Quick Verdict
Walmart (WMT) is considered DOUBTFUL to NOT COMPLIANT by most Islamic screening agencies. The company sells alcohol, tobacco, lottery tickets, and pork products — all haram categories. The question is whether the revenue from these items exceeds the 5% threshold.
What Makes Walmart Complex
Walmart is a general merchandise retailer. The same store that sells halal-friendly household goods and electronics also sells beer, wine, spirits, cigarettes, and lottery scratch cards. The question for Islamic screening is whether the aggregate haram product revenue crosses the 5% line.
Walmart doesn't publicly disclose revenue by product category at this granularity, but analysts estimate that alcohol and tobacco together could represent 3-6% of Walmart's US grocery revenue. When lottery and pork products are added, total haram-adjacent revenue may cross the 5% threshold.
Financial Screening
- Debt / Market Cap: ~8% ✅
- Interest Income / Total Revenue: Under 1% ✅
- Haram Revenue / Total Revenue: Disputed — estimated 3-7% ⚠️
The Screening Inconsistency Problem
Different Islamic screening agencies treat Walmart differently. Some include it (arguing haram revenue is under 5%), some exclude it, and some list it as doubtful. This inconsistency itself is a signal — when agencies can't agree, caution is warranted.
Screening Agencies' Verdict
- Zoya App — Questionable ⚠️
- MSCI Islamic Index — Excluded ❌
- Some halal ETFs — Vary in holdings
Bottom Line
Walmart's diversified retail model means haram product categories are present but don't dominate. However, the uncertainty around whether they cross the 5% threshold, combined with the MSCI Islamic exclusion, makes Walmart a stock where cautious Muslim investors should look elsewhere. Costco presents a similar analysis but generally fares slightly better.
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