NYSE Shariah screener · October 2026

Is Arthur J. Gallagher & Co. (AJG) Halal?

FAIL

Arthur J. Gallagher & Co. · NYSE: AJG · Financials

The short answer

No -- Arthur J. Gallagher & Co. (AJG) fails this Shariah stock screen at the business-activity gate and the non-compliant income gate. Per its own FY2025 10-K, its brokerage segment (about 87% of 2025 revenues) earns commissions and fees by placing conventional insurance and reinsurance with underwriting enterprises -- selling conventional insurance is a non-compliant business activity under the AAOIFI-style business screen. Its disclosed 'interest income, premium finance revenues and other income' of $769M for FY2025 is about 5.52% of its $13,942M in total revenues, above the 5% non-compliant income ceiling. Its debt screen passes: $13,616M of corporate debt and lease obligations is about 22.85% of its ~$59.60B market cap ($231.82, latest close retrieved October 2, 2026), below the ~33% ceiling. Third-party coverage agrees: Zoya flags AJG not Shariah-compliant and Musaffa rates it not halal (October 2026); ShariaPortfolio has no AJG page.

Gate 1 — Business activity: FAIL

Arthur J. Gallagher & Co. (NYSE: AJG), headquartered in Rolling Meadows, Illinois, describes its principal business in its FY2025 10-K as insurance brokerage, reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services for entities and individuals worldwide. It reports three segments: brokerage (about 87% of 2025 revenues -- retail and wholesale insurance brokerage plus Gallagher Re reinsurance brokerage), risk management (about 13% -- contract claim settlement and administration, loss control, and risk management consulting), and corporate (no significant revenues; reports debt and corporate costs). The company does not assume underwriting risk on a net basis; it acts as an intermediary between underwriting enterprises (insurance and reinsurance companies) and its clients, earning commissions and fees on conventional insurance placements. Business screen (factual, from the filing): per the AAOIFI-style business screen applied on this site, selling conventional insurance is a non-compliant business activity. Gate 1 fails. Facts only.

Gate 2 — Debt and cash: PASS

Per Arthur J. Gallagher's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $13,616M -- net corporate and other debt of $12,970M (senior notes, note purchase agreements, and the premium financing debt facility, less unamortized debt acquisition costs and discount) plus total lease liabilities of $646M ($131M current, $515M noncurrent). Fiduciary assets and liabilities of $26,899M each are client-funds operating balances and are not counted as debt. Against a market cap of about $59.60B ($231.82 latest close retrieved October 2, 2026; 257.1 million shares outstanding per the 10-K cover), debt divided by market cap is about 22.85%, below the ~33% ceiling. Cash and cash equivalents of $1,396M are about 2.34% of market cap. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: FAIL

Arthur J. Gallagher's FY2025 10-K income statement reports 'interest income, premium finance revenues and other income' of $769M against total revenues of $13,942M -- about 5.52% of revenue, above the 5% non-compliant income ceiling. The filing defines this line as primarily interest income earned on cash, cash equivalents and fiduciary cash, revenues from premium financing, income from equity investments, and net gains related to divestitures; the MD&A reconciliation shows $595M of it was interest income earned on cash and fiduciary funds in the brokerage segment alone. Gate 3 fails. Facts only.

Key figures used

Business: Arthur J. Gallagher & Co. (Rolling Meadows, Illinois); insurance brokerage, reinsurance brokerage, consulting, and third-party claims administration; three segments -- brokerage (~87% of 2025 revenue), risk management (~13%), corporate (no significant revenue); intermediary that does not assume underwriting risk on a net basis
Gate 1: selling conventional insurance (brokerage commissions and fees on insurance placements) is a non-compliant business activity under the AAOIFI-style business screen
Debt: $13,616M -- net corporate and other debt $12,970M (senior notes, note purchase agreements, premium financing debt facility; less unamortized costs/discount) + total lease liabilities $646M -- fiduciary balances ($26,899M) excluded -- debt / market cap = 22.85% of ~$59.60B, under the ~33% ceiling
Cash: $1,396M cash and cash equivalents = 2.34% of market cap (no separate short-term investments disclosed on the balance sheet)
Non-compliant income: $769M 'interest income, premium finance revenues and other income' (FY2025) vs total revenue $13,942M -- = 5.52% of revenue, over the 5% ceiling
Market cap: $231.82 (latest close, retrieved Oct 2, 2026) x 257,100,000 shares outstanding (FY2025 10-K cover, as of Jan 31, 2026) = ~$59.60B
Zoya: 'not Shariah-compliant' (assessment date blank, Oct 2026, AAOIFI); Musaffa: 'not halal' (Oct 2026, AAOIFI); ShariaPortfolio: no AJG page found
Result: FAIL at Gate 1 (business activity) and Gate 3 (non-compliant income) -- debt ratio passes

Frequently asked questions

What does Arthur J. Gallagher do?

Arthur J. Gallagher & Co. (NYSE: AJG), headquartered in Rolling Meadows, Illinois, describes its principal business in its FY2025 10-K as insurance brokerage, reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services for entities and individuals worldwide. It reports three segments: brokerage (about 87% of 2025 revenues -- retail and wholesale insurance brokerage plus Gallagher Re reinsurance brokerage), risk management (about 13% -- contract claim settlement and administration, loss control, and risk management consulting), and corporate (no significant revenues; reports debt and corporate costs). The company does not assume underwriting risk on a net basis; it acts as an intermediary between underwriting enterprises (insurance and reinsurance companies) and its clients, earning commissions and fees on conventional insurance placements.

Why does Arthur J. Gallagher fail this Shariah stock screen?

Arthur J. Gallagher fails this screen at the first gate -- the business-activity gate -- and again at the non-compliant income gate. Per its own FY2025 10-K, its brokerage segment (87% of revenues) earns commissions and fees by placing conventional insurance and reinsurance with underwriting enterprises; under the AAOIFI-style business screen applied on this site, selling conventional insurance is a non-compliant business activity. Gate 1 fails. Gate 3 also fails: the filing's separately disclosed line 'interest income, premium finance revenues and other income' of $769M for FY2025 is about 5.52% of its $13,942M in total revenues, above the 5% non-compliant income ceiling. This is a factual screen, not a religious ruling -- consult a qualified scholar for personal rulings.

What is Arthur J. Gallagher's interest-bearing debt ratio?

Per Arthur J. Gallagher's FY2025 10-K (fiscal year ended December 31, 2025, filed February 17, 2026), interest-bearing debt was $13,616M -- net corporate and other debt of $12,970M (senior notes, note purchase agreements, and the premium financing debt facility, less unamortized debt acquisition costs and discount) plus total lease liabilities of $646M. Fiduciary assets and liabilities of $26,899M each are client-funds operating balances and are not counted as debt. Against a market cap of about $59.60B ($231.82 latest close retrieved October 2, 2026; 257.1 million shares outstanding per the 10-K cover), debt divided by market cap is about 22.85% -- below the ~33% ceiling, so Gate 2 passes. Cash and cash equivalents of $1,396M are about 2.34% of market cap.

What is Arthur J. Gallagher's non-compliant income ratio?

Arthur J. Gallagher's FY2025 10-K income statement reports 'interest income, premium finance revenues and other income' of $769M against total revenues of $13,942M -- about 5.52% of revenue, above the 5% non-compliant income ceiling. The filing defines this line as primarily interest income earned on cash, cash equivalents and fiduciary cash, revenues from premium financing, income from equity investments, and net gains related to divestitures; its MD&A reconciliation shows $595M of that was interest income earned on cash and fiduciary funds in the brokerage segment alone. Gate 3 fails.

Do Zoya, Musaffa, or ShariaPortfolio cover Arthur J. Gallagher?

Zoya covers AJG and flags it as not Shariah-compliant under AAOIFI guidelines (zoya.finance/stocks/ajg; the page's displayed assessment date was blank when accessed in October 2026). Musaffa covers AJG and classifies it as 'not halal' as of October 2026 under its AAOIFI methodology (musaffa.com/stock/AJG/). ShariaPortfolio has no AJG screener page found -- searches of spscreener.mxcorporate.com returned no AJG coverage, so no ShariaPortfolio position is reported. Both coverage statements that exist are consistent with this page's own FAIL outcome. This page applies the screen directly from Arthur J. Gallagher's own filings and reports these positions honestly.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).