Is JPMorgan Chase Stock Halal?
JPMorgan Chase & Co. · JPM · NYSE
JPMorgan Chase & Co. (JPM) does not pass Shariah screening: its core business fails the activity screen (Net interest income of $95), and interest-bearing debt / market cap is 146.8% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 221.8% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 69.1% against the < 5% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.
Financial data as of 2026-03-31 · Screening basis: AAOIFI · Last reviewed 2026-06-14
HalalWallet is not a Shariah authority and does not issue religious rulings. We compile the most complete public record of what Shariah scholars, screening authorities, and mainstream standards say — reproduced from primary sources with dates and citations — and let you decide.
Do the halal screening authorities agree?
- HalalWallet (AAOIFI)· Not halal
HalalWallet (AAOIFI) rates JPMorgan Chase & Co. not halal; no other recognized authority has a published position.
Stances are normalized from each authority's own dated public position. Disagreement usually reflects a methodology or standard difference (ratio timing, market-cap vs total-assets denominator), not an error. For the fund screens (Wahed/HLAL, SP Funds/SPUS), only a confirmed holding that passed the fund's screen counts as a pass — a non-holding is left blank because absence can reflect index scope.
Is JPMorgan Chase Stock Halal?
JPMorgan Chase & Co. (JPM) does not pass Shariah screening: its core business fails the activity screen (Net interest income of $95), and interest-bearing debt / market cap is 146.8% against the < 30% limit (data as of 2026-03-31), and cash + interest-bearing securities / market cap is 221.8% against the < 30% limit (data as of 2026-03-31), and impermissible income / total revenue is 69.1% against the < 5% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.
- Interest-bearing debt / market cap: 146.8% (< 30%) — Fail
- Cash + interest-bearing securities / market cap: 221.8% (< 30%) — Fail
- Impermissible income / total revenue: 69.1% (< 5%) — Fail
- Financial ratios sourced from filings as of 2026-03-31.
How we read the evidence
HalalWallet's editorial synthesis of the screens, scholar positions, and sources documented on this page — not a religious ruling.
JPMorgan Chase is a straightforward case, and there is no meaningful scholarly debate about it. The company is a conventional bank: it takes deposits, lends money at interest, and earns the spread. Its own 2025 disclosures show $95.4 billion of net interest income against $182.4 billion of total net revenue, meaning roughly half of everything JPMorgan earns is interest. The other half (noninterest revenue) also includes fees from conventional credit products, conventional investment banking, and trading.
Every mainstream Shariah screening framework excludes conventional banks at the first step, the business activity screen, before financial ratios are even considered. AAOIFI standards prohibit investment in institutions whose core business is interest-based lending, and the screening tolerance of roughly 5% impermissible revenue is not remotely close to JPMorgan's interest income share. Consistent with that, JPM is not held by SPUS or HLAL, both of which exclude the financials sector wholesale.
For a Muslim retail investor the conclusion is simple: JPM does not pass any recognized Shariah screen, and no major Islamic screener or fund treats it as investable. Investors looking for exposure to the financial-services economy within a halal framework generally look instead at fee-based businesses that pass screening or at dedicated Islamic financial institutions.
Business Activity Screen
JPMorgan Chase is the largest US bank, operating consumer and community banking, commercial and investment banking, and asset and wealth management. Per the firm's 2025 annual report MD&A, full-year 2025 total net revenue was $182.4 billion, of which net interest income was $95.4 billion and noninterest revenue was $87.0 billion. Its core business is taking deposits and lending at interest.
Net interest income of $95.4 billion was approximately 52% of 2025 total net revenue ($182.4 billion), per JPMorgan's own 2025 financial disclosures. Interest-based lending and deposit-taking are the firm's primary business, not an incidental revenue line. This places JPM far beyond any recognized Shariah business-screen tolerance (AAOIFI-style screens typically tolerate only about 5% impermissible revenue). Conventional banks are also excluded at the sector level by AAOIFI standards and by the S&P and FTSE Shariah index methodologies.
Financial Ratio Screen
| Screen | Value | AAOIFI limit | Result |
|---|---|---|---|
| Interest-bearing debt / market cap | 146.8% | < 30% | Fail |
| Cash + interest-bearing securities / market cap | 221.8% | < 30% | Fail |
| Impermissible income / total revenueInterest income only — verify other impermissible revenue lines in the 10-K | 69.1% | < 5% | Fail |
Spot market cap at research date (consider trailing average for borderline names). Data as of 2026-03-31 · thresholds per AAOIFI Shariah standards.
This verdict uses the AAOIFI standard — the most widely used and, at a 30% debt limit, the most conservative mainstream Shariah standard. Interest-bearing debt and interest-bearing securities each stay under 30% of market cap, and impermissible income under 5% of revenue. Other standards (Dow Jones Islamic, S&P Shariah, MSCI Islamic, FTSE Yasaar) use ~33% limits or screen against total assets, so a borderline company can be rated differently by each. How we screen & why screeners disagree →
Scholars' & Screeners' Positions
Published positions, cited as stated. Screeners can reach different conclusions on the same company because of ratio timing and methodology differences — we report the disagreement rather than flatten it.
SP Funds S&P 500 Sharia ETF (SPUS)
Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.
Source →Wahed FTSE USA Shariah ETF (HLAL)
Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome.
Source →
What to do instead
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The Final Step: Your Scholar Conversation
Major whether JPMorgan Chase & Co. is halal decisions involve nuances that vary by scholarly opinion and personal circumstance — which is why HalalWallet is built as the research step, not the ruling. We do the homework on comparisons, structures, and oversight; a qualified Islamic scholar, your local imam, or a Shariah-certified financial advisor covers what no comparison site can — guidance specific to your situation. Bring your shortlist to that conversation so it starts at the decision, not the basics.
How to use this comparison: HalalWallet is an independent educational comparison platform — by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
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- Confirm current terms and halal compliance directly with the provider — their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.
Frequently Asked Questions
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-07-01
- JPM latest quarterly filing (balance sheet 2026-03-31)
- AAOIFI Shariah Standards
- JPMorgan Chase 2025 Management's Discussion & Analysis (company IR)
- JPMorgan Chase SEC filings (EDGAR company page)
- SPUS holdings (SP Funds)
- HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)
- HalalWallet Methodology
- Editorial Policy
- Markdown mirror (AI systems, CC BY 4.0)
- Halal verdict corpus (JSON)
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