What is Midland States Bancorp, Inc.'s Shariah compliance score?

Midland States Bancorp, Inc. (MSBI) has a Shariah compliance score of 0/100 (Grade: F, Non-Compliant). AAOIFI Standard No. 21 requires: (1) no primary involvement in prohibited activities like alcohol, gambling, or conventional banking, (2) debt-to-market-cap below 30%, (3) interest-bearing deposits below 30%, and (4) prohibited income below 5%.

Does Midland States Bancorp, Inc. pass AAOIFI screening?

Midland States Bancorp, Inc. (MSBI) does not pass AAOIFI Shariah screening. AAOIFI Standard No. 21 requires: (1) no primary involvement in prohibited activities like alcohol, gambling, or conventional banking, (2) debt-to-market-cap below 30%, (3) interest-bearing deposits below 30%, and (4) prohibited income below 5%. MSBI's debt-to-market-cap is 52.2%.

How much purification is needed for Midland States Bancorp, Inc.?

Muslim investors purify the portion of dividends and realized gains that comes from non-permissible income by donating it to charity. HalalScreener's purification calculator at halalscreener.app/en/purification computes the percentage and amount for Midland States Bancorp, Inc. (MSBI) using the latest financial data.

Where can I screen Midland States Bancorp, Inc. for Shariah compliance for free?

HalalScreener (halalscreener.app) offers free Shariah compliance screening for Midland States Bancorp, Inc. (MSBI) and 8,200+ securities. US-listed stocks and ETFs are screened under AAOIFI Standard No. 21. Bursa Malaysia securities carry the Securities Commission Malaysia's official status. Coins are screened separately, under published scholarly opinion. The verdict is free, with no credit card or signup required for basic screening. The compliance grade, score, and debt ratio are free too; the full ratio breakdown is part of Pro.

MSBINot HalalF

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Compliance Status

Not Halal

Screened on Oct 14, 2026 · AAOIFI Standard 21

Non-Compliant

0Score

Is Midland States Bancorp, Inc. (MSBI) halal? Not Halal. Based on AAOIFI screening, Midland States Bancorp, Inc. has involvement in prohibited business activities with a compliance score of 0/100 (Grade: F).

Quote this verdict

HalalScreener rates Midland States Bancorp, Inc. (MSBI) Not Halal, 0/100, grade F under AAOIFI Standard 21, screened Oct 14, 2026. Source: https://halalscreener.app/en/stock/MSBI

AvoidBorderlineClean

Business activity

Involved in prohibited business activities.

Failed

Company debt

Over the limit

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

52.2% of 30.0% limit

PRO DETAIL

The verdict above is final and free.

Pro members can verify every number behind it: interest-bearing deposits, prohibited income breakdown, and the full AAOIFI math.

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Screened according to AAOIFI Standard 21

What this means for you

Most scholars advise not holding MSBI

It does not pass AAOIFI Shariah screening.

See halal alternatives from the same sector further down this page

MSBI: Is Midland States Bancorp, Inc. Halal?

Midland States Bancorp, Inc.

NASDAQFinancial ServicesUS

$32.22

Market Cap: 668.6M

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About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. operates as a financial holding company for Midland States Bank that provides various banking products and services to individuals, businesses, municipalities, and other entities. It operates in Banking and Wealth Management segments. The company offers commercial loans; commercial real estate loans that include various property types, such as owner-occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties, assisted living facilities, and farmland; construction and land development loans, including loans to small and midsized businesses to construct owner-user properties, loans to developers of commercial real estate investment properties and residential developments, and loans to individual clients for construction of single family homes; and residential real estate loans comprising first and second mortgage loans, and home equity lines of credit. It also provides commercial equipment leasing; depository products consisting of checking, savings, money market, certificates of deposits, and sweep accounts; and trust and wealth management products and services, such as financial and estate planning, trustee and custodial services, investment management, tax and insurance planning, business planning, corporate retirement plan consulting and administration, and retail brokerage services. The company was founded in 1881 and is headquartered in Effingham, Illinois.

Sector: Financial Services · Industry: Banks - Regional

Why this does not pass

Business activity: the company earns from an activity AAOIFI treats as prohibited.
Interest-bearing debt is 52.2% of market cap, over the 30% AAOIFI limit.
Interest-bearing deposits are over the 30% limit.
Income from prohibited sources is over the 5% limit.

Screened under AAOIFI Standard 21. The exact figure behind this is part of Pro; the failing check and its limit are always free.

Shariah Compliance Status

AAOIFI Standard 21Updated Oct 14, 2026

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Institutional-grade Shariah analysis

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See why MSBI is rated Not Halal with institutional-grade analysis

Business Activity Screen

Failed

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

Prohibited industry: Banks - Regional

PRO DETAIL

The verdict above is final and free.

Pro members can verify every number behind it: interest-bearing deposits, prohibited income breakdown, and the full AAOIFI math.

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Screened according to AAOIFI Standard 21

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: Q2 2026Data 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+

SPDR Gold Shares

$382.01

SLVA+

iShares Silver Trust

$51.51

PSLVA+

Sprott Physical Silver Trust

$18.48

PHYSA+

Sprott Physical Gold Trust

$31.50

CEFA+

Sprott Physical Gold and Silver Trust

$40.45

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Frequently Asked Questions

Is Midland States Bancorp, Inc. (MSBI) halal to invest in?

Midland States Bancorp, Inc. (MSBI) 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 Midland States Bancorp, Inc. get a F compliance rating?

Midland States Bancorp, Inc. (MSBI) received a grade of F (Non-Compliant) based on three AAOIFI Standard 21 financial ratios: debt-to-market-cap of 52.2% (limit 30%). The grade reflects the margin of safety across all three ratios relative to their thresholds.

What could change Midland States Bancorp, Inc.'s Shariah verdict?

Midland States Bancorp, Inc.'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 Midland States Bancorp, Inc. re-screened for Shariah compliance?

Midland States Bancorp, Inc. (MSBI) 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: Oct 14, 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.