GRAB
Grab Holdings Ltd.
Is GRAB Halal?
Ride-hailing and delivery are generally permissible, but lending, payments and restricted-product delivery create material qualitative concerns and the income screen fails under a conservative treatment.
What You Should Know
Grab's December 31, 2025 Form 20-F reports $11,983 million of assets, $2,053 million of borrowings, $3,433 million of cash, $240 million of receivables and $3,370 million of revenue. Debt/assets is 17.13%, liquidity/assets is 28.65% and receivables-plus-cash/assets is 30.65%. Finance income of $240 million is 7.12% of revenue on a conservative upper-bound basis, above the examined FTSE income limit. GrabFinance, alcohol delivery and marketplace mix remain qualitative.
⚠️ Concerns
- •GrabFinance and other lending products create riba concerns
- •Finance income is 7.12% of annual revenue on a conservative upper-bound basis
- •Alcohol and other restricted products may be delivered in some markets
- •Customer and merchant mix is broad and not fully screened
Current quantitative Sharia screen
Based on 20-F figures for the period ended 2025-12-31; calculated 2026-07-15.
2,053 / 11,983
3,433 / 11,983
3,673 / 11,983
240 / 3,370
- Financial
- Fails
- Overall
- Fails
Debt/assets is 17.13%, liquidity/assets is 28.65% and receivables-plus-cash/assets is 30.65%; conservative finance income is 7.12% of revenue, above the examined 5% limit.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets, liquidity/assets and receivables-plus-cash/assets are below the examined MSCI limits; activity classification remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Known debt and liquidity ratios are below the examined Malaysia limits; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed and reproducible historical market-cap series is not stored.
Business-activity disclosure
Grab operates ride-hailing, delivery, digital payments and financial-services products. Mobility and ordinary delivery are generally permissible, while lending, payments, alcohol delivery and product-level marketplace activity require school-specific review.
Limitation: The Form 20-F does not provide a universal prohibited-revenue numerator across GrabFinance, payments, merchants and delivered products.
Purification
Finance income is disclosed, but no scholar-approved purification percentage or complete prohibited-revenue numerator is asserted.
Inputs, assumptions and primary sources
- Amounts are USD millions from Grab's December 31, 2025 Form 20-F.
- Debt combines $1,680 million of short-term borrowings and $373 million of long-term borrowings.
- Cash is $3,433 million; current financial assets are not treated as interest-bearing securities without a security-level classification.
- Trade and other current receivables are $240 million and annual revenue is $3,370 million.
- Finance income of $240 million is used as a conservative upper-bound income numerator because the filing's finance-income line includes more than pure interest.
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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