Is ICG.L (ICG plc) Halal or Haram?

Based on our AAOIFI-standard shariah screening, ICG.L is Not Halal (Haram) and is not considered permissible for Muslim investors. It failed 2 of 4 compliance screens. ICG plc's core business activity was found to be non-compliant. Its debt-to-market-cap ratio of 113.67% exceeds the ≤33% threshold.

ICG plc is a global alternative asset manager that provides flexible capital solutions to help companies develop and grow. Operating through its Fund Management Company and Investment Company segments, it invests across the capital structure, managing assets and offering conventional investment management services. For Muslim investors using HalalStocks.co.uk, ICG plc is currently classified as Not Halal (Haram) due to failing two critical AAOIFI screens. The company's primary business activity in conventional financial services and alternative asset management is non-compliant, meaning its core revenue generation conflicts with Islamic finance principles. From a financial screening perspective, ICG's capital structure presents a severe issue, with a debt-to-market cap ratio of 113.7%, far exceeding the strict 33% Islamic limit. Although its cash and securities ratio of 11.3% and reported interest income of 0.00% technically pass the financial screens, the overwhelming debt burden disqualifies the stock. Because the fundamental business model relies on conventional alternative asset management and interest-based debt structuring, there is no scholarly debate regarding its non-compliance. Halal investors should avoid this stock entirely and seek asset managers that specifically operate within Islamic finance frameworks. ICG plc operates in the Financial Services sector under the Asset Management industry and is headquartered in London, GB. The company is led by CEO Benoit Laurent Pierre Durteste and employs approximately 635 people.

ICG.L 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. ICG.L passed 2 of these 4 screens.

ICG.L was last screened on 2026-05-01. 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.