CFR
Cullen/Frost Bankers, Inc.
Is CFR Halal?
Conventional commercial-and-retail bank (Frost Bank) — primary business model is earning interest (riba) on loans and securities; categorically prohibited under Islamic law.
What You Should Know
Cullen/Frost Bankers, Inc. is the holding company for Frost Bank, a conventional commercial-and-retail bank. Its March 31, 2026 Form 10-Q reports assets of $52,724.557 million, an interest-bearing-liability proxy of $33,014.502 million, cash of $7,144.411 million, securities of $20,233.751 million and quarterly interest income of $577.967 million. Interest income was 80.91% of the combined interest and non-interest income proxy, and earning interest on loans, deposits and securities is the core business activity. The conventional-bank activity fails the examined Sharia screen independently of the balance-sheet ratios; this is a filing-based analysis, not a claim about every external agency.
⚠️ Concerns
- •Interest income is 80.91% of the combined quarterly income proxy and is core to the business model
- •Debt/assets is 62.61% and liquidity/assets is 51.93%, above the examined limits
- •Commercial and consumer lending, deposits and securities are conventional interest-bearing activities
- •Insurance and wealth-management fees require separate review
- •Islamic banking structures are materially different from Frost's conventional model
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
33,014.502 / 52,724.557
27,378.162 / 52,724.557
9,012.152 / 52,724.557
577.967 / 714.282
- Financial
- Fails
- Overall
- Fails
Debt/assets is 62.61%, liquidity is 51.93% and interest income is 80.91%; the asset and core-activity screens fail.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 62.61% and liquidity is 51.93%, above the examined MSCI limits; interest is also the core activity.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 62.61%, liquidity is 51.93% and core interest activity fails; this is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the conventional-bank core activity fails independently.
Business-activity disclosure
Cullen/Frost is the holding company for Frost Bank, a conventional commercial-and-retail bank whose primary activity is interest-bearing loans, deposits and securities. Earning riba as the core business is prohibited under the examined Sharia framework.
Limitation: The filing clearly discloses interest as the core revenue stream; no minority-revenue or purification treatment can convert a conventional commercial bank into a permissible core activity.
Purification
Interest income is disclosed, but purification is not applicable to a conventional bank whose core activity is earning interest; no percentage is inferred.
Inputs, assumptions and primary sources
- Amounts are USD millions from Cullen/Frost's March 31, 2026 Form 10-Q.
- The debt proxy includes interest-bearing deposits, federal funds purchased, repurchase agreements, junior subordinated debentures and subordinated notes.
- Cash and cash equivalents are $7,144.411 million; held-to-maturity, available-for-sale and trading securities total $20,233.751 million.
- Accrued interest receivable and other assets are $1,867.741 million; bank loan receivables are part of the core banking asset base.
- Total interest income is $577.967 million and total interest plus non-interest income is $714.282 million for the quarter; interest is the core business activity.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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