Is MIAX halal?
Miami International Holdings, I
Doubtful
No clear verdict is possible for Miami International Holdings, I — data is insufficient or the case is contested in fiqh. As a precaution it is NOT included in the halal list.
Checked: 14 October 2026
Exchange
NYSE
Price
30.95
Day
+0.26%
Market cap
$2.98B
Industry
Capital Markets
Sector
Financial Services
What the company does
Miami International Holdings (IPO 2025) operates exchanges: MIAX options exchanges (about 15% of US options trading), equities and futures exchanges, the Bermuda and Guernsey exchanges, and Dorman Trading. Its money comes from trading and clearing fees (derivatives are checked by the screener).
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
Activity needs clarification: Capital Markets
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $1.51M ÷ 36-month average market cap $3.60B = 0.0%
0.0%
Pass
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $660.46M ÷ 36-month average market cap $3.60B = 18.3%
18.3%
Pass
Non-compliant income / total revenue
limit 5%
Interest income $9.41M ÷ annual revenue $1.36B (2025) = 0.7%
0.7%
Pass
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: $2.98B.
For information (AAOIFI 3/1 note): cash + receivables are 56.9% 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 investingBlogWhy does a stock's halal status change?A stock that was halal yesterday can leave the list today. The four main reasons — and why none of them is a bug.
- Halal investingBlogAAOIFI Shariah Standard No. 21 in plain languageThe most widely used standard for halal stock screening: the two-step test, the three ratios and how it differs from other methods.
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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.