MSCI
MSCI Inc.
Is MSCI Halal?
Financial data and indices facilitate conventional finance and the debt screen fails.
What You Should Know
MSCI's March 31, 2026 filing shows debt/assets of 116.31%, above the examined FTSE, MSCI and Malaysia limits; liquidity/assets is 6.95%, receivables plus cash/assets is 22.88% and disclosed interest income/revenue is 0.33%. Index licensing, bond data and portfolio analytics serve both permissible and conventional mandates, so the activity conclusion remains methodology-dependent.
⚠️ Concerns
- •Debt/assets materially exceeds the examined financial limits
- •Bond and fixed-income indexes can facilitate riba-based finance
- •Index and analytics revenue is not allocated by client mandate or prohibited activity
- •Data, model-risk, governance and private-assets products require review
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
6,450 / 5,545.3
385.3 / 5,545.3
1,268.5 / 5,545.3
2.8 / 850.8
- Financial
- Fails
- Overall
- Fails
Debt/assets is 116.31%, above the examined FTSE 33.333% limit; liquidity/assets is 6.95%, receivables plus cash/assets is 22.88% and interest income/revenue is 0.33%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 116.31%, above the examined MSCI 33.33% total-assets limit; the debt failure is independent of business-activity classification.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 116.31%, 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
MSCI provides indexes, portfolio analytics, ESG and private-assets data, risk models and research used by institutional investors. The data and analytics activity is generally a service business, but bond indexes and tools that facilitate conventional finance raise riba and facilitation questions requiring methodology-specific review.
Limitation: The filing does not allocate revenue into a universal prohibited-activity numerator for bond-index licensing, conventional portfolio analytics, risk tools and other finance-facilitation services.
Purification
MSCI discloses $2.8 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 MSCI's March 31, 2026 Form 10-Q and rounded to one decimal where reported.
- Debt uses total debt of $6,450.0 million, including $6,403.8 million of long-term debt and current debt obligations; operating leases are excluded.
- Cash and cash equivalents including restricted cash are $385.3 million; no separately identified interest-bearing securities balance is added.
- Receivables are $883.2 million and first-quarter operating revenues are $850.8 million; interest income is $2.8 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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