TW
Tradeweb Markets
Is TW Halal?
Fixed income trading platform with riba concerns.
What You Should Know
Tradeweb operates an electronic marketplace for rates, credit, money markets, equities and derivatives. The March 31, 2026 Form 10-Q reports $8,295.749 million of assets, no clearly identified interest-bearing corporate debt, $1,937.301 million of cash, $485.489 million of receivables and $617.764 million of quarterly revenue. Debt/assets is 0.00%, liquidity/assets is 23.35%, receivables-plus-cash/assets is 29.21% and disclosed interest income is 2.82% of revenue; the financial ratios pass, but the filing does not allocate fixed-income and derivatives activity, so the quantitative result is incomplete.
⚠️ Concerns
- •Facilitates interest-based bond and repo trading
- •Revenue allocation for riba instruments is unavailable
- •Derivatives trading
- •Interest income
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
0 / 8,295.749
1,937.301 / 8,295.749
2,422.79 / 8,295.749
17.451 / 617.764
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 0.00%, liquidity/assets is 23.35%, receivables-plus-cash/assets is 29.21% and disclosed interest income is 2.82% of revenue; financial ratios pass but activity allocation is unavailable.
- Financial
- Pass
- Overall
- Incomplete
The examined MSCI asset ratios pass, but fixed-income and derivatives activity is not allocated by a universal prohibited-revenue numerator.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and liquidity/assets are below the examined Malaysia limits; the activity assessment remains incomplete.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series and activity numerator are not stored.
Business-activity disclosure
Tradeweb provides electronic marketplaces and data across rates, credit, money markets, equities and derivatives. Payment for market infrastructure may be permissible, but substantial fixed-income and repo facilitation requires school-specific contract review.
Limitation: The quarterly filing does not allocate revenue between permissible market-data services and interest-based bond, repo or derivatives facilitation.
Purification
Tradeweb discloses $17.451 million of interest income, but does not provide a scholar-approved purification percentage or prohibited-activity allocation.
Inputs, assumptions and primary sources
- Amounts are USD thousands converted to USD millions from Tradeweb's March 31, 2026 Form 10-Q.
- No clearly interest-bearing corporate debt is reported; operating lease liabilities and broker settlement payables are excluded.
- Cash is $1,937.301 million. Digital assets and other investments of $296.159 million are mixed and are not counted as identifiable interest-bearing securities.
- Accounts receivable combine $131.252 million from brokers and clearing organizations, $351.009 million of net accounts receivable and $3.228 million due from related parties; quarterly revenue is $617.764 million and interest income is $17.451 million.
- The filing does not isolate prohibited bond, repo or derivatives revenue, so a universal activity numerator is not invented.
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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