SOFI
SoFi Technologies, Inc.
Is SOFI Halal?
SoFi's primary businesses include interest-based lending and banking, so it fails the business-activity screen.
What You Should Know
SoFi Technologies is a US digital personal-finance company that operates through three reporting segments: Lending (student-loan refinancing, personal loans, home loans, and credit-card lending originated through SoFi Bank, N.A. after the 2022 bank-charter acquisition), Technology Platform (the Galileo banking-and-payments infrastructure platform and the Technisys core-banking platform, which provide white-label banking, card-issuing, and digital-banking software to financial-institution customers), and Financial Services (SoFi Money cash-management and checking accounts, SoFi Invest brokerage and robo-advisory, SoFi Credit Card, SoFi Relay, SoFi Protect insurance brokerage, and SoFi At Work). The fundamental business model is digital consumer lending and digital banking with SoFi Bank holding interest-bearing personal, student, home, and credit-card loans on the balance sheet and earning net interest income as the primary profit driver. Its March 31, 2026 Form 10-Q reports $53,698.3 million of assets, $42,120.2 million of interest-bearing funding including deposits, $3,401.0 million of cash, $3,231.2 million of investment securities and $1,001.0 million of quarterly interest income on $1,100.4 million of net revenue. Interest (riba) is categorically prohibited in Islamic law, so SoFi fails the qualitative and quantitative screens regardless of the smaller Galileo and Technisys technology-platform businesses.
⚠️ Concerns
- •Core business is consumer lending (personal, student, home, and credit-card loans) and digital banking — riba (interest) is categorically prohibited in Islamic law
- •Net interest income from interest-bearing consumer loans held on the SoFi Bank balance sheet is the dominant revenue and profit driver
- •SoFi Bank, N.A. is a federally chartered national bank that takes deposits and originates interest-bearing loans — a conventional banking model that fails the qualitative screen
- •SoFi Invest offers margin loans, options, and crypto trading — additional concerns beyond the core lending business
- •No Sharia-compliant restructuring is possible — the company's identity is built on conventional consumer banking and lending
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
42,120.216 / 53,698.258
6,632.247 / 53,698.258
3,401.02 / 53,698.258
1,000.996 / 1,100.368
- Financial
- Fails
- Overall
- Fails
Interest-bearing funding is 78.44% of assets and interest income is 90.97% of quarterly revenue; conventional banking independently fails.
- Financial
- Fails
- Overall
- Fails
Interest-bearing funding is 78.44% of assets, above the examined MSCI debt limit; conventional banking independently fails.
- Financial
- Fails
- Overall
- Fails
Interest-bearing funding is 78.44% of assets and interest income is 90.97% of revenue, above the examined Malaysia limits; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Fails
Historical market-cap ratios are not stored; another denominator cannot cure the failed conventional-banking business activity.
Business-activity disclosure
SoFi operates a conventional digital bank and consumer-lending platform. Lending, deposits and net interest income from personal, student, home and credit-card loans are central operations, while Galileo and Technisys provide a smaller technology-platform business.
Limitation: The filing does not classify each lending, card, deposit, crypto or insurance contract by Sharia status; the conventional-bank model and disclosed interest income independently establish failure.
Purification
SoFi fails at the core business-activity level; the 90.97% interest-income ratio establishes failure rather than a donation percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from SoFi's March 31, 2026 Form 10-Q.
- Interest-bearing funding includes $40,119.699 million of interest-bearing deposits, $1,813.481 million of debt and $0.517 million of residual interests classified as debt.
- Cash is $3,401.020 million and investment securities are $3,231.227 million; accounts receivable is not separately presented in the condensed balance sheet and is set to zero rather than inferred from loans.
- Quarterly net revenue is $1,100.368 million and interest income is $1,000.996 million; lending and banking are the core business.
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.
Similar Stocks
Want to screen more assets?
Use our interactive Halal Checker to screen any stock, ETF, or crypto instantly.
Go to Halal Checker →