Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Mizuho Financial Group, Inc. (MFG) Halal?

FAIL

Mizuho Financial Group, Inc. · NYSE: MFG · Financials

The short answer

No - Mizuho Financial Group, Inc. (MFG) fails this Shariah stock screen at all three gates. Mizuho, the Tokyo-based Japanese megabank, has conventional interest-based lending as its core business - a haram activity under AAOIFI-style screens. Total liabilities of 290,923,513 million yen are about 1,427% of its ~$134.6B market cap ($10.76/ADR, October 2, 2026), far above the ~33% ceiling, and interest income of 6,204,492,090,000 yen is about 65.38% of FY2026 revenue (9,490,330,969,000 yen), far above the 5% ceiling. Zoya, Musaffa, and ShariaPortfolio all independently rate Mizuho not Shariah-compliant / not halal / Not Compliant. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

Gate 1 — Business activity: FAIL

Mizuho Financial Group, Inc. (NYSE: MFG), incorporated on January 8, 2003 and headquartered at 1-5-5 Otemachi, Chiyoda-ku, Tokyo, Japan (~52,427 employees), is a Japanese megabank. Per its Form 20-F for the fiscal year ended March 31, 2026 (filed June 26, 2026; accession 0001193125-26-283791; CIK 1335730), its core units are Mizuho Bank (deposits, lending, settlement), Mizuho Trust & Banking (trust, real estate, pensions), and Mizuho Securities (full-line securities), with five segments: Retail & Business Banking, Corporate & Institutional, Global Corporate, Global Markets, and Asset Management. Business-screen implication (factual): interest-based lending is the core business - a haram activity under AAOIFI-style screens, consistent with this pipeline's MUFG, SMFG, Wells Fargo, BAC, Citigroup, Capital One, Santander, and BBVA precedents. Nuance: Mizuho Bank (Malaysia) Berhad has executed Islamic financing (Commodity Murabahah) - a minor line in a conventional megabank, not the core business. Gate 1 fails. Facts only.

Gate 2 — Debt and cash: FAIL

Per corroborating parses of Mizuho's Form 20-F for the fiscal year ended March 31, 2026 (filed June 26, 2026; accession 0001193125-26-283791; yen millions), total liabilities at March 31, 2026 were 290,923,513 million yen (Stockopedia 20-F parse; total equity 11,316,529 million yen; total assets 302,240,042 million yen - internally consistent; the direct SEC document fetch was blocked (403) this session, so figures are cited via corroborating parses). Against a market cap of about $134.6B (ad-hoc-news.de, September 30, 2026; sanity check: 2,438,523,296 shares outstanding x 8,492 yen (TSE, October 2, 2026) = 20.71 trillion yen = about $136.7B at 151.5 yen/USD - same range), total liabilities are about 1,427% of market cap - far above the ~33% ceiling (at 151.5 yen/USD, liabilities are about $1.92T - the ratio is so far over that no FX-rate precision matters). Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: FAIL

Per corroborating parses of Mizuho's FY2026 Form 20-F (yen), interest income was 6,204,492,090,000 yen against revenue of 9,490,330,969,000 yen = about 65.38% of revenue - far above the 5% non-compliant income ceiling. The figures are cited via Zoya's 20-F parse (a direct SEC document fetch was blocked this session). Third-party screener Zoya independently computes the same 65.38%. Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

What does Mizuho Financial Group do?

Mizuho Financial Group, Inc. (NYSE: MFG), incorporated on January 8, 2003 and headquartered at 1-5-5 Otemachi, Chiyoda-ku, Tokyo, Japan (~52,427 employees), is a Japanese megabank. Per its Form 20-F for the fiscal year ended March 31, 2026, its core units are Mizuho Bank (deposits, lending, settlement), Mizuho Trust & Banking (trust, real estate, pensions), and Mizuho Securities (full-line securities), with five segments: Retail & Business Banking, Corporate & Institutional, Global Corporate, Global Markets, and Asset Management. Its shares trade on the NYSE as ADRs (ticker MFG) and on the TSE (8411). In FY2026 it reported record profit attributable of 1,248.6 billion yen (Japanese GAAP) and ordinary income of 9,085,438 million yen.

Why does Mizuho Financial Group fail this Shariah screener?

Mizuho Financial Group fails this Shariah screener at all three gates. Gate 1 (business activity): conventional megabank - interest-based lending is the core business, a haram activity under AAOIFI-style screens (consistent with this pipeline's MUFG, SMFG, Wells Fargo, BAC, Citigroup, Capital One, Santander, and BBVA precedents). Gate 2 (debt): total liabilities of 290,923,513 million yen against a ~$134.6B market cap are about 1,427% of market cap, far above the ~33% ceiling. Gate 3 (non-compliant income): interest income of 6,204,492,090,000 yen is about 65.38% of FY2026 revenue (9,490,330,969,000 yen), far above the 5% ceiling. Result: FAIL. One honest sourcing note: the direct SEC 20-F document fetch was blocked (403) this session; figures are corroborated by multiple independent 20-F parses (Stockopedia, Zoya, the company's own prospectus) rather than claimed as a direct filing read. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

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

Per corroborating parses of Mizuho's Form 20-F for the fiscal year ended March 31, 2026 (filed June 26, 2026; accession 0001193125-26-283791; yen millions), total liabilities at March 31, 2026 were 290,923,513 million yen (Stockopedia 20-F parse; total equity 11,316,529 million yen; total assets 302,240,042 million yen - internally consistent). Against a market cap of about $134.6B (ad-hoc-news.de, September 30, 2026; sanity check: 2,438,523,296 shares outstanding x 8,492 yen (TSE, October 2, 2026) = 20.71 trillion yen = about $136.7B at 151.5 yen/USD - same range), total liabilities are about 1,427% of market cap - far above the ~33% ceiling (at 151.5 yen/USD, liabilities are about $1.92T - the ratio is so far over that no FX-rate precision matters). Gate 2 fails. Facts only.

How much interest income does Mizuho Financial Group earn?

Per corroborating parses of Mizuho's FY2026 Form 20-F (yen), interest income was 6,204,492,090,000 yen against revenue of 9,490,330,969,000 yen = about 65.38% of revenue - far above the 5% non-compliant income ceiling. The figures are cited via Zoya's 20-F parse (a direct SEC document fetch was blocked this session). Third-party screener Zoya independently computes the same 65.38%. Gate 3 fails. Facts only.

Do Zoya, Musaffa, or ShariaPortfolio cover Mizuho?

Zoya covers Mizuho at zoya.finance/stocks/mfg and rates it 'not Shariah-compliant', quoting FY2026 revenue of 9,490,330,969,000 yen and interest income of 6,204,492,090,000 yen (65.38% of the combined total). Musaffa covers MFG at musaffa.com/stock/MFG/: 'As of September 2026, Mizuho Financial Group Inc is classified as not halal' (AAOIFI methodology). ShariaPortfolio covers MFG at spscreener.mxcorporate.com/ticker/mfg-mizuho-financial-group-inc/: 'not Shariah Compliant because of its involvement in Banks (NEC) and related activities.' All three screeners agree.

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).