APO
Apollo Global Management
Is APO Halal?
Private equity and credit firm — riba-based lending.
What You Should Know
Apollo is a major alternative asset manager focused on credit, private equity, insurance and retirement services. Its March 2026 Form 10-Q reports $467,530 million of assets, $14,220 million of debt, $22,570 million of unrestricted cash, $11,165 million of receivable inputs and $5,059 million of quarterly revenue. Debt/assets is 3.04%, liquidity/assets is 4.83% and receivables-plus-cash/assets is 7.22%; interest income is not separately allocated from material net investment income, while the core riba-based lending model remains impermissible.
⚠️ Concerns
- •Credit-focused business (riba)
- •Debt-financed private equity
- •Conventional insurance and fixed-income investments
- •Interest-income allocation unavailable
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
14,220 / 467,530
22,570 / 467,530
33,735 / 467,530
5,059 / 5,059
- Financial
- Fails
- Overall
- Fails
Debt/assets is 3.04%, liquidity/assets is 4.83% and receivables-plus-cash/assets is 7.22%; the conservative upper-bound non-compliant-income input is 100.00% of revenue and the core financial-services activity fails.
- Financial
- Pass
- Overall
- Fails
Debt/assets is 3.04%, liquidity/assets is 4.83% and receivables-plus-cash/assets is 7.22%; the core credit, insurance and conventional-investment activity independently fails.
- Financial
- Pass
- Overall
- Fails
Debt/assets is 3.04% and liquidity/assets is 4.83%; the core financial-services activity remains impermissible under the qualitative assessment.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored; market-cap methods cannot cure the core credit and insurance failure.
Business-activity disclosure
Apollo is an alternative-asset manager with credit, private-equity, insurance and retirement-services businesses. Riba-based credit and conventional investment activity are core under the existing qualitative assessment.
Limitation: The consolidated filing combines asset management, insurance, retirement services and VIE activity; net investment income is not allocated into a universal prohibited-income numerator.
Purification
Apollo does not separately disclose a complete interest-income or prohibited-activity numerator across its credit, insurance and investment businesses. The full-revenue non-compliant-income input is a conservative upper-bound screen, not a purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Apollo's March 31, 2026 Form 10-Q.
- Debt includes $6,380 million in Asset Management and $7,840 million in Retirement Services; liabilities of consolidated VIEs are not double-counted as parent debt.
- Unrestricted cash and cash equivalents total $22,570 million across Asset Management, its VIEs and Retirement Services; restricted cash is excluded.
- Receivable inputs include $10,304 million reinsurance recoverable and $861 million due from related parties. Quarterly total revenues are $5,059 million; net investment income is $5,139 million but interest is not separately allocated.
- Private credit, leveraged buyouts, insurance and conventional investment portfolios are core activities rather than incidental exposures.
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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