NASDAQ Shariah screener · October 2026
Is T. Rowe Price Group, Inc. (TROW) Halal?
T. Rowe Price Group, Inc. · NASDAQ: TROW · Financials
The short answer
T. Rowe Price passes this Shariah screener: it is a fee-based asset manager (not a lender), carries $0 of interest-bearing debt, and separately disclosed dividend income of $146.7M is 2.01% of revenue. Divergence disclosed: Musaffa rates TROW NOT HALAL (October 2026), disagreeing with this primary-filings-based PASS.
Gate 1 — Business activity: PASS
Gate 1 — business activity: PASS. T. Rowe Price Group, Inc., per its FY2025 Form 10-K (year ended December 31, 2025), is a global investment management company headquartered in Baltimore, Maryland (founded 1937), offering mutual funds, subadvisory services, separate accounts, retirement solutions, and investment guidance to individual and institutional clients. It earns advisory fees on assets under management. In August 2026 it agreed to acquire F/m Investments LLC (about $19 billion AUM fixed-income ETF specialist), expected to close in early 2027.
The company is a fee-based asset manager, not a bank, lender, or insurer: it earns fees for managing investments, not interest spreads from lending. The 10-K discloses no alcohol, tobacco, gambling, pork, weapons, adult-entertainment, or interest-based lending business. The business passes gate 1.
Gate 2 — Debt and cash: PASS
Gate 2 — interest-bearing debt: PASS (0.00%, ceiling 33%). Per T. Rowe Price's FY2025 Form 10-K consolidated balance sheet, the company carries $0 of interest-bearing debt - there are no debt lines on the balance sheet.
$0 against a market capitalization of about $22.08 billion (Finnhub, October 2, 2026; NASDAQ: TROW) is 0.00%, far under the 33% ceiling.
Gate 3 — Non-compliant income: PASS
Gate 3 — non-compliant income: PASS (2.01%, ceiling 5%). T. Rowe Price does not separately disclose interest income in its primary filings. The closest separately disclosed investment-income line is dividend income of $146.7 million against total revenue of $7,314.8 million - about 2.01%, under the 5% ceiling. Net gains on investments ($464.9 million) are market gains on the company's own investments, not interest, and are not counted here.
On the filed numbers, non-compliant income is under the ceiling. No interest-income figure is invented here; the bound is stated explicitly.
Key figures used
- Business: global investment manager (Baltimore MD; founded 1937) — mutual funds, subadvisory, separate accounts, retirement solutions, investment guidance; earns advisory fees on AUM; agreed to acquire F/m Investments LLC (~$19B AUM, announced Aug 2026, expected early 2027)
- Haram assessment: fee-based asset manager — not a bank, lender, or insurer; no haram segments disclosed in the FY2025 10-K; business passes gate 1
- Debt: $0 interest-bearing debt (FY2025 10-K — no debt lines on balance sheet) ÷ ~$22.08B market cap (Finnhub, Oct 2, 2026) = 0.00% — far under the 33% ceiling
- Investment income: interest income NOT separately disclosed — dividend income $146.7M (separately disclosed) ÷ $7,314.8M revenue = 2.01% — under the 5% ceiling; net investment gains $464.9M are market gains, not interest
- Market data: NASDAQ-listed (TROW); still listed on NASDAQ (confirmed October 2, 2026; Finnhub XNAS live quote; 10-K cover verified; no delisting)
- Third-party DIVERGENCE disclosed: Musaffa rates TROW NOT HALAL (Oct 2026) — disagrees with this PASS; Zoya page renders contradictory figures with unverifiable provenance (not published as fact); ShariaPortfolio has no per-stock page; this PASS rests on primary filings
Frequently asked questions
What does T. Rowe Price do?
T. Rowe Price Group, Inc. (NASDAQ: TROW) is a global investment management company headquartered in Baltimore, Maryland, founded in 1937. Per its FY2025 Form 10-K (year ended December 31, 2025), it offers mutual funds, subadvisory services, separate accounts, retirement solutions, and investment guidance to individual and institutional clients. It earns advisory fees on assets under management - it is an asset manager, not a bank or lender. In August 2026 it agreed to acquire F/m Investments LLC (about $19 billion AUM fixed-income ETF specialist), expected to close in early 2027.
Is T. Rowe Price's business Shariah compliant?
Yes - assessed on the filed business description, T. Rowe Price's business passes this screener's first gate. It is a fee-based asset manager: it earns advisory and management fees on client assets, not interest spreads from lending. It is not a bank, not an insurer, and the 10-K discloses no alcohol, tobacco, gambling, pork, weapons, adult-entertainment, or interest-based lending business. Earning fees for managing investments is a permissible business activity.
How much interest-bearing debt does T. Rowe Price have?
T. Rowe Price's FY2025 Form 10-K balance sheet has no debt lines - the company carries $0 of interest-bearing debt. $0 against a market capitalization of about $22.08 billion (Finnhub, October 2, 2026) is 0.00% - far under the 33% ceiling. The debt gate passes.
How much interest income does T. Rowe Price earn?
T. Rowe Price does not separately disclose interest income in its primary filings. The closest separately disclosed investment-income line is dividend income of $146.7 million against total revenue of $7,314.8 million - about 2.01%, under the 5% ceiling. Net gains on investments ($464.9 million) are market gains on the company's own investments, not interest, and are not counted here. On the filed numbers, non-compliant income is under the ceiling. The gate passes.
What do third-party Shariah screeners say about T. Rowe Price?
Musaffa rates TROW as NOT HALAL (October 2026), which disagrees with this page's PASS - the disagreement is disclosed here, and readers should weigh both. Zoya publishes a page for TROW but it renders contradictory figures with unverifiable provenance (one branch implies about 6.8% interest income, which would breach 5%), so no Zoya figure is published here as fact. ShariaPortfolio has no per-stock page for TROW. This page's PASS rests on the primary filings (FY2025 10-K) cited above: zero interest-bearing debt and no separately disclosed interest income, with the company earning advisory fees rather than interest spreads.
Sources
- T. Rowe Price FY2025 Form 10-K (year ended Dec 31, 2025) — SEC EDGAR company filing index
- Finnhub — T. Rowe Price financial market data (XNAS, market cap $22.08B, live quote Oct 2, 2026)
- Musaffa — T. Rowe Price Group (TROW) stock page (status: NOT HALAL, Oct 2026)
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).