Is FNWD halal?
Finward Bancorp
Not halal
Finward Bancorp did not pass AAOIFI screening. The failed check is shown below.
Checked: 12 October 2026
Exchange
NASDAQ
Price
41.93
Day
+0.34%
Market cap
$178.4M
Industry
Banks - Regional
Sector
Financial Services
What the company does
Finward Bancorp is the holding company for Peoples Bank, a community bank with branches in northwest Indiana and the Chicago suburbs. Revenue comes from loan interest and banking fees.
What was checked
The AAOIFI standard has four steps: business activity first, then three financial ratios. Fail one and the stock is not halal.
Business activity
Prohibited activity: Banks - Regional
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $65.00M ÷ 36-month average market cap $130.20M = 49.9%
49.9%
Fail
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $93.95M ÷ 36-month average market cap $130.20M = 72.2%
72.2%
Fail
Non-compliant income / total revenue
limit 5%
Interest income $91.76M ÷ annual revenue $66.04M (2025) = 138.9%
138.9%
Fail
Figures from the company's filings (2026-06-30), USD. Market cap is a 36-month average (the S&P Shariah index approach), so a one-day price move does not flip the verdict. Today's market cap: $178.39M.
For information (AAOIFI 3/1 note): cash + receivables are 5.0% of total assets (2026-06-30). AAOIFI recommends tangible assets of at least one third — this figure does not affect the verdict, and other major screeners do not apply it either.
In the lists
- In the S&P 500
- Not in the S&P 500
- Held by funds
- Not held by any tracked fund
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Halal is the first question. The second: when to enter?
Our scanner watches 1454 halal stocks around the clock and fires a signal with entry, TP and SL when a technical setup completes. The full signal history — with outcomes — is public.
This is neither investment advice nor a fatwa. Screening is based on public financial statements and AAOIFI standard No. 21; data may lag. For a personal decision consult your own scholar.