The Short Answer
AJG is doubtful under the current ZakatInvest record. Gallagher's filing-based asset ratios pass the named thresholds, but brokerage commissions, reinsurance placement and claims administration support conventional insurance markets. Different schools and boards can reach different qualitative conclusions.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
12,873 / 78,301
1,413 / 78,301
7,373 / 78,301
86 / 4,765
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 16.44%, liquidity/assets 1.80%, receivables plus cash/assets 9.40% and the conservative income proxy 1.81%; the financial ratios pass while the insurance activity remains unresolved.
- Financial
- Pass
- Overall
- Incomplete
The identified ratios are below the examined MSCI limits; conventional insurance brokerage remains a separate qualitative question.
- Financial
- Pass
- Overall
- Incomplete
Debt, liquidity and the income proxy are below the examined Malaysia SAC limits; the conventional-insurance activity remains qualitative.
- Financial
- Not calculated
- Overall
- Incomplete
No licensed historical market-cap series is stored.
Business-activity disclosure
Gallagher is principally an insurance brokerage and risk-management company. Brokerage commissions, reinsurance placement and claims administration support conventional insurance markets, creating a material qualitative Sharia concern.
Limitation: The filing reports commissions and fees but does not isolate a universally accepted prohibited-revenue numerator; ZakatInvest does not invent one.
Purification
The filing reports an $86 million combined interest-income, premium-finance and other-income line; this is shown as a conservative proxy, not a scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from the March 31, 2026 Form 10-Q.
- Debt includes $640 million current corporate borrowings, $12,077 million noncurrent corporate borrowings and $156 million premium-financing debt.
- Cash and accounts receivable are reported on the consolidated balance sheet. Revenue includes $4,765 million of quarterly total revenue; $86 million is the filing's interest income, premium-finance revenue and other-income line used as a conservative proxy.
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.
Business activity
Gallagher reports brokerage commissions and fees, risk-management services and reinsurance activity. The company does not disclose a universally accepted prohibited-revenue numerator, so no percentage is invented here. Conventional insurance placement is the binding qualitative concern under stricter screens.
Bottom line
AJG is doubtful for investors who avoid conventional insurance businesses. The March 2026 financial ratios pass the examined asset tests, but the activity screen and purification treatment require a qualified Sharia review.