BRO
Brown & Brown, Inc.
Is BRO Halal?
Insurance brokerage — its commission-based earnings are tied directly to placing conventional insurance, an activity-level disqualifier.
What You Should Know
Brown & Brown, Inc. earns commissions and fees by placing property-casualty, employee-benefits, and other conventional insurance. Its March 31, 2026 Form 10-Q reports assets of $29,700 million, interest-bearing debt of $7,822 million, cash of $1,003 million, receivables of $3,150 million and quarterly revenue of $1,901 million. Debt/assets is 26.34%, liquidity/assets is 3.38% and receivables-plus-cash/assets is 13.98%; the examined financial ratios pass, but brokering conventional insurance remains an activity-level disqualifier. Disclosed investment income is $18 million (0.95% of revenue).
⚠️ Concerns
- •Commission and fee income is tied directly to placing conventional insurance, which rests on gharar and riba — an activity-level disqualifier
- •Brokering rather than underwriting does not separate the firm's economics from the impermissible insurance business
- •Asset-based financial ratios pass, but they cannot cure the core activity concern
- •Disclosed investment income is 0.95% of quarterly revenue; no fixed purification percentage is asserted
- •Muslim investors should avoid the stock and consider takaful for protection needs and permissible businesses for investment
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
7,822 / 29,700
1,003 / 29,700
4,153 / 29,700
18 / 1,901
- Financial
- Pass
- Overall
- Fails
Debt/assets is 26.34%, liquidity/assets is 3.38% and receivables-plus-cash/assets is 13.98%; financial ratios pass, but the core brokerage activity fails.
- Financial
- Pass
- Overall
- Fails
Debt/assets, liquidity/assets and receivables-plus-cash/assets are below the examined MSCI limits; the core brokerage activity fails.
- Financial
- Pass
- Overall
- Fails
Debt/assets is 26.34% and liquidity/assets is 3.38%, below the examined Malaysia limits; this is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored; the activity screen already fails.
Business-activity disclosure
Brown & Brown earns commissions and fees by placing property-casualty, employee-benefits and other conventional insurance; brokering does not separate its economics from the insurance transaction.
Limitation: Conventional insurance intermediation is an activity-level concern; no revenue carve-out cures the core model.
Purification
Core conventional-insurance intermediation fails the business screen; purification is not a substitute for an activity-level ruling.
Inputs, assumptions and primary sources
- Amounts are USD millions from Brown & Brown's March 31, 2026 Form 10-Q.
- Debt combines current debt of $1,238 million and noncurrent debt of $6,584 million; operating lease liabilities are excluded.
- Cash is $1,003 million. Receivables combine commission/fee receivables of $1,576 million and fiduciary receivables of $1,574 million.
- Investment income of $18 million is a disclosed nonoperating line (0.95% of quarterly revenue), not a purification ruling.
- Brokerage commission and fee revenue is tied to conventional insurance placement, so total revenue is used as the activity-level non-compliant-revenue 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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