NDAQ
Nasdaq Inc.
Is NDAQ Halal?
Stock exchange and market technology with generally permissible business.
What You Should Know
Nasdaq operates stock exchanges, listings, market-data and trading technology. The March 31, 2026 Form 10-Q reports $27,301 million of assets, $8,957 million of interest-bearing debt, $515 million of cash, $184 million of identifiable interest-bearing securities, $985 million of receivables and $2,137 million of quarterly revenue. Debt/assets is 32.81%, liquidity/assets is 2.56%, receivables-plus-cash/assets is 5.49% and disclosed interest income is 0.28% of revenue; the examined FTSE, MSCI and Malaysia asset ratios pass, while market-cap methods remain uncalculated.
⚠️ Concerns
- •Debt/assets 32.81% requires monitoring
- •Some listings may be haram companies
- •Derivatives and digital-asset products need qualitative review
- •Interest income
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
8,957 / 27,301
699 / 27,301
1,500 / 27,301
6 / 2,137
- Financial
- Pass
- Overall
- Pass
Debt/assets is 32.81%, liquidity/assets is 2.56%, receivables-plus-cash/assets is 5.49% and disclosed interest income is 0.28% of revenue; examined FTSE ratios and core activity pass.
- Financial
- Pass
- Overall
- Pass
Debt/assets, liquidity/assets and receivables-plus-cash/assets are below the examined MSCI total-assets limits; this is not an index-membership claim.
- Financial
- Pass
- Overall
- Pass
Debt/assets is 32.81% and liquidity/assets is 2.56%, below the examined Malaysia limits; this is a calculation, not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A properly licensed historical market-cap series is not stored; filing-based asset ratios remain documented.
Business-activity disclosure
Nasdaq operates exchanges, listings, market data and financial-technology infrastructure. These information and market-infrastructure services are generally permissible, subject to qualitative review of products and customers.
Limitation: The filing does not allocate every listing, derivative, digital-asset or customer activity into a scholar-approved prohibited-revenue numerator.
Purification
Nasdaq discloses $6 million of interest income, but does not provide a scholar-approved purification percentage or a separate prohibited-activity numerator.
Inputs, assumptions and primary sources
- Amounts are USD millions from Nasdaq's March 31, 2026 Form 10-Q.
- Interest-bearing debt includes $431 million of short-term debt and $8,526 million of long-term debt; operating lease liabilities are excluded.
- Cash is $515 million and financial investments of $184 million are used as the identifiable interest-bearing-securities proxy; restricted cash and default-fund balances are excluded.
- Receivables are the reported $985 million net receivables; quarterly revenue is $2,137 million and interest income is $6 million.
- Exchange, listing, market-data and technology services are generally permissible, while listed-issuer exposure and digital-asset activities remain qualitative questions.
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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