AJG
Arthur J. Gallagher & Co.
Is AJG Halal?
Financial ratios pass the filing-based asset screen, but conventional insurance brokerage creates a material qualitative Sharia concern.
What You Should Know
Arthur J. Gallagher's March 31, 2026 Form 10-Q reports $78,301M of assets, $12,873M of interest-bearing debt, $1,413M of cash, $5,960M of receivables and $4,765M of quarterly revenue. Debt/assets is 16.44%, liquidity/assets 1.80%, receivables plus cash/assets 9.40% and the conservative income proxy is 1.81%. Gallagher's brokerage, reinsurance and claims-management activity remains methodology- and school-dependent because the filing does not isolate a universal prohibited-revenue numerator.
⚠️ Concerns
- •Brokerage commissions place conventional property, casualty, employee-benefit and specialty insurance
- •Gallagher Re places conventional reinsurance and Gallagher Bassett administers insurance claims
- •Financial ratios pass, but the qualitative activity screen may fail under strict boards
- •The filing's $86M interest-income, premium-finance and other-income line is a conservative proxy, not a purification ruling
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
12,873 / 78,301
1,413 / 78,301
7,373 / 78,301
86 / 4,765
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 16.44%, liquidity/assets 1.80%, receivables plus cash/assets 9.40% and the conservative income proxy 1.81%; the financial ratios pass while the insurance activity remains unresolved.
- Financial
- Pass
- Overall
- Incomplete
The identified ratios are below the examined MSCI limits; conventional insurance brokerage remains a separate qualitative question.
- Financial
- Pass
- Overall
- Incomplete
Debt, liquidity and the income proxy are below the examined Malaysia SAC limits; the conventional-insurance activity remains qualitative.
- Financial
- Not calculated
- Overall
- Incomplete
No licensed historical market-cap series is stored.
Business-activity disclosure
Gallagher is principally an insurance brokerage and risk-management company. Brokerage commissions, reinsurance placement and claims administration support conventional insurance markets, creating a material qualitative Sharia concern.
Limitation: The filing reports commissions and fees but does not isolate a universally accepted prohibited-revenue numerator; ZakatInvest does not invent one.
Purification
The filing reports an $86 million combined interest-income, premium-finance and other-income line; this is shown as a conservative proxy, not a scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from the March 31, 2026 Form 10-Q.
- Debt includes $640 million current corporate borrowings, $12,077 million noncurrent corporate borrowings and $156 million premium-financing debt.
- Cash and accounts receivable are reported on the consolidated balance sheet. Revenue includes $4,765 million of quarterly total revenue; $86 million is the filing's interest income, premium-finance revenue and other-income line used as a conservative proxy.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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