Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Mitsubishi UFJ Financial Group, Inc. (MUFG) Halal?

FAIL

Mitsubishi UFJ Financial Group, Inc. · NYSE: MUFG · Financials

The short answer

No - Mitsubishi UFJ Financial Group, Inc. (MUFG) fails this Shariah stock screen at all three gates. MUFG, Japan's largest banking group based in Tokyo, has conventional interest-based commercial banking as its core business - a haram activity under AAOIFI-style screens. Interest-bearing borrowings of about 123 trillion yen (about $831B) are about 312% of its ~$266B market cap ($22.62/share, October 1, 2026), far above the ~33% ceiling, and interest income of 8,613,865 million yen is about 72.6% of FY2026 revenue (11,867,264 million yen), far above the 5% ceiling. Zoya independently rates MUFG not Shariah-compliant. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

Gate 1 — Business activity: FAIL

Mitsubishi UFJ Financial Group, Inc. (NYSE: MUFG), headquartered in Tokyo, Japan, is a bank holding company and Japan's largest banking group. Per its Form 20-F for the fiscal year ended March 31, 2026 (filed July 6, 2026; US GAAP), it operates MUFG Bank, Ltd., Mitsubishi UFJ Trust and Banking, MUFG Morgan Stanley Securities, asset management, and trust banking - retail, commercial, corporate, and investment banking, including loans, settlement, foreign exchange, and trading. Business-screen implication (factual): the core business is conventional interest-based commercial banking - a haram activity under AAOIFI-style screens, consistent with this pipeline's precedent for conventional banks (Bank of America, Citigroup, Capital One, Wells Fargo). Context only: MUFG runs small Islamic-banking windows (Kuala Lumpur since 2008, Dubai since 2015, and a Labuan branch approval announced October 1, 2026) - a niche alongside overwhelmingly conventional operations; it does not change the business-gate result. Gate 1 fails. Facts only.

Gate 2 — Debt and cash: FAIL

Per MUFG's Form 20-F for the fiscal year ended March 31, 2026 (US GAAP; yen in millions), interest-bearing borrowings were short-term borrowings 101,155,572 million yen plus current portion of long-term debt 3,001,675 million yen plus long-term debt 18,856,586 million yen = about 123,013,833 million yen (about 123 trillion yen, about $831B at about 148 yen per dollar). Customer deposits of 260,755,340 million yen are the bank's operating funding, counted separately. Against a market cap of about $266B ($22.62 per share, October 1, 2026, times about 11.87 billion shares outstanding), debt / market cap is about 312% - far above the ~33% ceiling. Even long-term debt alone (18,856,586 million yen, about $127B) is about 48% of market cap. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: FAIL

Per MUFG's FY2026 Form 20-F (US GAAP; yen in millions), total interest income was 8,613,865 million yen (loans including fees 4,569,238M; deposits in other banks 1,074,496M; investment securities interest 730,302M plus dividends 168,451M; trading account assets 1,368,774M; call loans and funds sold 32,235M; receivables under resale agreements and securities borrowing 670,369M). Against total revenue of 11,867,264 million yen, interest income is about 72.6% of revenue - far above the 5% non-compliant income ceiling. Net interest income (3,684,254 million yen) is about 31.0% of revenue - also far above 5%. Third-party screener Zoya independently reports interest income of about 9,250,062,030,000 yen against revenue of about 14,247,237,772,000 yen (64.93%) - the same conclusion. Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

What does Mitsubishi UFJ Financial Group do?

Mitsubishi UFJ Financial Group, Inc. (NYSE: MUFG), based in Tokyo, Japan, is a bank holding company and Japan's largest banking group. Per its Form 20-F for the fiscal year ended March 31, 2026, it operates MUFG Bank, Ltd., Mitsubishi UFJ Trust and Banking, MUFG Morgan Stanley Securities, asset management, and trust banking - retail, commercial, corporate, and investment banking, including loans, settlement, foreign exchange, and trading. Its shares trade on the NYSE as American Depositary Shares (ticker MUFG, listed since 2001; also listed in Tokyo and Nagoya as 8306). Its core business is conventional interest-based commercial banking.

Why does Mitsubishi UFJ Financial Group fail this Shariah screener?

Mitsubishi UFJ Financial Group fails this Shariah screener at all three gates. Gate 1 (business activity): conventional commercial banking - interest-based lending is the core business, a haram activity under AAOIFI-style screens. Gate 2 (debt): interest-bearing borrowings of about 123 trillion yen (about $831B) are about 312% of its ~$266B market cap, far above the ~33% ceiling (long-term debt alone is about 48%). Gate 3 (non-compliant income): interest income of 8,613,865 million yen is about 72.6% of FY2026 total revenue (11,867,264 million yen), far above the 5% ceiling. Result: FAIL. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

What is Mitsubishi UFJ Financial Group's interest-bearing debt ratio?

Per MUFG's Form 20-F for the fiscal year ended March 31, 2026 (filed July 6, 2026; US GAAP; yen in millions), interest-bearing borrowings were short-term borrowings 101,155,572 million yen plus current portion of long-term debt 3,001,675 million yen plus long-term debt 18,856,586 million yen = about 123,013,833 million yen (about 123 trillion yen, about $831B at about 148 yen per dollar). Customer deposits of 260,755,340 million yen are the bank's operating funding, counted separately. Against a market cap of about $266B ($22.62 per share, October 1, 2026, times about 11.87 billion shares outstanding), debt / market cap is about 312% - far above the ~33% ceiling. Even long-term debt alone (18,856,586 million yen, about $127B) is about 48% of market cap. Gate 2 fails. Facts only.

How much interest income does Mitsubishi UFJ Financial Group earn?

Per MUFG's FY2026 Form 20-F (US GAAP; yen in millions), total interest income was 8,613,865 million yen (loans including fees 4,569,238M; deposits in other banks 1,074,496M; investment securities interest 730,302M plus dividends 168,451M; trading account assets 1,368,774M; call loans and funds sold 32,235M; receivables under resale agreements and securities borrowing 670,369M). Against total revenue of 11,867,264 million yen, interest income is about 72.6% of revenue - far above the 5% non-compliant income ceiling. Net interest income (3,684,254 million yen) is about 31.0% of revenue - also far above 5%. Third-party screener Zoya independently reports interest income of about 9,250,062,030,000 yen against revenue of about 14,247,237,772,000 yen (64.93%) - the same conclusion. Gate 3 fails. Facts only.

Do Zoya, Musaffa, or ShariaPortfolio cover Mitsubishi UFJ Financial Group?

Zoya covers MUFG at zoya.finance/stocks/mufg and rates it NOT Shariah-compliant ('MUFG is not Shariah-compliant and therefore not considered halal to invest in'), citing interest income of about 9,250,062,030,000 yen against revenue of about 14,247,237,772,000 yen (64.93%). Musaffa: no public MUFG rating was found via search - honestly reported as no verifiable coverage, not invented. ShariaPortfolio: no MUFG coverage was found - honestly reported as no coverage found, not invented.

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).