Is Intchains (ICG) stock Halal?

Intchains is an American Depositary Receipt (ADR) representing shares of a company domiciled outside of the United States. The primary function of this ADR is to facilitate U.S. investors' access to Intchains Group’s securities, allowing them to invest in the company without dealing in foreign markets directly. Intchains Group focuses on integrated circuit technology solutions and services, catering to several high-tech sectors. Before any of that matters to a Muslim investor, one question comes first: is Intchains stock Halal?

Is Intchains Shariah compliant?

No. In the October 2026 screening Intchains (ICG) does not pass AAOIFI screening: it fails the interest-bearing investments screen. The Shariah case on a technology company like Intchains is rarely about the product. What AAOIFI Shariah Standard No. 21 examines is the money around the product: cash parked in instruments that earn Riba, borrowing measured against a market capitalisation that moves daily, and any incidental income from sources Islam prohibits, which must stay below 5% of revenue.

Does Intchains pass the business activity test?

The activity screen is only part of the picture this month: Intchains currently fails the interest-bearing investments screen, so the overall verdict is not compliant regardless of the business itself. The watch item for technology names is incidental: cash returns and platform content can carry impermissible elements, which AAOIFI tolerates only below the thresholds.

Is Intchains' income Halal?

Yes, within AAOIFI's tolerance. Intchains' income from non-permissible sources stays below 5% of revenue in the October 2026 screening.

Does Intchains meet AAOIFI's debt and investment ratio requirements?

Not in full. Interest bearing investments currently exceed the 30% cap, measured against a market capitalisation of $56.9M (market data as of 1 October 2026), while the other ratio stays within it. One breach is enough to fail the screening; the ratios are reassessed monthly under our Shariah Supervisory Board.

Why do other halal screeners show a different verdict for Intchains?

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 Why a Halal Stock Screener Matters for Halal Investing