Is NI halal?
NiSource Inc
Not halal
NiSource Inc did not pass AAOIFI screening. The failed check is shown below.
Checked: 16 October 2026
Exchange
NYSE
Price
42.68
Day
+3.47%
Market cap
$20.40B
Industry
Utilities - Regulated Gas
Sector
Utilities
What the company does
NiSource runs gas and electric utilities (NIPSCO, Columbia Gas) in Indiana and the eastern US, serving 4 million customers. Revenue is regulated gas and power rates.
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
No prohibited activity
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $17.40B ÷ 36-month average market cap $17.51B = 99.4%
99.4%
Fail
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $233.30M ÷ 36-month average market cap $17.51B = 1.3%
1.3%
Pass
Non-compliant income / total revenue
limit 5%
Interest income $10.20M ÷ annual revenue $6.64B (2025) = 0.1%
0.1%
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: $20.40B.
For information (AAOIFI 3/1 note): cash + receivables are 2.6% 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
- 0.03% weight · #385 of 503
- Held by funds
- Not held by any tracked fund
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- Halal investingBlogWhy a company's cash affects whether its stock is halalLots of cash sounds like a good sign — but halal screening checks it separately. What counts, what doesn't, and where we are stricter than AAOIFI.
- 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.
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.