--- title: "Is JPMorgan Chase Stock Halal?" canonical: https://www.halalwallet.ca/is-it-halal/jpmorgan-chase-stock publisher: HalalWallet license: CC BY 4.0 verdict: not_halal verdict_label: Not Halal entity_type: stock ticker: JPM exchange: NYSE last_reviewed: 2026-06-14 data_as_of: 2026-03-31 --- # Is JPMorgan Chase Stock Halal? **Verdict: Not Halal** (Not permissible) JPMorgan Chase & Co. (JPM) does not pass Shariah screening: its core business fails the activity screen (Net interest income of $95), and interest-bearing debt / market cap is 146.8% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 221.8% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 69.1% against the < 5% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. 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 JPMorgan Chase is a straightforward case, and there is no meaningful scholarly debate about it. The company is a conventional bank: it takes deposits, lends money at interest, and earns the spread. Its own 2025 disclosures show $95.4 billion of net interest income against $182.4 billion of total net revenue, meaning roughly half of everything JPMorgan earns is interest. The other half (noninterest revenue) also includes fees from conventional credit products, conventional investment banking, and trading. Every mainstream Shariah screening framework excludes conventional banks at the first step, the business activity screen, before financial ratios are even considered. AAOIFI standards prohibit investment in institutions whose core business is interest-based lending, and the screening tolerance of roughly 5% impermissible revenue is not remotely close to JPMorgan's interest income share. Consistent with that, JPM is not held by SPUS or HLAL, both of which exclude the financials sector wholesale. For a Muslim retail investor the conclusion is simple: JPM does not pass any recognized Shariah screen, and no major Islamic screener or fund treats it as investable. Investors looking for exposure to the financial-services economy within a halal framework generally look instead at fee-based businesses that pass screening or at dedicated Islamic financial institutions. ## Business activity screen Result: Fail JPMorgan Chase is the largest US bank, operating consumer and community banking, commercial and investment banking, and asset and wealth management. Per the firm's 2025 annual report MD&A, full-year 2025 total net revenue was $182.4 billion, of which net interest income was $95.4 billion and noninterest revenue was $87.0 billion. Its core business is taking deposits and lending at interest. Net interest income of $95.4 billion was approximately 52% of 2025 total net revenue ($182.4 billion), per JPMorgan's own 2025 financial disclosures. Interest-based lending and deposit-taking are the firm's primary business, not an incidental revenue line. This places JPM far beyond any recognized Shariah business-screen tolerance (AAOIFI-style screens typically tolerate only about 5% impermissible revenue). Conventional banks are also excluded at the sector level by AAOIFI standards and by the S&P and FTSE Shariah index methodologies. ## Financial ratio screen (AAOIFI) Data as of: 2026-03-31 | Screen | Value | Limit | Result | |---|---|---|---| | Interest-bearing debt / market cap | 146.8% | < 30% | Fail | | Cash + interest-bearing securities / market cap | 221.8% | < 30% | Fail | | Impermissible income / total revenue | 69.1% | < 5% | Fail | 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 ## Scholars' and screeners' positions - **SP Funds S&P 500 Sharia ETF (SPUS)**: Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome. ([source](https://www.sp-funds.com/spus/)) - **Wahed FTSE USA Shariah ETF (HLAL)**: Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome. ([source](https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm)) ## Sources - JPM latest quarterly filing (balance sheet 2026-03-31) (https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=JPMorgan%20Chase%20%26%20Co.&type=10-Q) - AAOIFI Shariah Standards (https://aaoifi.com) - JPMorgan Chase 2025 Management's Discussion & Analysis (company IR) (https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/managements-discussion-analysis-2025.pdf) - JPMorgan Chase SEC filings (EDGAR company page) (https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000019617&type=10-K) - SPUS holdings (SP Funds) (https://www.sp-funds.com/spus/) - HLAL Schedule of Investments 2026-02-28 (SEC EDGAR) (https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm) ## Frequently asked questions ### Is JPMorgan Chase & Co. (JPM) stock halal? No. JPMorgan Chase & Co. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons. ### Does JPMorgan Chase & Co. pass the AAOIFI financial ratio screen? As of 2026-03-31: interest-bearing debt is 146.8% of market cap (limit < 30%); cash plus interest-bearing securities is 221.8% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page. ### Is JPMorgan Chase & Co. held in halal ETFs like SPUS or HLAL? No — as of our last check, JPMorgan Chase & Co. is not held by SPUS or HLAL. 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