Is TW halal?
Tradeweb Markets Inc.
Doubtful
No clear verdict is possible for Tradeweb Markets Inc. — 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
NASDAQ
Price
113.49
Day
+1.33%
Market cap
$24.19B
Industry
Capital Markets
Sector
Financial Services
What the company does
Tradeweb Markets is an electronic trading platform for institutional investors: government bonds, corporate bonds, interest-rate swaps and ETFs. Its money comes from volume-based fees and subscriptions (bond/swap trading is 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 $0 ÷ 36-month average market cap $24.89B = 0.0%
0.0%
Pass
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $2.06B ÷ 36-month average market cap $24.89B = 8.3%
8.3%
Pass
Non-compliant income / total revenue
limit 5%
Interest income $68.41M ÷ annual revenue $2.05B (2025) = 3.3%
3.3%
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: $24.19B.
For information (AAOIFI 3/1 note): cash + receivables are 28.9% 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
Superinvestors
SEC 13F, 2026 Q3. Up to 45 days delayed.Held by 2 superinvestors · Average reported price: $99.66
- William Von MuefflingCantillon Capital Management$10.9M1.6%
- Viking Global Investors$31.3M0.1%
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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.