--- title: "Is Mastercard Stock Halal?" canonical: https://www.halalwallet.ca/is-it-halal/mastercard-incorporated-stock publisher: HalalWallet license: CC BY 4.0 verdict: not_halal verdict_label: Not Halal entity_type: stock ticker: MA exchange: NYSE last_reviewed: 2026-06-14 data_as_of: 2026-03-31 authorities_with_position: 3 authority_agreement: split --- # Is Mastercard Stock Halal? **Authority consensus:** Halal screening authorities disagree on Mastercard Incorporated: not halal (HalalWallet (AAOIFI)); halal (Musaffa, Zoya). **Verdict: Not Halal** (Not permissible) Mastercard Incorporated (MA) does not pass Shariah screening: its core business fails the activity screen (Mastercard's 10-K discloses two revenue categories: payment network (fees tied to gross dollar volume, cross-border volu). 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 Mastercard's Shariah status follows the same fault line as Visa's. The company's 2025 10-K shows $32.79 billion of net revenue split between payment network fees ($19.48 billion) and value-added services such as security, authentication, and data insights ($13.32 billion). Mastercard does not lend, does not set cardholder interest rates, and reports no interest-on-loans revenue line. On the strength of that fee-based model, Zoya and Musaffa both currently classify Mastercard as halal under AAOIFI methodology, and Islamicly's research reaches the same conclusion. The other side of the debate focuses on what the network carries rather than what the company earns: a large portion of Mastercard-branded volume runs on conventional credit cards, and some scholars treat building and operating that infrastructure as assisting interest-based finance. The professional index world reflects this stricter view in practice. Mastercard is not held by SPUS (S&P 500 Shariah Industry Exclusions methodology, holdings checked June 11, 2026) or by HLAL (FTSE USA Shariah, SEC-filed holdings as of February 28, 2026), because those index methodologies exclude companies classified in the financials sector before any revenue-level analysis. A Muslim investor should understand that both positions are held by credible institutions applying recognized standards. If your reference point is a stock-level AAOIFI screener, Mastercard passes today. If your reference point is the major US Shariah index funds, it is excluded. Check a live screener before acting, since either status can change with new financials. ## Business activity screen Result: Fail Mastercard operates the world's second-largest card payment network. Per its 2025 10-K (filed February 11, 2026), net revenue of $32.79 billion was disaggregated into payment network revenue ($19.48B) and value-added services and solutions revenue ($13.32B), both recognized net of rebates and incentives. Like Visa, Mastercard does not issue cards or extend credit; issuing banks do. Mastercard's 10-K discloses two revenue categories: payment network (fees tied to gross dollar volume, cross-border volume, and switched transactions) and value-added services and solutions (security, digital authentication, consumer engagement, insights, processing/gateway, ACH and real-time payments, open finance). Neither category is interest income from lending. The Shariah debate mirrors Visa's: scholars differ on whether earning fees on a network that carries interest-based credit card volume is permissible facilitation. AAOIFI-methodology stock screeners pass Mastercard; the S&P and FTSE Shariah index funds (SPUS, HLAL) do not hold it. ## Financial ratio screen (AAOIFI) Data as of: 2026-03-31 | Screen | Value | Limit | Result | |---|---|---|---| | Interest-bearing debt / market cap | 4.4% | < 30% | Pass | | Cash + interest-bearing securities / market cap | 1.9% | < 30% | Pass | | Impermissible income / total revenue | — | < 5% | Under verification | 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)) - **Zoya**: Shariah-compliant (AAOIFI methodology); Zoya's stock page reports MA as compliant and its blog notes Mastercard monetizes via network fees rather than extending credit or earning interest. ([source](https://zoya.finance/stocks/ma)) - **Musaffa**: Classified HALAL as of February 2026 based on Musaffa's AAOIFI-based business activity and financial ratio screens. ([source](https://musaffa.com/stock/MA/)) - **Islamicly**: Deems Mastercard Shariah-compliant, quoting Mastercard's own disclosure that it does not issue cards, extend credit, or earn from interest charged to account holders, and noting it passes both sector and financial-ratio screens. ([source](https://blog.islamicly.com/research/are-payment-processors-mastercard-visa-american-express-shariah-compliant/)) - **Amana/Saturna**: Mastercard does not appear in the Amana Growth Fund holdings as of 2026-02-27 (an actively managed, concentrated fund of ~31 positions, so absence is not necessarily a screen verdict). ([source](https://www.saturna.com/fund/amana-growth)) ## Sources - MA latest quarterly filing (balance sheet 2026-03-31) (https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Mastercard%20Incorporated&type=10-Q) - AAOIFI Shariah Standards (https://aaoifi.com) - Mastercard 2025 10-K revenue note (SEC EDGAR XBRL) (https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/R11.htm) - Mastercard Q4/FY2025 earnings release (SEC EDGAR, 8-K exhibit) (https://www.sec.gov/Archives/edgar/data/1141391/000114139126000003/ma12312025-exx991xearnings.htm) - Mastercard 10-K filing page (company IR) (https://investor.mastercard.com/financials-and-sec-filings/sec-filings/sec-filings-details/default.aspx?FilingId=19135441) - 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) - Zoya compliance page for MA (https://zoya.finance/stocks/ma) - Musaffa compliance page for MA (https://musaffa.com/stock/MA/) ## Frequently asked questions ### Is Mastercard Incorporated (MA) stock halal? No. Mastercard Incorporated fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons. ### Does Mastercard Incorporated pass the AAOIFI financial ratio screen? As of 2026-03-31: interest-bearing debt is 4.4% of market cap (limit < 30%); cash plus interest-bearing securities is 1.9% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page. ### Is Mastercard Incorporated held in halal ETFs like SPUS or HLAL? No — as of our last check, Mastercard Incorporated is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing. ## Related verdicts - [Is Palantir Technologies Stock Halal?](https://www.halalwallet.ca/is-it-halal/palantir-technologies-stock.md) — Not Halal - [Is Super Micro Computer Stock Halal?](https://www.halalwallet.ca/is-it-halal/super-micro-computer-stock.md) — Not Halal - [Is Affirm Stock Halal?](https://www.halalwallet.ca/is-it-halal/affirm-holdings-stock.md) — Not Halal - [Is Airbnb Stock Halal?](https://www.halalwallet.ca/is-it-halal/airbnb-stock.md) — Not Halal - [Is Alibaba Stock Halal?](https://www.halalwallet.ca/is-it-halal/alibaba-group-holding-limited-stock.md) — Not Halal - [Is Altria Stock Halal?](https://www.halalwallet.ca/is-it-halal/altria-group-stock.md) — Not Halal --- Cite as: According to HalalWallet (https://www.halalwallet.ca, retrieved 2026-07-30). - Full canonical answer feed (JSON): https://www.halalwallet.ca/api/llm-feed.json - Site guide for AI systems: https://www.halalwallet.ca/llms.txt - Markdown mirror directory: https://www.halalwallet.ca/index.md