NASDAQ Shariah screener · October 2026
Is Zions Bancorporation, N.A. (ZION) Halal?
Zions Bancorporation, N.A. · NASDAQ: ZION · Financials
The short answer
Zions Bancorporation fails the Shariah business-activity gate: it is a conventional bank whose core revenue is interest on loans (~$4,184M, 123.6% of net revenue), and interest-bearing debt of ~$4,572M is 49.1% of its ~$9.32 billion market cap.
Gate 1 — Business activity: FAIL
Gate 1 — business activity: FAIL. Zions Bancorporation, N.A., per its FY2025 Form 10-K (year ended December 31, 2025, filed February 24, 2026), is a commercial banking institution headquartered in Salt Lake City, Utah, founded in 1873. It operates through seven separately managed and branded banking divisions - Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington - across 11 western states, offering commercial and retail banking, small-business and SBA lending, public finance advisory services, and wealth management.
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 (49.1%, ceiling 33%). Per Zions Bancorporation's FY2025 Form 10-K consolidated balance sheet, short-term borrowings were $3,104 million (Federal Home Loan Bank advances, federal funds purchased, security repurchase agreements, and related short-term funding) and long-term debt was $1,472 million (subordinated notes $969 million plus senior notes $499 million, excluding $4 million of non-interest-bearing finance lease obligations) at December 31, 2025 — total interest-bearing debt of about $4,572 million.
$4,572 million against a market capitalization of about $9.32 billion (Finnhub, October 2, 2026; NASDAQ: ZION) is about 49.1%, 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 $683 million at December 31, 2025 (about 7.3% of market cap).
Gate 3 — Non-compliant income: FAIL
Gate 3 — non-compliant income: FAIL (123.6%, ceiling 5%). Zions Bancorporation's FY2025 Form 10-K consolidated statement of income reports total interest income of $4,184 million — interest and fees on loans $3,501 million, interest on money market investments $186 million, and interest on securities $497 million — against total net revenue of $3,385 million (net interest income $2,627 million plus noninterest income $758 million).
Interest income is the core business revenue of a bank: about 123.6% of net revenue — far over the 5% non-compliant income ceiling. Expected for a conventional bank, and reported for the record.
Key figures used
- Business: commercial banking institution - seven separately managed banking brands (Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, The Commerce Bank of Washington) across 11 western states; commercial/retail banking, SBA lending, public finance advisory, wealth management; founded 1873, HQ Salt Lake City UT
- Haram assessment: conventional interest-based bank - interest on loans is the core business (not an ancillary line); fails business-activity gate
- Debt: $3,104M short-term borrowings + $1,468M interest-bearing long-term debt at Dec 31, 2025 = ~$4,572M = 49.1% of ~$9.32B market cap (Finnhub, Oct 2, 2026) - over the 33% ceiling (moot, business gate already fails)
- Cash: $683M cash & equivalents at Dec 31, 2025 (~7.3% of market cap); deposits $75,644M
- Interest income: $4,184M total interest income in FY2025 vs $3,385M total net revenue = 123.6% - over the 5% ceiling (expected for a bank)
- Market data: NASDAQ-listed (ZION); still listed on NASDAQ (confirmed October 2, 2026; Finnhub XNAS live quote; 10-K cover: The NASDAQ Stock Market LLC; no delisting)
- Third-party: Zoya flags ZION not Shariah-compliant (Oct 2026, same FY2025 figures) - consistent with this page's FAIL; no verifiable Musaffa or ShariaPortfolio rating found
Frequently asked questions
What does Zions Bancorporation do?
Zions Bancorporation, N.A. (NASDAQ: ZION) is a commercial banking institution headquartered in Salt Lake City, Utah, founded in 1873. Per its FY2025 Form 10-K (year ended December 31, 2025, filed February 24, 2026), it operates through seven separately managed and branded banking divisions - Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington - across 11 western states, offering commercial and retail banking, small-business and SBA lending, public finance advisory, and wealth management services.
Is Zions Bancorporation's business Shariah compliant?
No - Zions Bancorporation is a conventional bank. Its core business is taking deposits and extending interest-bearing loans across its seven regional banking brands: commercial, industrial, real estate, and consumer lending, plus related banking services. Interest-based 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 Zions Bancorporation have?
Zions Bancorporation's FY2025 Form 10-K reports short-term borrowings of $3,104 million (Federal Home Loan Bank advances, federal funds purchased, and repurchase agreements) and long-term debt of $1,472 million (subordinated and senior notes, less $4 million of non-interest-bearing finance leases) at December 31, 2025 - total interest-bearing debt of about $4,572 million. Against a market capitalization of about $9.32 billion (Finnhub, October 2, 2026), that is about 49.1% - 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 Zions Bancorporation earn?
Zions Bancorporation's FY2025 Form 10-K reports total interest income of $4,184 million (interest and fees on loans $3,501 million, interest on money market investments $186 million, interest on securities $497 million) against total net revenue of $3,385 million (net interest income $2,627 million plus noninterest income $758 million) - interest income is the core business revenue, about 123.6% of net 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 Zions Bancorporation?
Zoya flags Zions Bancorporation as not Shariah-compliant as of October 2026, citing the same FY2025 figures (interest income $4,184,000,000 against revenue $4,944,000,000, 84.63%) - directionally consistent with this page's FAIL. I could not verify a Musaffa rating page for ZION 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
- Zions Bancorporation FY2025 Form 10-K (year ended Dec 31, 2025, filed Feb 24, 2026; balance sheet, income statement, debt notes)
- Finnhub - Zions Bancorporation financial market data (XNAS, market cap $9.32B, live quote Oct 2, 2026)
- Zoya - Zions Bancorporation (ZION) Shariah compliance page (not Shariah-compliant, 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).