OSCR
Oscar Health
Is OSCR Halal?
Health insurance technology with permissible business but losses.
What You Should Know
Oscar provides tech-enabled health insurance. While health insurance concept is acceptable (takaful-like), company operates conventional insurance model. High losses and debt. Its March 31, 2026 Form 10-Q reports $9,289.646 million of assets, $430.876 million of interest-bearing debt, $4,805.139 million of cash, $3,261.419 million of interest-bearing securities, $951.705 million of receivables and $4,647.194 million of quarterly revenue. Debt/assets is 4.64%, liquidity/assets is 86.83% and receivables-plus-cash/assets is 61.97%; liquidity and receivables fail the examined asset-based limits, and the filing's investment income is mixed rather than separately identified as interest income.
⚠️ Concerns
- •Operates conventional insurance (not takaful)
- •Liquidity/assets 86.83% exceeds examined limits
- •Receivables-plus-cash/assets 61.97% exceeds examined limits
- •Large interest-bearing investment portfolio
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
430.876 / 9,289.646
8,066.558 / 9,289.646
5,756.844 / 9,289.646
- Financial
- Fails
- Overall
- Fails
Debt/assets is 4.64%, liquidity/assets is 86.83% and receivables-plus-cash/assets is 61.97%, above the examined FTSE limits; conventional insurance also fails the core-activity assessment.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 86.83% and receivables-plus-cash/assets is 61.97%, above the examined MSCI limits; the conventional-insurance activity also fails.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 86.83%, above the examined Malaysia limit; the conventional-insurance activity also fails. This is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored; the activity and asset-ratio failures independently prevent a pass.
Business-activity disclosure
Oscar operates conventional health-insurance plans and related marketplace and technology businesses. The insurance model is not presented as takaful and is treated as a core-business failure for this screen.
Limitation: The filing does not allocate all premium, investment, marketplace and technology revenue by a scholar-approved Sharia classification; total revenue is used as a conservative core-activity proxy.
Purification
The conventional-insurance business is treated as a core-activity failure; mixed investment income is not isolated as a disclosed non-compliant income input or converted into a standalone purification prescription.
Inputs, assumptions and primary sources
- Amounts are USD millions converted from Oscar's March 31, 2026 Form 10-Q values reported in thousands.
- Interest-bearing debt is $430.876 million of long-term debt; operating and insurance liabilities are excluded from this financing ratio.
- Cash and cash equivalents are $4,805.139 million. Short- and long-term investments total $3,261.419 million and are primarily U.S. Treasury, agency, corporate-note and asset-backed securities; restricted deposits are excluded.
- Receivables combine accounts receivable of $587.023 million, receivables from CMS of $222.195 million and reinsurance recoverable of $142.487 million; quarterly revenue is $4,647.194 million.
- Oscar's filing describes conventional health-insurance operations and mixed investment income; no isolated interest-income or scholar-approved purification amount is asserted.
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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