank and Trust Company, which the filing calls a specialized bank -- a trust or custody bank that services and manages assets for institutional clients. Its two lines of business are Investment Servicing (custody, servicing, and market and financing solutions to mutual funds, retirement plans, insurers, and other institutional investors) and Investment Management (State Street Investment Management, about $5.67 trillion in AUM as of December 31, 2025). Business screen (factual, from the filing): its core business is conventional banking and interest-based financial services -- its income statement separately discloses interest income of $11,644M, 83.51% of total revenue, and its balance sheet carries loans of $46,589M. Under the AAOIFI-style business screen applied on this site, conventional banking and lending is a non-compliant business activity. Gate 1 fails. Facts only.

Gate 2 — Debt and cash: FAIL

Per State Street's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing borrowings were $29,805M -- long-term debt of $25,143M, other short-term borrowings of $3,821M, and securities sold under repurchase agreements of $841M. Customer deposits of $274,350M are bank operating liabilities and are not counted as debt. Against a market cap of about $48.67B ($174.62 latest close retrieved October 2, 2026; 278,728,211 shares outstanding per the 10-K cover), debt divided by market cap is about 61.24%, nearly double the ~33% ceiling. Cash and due from banks of $4,433M are about 9.11% of market cap; including $126,930M of interest-bearing deposits with banks, cash plus short-term investments reach about 269.90% of market cap. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: FAIL

State Street's FY2025 10-K income statement separately discloses interest income of $11,644M against total revenue of $13,944M -- about 83.51% of revenue, more than sixteen times the 5% non-compliant income ceiling. Net interest income of $2,960M is itself a separately reported core revenue line, and fee revenue of $10,980M (including foreign exchange trading and securities finance) comes from conventional financial services. Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

What does State Street do?

State Street Corporation (NYSE: STT), headquartered at One Congress Street, Boston, Massachusetts, is a bank holding company that has elected financial holding company status under the Bank Holding Company Act, per its FY2025 10-K. It operates primarily through State Street Bank and Trust Company, which the filing describes as a specialized bank, a trust or custody bank that services and manages assets for institutional clients. It reports two lines of business: Investment Servicing (investment servicing and market and financing solutions to institutional clients, including mutual funds, retirement plans, and insurance companies, through State Street Investment Services and State Street Markets) and Investment Management (State Street Investment Management, previously State Street Global Advisors, with about $5.67 trillion in assets under management as of December 31, 2025, across equity, fixed income, liquidity and cash, multi-asset, and alternatives strategies). As of December 31, 2025 it reported $53.80 trillion in assets under custody and administration, consolidated total assets of $366.05 billion, and about 52,000 employees.

Why does State Street fail this Shariah stock screen?

State Street fails this screen at all three gates. Per its own FY2025 10-K, its core business is conventional banking and financial services: it is a bank holding company operating primarily through a trust and custody bank, with interest income of $11,644M -- 83.51% of its $13,944M total revenue -- separately disclosed on its income statement. Under the AAOIFI-style business screen applied on this site, conventional banking and interest-based financial services are non-compliant business activities, so Gate 1 fails. Its borrowings of $29,805M are about 61.24% of its ~$48.67B market cap, over the ~33% ceiling, so Gate 2 fails. And its separately disclosed interest income of $11,644M is about 83.51% of its $13,944M in total revenue, far above the 5% non-compliant income ceiling, so Gate 3 fails. This is a factual screen, not a religious ruling -- consult a qualified scholar for personal rulings.

What is State Street's interest-bearing debt ratio?

Per State Street's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $29,805M -- long-term debt of $25,143M, other short-term borrowings of $3,821M, and securities sold under repurchase agreements of $841M. Customer deposits ($274,350M) are operating liabilities of the bank and are not counted as debt. Against a market cap of about $48.67B ($174.62 latest close retrieved October 2, 2026; 278,728,211 shares outstanding per the 10-K cover), debt divided by market cap is about 61.24% -- well above the ~33% ceiling. Cash and due from banks of $4,433M are about 9.11% of market cap, and interest-bearing deposits with banks of $126,930M bring the cash-plus-short-term-investments figure to about 269.90% of market cap.

What is State Street's non-compliant income ratio?

State Street's FY2025 10-K income statement separately discloses interest income of $11,644M against total revenue of $13,944M -- about 83.51% of revenue, more than sixteen times the 5% non-compliant income ceiling. Net interest income of $2,960M is itself a separately reported core revenue line. Gate 3 fails.

Do Zoya, Musaffa, or ShariaPortfolio cover State Street?

Zoya covers STT and flags it as not Shariah-compliant (zoya.finance/stocks/stt; the page's displayed assessment date was blank when accessed in October 2026) -- citing interest income of $11,644M against revenue of $22,628M (51.46%) under its own combined-total methodology. Musaffa covers STT and classifies it as not halal as of October 2026 under its AAOIFI methodology (musaffa.com/stock/STT/). No ShariaPortfolio coverage for STT was found. All coverage statements are consistent with this page's own FAIL outcome. This page applies the screen directly from State Street'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).