SAN
Banco Santander SA
Is SAN Halal?
Conventional banking, lending and interest-bearing deposits are the core business; the current quantitative screen also fails.
What You Should Know
Banco Santander's December 31, 2025 Form 20-F reports EUR 1,867,515 million of assets, EUR 1,421,184 million of tracked financial liabilities, EUR 152,281 million of cash, EUR 91,217 million of investment securities, EUR 1,015,198 million of customer loans and EUR 101,710 million of gross interest revenue. Debt/assets is 76.10%, liquidity/assets is 13.04%, receivables plus cash/assets is 62.52% and the conservative core-interest proxy is 100% of revenue. The conventional banking business fails the business screen.
⚠️ Concerns
- •Conventional banking and riba core business
- •Interest-bearing deposits and loans
- •Trading, insurance and ancillary financial services
- •Debt/assets of 76.10% exceeds the examined limits
Current quantitative Sharia screen
Based on 20-F figures for the period ended 2025-12-31; calculated 2026-07-15.
1,421,184 / 1,867,515
243,498 / 1,867,515
1,167,479 / 1,867,515
101,710 / 101,710
- Financial
- Fails
- Overall
- Fails
Debt/assets is 76.10%, receivables-plus-cash/assets is 62.52% and conservative interest revenue is 100% of revenue; the conventional banking business also fails.
- Financial
- Fails
- Overall
- Fails
Debt/assets, liquidity/assets and receivables-plus-cash/assets exceed the examined MSCI limits, and the core business is riba-based.
- Financial
- Fails
- Overall
- Fails
The conventional banking business fails and debt/assets is above the examined 33% limit; 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 core business screen still fails.
Business-activity disclosure
Banco Santander is a conventional bank whose core activities include interest-bearing deposits, lending, securities and other financial services. The core business is riba-based and fails the business screen.
Limitation: The filing aggregates net interest, fees, insurance and trading activity; the gross interest-revenue proxy is conservative and does not classify every ancillary fee.
Purification
The core business screen fails; ZakatInvest does not prescribe purification as a cure for a prohibited financial business.
Inputs, assumptions and primary sources
- Amounts are EUR millions from Banco Santander's 2025 Form 20-F.
- Financial liabilities at amortised cost of EUR 1,421,184 million are used as a conservative interest-bearing funding proxy for a conventional bank.
- Cash is EUR 152,281 million, investment securities are EUR 91,217 million and customer loans net of impairment are EUR 1,015,198 million.
- Gross interest revenue is EUR 101,710 million and is used as a conservative core-income proxy for the conventional banking business.
- Santander is a conventional bank; this record is not an official index classification or a purification recommendation.
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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