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OceanFirst Financial Corp.

OCFC stock is not Shariah-compliant

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About OceanFirst Financial Corp. (OCFC)

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A., providing community banking services including various deposit accounts, loans, mortgage products, investment services, wealth management, trust and asset management services. As of December 31, 2021, it had a branch network across central and southern New Jersey, as well as commercial loan production offices in several states.

Frequently asked questions

Is OceanFirst Financial Corp. (OCFC) stock halal to invest in?
As of , OCFC is not Shariah-compliant and therefore considered halal to invest in. This assessment is based on the data available in OceanFirst Financial Corp.'s most recent financial reports.
As of , OCFC is not Shariah-compliant and therefore not considered halal to invest in. This assessment is based on the data available in OceanFirst Financial Corp.'s most recent financial reports.
As of , OCFC 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 OceanFirst Financial Corp.'s business that require careful consideration.
Does OceanFirst Financial Corp. have any interest income?
Yes, OceanFirst Financial Corp. does have interest income. According to the company's latest annual report for the fiscal year ending Dec 31, 2024, OceanFirst Financial Corp. reported revenue of 1021983000 and interest income of 642173000. The interest income represents 62.84% 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, OceanFirst Financial Corp. has not reported any interest income. According to the company's latest annual report for the fiscal year ending Dec 31, 2024, OceanFirst Financial Corp. reported total revenue of 1021983000, 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 OceanFirst Financial Corp. 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 Mohamed Ali Elgari, Sheikh Abdullah AlManea, Sheikh Nizam Yaquby, and Dr. Aznan Hassan.
How often is OceanFirst Financial Corp. stock reviewed for Shariah compliance?
The Shariah compliance status of OceanFirst Financial Corp. 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 OceanFirst Financial Corp.'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 OCFC, 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 OceanFirst Financial Corp. stock considered halal?
Yes, dividends from OCFC 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 OceanFirst Financial Corp. (OCFC), check the Zoya app. For more details on the purification process, read our comprehensive guide.
No, dividends from OCFC 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 OceanFirst Financial Corp. shares?
If you hold OceanFirst Financial Corp. 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 investments can be complex and depends on various factors. To help make this easy, we've created a free Zakat calculator for stocks. For a more seamless experience, use the Zoya mobile app, where you can link your brokerage account to automatically import holdings.

How to buy OceanFirst Financial Corp. (OCFC) 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
    Zoya partners with leading brokerages like Alpaca and others for a seamless way to buy and manage stocks through Zoya.
  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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