Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Western Alliance Bancorporation (WAL) Halal?

FAIL

Western Alliance Bancorporation · NYSE: WAL · Financials

The short answer

Western Alliance fails the Shariah business-activity gate: it is a conventional bank holding company whose core revenue is interest on loans (~$4,692.9M, 132.5% of revenue), and interest-bearing debt of ~$6,316M is 75.1% of its ~$8.41 billion market cap.

Gate 1 — Business activity: FAIL

Gate 1 — business activity: FAIL. Western Alliance Bancorporation, per its FY2025 Form 10-K (year ended December 31, 2025), is a bank holding company headquartered in Phoenix, Arizona, founded in 1994. Its primary subsidiary is Western Alliance Bank, Member FDIC - a national bank for business providing tailored business banking solutions, commercial real estate lending, and consumer products across more than 30 industries and sectors, with about 3,769 employees.

This is a conventional interest-based bank: its core business is taking deposits and extending credit, earning interest on loans. Interest-based lending is the business, not an ancillary line. The business fails gate 1.

Gate 2 — Debt and cash: FAIL

Gate 2 — interest-bearing debt: FAIL (75.1%, ceiling 33%). Per Western Alliance's FY2025 Form 10-K consolidated balance sheet, other borrowings were $5,240 million and qualifying debt was $1,076 million at December 31, 2025 — total interest-bearing debt of about $6,316 million (Barchart reports long-term debt of $6,316 million at the same date).

$6,316 million against a market capitalization of about $8.41 billion (Finnhub, October 2, 2026; NYSE: WAL) is about 75.1%, far over the 33% ceiling. The debt-gate failure is moot given the business-gate result, but it is reported for the record. Cash and cash equivalents were $3,596 million at December 31, 2025 (about 42.8% of market cap) — normal for a bank's balance sheet.

Gate 3 — Non-compliant income: FAIL

Gate 3 — non-compliant income: FAIL (132.5%, ceiling 5%). Western Alliance's FY2025 Form 10-K consolidated statement of income reports total interest income of $4,692.9 million — loans including fees $3,679.8 million, investment securities $815.9 million, and dividends and other $197.2 million — against total revenue of $3,543 million (net interest income $2,864.8 million plus noninterest income $678.2 million).

Interest income is the core business revenue of a bank: about 132.5% of revenue — far over the 5% non-compliant income ceiling. Expected for a conventional bank, and reported for the record.

Key figures used

Frequently asked questions

What does Western Alliance do?

Western Alliance Bancorporation (NYSE: WAL) is a bank holding company headquartered in Phoenix, Arizona, founded in 1994. Per its FY2025 Form 10-K (year ended December 31, 2025), its primary subsidiary is Western Alliance Bank, Member FDIC - a national bank for business providing tailored business banking solutions, commercial real estate lending, and consumer products across more than 30 industries and sectors, with about 3,769 employees.

Is Western Alliance's business Shariah compliant?

No - Western Alliance Bancorporation is a conventional bank holding company. Its core business is taking deposits and extending interest-bearing loans through Western Alliance Bank: commercial, real estate, and consumer lending is the business, not an ancillary line. Assessed on the filed business description, the business fails this screener's first gate.

How much interest-bearing debt does Western Alliance have?

Western Alliance's FY2025 Form 10-K reports other borrowings of $5,240 million and qualifying debt of $1,076 million at December 31, 2025 - total interest-bearing debt of about $6,316 million. Against a market capitalization of about $8.41 billion (Finnhub, October 2, 2026), that is about 75.1% - far over the 33% ceiling. The debt-gate failure is moot given the business-gate result, but it is reported for the record.

How much interest income does Western Alliance earn?

Western Alliance's FY2025 Form 10-K reports total interest income of $4,692.9 million (loans $3,679.8 million, investment securities $815.9 million, dividends and other $197.2 million) against total revenue of $3,543 million (net interest income $2,864.8 million plus noninterest income $678.2 million) - interest income is the core business revenue, about 132.5% of revenue, far over the 5% non-compliant income ceiling. This gate failure is expected for a bank and is reported for the record.

What do third-party Shariah screeners say about Western Alliance?

Zoya flags Western Alliance as not Shariah-compliant, citing the same FY2025 figures (interest income $4,692,900,000 against revenue $5,275,700,000) - directionally consistent with this page's FAIL. I could not verify a Musaffa rating page for WAL or a ShariaPortfolio rating from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

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).