Is First BanCorp (FBP) stock Halal?

First BanCorp is a financial institution that operates as a bank and holding company providing a comprehensive suite of banking products and services. It primarily serves individual customers, businesses, and governmental entities in Puerto Rico and the U.S. and British Virgin Islands. The bank plays a vital role in these regions by offering various deposit products, loans, mortgage services, and credit cards, thereby supporting individual financial needs and facilitating business operations. For Muslim investors, though, the most pressing question is simpler: is First BanCorp a Halal investment?

Is First BanCorp Shariah compliant?

No. In the October 2026 screening First BanCorp (FBP) does not pass AAOIFI screening: it fails the non-permissible income screen. Finance is the sector where Shariah screening does the most work, because Riba is not incidental here, it can be the product itself. First BanCorp passes the business activity screen only if its revenue comes from permissible services rather than lending at interest, and the financial screens of AAOIFI Shariah Standard No. 21 still apply in full.

Does First BanCorp pass the business activity test?

The activity screen is only part of the picture this month: First BanCorp currently fails the non-permissible income screen, so the overall verdict is not compliant regardless of the business itself. The watch item in this sector is the sharpest of all: revenue must come from permissible services, not from lending at interest.

Is First BanCorp's income Halal?

No. First BanCorp's income from impermissible sources currently exceeds AAOIFI's 5% revenue ceiling, which makes the stock non-compliant on this screen regardless of the others. The screen is reassessed monthly, so the status can change when new financial statements arrive.

Does First BanCorp meet AAOIFI's debt and investment ratio requirements?

Yes. Both caps hold this month: interest bearing investments and interest bearing debt each stay below 30% of market capitalisation, measured against a market capitalisation of $4.02B (market data as of 1 October 2026). Because the caps move with the share price, our Shariah Supervisory Board has FBP re-screened every month, and the result above always shows the latest verdict.

Why do other halal screeners show a different verdict for First BanCorp?

Screeners can disagree without either being wrong. AAOIFI Shariah Standard No. 21, which Tabadulat applies, measures interest bearing debt and investments against market capitalisation with a 30% ceiling. MSCI and FTSE measure them against total assets with a 33% ceiling, and S&P and Dow Jones Islamic use a multi year average of market capitalisation. Data dates differ too, because each provider reads filings and prices on its own schedule. The same company can therefore pass one standard and fail another in the same month. Tabadulat publishes one answer, the AAOIFI result as of October 2026, and re-screens it every month.

Tabadulat is an ADGM regulated brokerage whose license covers Shari'a Compliant Regulated Activities, as the FSRA permission names them. New to the terminology? Gharar and Maysir, Sukuk, Zakat and purification are all explained in plain English.

New to the screening method? Read What is Riba? A Clear Guide for Ethical Muslim Investing