Is WAL halal?
Western Alliance Bancorporation
Not halal
Western Alliance Bancorporation did not pass AAOIFI screening. The failed check is shown below.
Checked: 16 October 2026
Exchange
NYSE
Price
74.51
Day
+0.22%
Market cap
$8.16B
Industry
Banks - Regional
Sector
Financial Services
What the company does
Western Alliance Bancorporation is a large regional bank based in Phoenix, Arizona, known for business lending, mortgage warehouse loans and deposits for tech companies. Revenue comes from loan interest and 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 $7.30B ÷ 36-month average market cap $8.41B = 86.9%
86.9%
Fail
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $25.48B ÷ 36-month average market cap $8.41B = 303.1%
303.1%
Fail
Non-compliant income / total revenue
limit 5%
Interest income $4.69B ÷ annual revenue $3.47B (2025) = 135.1%
135.1%
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: $8.16B.
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 1 superinvestors · Average reported price: $82.20
- Bill MillerMiller Value Partners$3.4M0.8%
Exited this quarter: Lee Ainslie
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- 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?
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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.