Is NiSource (NI) stock Halal?

NiSource is a leading fully regulated utility company specializing in the distribution of natural gas and electric energy across six U.S. states, including Indiana, Kentucky, Ohio, Pennsylvania, Maryland, and Virginia. Before any of that matters to a Muslim investor, one question comes first: is NiSource stock Halal?

Is NiSource Shariah compliant?

No. In the October 2026 screening NiSource (NI) does not pass AAOIFI screening: it fails the interest-bearing debt screen. For a utility like NiSource, AAOIFI Shariah Standard No. 21 has little quarrel with the service itself; the scrutiny falls on how the infrastructure is financed. Regulated networks are usually built with long term borrowing, which the standard tolerates only below 30% of market capitalisation, a ratio that moves with the share price as well as the debt.

Does NiSource pass the business activity test?

The activity screen is only part of the picture this month: NiSource currently fails the interest-bearing debt screen, so the overall verdict is not compliant regardless of the business itself. Delivering power or water raises no Shariah objection in itself; the scrutiny belongs to the debt behind the network.

Is NiSource's income Halal?

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

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

Not in full. Interest bearing debt currently exceeds the 30% cap, measured against a market capitalisation of $18.7B (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 NiSource?

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