MMC
Marsh & McLennan Cos.
Is MMC Halal?
Insurance brokerage and finance consulting raise gharar and riba concerns.
What You Should Know
Marsh McLennan's March 31, 2026 filing shows debt/assets of 35.19%, above the examined FTSE, MSCI and Malaysia debt limits; liquidity/assets is 2.75%, receivables plus cash/assets is 17.14% and disclosed interest income/revenue is 0.14%. Insurance placement, fiduciary balances and conventional-finance consulting remain qualitative concerns.
⚠️ Concerns
- •Debt/assets exceeds the examined financial limits
- •Conventional insurance and reinsurance brokerage involve gharar concerns
- •Consulting for banks, insurers and conventional finance can facilitate non-compliant contracts
- •Fiduciary cash is excluded from corporate liquidity and needs careful interpretation
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
20,602 / 58,552
1,611 / 58,552
10,038 / 58,552
11 / 7,597
- Financial
- Fails
- Overall
- Fails
Debt/assets is 35.19%, above the examined FTSE 33.333% limit; the other identifiable ratios pass, but the financial screen fails independently of the incomplete activity review.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 35.19%, above the examined MSCI 33.33% total-assets limit; receivables plus cash/assets is 17.14%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 35.19%, above the examined Malaysia 33% limit; this is a calculation against the named ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the debt screen fails independently.
Business-activity disclosure
Marsh McLennan provides insurance brokerage, risk, reinsurance, consulting and employee-benefits services. Advisory work can be permissible, but conventional insurance placement, fiduciary balances and finance-related consulting raise gharar and riba questions that require product-level review.
Limitation: The filing does not allocate revenue into a universal prohibited-activity numerator for insurance placement, reinsurance, fiduciary and conventional-finance consulting services.
Purification
Marsh McLennan discloses $11 million of interest income but does not prescribe a scholar-approved purification percentage; the disclosed ratio is evidence for the income screen, not a complete purification prescription.
Inputs, assumptions and primary sources
- Amounts are USD millions from Marsh McLennan's March 31, 2026 Form 10-Q and rounded to the nearest million.
- Debt includes $1,702 million of short-term debt and $18,900 million of long-term debt; operating leases are excluded.
- Corporate cash is $1,611 million; $11,744 million of cash held in fiduciary accounts is excluded from the issuer's liquidity numerator.
- Receivables, net are $8,427 million and first-quarter revenue is $7,597 million; interest income is $11 million.
- No separately identified interest-bearing securities balance is added.
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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