Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Marsh & McLennan Companies, Inc. (MRSH) Halal?

FAIL

Marsh & McLennan Companies, Inc. · NYSE: MRSH · Financials

The short answer

No — Marsh McLennan (NYSE: MRSH) does not pass this Shariah stock screen. Its core business is insurance broking: Marsh Risk (the world's leading insurance broker), Guy Carpenter (reinsurance broker), Victor (underwriting managers of insurance programs), and Marsh McLennan Agency account for ~64% of 2025 revenue, and brokerage commissions derive from selling conventional insurance contracts — a prohibited line under AAOIFI-style business screens (it is a broker, not an underwriter). The consulting arms (Mercer, Marsh Management Consulting) are permissible but smaller. Its financials are otherwise clean: debt of $20,561M is ~25.4% of its ~$80.9B market cap (under 33%), and combined interest/fiduciary interest income of $192M is ~1.28% of H1 2026 revenue (under 5%). Zoya also rates the company not Shariah-compliant; no Musaffa or ShariaPortfolio coverage was found.

Gate 1 — Business activity: FAIL

Marsh McLennan (NYSE: MRSH) operates two segments. Risk and Insurance Services accounted for about 64% of 2025 revenue: Marsh Risk, described in the 10-K as "the world's leading insurance broker and risk advisor" (~54% of total revenue); Guy Carpenter, a leading reinsurance broker; Victor Insurance Managers, which serve as underwriting managers of professional liability, catastrophe and other specialty insurance programs; and Marsh McLennan Agency (business insurance, employee benefits). The Consulting segment (~36%): Mercer (health, wealth, career consulting) and Marsh Management Consulting. The company does not underwrite insurance itself — it is a broker — but its commissions come from selling and placing conventional insurance contracts, which AAOIFI-style business screens treat as a prohibited line. The consulting arms are permissible, but insurance broking dominates revenue. Zoya independently rates the company not Shariah-compliant. Gate 1 fails. Facts only.

Gate 2 — Debt and cash: PASS

At June 30, 2026 the company reported short-term debt of $1,670M and long-term debt of $18,891M — total interest-bearing debt of $20,561M (mostly senior notes), per the Q2 2026 10-Q balance sheet. Against a market cap of about $80.9B (~$171.85/share, October 1, 2026 quotes), debt ÷ market cap is about 25.4%, below the ~33% ceiling. Cash and cash equivalents of $1,700M are about 2.1% of market cap, within the ~33% guideline. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Marsh McLennan discloses interest income in two lines. For the six months ended June 30, 2026: interest income $19M plus fiduciary interest income (interest on premiums/claims held in a fiduciary capacity, reported inside revenue) $173M — $192M combined against revenue of $15,001M, about 1.28%, below the 5% non-compliant income limit. Full-year 2025: interest income $48M + fiduciary interest income $403M = $451M against revenue of $27,021M, about 1.67% — also below 5%. Gate 3 passes; the failure is the insurance-brokerage business gate. Facts only.

Key figures used

Frequently asked questions

What does Marsh McLennan do?

Marsh McLennan (NYSE: MRSH; rebranded from "Marsh McLennan" to "Marsh" on January 14, 2026) is a global professional services firm in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries with ~$27B of annual revenue and more than 95,000 colleagues. It operates in two segments: Risk and Insurance Services (~64% of 2025 revenue) through Marsh Risk (the world's leading insurance broker and risk advisor) and Guy Carpenter (reinsurance brokerage and advisory), plus Marsh McLennan Agency business insurance and Victor underwriting managers; and Consulting (~36%) through Mercer (health, wealth, career consulting) and Marsh Management Consulting (formerly Oliver Wyman). It is an insurance broker and consultant — it does not underwrite insurance policies itself. Brokerage commissions are earned by selling and placing conventional insurance products.

Why does Marsh McLennan fail this Shariah stock screen?

Marsh McLennan fails this Shariah stock screen on the business gate. About 64% of 2025 revenue came from Risk and Insurance Services — Marsh Risk (the world's leading insurance broker), Guy Carpenter (reinsurance broker), Victor (underwriting managers of professional liability, catastrophe and specialty insurance programs), and Marsh McLennan Agency (business insurance) — i.e., commission income derived from selling and placing conventional insurance contracts, which AAOIFI-style screens treat as a prohibited line (it is a broker, not an underwriter, but its commissions come from conventional insurance products). The Consulting segment (Mercer, Marsh Management Consulting) is permissible, but the insurance-brokerage business dominates. Zoya likewise rates the company not Shariah-compliant. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Marsh McLennan's interest-bearing debt ratio?

At June 30, 2026 Marsh McLennan carried short-term debt of $1,670M and long-term debt of $18,891M — total interest-bearing debt of $20,561M (mostly senior notes). Against a market capitalization of about $80.9B (~$171.85/share, October 1, 2026), debt ÷ market cap is about 25.4%, below the ~33% ceiling. Cash and cash equivalents of $1,700M are about 2.1% of market cap. The financial-structure gate passes; the failure is on the business gate (insurance brokerage).

What is Marsh McLennan's non-compliant income ratio?

Marsh McLennan discloses two interest-income lines. For the six months ended June 30, 2026 it reported interest income of $19M on corporate cash plus fiduciary interest income of $173M (interest on premiums and claims held in a fiduciary capacity, reported within revenue) — $192M combined against revenue of $15,001M, about 1.28%, well below the 5% non-compliant income limit. On a full-year 2025 basis: interest income $48M + fiduciary interest income $403M = $451M against revenue of $27,021M, about 1.67%, also below 5%. The income gate passes; the screen fails on the insurance-brokerage business gate.

Do Zoya, Musaffa, or ShariaPortfolio cover Marsh McLennan?

Zoya covers Marsh & McLennan and rates it not Shariah-compliant based on the company's latest financial reports (published under the former ticker MMC; the company trades as MRSH since 2026). No Shariah coverage of the ticker was found on Musaffa or on ShariaPortfolio — honestly reported as absent, not invented. This page applies the screen directly from the company's filings: FY2025 Form 10-K (filed February 9, 2026) and the Q2 2026 earnings release/8-K (July 21, 2026).

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).