MELI2
Pagseguro Digital (PAGS)
Is MELI2 Halal?
Brazilian fintech — payment processing and lending.
What You Should Know
PagSeguro provides payment and financial services in Brazil. Core payment processing is permissible. Its audited 2025 statements report R$74,409.523 million of assets, R$21,384.710 million of banking issuances and borrowings, and R$20,410.512 million of revenue and income. Lending, early-payment and investment income remain material and require riba review.
⚠️ Concerns
- •PagBank lending products (riba)
- •Interest income from financial services
- •Receivables plus cash/assets is 77.84% under the asset screen
- •Brazilian regulatory and currency risk
Current quantitative Sharia screen
Based on 20-F figures for the period ended 2025-12-31; calculated 2026-07-14.
21,384.71 / 74,409.523
2,447.521 / 74,409.523
57,918.931 / 74,409.523
11,584.606 / 20,410.512
- Financial
- Fails
- Overall
- Fails
Debt/assets is 28.74%, liquidity/assets is 3.29%, receivables plus cash/assets is 77.84% and the conservative financial-income proxy is 56.76%; receivables and income exceed examined limits.
- Financial
- Fails
- Overall
- Fails
Receivables plus cash/assets is 77.84%, above the examined MSCI 33.33% total-assets limit; the mixed lending business remains qualitative context.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and identifiable liquidity/assets are below the examined 33% financial limits, but the mixed payment, credit and lending business screen remains incomplete; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored.
Business-activity disclosure
PagSeguro provides payment processing and financial services in Brazil. Payment processing can be permissible, while PagBank lending, credit, early-payment and deposit products require riba and contract-level review.
Limitation: The filing reports transaction, financial and other financial income but does not classify every product or fee under a universal prohibited-revenue taxonomy.
Purification
Financial income is disclosed at 56.76% of total revenue and income, but it combines early-payment discounts, loan interest and investment income; no fixed scholar-approved purification percentage is asserted.
Inputs, assumptions and primary sources
- Amounts are Brazilian reais millions from PagSeguro's audited 2025 consolidated statements.
- Debt includes banking issuances of R$18,947.864 million and borrowings of R$2,436.846 million; customer checking accounts and deposits are not added to corporate debt.
- Cash is R$1,857.507 million and financial investments are R$590.014 million; compulsory reserves and equity investments are excluded from identifiable securities.
- Receivables include current and non-current accounts receivable of R$56,061.424 million, including card-issuer receivables.
- Total revenue and income is R$20,410.512 million. Financial income of R$11,584.606 million is a conservative non-compliant-income proxy because it includes early-payment discounts, loan interest and interest on balances.
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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