SE
Sea Limited
Is SE Halal?
Gaming, e-commerce, and fintech conglomerate — 2025 liquidity screen fails and business mix is materially mixed.
What You Should Know
Sea's 2025 Form 20-F reports debt/assets of 8.75%, cash plus interest-bearing securities/assets of 35.99%, and receivables plus cash/assets of 15.45%. Shopee, Garena, and SeaMoney require separate qualitative treatment because gaming content and conventional financial services are not isolated in a school-neutral prohibited-revenue numerator.
⚠️ Concerns
- •Liquidity/assets is 35.99%, above the examined 33% limits
- •SeaMoney lending, deposits and payments require riba and contract review
- •Garena gaming content and monetization are scholar-dependent
- •Shopee merchant categories, customer funds, data and labor require review
Current quantitative Sharia screen
Based on 20-F figures for the period ended 2025-12-31; calculated 2026-07-14.
2,571.214 / 29,370.979
10,572.181 / 29,370.979
4,536.967 / 29,370.979
331.072 / 22,938.469
- Financial
- Fails
- Overall
- Fails
Debt/assets is 8.75%, liquidity/assets is 35.99%, receivables plus cash/assets is 15.45%, and the conservative income ratio is 1.44%; liquidity exceeds the examined FTSE limit.
- Financial
- Fails
- Overall
- Fails
Debt and receivables-plus-cash are below the examined MSCI limits, but cash plus interest-bearing securities are 35.99%, above the 33.33% limit.
- Financial
- Fails
- Overall
- Fails
The calculated liquidity ratio is 35.99%, above the examined Malaysia 33% limit; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Not calculated
A licensed, reproducible 24- or 36-month market-cap series is not stored.
Business-activity disclosure
Sea combines Shopee e-commerce, Garena digital entertainment, and SeaMoney financial services; the activities have materially different Sharia treatment.
Limitation: The filing reports segment revenue but does not provide a school-neutral prohibited-revenue numerator for gaming content, interest-based financial products, merchant categories, or payment facilitation.
Purification
Sea reports investment income of USD 331.072 million, or 1.44% of 2025 revenue. This is disclosed as a conservative upper bound and not a universal purification prescription.
Inputs, assumptions and primary sources
- Amounts are USD millions from Sea Limited's 2025 Form 20-F.
- Debt includes convertible notes, secured borrowings, securitization borrowings, finance lease liabilities, and short-term bank loans identified in the filing.
- Interest-bearing securities use short-term investments; marketable equity securities are not included.
- Revenue and the conservative investment-income upper bound use the year ended December 31, 2025.
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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