Top 10 Largest Stocks in Bahrain (2026): Shariah Compliance Overview

Under Islamicly's Shariah framework, shares in a listed company may be considered permissible to own and trade when the underlying business activity and the applicable financial criteria both satisfy the relevant Shariah requirements. Screening is carried out against AAOIFI-based standards and reviewed by Islamicly's Shariah Supervisory Board.

Shariah Compliance in Bahrain at a Glance

How Islamicly Screens a Stock

Islamicly applies three-level screening to every listed equity, aligned with AAOIFI Shariah Standard No. 21, with a fourth step governing the income that remains. Islamicly monitors available information daily, while financial screening is reassessed when updated financial information becomes available. A company must clear all three screens to earn a compliant rating.

Purification applies to dividends, not capital gains, and only where a compliant company carries residual non-permissible income.

Top 10 Stocks in Bahrain by Market Capitalisation

1. National Bank of Bahrain

National Bank of Bahrain, founded in 1957 as the country's first locally owned bank, is a commercial bank whose largest shareholder is the state investment company Mumtalakat; it also holds a majority stake in Bahrain Islamic Bank. It is a conventional bank whose revenue comes mainly from interest-based lending and investments, well above the 5% threshold, so the stock fails the business sector screen. It also fails debt compliance and cash compliance.

2. Aluminium Bahrain (Alba)

Alba operates one of the world's largest single-site aluminium smelters, and is majority-owned by Mumtalakat, with SABIC as a major shareholder. A review of its revenue from billet, slab, foundry, liquid metal and ingot sales found no non-permissible business activity, with interest income below 5% of total revenue, so the stock passes the business sector screen. It also passes debt compliance. However, its cash and interest-bearing securities exceed 30% of its market value, so it fails cash compliance.

3. Bank of Bahrain and Kuwait

Bank of Bahrain and Kuwait is a Bahraini commercial bank owned by Bahraini and Kuwaiti shareholders, with branches in Kuwait and India. It is a conventional bank whose revenue comes mainly from interest-based lending and investments, well above the 5% threshold, so the stock fails the business sector screen. It also fails debt compliance and cash compliance.

4. GFH Bank

GFH is a Bahrain-based Islamic financial group spanning investment banking, asset management, commercial banking and real estate, with shares also listed in Kuwait and Dubai. GFH provides Islamic banking and Shariah-compliant investment services, has a Shariah scholars board supervising the bank's activities, and carries a pronouncement from that board that its activities are Shariah-compliant, so the stock passes the business sector screen. It also passes debt compliance and cash compliance.

5. Beyon

Beyon, formerly Batelco, is Bahrain's largest telecommunications group, with operations including Batelco in Bahrain, Sure in the Channel Islands and Dhiraagu in the Maldives. A review of its mobile, broadband, fixed-line, data and wholesale revenue found no non-permissible business activity, with interest income below 5% of total revenue, so the stock passes the business sector screen and also passes cash compliance. However, its interest-bearing debt exceeds 30% of its 36-month average market capitalisation, so it fails debt compliance.

6. Al Salam Bank

Al Salam Bank is a Bahraini Islamic bank offering retail, corporate and private banking, and expanded through its 2022 acquisition of Ithmaar Bank's consumer banking business. It operates as an Islamic bank, with products such as Wakala deposits and Shariah-compliant housing finance, has a Shariah scholars board supervising its activities, and carries a pronouncement from that board that its activities are Shariah-compliant, so the stock passes the business sector screen. It also passes debt compliance and cash compliance.

7. United Gulf Holding

United Gulf Holding is a Bahrain-based investment holding company in the Kuwaiti KIPCO group, whose interests include United Gulf Bank and asset management. Its group revenue comes from conventional investment and commercial banking, including interest-based lending and deposit-taking, with no Islamic banking, so the stock fails the business sector screen. It also fails debt compliance and cash compliance.

8. Arab Banking Corporation (Bank ABC)

Bank ABC is an international bank headquartered in Manama, majority-owned by the Central Bank of Libya, with operations across the Middle East, North Africa, Europe, the Americas and Brazil. It is a conventional bank whose revenue comes mainly from interest-based lending and investments, well above the 5% threshold, so the stock fails the business sector screen. It also fails debt compliance and cash compliance.

9. United Gulf Bank

United Gulf Bank is a Bahraini investment bank in the KIPCO group, providing asset management, investment banking and treasury services. It offers some Islamic investment products, but most of its revenue comes from conventional banking, finance and investment services, well above the 5% threshold, so the stock fails the business sector screen. It also fails debt compliance and cash compliance.

10. Gulf Hotels Group

Gulf Hotels Group owns and manages hotels in Bahrain, including the Gulf Hotel Bahrain, Novotel Bahrain Al Dana Resort and Crowne Plaza Bahrain, together with the Gulf Convention Centre. It earns non-permissible revenue from the sale of alcohol and pork-related food in its hotels, along with interest income, which together exceed 5% of total revenue, so the stock fails the business sector screen. It passes debt compliance and cash compliance, but a company must clear all three screens to be classified compliant.

Compliance Status Is Dynamic, Not Permanent

Sector-Wise Shariah Screening in Bahrain

Financial, with 20 of the 40 listed securities, is the largest sector and clears 7 — all Islamic banks, Islamic investment firms or a takaful insurer. Services clears 2 of 13, and neither Basic Materials company is compliant.

Frequently Asked Questions: Halal Stocks in Bahrain

How many halal stocks are there in Bahrain?

Islamicly screens 40 securities listed on Bahrain Bourse, of which 11 (27.5%) are classified Shariah-compliant as of September 2026. Together they make up 24.5% of total market value.

Which of the largest stocks in Bahrain are Shariah-compliant?

Of the ten largest listed companies by market capitalisation, 2 are Shariah-compliant: GFH Bank and Al Salam Bank.

Is National Bank of Bahrain halal?

No. National Bank of Bahrain is classified Shariah non-compliant by Islamicly. It fails the business activity, debt and cash screens.

Is Aluminium Bahrain (Alba) halal?

No. Aluminium Bahrain (Alba) is classified Shariah non-compliant by Islamicly. It fails the cash screen and passes the business activity and debt screens.

Is Bank of Bahrain and Kuwait halal?

No. Bank of Bahrain and Kuwait is classified Shariah non-compliant by Islamicly. It fails the business activity, debt and cash screens.

Is GFH Bank halal?

Yes. GFH Bank is classified Shariah-compliant by Islamicly. It passes the business activity, debt and cash screens.

Is Beyon halal?

No. Beyon is classified Shariah non-compliant by Islamicly. It fails the debt screen and passes the business activity and cash screens.

Is Al Salam Bank halal?

Yes. Al Salam Bank is classified Shariah-compliant by Islamicly. It passes the business activity, debt and cash screens.

Is United Gulf Holding halal?

No. United Gulf Holding is classified Shariah non-compliant by Islamicly. It fails the business activity, debt and cash screens.

Is Arab Banking Corporation (Bank ABC) halal?

No. Arab Banking Corporation (Bank ABC) is classified Shariah non-compliant by Islamicly. It fails the business activity, debt and cash screens.

Is United Gulf Bank halal?

No. United Gulf Bank is classified Shariah non-compliant by Islamicly. It fails the business activity, debt and cash screens.

Is Gulf Hotels Group halal?

No. Gulf Hotels Group is classified Shariah non-compliant by Islamicly. It fails the business activity screen and passes the debt and cash screens.

How does Islamicly decide whether a stock is halal?

Each company is screened on three levels aligned with AAOIFI Shariah Standard No. 21: business activity (non-permissible revenue must stay below 5%), debt (below 30% of 36-month average market capitalisation) and cash (below 30%). A company must pass all three to be classified Shariah-compliant.

Can a stock's Shariah status change?

Yes. A company can fail a later screen if it takes on interest-bearing debt, holds more cash in conventional deposits or changes its revenue mix. Islamicly monitors available information daily and reassesses financial ratios when new results are published.

What is dividend purification?

Where a compliant company still earns a small share of non-permissible income, investors donate that proportion of the dividends they receive to charity. Purification applies to dividends, not capital gains.

About Islamicly

Islamicly is a Shariah-certified app and web platform for screening Shariah-compliant equities. It provides Shariah compliance information for stocks listed on Bahrain Bourse, and for companies listed across global markets.

Screening is carried out against AAOIFI-based standards and reviewed by Islamicly's Shariah Supervisory Board, chaired by Dr. Mohamed A. Elgari (Saudi Arabia), with Dr. Muhammad Amin Qattan (Kuwait) and Dr. Nazih Hammad (Canada). Every classification published by Islamicly, including those in this report, is produced under that framework.

On the app and web platform, investors can check the Shariah status of any listed stock, screen an existing portfolio for non-compliant positions, view a stock's historical compliance data, calculate dividend purification amounts, and receive alerts when a holding changes status. Islamicly also offers Shariah-screened model portfolios, digital gold and silver, mutual funds and managed-investment options, and runs free AMAs and webinars on halal investing.