SPGI
S&P Global Inc.
Is SPGI Halal?
Credit ratings and financial data — supports conventional finance including bonds/riba.
What You Should Know
S&P Global provides credit ratings for bonds and debt instruments, financial data, and indices. Its March 31, 2026 Form 10-Q reports $60,792 million of assets, $13,318 million of debt, $1,810 million of cash, $3,493 million of receivables, and $4,171 million of quarterly revenue. The examined financial ratios pass, but ratings and conventional capital-markets infrastructure remain a direct business-activity failure under the retained qualitative analysis.
⚠️ Concerns
- •Core business facilitates riba bond markets
- •Credit ratings for interest-bearing instruments
- •Financial data and indices support conventional finance
- •Disclosed swap-related interest income was $2 million
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
13,318 / 60,792
1,810 / 60,792
5,303 / 60,792
2 / 4,171
- Financial
- Pass
- Overall
- Fails
Debt/assets is 21.91%, liquidity/assets is 2.98%, receivables plus cash/assets is 8.72%, and disclosed interest income is 0.05%; the core business fails independently.
- Financial
- Pass
- Overall
- Fails
The examined financial ratios pass, but the core credit-rating and conventional-finance infrastructure 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
S&P Global's Ratings, Market Intelligence, Indices, Energy, and Mobility businesses provide credit ratings, financial data, benchmarks, and workflow infrastructure that directly support conventional debt and capital markets.
Limitation: The filing provides segment revenue but does not make the core financial-market facilitation activity permissible through a small-revenue carve-out.
Purification
The filing discloses 2 of interest income, but purification cannot cure a direct core-business failure.
Inputs, assumptions and primary sources
- Amounts are USD millions from S&P Global's March 31, 2026 Form 10-Q.
- Debt includes short-term debt of 2,697 and long-term debt of 10,621.
- No separate interest-bearing securities balance is identified on the consolidated balance sheet; cash is 1,810 and receivables are 3,493.
- Quarterly revenue is 4,171 and the filing discloses 2 of interest income from a terminated swap.
- Total revenue is used as a conservative upper-bound prohibited-revenue proxy because ratings and financial-market infrastructure are the core business.
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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