Is Independent Bank Corp. (INDB) halal? Not Halal. Based on AAOIFI screening, Independent Bank Corp. has involvement in prohibited business activities with a compliance score of 0/100 (Grade: F).

Independent Bank Corp.

INDB: Is Independent Bank Corp. Halal?

Not Halal

Independent Bank Corp.

NASDAQFinancial ServicesUS

$79.12

+2.02%

About Independent Bank Corp.

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses primarily in Massachusetts. The company accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit. It also offers commercial and industrial, commercial real estate and construction, small business, consumer real estate, and personal loans. In addition, the company provides investment management and trust services to individuals, institutions, small businesses, and charitable institutions; Internet and mobile banking services, as well as estate settlement, financial planning, tax services, and other services; automated teller machine and debit cards; and mutual fund and unit investment trust shares, general securities, fixed and variable annuities, and life insurance products. As of December 31, 2021, it operates one hundred nineteen retail branches, two limited-service retail branches, and one mobile branch located within Barnstable, Bristol, Dukes, Essex, Middlesex, Nantucket, Norfolk, Plymouth, Suffolk, and Worcester counties in Eastern Massachusetts. The company was founded in 1907 and is headquartered in Rockland, Massachusetts.

Sector: Financial Services 路 Industry: Banks - Regional

Shariah Compliance Status

AAOIFI Standard 21Updated Jun 11, 2026
F

Non-Compliant

Fails Shariah screening

0Score

Business Activity Screen

Failed

Checks if the business is involved in prohibited activities (alcohol, gambling, pork, conventional banking, etc.)

  • Prohibited industry: Banks - Regional

Financial Ratio Screen

Failed

Financial ratios must be below AAOIFI thresholds

Debt / Market Cap22.8% / 30.0%

Compliance History

Not Halal, unchanged since May 2026.

No status changes recorded since we began tracking.

Tracked since May 2026. Updates automatically on each re-screen.

Screened: Jun 11, 2026Fiscal: FY 2025Source: FMP

Financial Overview

Market Cap

3.8B

Price

$79.12

Sector

Financial Services

Industry

Banks - Regional

Halal Alternatives in Financial Services

This stock is not Shariah-compliant. Here are halal alternatives from the same sector, ranked by compliance score:

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Frequently Asked Questions

Is Independent Bank Corp. (INDB) halal to invest in?
Independent Bank Corp. (INDB) is rated Not Halal under AAOIFI Standard 21 screening. It fails either the business activity screen (primary involvement in prohibited sectors such as conventional banking, alcohol, or gambling) or one of the quantitative financial ratio thresholds. Muslim investors should avoid or exit this position.
Why did Independent Bank Corp. get a F compliance rating?
Independent Bank Corp. (INDB) received a grade of F (Non-Compliant) based on three AAOIFI Standard 21 financial ratios: debt-to-market-cap of 22.8% (limit 30%); interest-bearing deposits of 5.9% (limit 30%); prohibited income of 87.60% (limit 5%). The grade reflects the margin of safety across all three ratios relative to their thresholds.
What could change Independent Bank Corp.'s Shariah verdict?
Independent Bank Corp.'s verdict is re-evaluated at each annual re-screen. Three events could change it: (1) the debt-to-market-cap ratio crossing 30%, typically from new debt issuance or a major drop in share price; (2) interest-bearing deposits exceeding 30% of market cap; or (3) prohibited revenue (alcohol, gambling, conventional finance, etc.) exceeding 5% of total revenue. Verdict flips are tracked in the compliance history section above.
How often is Independent Bank Corp. re-screened for Shariah compliance?
Independent Bank Corp. (INDB) is re-screened annually using the most recent full-year financial data from SEC filings. HalalScreener also triggers an on-demand re-screen whenever the stored data is more than 7 days old, ensuring the ratios reflect the latest available financial statements. Last screened: Jun 11, 2026.

Screened according to AAOIFI Standard No. 21 路 For informational purposes only. Consult a qualified Islamic finance advisor before investing.

Disclaimer: This screening is for informational purposes only and does not constitute financial, legal, or religious advice. Compliance is evaluated using AAOIFI financial standards (debt, deposits, and prohibited income ratios) and publicly available data. Ethical, political, social, or environmental considerations are outside the scope of this screening. Individual scholars and methodologies may differ. Always consult a qualified Islamic finance advisor before making investment decisions.