PAX
Patria Investments Limited
Is PAX Halal?
Alternative-asset manager with current filing-based ratios below the examined limits, but credit, derivatives and managed-portfolio activity remain incomplete.
What You Should Know
PAX is Patria Investments Limited, not Paxton Media Group. Its audited December 31, 2025 Form 20-F reports USD 1,495.109 million of assets, USD 267.058 million of tracked loans, leases and asset-backed payable, USD 53.601 million of cash, USD 79.638 million of investment securities, USD 213.968 million of receivables and USD 381.730 million of net revenue from services. Debt/assets is 17.86%, liquidity/assets is 8.91% and receivables plus cash/assets is 17.90%; credit funds, derivatives, energy trading and underlying portfolio activities remain qualitative.
⚠️ Concerns
- •Credit and private-market funds may invest in interest-bearing instruments
- •Financial income includes liquid investments, derivatives and realized/unrealized results
- •Energy-trading and asset-linked receivable exposures
- •PAX is a preserved Nasdaq alias; the URL is unchanged
Current quantitative Sharia screen
Based on 20-F figures for the period ended 2025-12-31; calculated 2026-07-15.
267.058 / 1,495.109
133.239 / 1,495.109
267.569 / 1,495.109
- Financial
- Incomplete
- Overall
- Incomplete
Debt/assets is 17.86%, liquidity/assets is 8.91% and receivables-plus-cash/assets is 17.90%; no universal financial-income numerator is available and the investment-management activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Known debt, liquidity and receivables-plus-cash ratios are below the examined MSCI limits; credit, derivative and managed-portfolio activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Known debt/assets and liquidity/assets are below the examined Malaysia limits; this is a ZakatInvest calculation, not an official SAC classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored; filing-based asset ratios and activity limitations are documented.
Business-activity disclosure
Patria Investments is an alternative-asset manager with private equity, infrastructure, credit, public-equity, real-estate and global private-market products. Investment management and advisory services can be permissible, while credit funds, conventional financing, derivatives, energy trading and portfolio-company activities require school-specific review.
Limitation: Patria reports management and performance fees by product line but does not allocate every managed fund's underlying activity or financing income into a universal prohibited-revenue numerator.
Purification
Patria discloses net financial income/expense but does not isolate a scholar-approved prohibited-income percentage for the manager and its products.
Inputs, assumptions and primary sources
- Amounts are USD millions from Patria's audited December 31, 2025 Form 20-F.
- Tracked debt includes USD 174.868 million of loans, USD 23.816 million of lease liabilities and USD 68.374 million of asset-backed payable; energy-trading and contingent liabilities are reviewed qualitatively rather than silently included as debt.
- Cash is USD 53.601 million, short- and long-term investment securities total USD 79.638 million, accounts receivable total USD 213.968 million and net revenue from services is USD 381.730 million.
- The filing describes financial income from liquid investments and derivatives but does not provide a school-neutral prohibited-income numerator.
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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