STT
State Street Corporation
Is STT Halal?
Major US bank and asset manager — interest-based custody, lending, and securities financing.
What You Should Know
State Street is one of the largest custodian banks and asset managers in the world, providing investment servicing, securities lending, asset management (State Street Global Advisors and the SPDR ETF family), and treasury services. As a chartered bank holding company, a significant portion of its revenue comes from interest spreads, securities financing, and short-term lending. Its asset management arm runs huge bond and money market portfolios. The business model fails the Sharia business activity screen on multiple dimensions, and financial ratios for banks always fail conventional debt and interest-income screens.
⚠️ Concerns
- •Core business is conventional banking (interest-based)
- •Securities lending and short-term financing are riba-based
- •Asset management arm runs material fixed income (bond) AUM
- •Fails business activity and financial screens at every major Sharia board
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