NU
Nu Holdings (Nubank)
Is NU Halal?
Digital bank — core business is consumer lending and credit cards.
What You Should Know
Nubank is a Brazilian digital bank. Core business is credit cards and personal loans — riba-based operations. Its audited 2025 Form 20-F reports $74,893.877 million of assets, $4,427.413 million of borrowings and financing, and $15,774.741 million of revenue; interest income and gains were $13,434.683 million (85.17% of revenue).
⚠️ Concerns
- •Credit card interest (riba)
- •Consumer loan interest
- •Digital banking with riba
- •Liquidity/assets is 41.88% and receivables plus cash/assets is 58.34%
Current quantitative Sharia screen
Based on 20-F figures for the period ended 2025-12-31; calculated 2026-07-14.
4,427.413 / 74,893.877
31,362.146 / 74,893.877
43,693.688 / 74,893.877
13,434.683 / 15,774.741
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 41.88%, receivables plus cash/assets is 58.34% and disclosed interest income is 85.17%, above the examined limits; the core banking business also fails.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets and receivables plus cash/assets exceed the examined MSCI total-assets limits, and the core business is riba-based.
- Financial
- Fails
- Overall
- Fails
Identifiable liquidity/assets is 41.88%, above the examined 33% limit; the core banking business also fails. 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
Nu is a digital bank whose core products include interest-bearing credit cards, personal and SME loans, deposits and related financial services. The core business is riba-based and fails the business screen.
Limitation: The filing aggregates interest, fair-value gains, card income, fees, late fees and insurance commissions; the conservative interest-income proxy does not classify every ancillary fee.
Purification
Interest income and gains are material and the core business screen fails; ZakatInvest does not prescribe purification as a cure for a prohibited business.
Inputs, assumptions and primary sources
- Amounts are USD millions from Nu's audited 2025 Form 20-F.
- Debt includes $4,398.216 million of borrowings and financing plus $29.197 million of lease liabilities.
- Identifiable securities include $1,059.923 million at fair value through profit or loss, $12,157.076 million at fair value through OCI and $3,141.504 million at amortized cost; cash is $15,003.643 million.
- Receivables include credit-card receivables, loans to customers and other receivables of $28,690.045 million.
- Interest income and gains net of losses on financial instruments were $13,434.683 million, or 85.17% of revenue, and are used as a conservative proxy for non-compliant financial income.
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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