Is SPGI (S&P Global Inc.) Halal or Haram?

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

S&P Global Inc. is a leading financial services firm that provides credit ratings, benchmarks, and analytics across global capital and commodity markets. It operates major divisions like S&P Global Ratings and S&P Dow Jones Indices, offering essential data to investors and institutions worldwide. For Muslim investors, SPGI is classified as Not Halal (Haram) under AAOIFI standards. While the company passes all financial ratio screens, it fails the primary business activity screen because its credit rating division directly supports and profits from the issuance of conventional, interest-bearing debt. From a strictly financial perspective, the company maintains a clean balance sheet, with debt to market cap sitting comfortably at just 11.0% and cash reserves at 1.4%. Interest income is also negligible at 0.00%, meaning the primary issue lies entirely in the nature of its services rather than its capital structure. Because credit ratings are essential to the broader financial ecosystem, some might wonder about their permissibility, but the direct facilitation of Riba-based debt markets renders the stock non-compliant. Islamic investors seeking data analytics companies should look toward halal alternatives in the technology or healthcare sectors instead. S&P Global Inc. operates in the Financial Services sector under the Financial - Data & Stock Exchanges industry and is headquartered in New York City, NY, US. The company is led by CEO Martina L. Cheung and employs approximately 42,350 people.

SPGI 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. SPGI passed 3 of these 4 screens.

SPGI 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.