Is CBOE (Cboe Global Markets, Inc.) Halal or Haram?

Based on our AAOIFI-standard shariah screening, CBOE is Not Halal (Haram) and is not considered permissible for Muslim investors. It failed 1 of 4 compliance screens. Cboe Global Markets, Inc.'s core business activity was found to be non-compliant.

Cboe Global Markets, Inc. is a major financial exchange operator known for running global platforms for options, futures, and equities trading. Through its various segments, the company facilitates the trading of listed market indices, North American equities, exchange-traded products (ETPs), and foreign exchange across global markets. For Muslim investors, Cboe Global Markets is classified as Not Halal (Haram) based on AAOIFI standards. While the company passes all financial ratios, it fails the crucial business activity screen because operating options and futures exchanges fundamentally relies on speculative contracts (gharar) and conventional derivatives that are strictly prohibited in Islamic finance. From a strictly financial perspective, CBOE maintains a highly conservative balance sheet that easily clears Islamic thresholds. The company's debt-to-market cap ratio sits at a remarkably low 5.3%, and its interest-bearing securities and cash represent just 7.1% of its market capitalization, showing minimal reliance on leverage and interest-bearing instruments. Because the core revenue is derived from facilitating impermissible derivative and options trading, there is no scholarly debate regarding its non-compliant status. Muslim investors must avoid this stock and instead look for financial service companies that operate strictly within permissible asset management or compliant fintech spaces. Cboe Global Markets, Inc. operates in the Financial Services sector under the Financial - Data & Stock Exchanges industry and is headquartered in Chicago, IL, US. The company is led by CEO Craig Steven Donohue and employs approximately 1,685 people.

CBOE was screened using AAOIFI-based shariah compliance criteria. Four tests are applied: (1) Business Activity — the company's core business must not derive primary income from haram (prohibited) activities such as alcohol, gambling, tobacco, or interest-based finance. (2) Debt-to-Market-Cap — total debt must not exceed 33% of market capitalization. (3) Interest Income — interest income must not exceed 5% of total revenue. (4) Cash & Securities — cash and interest-bearing securities must not exceed 33% of market cap. CBOE passed 3 of these 4 screens.

CBOE was last screened on 2026-04-29. Shariah compliance status can change as companies report new financial data, acquire new businesses, or shift revenue streams. We recommend checking back periodically for the most up-to-date screening results.