First BanCorp.

FBP stock is not Shariah-compliant

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About First BanCorp. (FBP)

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico, providing various financial services for retail, commercial, and institutional clients through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations. The company offers a range of products including commercial loans, mortgage origination and servicing, personal loans, deposit accounts, and investment services. FirstBank operates branches in Puerto Rico, the U.S. Virgin Islands, British Virgin Islands, and the state of Florida.

Frequently asked questions

Is First BanCorp. (FBP) stock halal to invest in?
Yes, FBP is not Shariah-compliant based on the company’s latest financial reports and therefore considered halal to invest in. Last updated on Aug 27, 2024.
No, FBP is not Shariah-compliant based on the company’s latest financial reports and therefore not considered halal to invest in. Last updated on Aug 27, 2024.
FBP is flagged as not Shariah-compliant in terms of Shariah compliance based on the company's latest financial reports. This means that while the company's operations do not definitively violate Islamic guidelines, there are certain aspects of First BanCorp.'s business that require careful consideration. Last updated on Aug 27, 2024.
Does First BanCorp. have any interest income?
Yes, First BanCorp. does have interest income. According to the company's latest annual report for the fiscal year ending Dec 31, 2023, First BanCorp. reported revenue of 1154792000 and interest income of 1023486000. The interest income represents 46.99% of the combined total. It's worth noting that some companies may report additional interest income as part of their revenue. For a detailed breakdown of all interest income and revenue segments, please refer to the full Shariah compliance report available in the Zoya app.
No, First BanCorp. has not reported any interest income. According to the company's latest annual report for the fiscal year ending Dec 31, 2023, First BanCorp. reported total revenue of 1154792000, with no separate interest income disclosed. However, it's worth noting that some companies may report interest income as part of their revenue. For a detailed breakdown of all interest income and revenue segments, please refer to the full Shariah compliance report available in the Zoya app.
What guidelines are used to determine if First BanCorp. stock is Shariah-compliant?
We use the guidelines set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) to assess Shariah compliance. AAOIFI is a leading international organization that establishes standards for Islamic finance. Their guidelines help determine if a company's business activities and financial structure align with Islamic principles. These standards are widely respected in the Islamic finance industry and provide a consistent framework for evaluating the Shariah compliance of stocks and other financial instruments. AAOIFI's Shariah board includes renowned scholars such as Sheikh Muhammad Taqi Usmani, Sheikh AbdulSattar Abu Ghuddah, and Sheikh Abdullah AlManea.
How often is First BanCorp. stock reviewed for Shariah compliance?
The Shariah compliance status of First BanCorp. stock is reviewed on a regular basis, with a minimum frequency of once per quarter. However, if there are any significant changes or major developments in the company's operations that may impact its compliance, an immediate review will be conducted to ensure ongoing adherence to Shariah principles.
How can I stay updated on First BanCorp.'s compliance status?
To stay informed, we recommend regularly checking Zoya for updates. You can also enable alerts within the Zoya app to receive notifications whenever there is a change in the Shariah compliance of FBP, or any other stocks you are monitoring. This is particularly useful as Shariah compliance can fluctuate due to changes in a company's financial ratios or business activities.
Are dividends from First BanCorp. stock considered halal?
Yes, dividends from FBP are considered halal. However, you may need to purify a portion of the dividend if the company has any impermissible revenue. Shariah standards typically allow up to 5% of revenue from impermissible sources for a stock to remain compliant. To find the exact percentage of impermissible revenue for First BanCorp. (FBP), check the Zoya app. For more details on the purification process, read our comprehensive guide.
No, dividends from FBP are not considered halal because the stock is currently not Shariah-compliant. When a stock is non-compliant, any dividends received from it are considered impermissible income and should be donated to charity as a form of purification. To learn more about the purification process and how to handle impermissible income, read our comprehensive guide.
Do I need to pay Zakat on my First BanCorp. shares?
If you hold First BanCorp. stock as an investment, through an Employee Stock Ownership Plan (ESOP), stock options, restricted stock units (RSUs), or any other form of stock ownership, and meet the Nisab threshold, you may be required to pay Zakat on it. The calculation of Zakat on stocks can be complex and depends on various factors. To help make this easy, we've created a free Zakat calculation tool. For an even easier experience, use the Zoya mobile app, where you can link your brokerage account to automatically import holdings.

How to buy First BanCorp. (FBP) stock on Zoya

  1. Sign up for a free Zoya account
    It’s easy to get started. You can sign up for an account directly on our website or by downloading the Zoya app for iOS or Android.
  2. Link a brokerage account
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  3. Decide how much to invest
    Navigate to the search screen and type the name of the stock into the search bar. Then, click the buy button and input the amount you'd like to invest, either in terms of dollars or number of shares. Review the real-time stock price and estimated quantity of shares before confirming your investment.
  4. Manage your portfolio in one place
    You can find your newly purchased stock in your Zoya portfolio alongside the rest of your holdings. Enable alerts to get notified of any changes in your portfolio's Shariah compliance.

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