What is Arrow Financial Corporation's Shariah compliance score?

Arrow Financial Corporation's (AROW) compliance score is being calculated. Check HalalScreener.app for the latest AAOIFI screening results.

Does Arrow Financial Corporation pass AAOIFI screening?

Arrow Financial Corporation (AROW) does not pass AAOIFI Shariah screening. AAOIFI requires: (1) no primary involvement in prohibited activities like alcohol, gambling, or conventional banking, (2) debt-to-market-cap below 30% (AROW: 4.2%), (3) interest-bearing deposits below 30% (AROW: 4.2%), and (4) prohibited income below 5% (AROW: 86.6%). HalalScreener provides free AAOIFI screening for 10,000+ stocks at halalscreener.app.

How much purification is needed for Arrow Financial Corporation stock?

Arrow Financial Corporation (AROW) has a non-permissible income ratio of 86.63%. Muslim investors should purify this percentage of any dividends received and capital gains realized from AROW shares by donating it to charity. HalalScreener's purification calculator at halalscreener.app/en/purification automates this calculation using the latest financial data.

Where can I screen Arrow Financial Corporation for Shariah compliance for free?

HalalScreener (halalscreener.app) offers free Shariah compliance screening for Arrow Financial Corporation (AROW) and 10,000+ other US-listed stocks, ETFs, and 100+ cryptocurrencies. The screening uses AAOIFI Standard No. 21 and shows all financial ratios transparently. No credit card or signup required for basic screening. HalalScreener also includes an AI Islamic Scholar for follow-up questions about AROW's compliance across different madhabs (Hanafi, Shafi'i, Maliki, Hanbali, Ja'fari).

AROW: Is Arrow Financial Corporation Halal?

Arrow Financial Corporation

NASDAQFinancial ServicesUS

$41.56

-2.21%

Market Cap: 686.9M

Compliance Status

Not Halal

Screened on Jul 18, 2026 · AAOIFI Standard 21

Non-Compliant

0Score

Is Arrow Financial Corporation (AROW) halal? Not Halal. Based on AAOIFI screening, Arrow Financial Corporation has involvement in prohibited business activities with a compliance score of 0/100 (Grade: F).

AvoidBorderlineClean

Business activity

Involved in prohibited business activities.

Failed

Company debt

Well clear of the limit

How much the company borrows, compared to its total value. AAOIFI allows up to 30%.

4.2% of 30.0% limit

What this means for you

Most scholars advise not holding AROW

It does not pass AAOIFI Shariah screening.

See halal alternatives from the same sector further down this page

About Arrow Financial Corporation

Arrow Financial Corporation functions as a bank holding company, delivering a comprehensive suite of commercial and consumer banking services, alongside various financial products. Its core deposit offerings include conventional options like demand accounts, interest-bearing checking accounts, savings accounts, and diverse time deposits. The company's lending portfolio features commercial credit facilities such as term loans, time-based notes, and revolving lines of credit. It also extends financing for commercial real estate, encompassing property acquisitions, refinancing, expansions, and improvements, in addition to loans for commercial construction and land development. On the consumer side, Arrow Financial provides installment loans for personal expenditures, personal lines of credit, overdraft protection, and automobile loans. Residential real estate financing is another key component, offering mortgages, fixed home equity loans, and home equity lines of credit to support home improvements, debt consolidation, educational funding, and other personal requirements. Furthermore, the company operates an indirect lending program and actively sells its originated residential real estate loans into the secondary market. Beyond traditional banking, Arrow Financial offers comprehensive wealth management and trust services. This includes retirement planning, trust administration, and estate management for individuals, as well as pension, profit-sharing, and employee benefit plan administration for corporate clients. The corporation also operates an insurance agency, providing group health, life, and property and casualty policies. Additionally, it offers investment advisory services for its proprietary mutual funds and holds an interest in a real estate investment trust. The company's operational footprint spans the northeastern region of New York State, specifically serving Warren, Washington, Saratoga, Essex, Clinton, Rensselaer, Albany, and Schenectady counties, along with neighboring communities. Its physical infrastructure comprises 26 owned branch banking locations, 12 leased branch offices, and two dedicated residential loan origination centers. Established in 1851, Arrow Financial Corporation maintains its corporate headquarters in Glens Falls, New York.

Sector: Financial Services · Industry: Banks - Regional

Shariah Compliance Status

AAOIFI Standard 21Updated Jul 18, 2026

Business Activity Screen

Failed

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

Prohibited industry: Banks - Regional

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.

Fiscal: FY 2025Data source: FMP

Halal Alternatives in Financial Services

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

GLDA+

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+0.17%

SLVA+

iShares Silver Trust

$50.78

+0.47%

PSLVA+

Sprott Physical Silver Trust

$21.30

+6.23%

PHYSA+

Sprott Physical Gold Trust

$31.75

+0.19%

ABA+

AllianceBernstein Holding L.P.

$36.03

-1.13%

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JPMorgan Chase & Co.

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A+

PYPL

PayPal Holdings, Inc.

C+

BAC

Bank of America Corporation

WFC

Wells Fargo & Company

Free · No credit card required

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Frequently Asked Questions

Is Arrow Financial Corporation (AROW) halal to invest in?

Arrow Financial Corporation (AROW) 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 Arrow Financial Corporation get a F compliance rating?

Arrow Financial Corporation (AROW) received a grade of F (Non-Compliant) based on three AAOIFI Standard 21 financial ratios: debt-to-market-cap of 4.2% (limit 30%); interest-bearing deposits of 4.2% (limit 30%); prohibited income of 86.63% (limit 5%). The grade reflects the margin of safety across all three ratios relative to their thresholds.

What could change Arrow Financial Corporation's Shariah verdict?

Arrow Financial Corporation'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 Arrow Financial Corporation re-screened for Shariah compliance?

Arrow Financial Corporation (AROW) 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: Jul 18, 2026.

Screened according to AAOIFI Standard No. 21 · 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.