V
Visa Inc.
Is V Halal?
Current financial screens pass, but Visa does not disclose enough transaction-level revenue to resolve the Sharia debate over credit-card facilitation.
What You Should Know
Visa is a payment network rather than a card-issuing bank, and payment infrastructure is neutral-purpose in principle. The March 2026 quantitative review confirms that debt, conventional liquidity, receivables, and a conservative investment-income upper bound remain within the examined total-assets limits. Visa does not isolate revenue from credit versus debit or prepaid transactions, interest-bearing balances, screened merchant categories, or evolving money-movement and installments products, so the business-activity and purification results remain incomplete.
⚠️ Concerns
- •Fee-based facilitation of interest-bearing credit cards is treated differently across scholarly approaches
- •Credit, debit, prepaid, and screened merchant revenue are not separately disclosed
- •Investment income and other was a conservative 1.05% upper bound of quarterly net revenue
- •Installments, Visa Direct, money movement, commercial payments, and stablecoin services require product-level review
- •Privacy, surveillance, fraud, sanctions, financial inclusion, merchant routing, and incentive practices require qualitative review
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-12.
23,976 / 95,049
14,221 / 95,049
17,945 / 95,049
118 / 11,230
- Financial
- Pass
- Overall
- Incomplete
Debt is 25.22%, conventional liquidity 14.96%, receivables plus cash 18.88%, and the investment-income upper bound 1.05%, all within the examined limits. The business-activity result remains incomplete because screened network revenue is not disclosed.
- Financial
- Pass
- Overall
- Incomplete
Debt, cash plus identified interest-bearing securities, and receivables plus cash are below the applicable total-assets ratios. The qualitative treatment of payment-network facilitation and the undisclosed prohibited-revenue numerator remain unresolved.
- Financial
- Pass
- Overall
- Incomplete
Debt and identified conventional liquidity are below the 33% ratios, but the filing cannot supply the screened business-revenue percentage. This is a calculation against the SAC ratios, not an official SAC classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible 24- or 36-month issuer market-cap history is not yet stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
Visa operates payment, clearing, settlement, credential, fraud-management, money-movement, and value-added-services infrastructure connecting consumers, merchants, financial institutions, and governments. Payment technology is neutral-purpose in principle, and card-issuing clients generally make the consumer-credit decision rather than Visa.
Limitation: Visa does not disclose revenue attributable to credit versus debit or prepaid transactions, interest-bearing balances, prohibited merchant categories, or screened transaction purposes. It also does not provide enough product-level revenue for installments, Visa Direct, commercial and money-movement solutions, stablecoin services, and other value-added products. The filing therefore cannot prove either that all network revenue is permissible or that most revenue derives from riba-linked transactions.
Purification
Investment income and other was a conservative 1.05% upper bound of quarterly net revenue, but Visa does not separate the interest component or quantify potentially non-compliant network and product revenue. This record therefore does not prescribe a fixed purification percentage.
Inputs, assumptions and primary sources
- Interest-bearing debt is the sum of 1,559 of current debt maturities and 22,417 of long-term debt.
- Cash and cash equivalents use the unrestricted 12,404 balance and exclude 665 held in the U.S. litigation escrow and 4,292 of customer collateral that is offset by a corresponding liability.
- Interest-bearing securities include 1,509 of current and 308 of non-current investment securities. The filing identifies debt-security schedules separately from non-marketable equity investments.
- Receivables include 2,136 of settlement receivables and 3,405 of accounts receivable.
- Net revenue and the 118 of investment income and other use the same three-month period ended March 31, 2026. The entire combined amount is treated as a conservative upper bound because Visa does not separate interest, investment gains, and other components in that line.
- Visa reports network revenue net of client incentives but does not disclose a prohibited-revenue numerator by credit versus debit or prepaid volume, cardholder interest status, screened merchant category, or other transaction purpose.
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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