LPLA
LPL Financial
Is LPLA Halal?
Financial services — enables conventional investment and lending.
What You Should Know
LPL Financial provides clearing and services to financial advisors. Enables riba-based products and services. Its March 2026 Form 10-Q reports $18,835.241 million of assets, $7,182.102 million of corporate debt, $2,905.947 million of cash, $100.322 million of investment securities, $6,067.378 million of receivables and $4,938.434 million of quarterly revenue. Debt/assets is 38.13% and receivables-plus-cash/assets is 47.64%; disclosed interest income is 0.91%, while the broker-dealer's conventional product and margin-lending mix remains a binding qualitative concern.
⚠️ Concerns
- •Facilitates riba-based financial services
- •Interest-based products
- •Advisor and client loans are material financing receivables
- •Corporate debt/assets exceeds the examined 33.333% limits
- •Brokerage, clearing, margin, annuity and mutual-fund contracts require scholar review
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
7,182.102 / 18,835.241
3,006.269 / 18,835.241
8,973.325 / 18,835.241
45.18 / 4,938.434
- Financial
- Fails
- Overall
- Fails
Debt/assets is 38.13% and receivables-plus-cash/assets is 47.64%, above the examined limits; the conventional broker-dealer business also fails.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 38.13% and receivables-plus-cash/assets is 47.64%, above the examined MSCI limits; the conventional financial-services business also fails.
- Financial
- Fails
- Overall
- Fails
Debt/assets is above the examined Malaysia 33% limit and the broker-dealer business fails; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored; the asset-based and core-business failures are independently documented.
Business-activity disclosure
LPL is a conventional broker-dealer and registered investment-adviser platform providing advisory, commission, clearing, custody, margin and advisor-loan services. Its core product and financing model facilitates conventional interest-bearing and non-screened investment contracts.
Limitation: The filing disaggregates advisory, commission, asset-based, service, transaction and interest revenue but does not classify every product or contract by Sharia status; using total revenue as a conservative core-financial-services proxy avoids inventing a smaller prohibited numerator.
Purification
LPL fails at the conventional broker-dealer business-activity level; the disclosed $45.180 million of net interest income is evidence for the screen rather than a standalone purification prescription.
Inputs, assumptions and primary sources
- Amounts are USD millions from LPL Financial Holdings' March 31, 2026 Form 10-Q.
- Corporate debt and other borrowings, net are $7,182.102 billion; operating leases and client payables are excluded from interest-bearing debt.
- Cash includes $1,024.459 million of cash and equivalents, $1,655.723 million segregated under regulations and $225.765 million restricted cash. Investment securities of $100.322 million are retained conservatively despite mixed trading composition.
- Receivables combine clients $866.500 million, brokers and clearing organizations $100.003 million, advisor loans $3,741.085 million and other receivables $1,359.790 million.
- Total revenue is $4,938.434 million and disclosed net interest income is $45.180 million.
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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