ICE
Intercontinental Exchange
Is ICE Halal?
Derivatives and financial exchange — facilitates speculative trading and bonds.
What You Should Know
ICE operates financial exchanges for derivatives, futures, clearing, fixed-income data, and mortgage technology. Its March 31, 2026 Form 10-Q reports $179,177 million of assets, $20,370 million of debt, $1,817 million of cash plus identified restricted investments, $2,382 million of customer receivables, and $3,666 million of quarterly revenue. The examined financial ratios pass, but derivatives, exchange, clearing, margin, and conventional fixed-income infrastructure remain a direct qualitative business-activity failure.
⚠️ Concerns
- •Derivatives exchanges facilitate gharar and speculative contracts
- •Bond, fixed-income, clearing, and margin infrastructure
- •Customer funds and market structure require continuing Sharia review
- •Disclosed interest income was $24 million
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
20,370 / 179,177
1,817 / 179,177
3,245 / 179,177
24 / 3,666
- Financial
- Pass
- Overall
- Fails
Debt/assets is 11.37%, liquidity/assets is 1.01%, receivables plus cash/assets is 1.81%, and disclosed interest income is 0.65%; the direct exchange and derivatives business fails independently.
- Financial
- Pass
- Overall
- Fails
The examined financial ratios pass, but the core exchange and derivatives business fails; this is not an index-membership claim.
- Financial
- Pass
- Overall
- Fails
Debt/assets and liquidity/assets are below the examined 33% limits, but the core business fails; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Fails
Market-cap methods are not calculated; the direct business-activity failure independently prevents a pass.
Business-activity disclosure
ICE operates exchanges, clearing houses, derivatives and futures markets, fixed-income and data services, and mortgage technology. Its core exchange and derivatives infrastructure involves gharar, speculation, and conventional debt-market facilitation concerns.
Limitation: Segment revenue detail does not create a permissible carve-out from the core exchange, clearing, and derivatives activities.
Purification
Interest income of 24 is disclosed, but purification cannot cure a direct core-business failure.
Inputs, assumptions and primary sources
- Amounts are USD millions from ICE's March 31, 2026 Form 10-Q.
- Debt includes short-term debt of 1,751 and long-term debt of 18,619.
- Interest-bearing securities include short-term restricted investments of 884 and long-term restricted investments of 70; customer margin deposits and guaranty funds are excluded as restricted customer balances.
- Customer accounts receivable are 2,382 and quarterly total revenues are 3,666.
- Interest income is 24; total revenue is used as a conservative upper-bound prohibited-revenue proxy because exchange and derivatives infrastructure are the core 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.
Similar Stocks
Want to screen more assets?
Use our interactive Halal Checker to screen any stock, ETF, or crypto instantly.
Go to Halal Checker →