GLD
SPDR Gold Trust ETF
Is GLD Halal?
Physical gold trust — quantitative holdings are almost entirely allocated bullion, but ownership and settlement remain scholar-dependent.
What You Should Know
GLD's March 2026 10-Q reports 33.634 million ounces of allocated London Good Delivery gold representing 99.93% of net assets. Gold is generally treated as a ribawi asset, but scholars differ on exchange-traded trust ownership, possession and settlement mechanics.
⚠️ Concerns
- •Some scholars prefer direct physical gold ownership
Current quantitative Sharia screen
Based on Form 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
0 / 155,167.6
0 / 155,167.6
169.335 / 155,167.6
- Financial
- Incomplete
- Overall
- Incomplete
Debt/assets is 0.00%, liquidity/assets is 0.00% and receivables plus cash/assets is 0.11%; no operating revenue or income numerator exists for this physical-gold trust.
- Financial
- Pass
- Overall
- Incomplete
The reported debt, liquidity and receivables-plus-cash ratios are below the examined MSCI limits, but fund structure and possession remain incomplete qualitative questions.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and liquidity/assets are below the examined Malaysia limits; the physical-gold trust structure is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Incomplete
Market-cap denominators are not designed for a physical-gold trust and no licensed series is stored.
Business-activity disclosure
GLD is a grantor-style physical gold trust rather than an operating company. Gold is generally treated as a ribawi asset, but scholars differ on exchange-traded trust ownership, qabd, basket settlement and secondary-market mechanics.
Limitation: The trust reports bullion custody and liabilities but not a school-neutral legal conclusion on possession and delivery for each investor.
Purification
GLD reports no conventional-interest income; any permissibility conclusion depends on the trust's ownership, possession and settlement structure rather than a purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from GLD's March 31, 2026 Form 10-Q.
- Total assets are USD 155,167.600 million, including USD 154,998.265 million of gold at fair value and USD 169.335 million of gold receivable; the trust reports no cash balance or interest-bearing securities.
- The trust has no operating revenue line: it sells small amounts of gold to pay expenses and does not earn conventional interest. totalRevenue is therefore recorded as zero rather than inventing a denominator.
- The report states that 33,634,221.4 ounces, 100% allocated London Good Delivery bars, were held by custodians at March 31, 2026.
- ETF look-through ratios are not an official FTSE, MSCI or Malaysia classification.
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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