AAOIFI Shari'a screening · Reviewed August 17, 2026
Is Gemini (GEMI) stock halal in 2026?
No. Gemini screens as Not Halal (0/100, grade F) as of August 2026, failing two AAOIFI gates at once: nearly 28% of FY2025 revenue from an interest-bearing credit card and staking services, and debt near 150% of market cap against a 30% ceiling.
No. Gemini Space Station (GEMI), the crypto exchange that listed on Nasdaq in September 2025, screens as Not Halal on HalalScreener as of August 2026, scoring 0 out of 100 (grade F). It fails two AAOIFI gates independently: nearly 28% of FY2025 revenue came from prohibited streams (an interest-bearing credit card program at 18.4% and staking services at 9.3%), and interest-bearing debt stood near 150% of market capitalization against a 30% ceiling at the August screen. Either failure alone would sink the verdict.
AAOIFI ratio breakdown
| Ratio | Value | Threshold | Verdict |
|---|---|---|---|
| Interest-bearing debt / Market cap | ~150% | <30% | Fail |
| Non-permissible revenue / Total revenue (FY2025 10-K) | ~28% | <5% | Fail |
The revenue problem. Gemini's crypto rewards credit card is an interest-bearing consumer lending program, and it is not a side business: 18.4% of FY2025 revenue per the company's Form 10-K, with the card program alone approaching a third of revenue in its first-half 2026 reporting. Staking services added another 9.3%. The exchange also launched spot margin trading with up to 5x leverage in late 2025. AAOIFI Standard 21 tolerates non-permissible income up to 5% of revenue; Gemini is several multiples past that line and, on its own filings, moving further away from it.
The debt problem. AAOIFI's debt screen divides interest-bearing debt by market capitalization, with a 30% ceiling. Gemini carried substantial debt into a market that has repriced crypto equities sharply lower, and at our August 2026 screen the ratio stood near 150%, roughly five times the limit. Because the denominator is market capitalization, this ratio moves with the share price; a fail that deep does not flip on ordinary volatility.
The verdict does not hinge on your view of crypto. Fee income from exchanging screened spot assets is defensible on the conditional-permissibility approach, so a crypto exchange is not automatically non-compliant on our screen; a pure spot venue can pass, and at least one currently does. Gemini fails on lending interest, staking yield, leverage and debt, which are problems under every school. Scholars who prohibit cryptocurrency altogether, per the June 2026 fatwa of Mufti Muhammad Taqi Usmani and co-signatories or Egypt's Dar al-Ifta, and the precautionary position of the office of Grand Ayatollah Sayyid Ali al-Sistani on virtual currencies, reach the same destination for broader reasons.
If you already hold GEMI. A failed screen is not repaired by purification; the prevailing guidance in both the Sunni schools and the Ja'fari school is to exit and give away gains attributable to the prohibited activity, with timing and calculation presented to your scholar or marja. Verdicts are dated and re-run as filings and prices move, so check the live GEMI screen first; HalalScreener screens it free.
Methodology
Verdict applies the methodology of AAOIFI Shari'a Standard No. 21: Financial Papers (Shares and Bonds): qualitative screening for prohibited business activities, plus three quantitative caps. Interest-bearing debt < 30% of market cap, interest-bearing securities < 30%, and non-permissible income < 5% of revenue.
Sources and scholars
- AAOIFI Shari'a Standard No. 21: Financial Papers (Shares and Bonds)
- Gemini Space Station FY2025 Form 10-K and H1 2026 reporting (SEC EDGAR)
- Mufti Muhammad Taqi Usmani and co-signatories, cryptocurrency fatwa (June 2026)
- Office of Grand Ayatollah Sayyid Ali al-Sistani (exit timing and calculation: consult your marja)
Frequently asked
Is Gemini (GEMI) stock halal in 2026?
No. As of the August 2026 screen GEMI scores 0 out of 100 (grade F), failing two AAOIFI gates independently: nearly 28% of FY2025 revenue from an interest-bearing credit card (18.4%) and staking services (9.3%), and interest-bearing debt near 150% of market cap against the 30% ceiling.
What exactly makes Gemini fail the screen?
Three things, any one of which is disqualifying today: an interest-bearing credit card program that is a core revenue line, staking and leveraged margin products, and a debt-to-market-cap ratio roughly five times the AAOIFI limit after crypto equities repriced lower.
Could GEMI become halal in the future?
In principle yes: verdicts are dated, not permanent. It would need the interest-bearing card and margin businesses wound down or made immaterial (under 5% of revenue) and the debt ratio back under 30% of market cap. Nothing in its current filings points that way; re-check the live screen for the latest run.
What should I do if I already own GEMI?
A failed screen is not fixed by purification. The prevailing guidance in both the Sunni and Ja'fari schools is to exit and give away gains attributable to the prohibited activity, with timing and calculation presented to your scholar or marja. Check the live verdict before acting.
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