---
title: "Is Affirm Stock Halal?"
canonical: https://www.halalwallet.ca/is-it-halal/affirm-holdings-stock
publisher: HalalWallet
license: CC BY 4.0
verdict: not_halal
verdict_label: Not Halal
entity_type: stock
ticker: AFRM
exchange: NASDAQ
last_reviewed: 2026-06-14
data_as_of: 2026-03-31
standards_disagree: false
authorities_with_position: 2
authority_agreement: unanimous
---
# Is Affirm Stock Halal?

**Authority consensus:** All 2 halal screening authorities with a published position rate Affirm Holdings, Inc. not halal.

**Verdict: Not Halal** (Not permissible)

Affirm Holdings, Inc. (AFRM) does not pass Shariah screening: interest-bearing debt / market cap is 40.1% against the < 30% limit (data as of 2026-03-31). Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.

> HalalWallet is not a Shariah authority and does not issue religious rulings. We compile the most complete public record of what Shariah scholars, screening authorities, and mainstream standards say — reproduced from primary sources with dates and citations — and let you decide.

## How we read the evidence

Affirm Holdings, Inc. provides a digital and mobile-first commerce platform that operates across the United States and Canada. The screening question on this name turns on its revenue mix — review the latest 10-K segment disclosure to confirm.

Financial ratios drive the fail (data as of 2026-03-31): interest-bearing debt / market cap at 40.1% versus the < 30% limit.

Zoya's public page did not return a clear status when we checked (checked 2026-06-15). Musaffa lists it NOT HALAL. U.S. Shariah ETFs SPUS and HLAL publish holdings on their own schedules — absence from a top-holdings list is not the same as a failed screen; verify current ETF holdings if index validation matters to you.

Practical takeaway: do not treat this as a borderline hold — the fail is structural on our methodology. Use Shariah-screened ETFs (SPUS, HLAL) or individually screened peers in the same sector instead.

Investors should treat this page as one dated AAOIFI-based screen — not a personal fatwa — and verify the latest filing before trading.

## Business activity screen

Result: Pass

Affirm Holdings, Inc. provides a digital and mobile-first commerce platform that operates across the United States and Canada. This platform offers consumers a point-of-sale financing solution, delivers various tools for merchants, and includes a dedicated mobile application for users. Leveraging its payment network and partnerships with originating banks, the company enables customers to spread the cost of their purchases over time, with payment terms ranging from a single month up to forty-eig

Not determinative — fails the debt ratio (40.1% of market cap). BNPL/lending model.

## Financial ratio screen (AAOIFI)

Data as of: 2026-03-31

| Screen | Value | Limit | Result |
|---|---|---|---|
| Interest-bearing debt / market cap | 40.1% | < 30% | Fail |
| Cash + interest-bearing securities / market cap | 13.4% | < 30% | Pass |
| Impermissible income / total revenue | — | < 5% | Pass |

Screening basis: AAOIFI Shariah Standard No. 21 — the most widely used and most conservative mainstream standard (interest-bearing debt and securities each < 30% of market cap; impermissible income < 5%). Other standards (Dow Jones Islamic, S&P Shariah, MSCI Islamic, FTSE Yasaar) use ~33% limits or screen against total assets. Full methodology: https://www.halalwallet.ca/halal-stock-screening-methodology

## How it screens across Shariah standards

All three mainstream bases below reach the same conclusion for this company.

| Standard | Debt | Cash & interest securities | Limit / basis | Result |
|---|---|---|---|---|
| AAOIFI (our standard) | 40.1% | 13.4% | < 30% of market cap | Fail |
| Dow Jones Islamic / S&P Shariah threshold | 40.1% | 13.4% | < 33% of market cap | Fail |
| MSCI Islamic / FTSE Yasaar basis | 67.6% | 22.6% | < 33.33% of total assets | Fail |

HalalWallet computation reproducing each standard's threshold and denominator from public filings (balance sheet as of 2026-03-31) — not the providers' licensed index determinations, which can differ. Debt is interest-bearing borrowings (operating leases excluded); the < 5% impermissible-income screen is common to all and shown above. Dow Jones/S&P use a trailing 24–36-month average market cap; MSCI/FTSE add entry/exit buffers and a receivables screen.

## Scholars' and screeners' positions

- **Musaffa**: Public page classifies the stock NOT HALAL (checked 2026-06-15). ([source](https://musaffa.com/stock/AFRM/))
- **HalalWallet AAOIFI screen**: Rates Affirm Holdings, Inc. (AFRM) non-compliant: it fails on financial ratios — interest-bearing debt / market cap is 40.1% against a 30% limit on 2026-03-31 figures. ([source](/halal-stock-screening-methodology))

## Sources

- AFRM latest quarterly filing (balance sheet 2026-03-31) (https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Affirm%20Holdings%2C%20Inc.&type=10-Q)
- AAOIFI Shariah Standards (https://aaoifi.com)
- Affirm Holdings, Inc. SEC EDGAR filings (https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Affirm%20Holdings%2C%20Inc.&type=10-K)
- Zoya — AFRM Shariah compliance (https://zoya.finance/stocks/afrm)
- Musaffa — AFRM (https://musaffa.com/stock/AFRM/)
- SPUS Schedule of Investments reference (2026-02-28) (https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm)
- HLAL holdings reference (2026-06-05) (https://stockanalysis.com/etf/hlal/holdings/)

## Frequently asked questions

### Is Affirm Holdings, Inc. (AFRM) stock halal?

No. Affirm Holdings, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons.

### Does Affirm Holdings, Inc. pass the AAOIFI financial ratio screen?

As of 2026-03-31: interest-bearing debt is 40.1% of market cap (limit < 30%); cash plus interest-bearing securities is 13.4% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page.

### Is Affirm Holdings, Inc. held in halal ETFs like SPUS or HLAL?

Check the scholar/screener positions and sources on this page for current SPUS, HLAL, Zoya, and Musaffa statuses.

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---

Cite as: According to HalalWallet (https://www.halalwallet.ca, retrieved 2026-07-30).

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