ALL
The Allstate Corporation
Is ALL Halal?
Major US conventional personal-lines property-and-casualty-insurance company; conventional insurance involves gharar, maysir and riba under many Islamic-law analyses, and the current contextual liquidity and income checks fail.
What You Should Know
Allstate's March 31, 2026 Form 10-Q reports $123,972 million of total assets, $7,491 million of debt, $697 million of cash, $63,765 million of fixed-income plus short-term securities, $11,648 million of premium installment receivables, $16,941 million of total revenue, and $938 million of net investment income. ZakatInvest's current contextual calculations are debt/assets 6.04%, liquidity 52.00%, receivables plus cash/assets 9.96%, and net investment income/revenue 5.54%. Conventional insurance remains the core qualitative disqualifier under the retained gharar, maysir and riba analysis; this is a current ZakatInvest calculation, not an index-membership claim.
⚠️ Concerns
- •Conventional insurance involves gharar (excessive uncertainty), maysir (gambling-like element), and riba (interest) under many Islamic-law analyses
- •The investment portfolio includes substantial fixed-income securities and short-term investments that generate interest income
- •The contextual liquidity ratio is 52.00% of total assets, above the examined 33.33% limit
- •Net investment income is 5.54% of reported revenue, above a 5% income benchmark
- •Allstate Protection, Health and Benefits, Identity Protection and Roadside remain conventional commercial offerings
- •Muslim investors seeking insurance-style protection should study takaful and retakaful providers, which use cooperative mutual-protection structures
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
7,491 / 123,972
64,462 / 123,972
12,345 / 123,972
938 / 16,941
- Financial
- Fails
- Overall
- Fails
Debt/assets is 6.04%, liquidity using cash plus fixed-income and short-term securities is 52.00%, receivables plus cash/assets is 9.96%, and net investment income/revenue is 5.54%; the liquidity and income checks fail the examined limits. The conventional-insurance activity remains the primary qualitative disqualifier.
- Financial
- Fails
- Overall
- Fails
The contextual liquidity ratio is 52.00% of total assets and exceeds the examined limit. This is a reproducible calculation against the named method, not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
The contextual liquidity ratio is 52.00% of total assets and exceeds the examined limit; the conventional-insurance activity is not a minority business. This is not an official classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
Allstate operates conventional personal-lines property-and-casualty insurance, supplemental health and benefits, identity-protection and roadside businesses. Conventional insurance is the core activity and is qualitatively disqualifying under the retained analysis.
Limitation: The filing discloses premium and investment-income categories but does not provide a universal prohibited-revenue numerator for the gharar and maysir analysis; quantitative ratios are contextual calculations, not a scholar-approved insurance methodology.
Purification
Conventional insurance is the core qualitative disqualifier; a minority-income purification percentage is not appropriate, and the insurance-company ratios are contextual rather than a universal certification.
Inputs, assumptions and primary sources
- Inputs use Allstate's March 31, 2026 Form 10-Q; amounts are USD millions.
- Total assets are $123,972 million; debt is $7,491 million and cash is $697 million.
- Interest-bearing securities input is fixed-income securities of $59,060 million plus short-term investments of $4,705 million. Equity securities, mortgage loans and limited partnership interests are not included in this securities proxy.
- Premium installment receivables of $11,648 million are used as the receivables proxy; this is an insurance-company context calculation, not a claim that ordinary corporate receivables methodology applies unchanged.
- Total revenue is $16,941 million and net investment income is $938 million. The filing does not provide a universal prohibited-revenue numerator because conventional insurance is the core business model rather than a minority line item.
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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