NYSE Shariah screener · October 2026

Is Sea Limited (SE) Halal?

FAIL

Sea Limited · NYSE: SE · Consumer Discretionary

The short answer

Sea Limited fails the Shariah business-activity gate: its Monee segment (formerly SeaMoney) runs an interest-based consumer and SME credit business of about $3.8 billion — roughly 16.6% of FY2025 revenue — a material, growing haram segment.

Gate 1 — Business activity: FAIL

Gate 1 — business activity: FAIL. Sea Limited, per its FY2025 Form 20-F (filed April 17, 2026), is a Singapore-based consumer internet company operating three segments: Garena (digital entertainment, including the Free Fire mobile game), Shopee (e-commerce marketplace), and Monee (digital financial services, rebranded from SeaMoney in 2025).

The Monee segment's consumer and SME credit business is interest-based lending, and the company states its revenue is primarily attributed to the credit business: about $3.8 billion of FY2025 revenue - roughly 16.6% of total revenue - with loans principal outstanding of $9.2 billion at December 31, 2025 (up 80.4% year over year). A material, growing interest-based lending segment fails gate 1.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (3.04%, ceiling 33%). Per Sea Limited's FY2025 Form 20-F consolidated balance sheet, total borrowings were about $1,843.6 million (current borrowings $283.2 million, non-current borrowings $510.4 million, convertible notes $1,050.1 million).

$1,843.6 million against a market capitalization of about $60.58 billion (Finnhub, October 2, 2026; NYSE: SE) is about 3.04%, under the 33% ceiling. The debt gate passes, but the result is moot given the business-gate failure.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS on the line item (1.44%, ceiling 5%). Sea Limited's FY2025 Form 20-F separately discloses interest income of $331.072 million against total revenue of $22,938.5 million - about 1.44%, under the 5% ceiling.

The gate passes on this line item, but the business gate already fails: the Monee segment's interest-based credit revenue (about $3.8 billion) is the disqualifying line, reported here for the record.

Key figures used

Business: Singapore consumer internet — Garena (Free Fire gaming), Shopee (e-commerce), Monee (digital financial services, rebranded from SeaMoney 2025); FY2025 revenue $22,938.5M; founded 2009, chairman/CEO Forrest Li
Haram assessment: Monee consumer/SME credit business is interest-based lending — ~$3.8B of FY2025 revenue (~16.6% of total), loans principal outstanding $9.2B (+80.4% YoY); material growing segment, fails business-activity gate
Debt: $1,843.6M total borrowings (FY2025 20-F) ÷ ~$60.58B market cap (Finnhub, Oct 2, 2026) = 3.04% — under the 33% ceiling (moot, business gate fails)
Interest income: $331.072M separately disclosed (FY2025 20-F) ÷ $22,938.5M revenue = 1.44% — under the 5% ceiling (moot, business gate fails)
Market data: NYSE-listed (SE); still listed on NYSE (confirmed October 2, 2026; Finnhub XNYS live quote; no delisting; no ticker reassignment)
Third-party: Musaffa rates SE NOT HALAL (Sep 2026) — consistent with this FAIL; Zoya page exists but no definitive rating extractable; no verifiable ShariaPortfolio rating

Frequently asked questions

What does Sea Limited do?

Sea Limited (NYSE: SE) is a Singapore-based consumer internet company founded in 2009 (as Garena) by Forrest Li, who serves as chairman and CEO. Per its FY2025 Form 20-F (filed April 17, 2026), it operates three segments: Garena (digital entertainment, including the Free Fire mobile game), Shopee (e-commerce marketplace across Southeast Asia, Taiwan, and Latin America), and Monee (digital financial services, formerly SeaMoney). FY2025 total revenue was $22,938.5 million.

Is Sea Limited's business Shariah compliant?

No - Sea Limited fails the business-activity gate. Its Monee segment (rebranded from SeaMoney in 2025) runs a consumer and SME credit business that the company describes as primarily credit-driven, with about $3.8 billion of revenue in FY2025 - roughly 16.6% of total revenue and far above the tolerance for interest-based lending. Loans principal outstanding reached $9.2 billion at December 31, 2025 (up 80.4% year over year). Interest-based lending is a material, growing segment - not an ancillary line.

How much interest-bearing debt does Sea Limited have?

Sea Limited's FY2025 Form 20-F balance sheet reports total borrowings of about $1,843.6 million (current borrowings $283.2 million, non-current borrowings $510.4 million, and convertible notes $1,050.1 million). Against a market capitalization of about $60.58 billion (Finnhub, October 2, 2026), that is about 3.04% - under the 33% ceiling. The debt gate passes, but the result is moot given the business-gate failure.

How much interest income does Sea Limited earn?

Sea Limited's FY2025 Form 20-F separately discloses interest income of $331.072 million against total revenue of $22,938.5 million - about 1.44%, under the 5% non-compliant income ceiling. This gate passes on the numbers, but the business gate already fails: the Monee credit segment's interest-based revenue is the disqualifying line, reported here for the record.

What do third-party Shariah screeners say about Sea Limited?

Musaffa rates SE as NOT HALAL (September 2026), consistent with this page's FAIL. Zoya publishes a page for SE but no definitive compliance rating could be extracted from public sources, and I could not verify a ShariaPortfolio rating. Third-party screeners apply different assumptions and update on different schedules - always check the latest screening before investing.

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).