AXP
American Express Co.
Is AXP Halal?
Fails the business-activity screen: credit cards, consumer lending, and banking are core operations; total interest income was 35.25% of quarterly revenue.
What You Should Know
American Express is a bank holding company whose March 31, 2026 Form 10-Q reports $308,894 million of assets, $60,442 million of interest-bearing debt, $53,757 million of cash and cash equivalents, $2,915 million of investment securities, $220,259 million of card balances and other loans, and $18,907 million of quarterly revenue net of interest expense. Total interest income was $6,665 million and net interest income was $4,692 million. These figures make the riba exposure quantitative as well as qualitative; the retained HARAM verdict is not based on an invented revenue allocation.
⚠️ Concerns
- •Credit-card interest and revolving balances are core operations
- •Card balances and other loans were $220,259 million
- •Total interest income was $6,665 million, or 35.25% of quarterly revenue
- •Customer deposits, lending, late fees, and financial products require contract-level review
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
60,442 / 308,894
56,672 / 308,894
274,016 / 308,894
6,665 / 18,907
- Financial
- Fails
- Overall
- Fails
Debt/assets is 19.57% and liquidity/assets is 18.35%, but receivables plus cash/assets is 88.71% and total interest income is 35.25% of revenue; the core lending business also fails.
- Financial
- Fails
- Overall
- Fails
Debt and liquidity pass, but receivables plus cash/assets is 88.71%, above the examined total-assets limit; the core lending business fails independently.
- Financial
- Pass
- Overall
- Fails
Debt/assets and liquidity/assets are below the examined 33% limits, but the direct credit-card and lending business fails; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Fails
Market-cap methods are not calculated; the direct credit-card and lending business independently prevents a pass.
Business-activity disclosure
American Express is a bank holding company whose core activities include credit cards, revolving balances, consumer and commercial lending, deposits, and payment products. Interest-bearing lending is not incidental to the business.
Limitation: The filing provides enough direct evidence of the core lending and interest activity; no permissible carve-out is assumed from the payment-network component.
Purification
Total interest income of $6,665 million is disclosed, but purification cannot cure a direct core-business failure.
Inputs, assumptions and primary sources
- Amounts are USD millions from American Express's March 31, 2026 Form 10-Q and rounded to the nearest million.
- Debt includes short-term borrowings of $1,692 million and long-term debt of $58,750 million.
- Total cash and cash equivalents are $53,757 million; interest-bearing securities include $290 million of short-term investment securities and $2,625 million of investment securities.
- Accounts receivable is conservatively defined as card balances, card balances held for sale, and other loans: $207,247 million + $2,477 million + $10,535 million.
- Quarterly revenue net of interest expense is $18,907 million and total interest income is $6,665 million.
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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