Is Mastercard Stock Halal?
Mastercard Incorporated · MA · NYSE
Halal screening authorities disagree on Mastercard Incorporated: not halal (HalalWallet (AAOIFI)); halal (Musaffa, Zoya).
Mastercard Incorporated (MA) does not pass Shariah screening: its core business fails the activity screen (Mastercard's 10-K discloses two revenue categories: payment network (fees tied to gross dollar volume, cross-border volu). 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
- Musaffa· Halal
- Zoya· Halal
Halal screening authorities disagree on Mastercard Incorporated: not halal (HalalWallet (AAOIFI)); halal (Musaffa, Zoya).
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 Mastercard Stock Halal?
Halal screening authorities disagree on Mastercard Incorporated: not halal (HalalWallet (AAOIFI)); halal (Musaffa, Zoya). Mastercard Incorporated (MA) does not pass Shariah screening: its core business fails the activity screen (Mastercard's 10-K discloses two revenue categories: payment network (fees tied to gross dollar volume, cross-border volu). 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: 4.4% (< 30%) — Pass
- Cash + interest-bearing securities / market cap: 1.9% (< 30%) — Pass
- Impermissible income / total revenue: — (< 5%) — Under review
- 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.
Mastercard's Shariah status follows the same fault line as Visa's. The company's 2025 10-K shows $32.79 billion of net revenue split between payment network fees ($19.48 billion) and value-added services such as security, authentication, and data insights ($13.32 billion). Mastercard does not lend, does not set cardholder interest rates, and reports no interest-on-loans revenue line. On the strength of that fee-based model, Zoya and Musaffa both currently classify Mastercard as halal under AAOIFI methodology, and Islamicly's research reaches the same conclusion.
The other side of the debate focuses on what the network carries rather than what the company earns: a large portion of Mastercard-branded volume runs on conventional credit cards, and some scholars treat building and operating that infrastructure as assisting interest-based finance. The professional index world reflects this stricter view in practice. Mastercard is not held by SPUS (S&P 500 Shariah Industry Exclusions methodology, holdings checked June 11, 2026) or by HLAL (FTSE USA Shariah, SEC-filed holdings as of February 28, 2026), because those index methodologies exclude companies classified in the financials sector before any revenue-level analysis.
A Muslim investor should understand that both positions are held by credible institutions applying recognized standards. If your reference point is a stock-level AAOIFI screener, Mastercard passes today. If your reference point is the major US Shariah index funds, it is excluded. Check a live screener before acting, since either status can change with new financials.
Business Activity Screen
Mastercard operates the world's second-largest card payment network. Per its 2025 10-K (filed February 11, 2026), net revenue of $32.79 billion was disaggregated into payment network revenue ($19.48B) and value-added services and solutions revenue ($13.32B), both recognized net of rebates and incentives. Like Visa, Mastercard does not issue cards or extend credit; issuing banks do.
Mastercard's 10-K discloses two revenue categories: payment network (fees tied to gross dollar volume, cross-border volume, and switched transactions) and value-added services and solutions (security, digital authentication, consumer engagement, insights, processing/gateway, ACH and real-time payments, open finance). Neither category is interest income from lending. The Shariah debate mirrors Visa's: scholars differ on whether earning fees on a network that carries interest-based credit card volume is permissible facilitation. AAOIFI-methodology stock screeners pass Mastercard; the S&P and FTSE Shariah index funds (SPUS, HLAL) do not hold it.
Financial Ratio Screen
| Screen | Value | AAOIFI limit | Result |
|---|---|---|---|
| Interest-bearing debt / market cap | 4.4% | < 30% | Pass |
| Cash + interest-bearing securities / market cap | 1.9% | < 30% | Pass |
| Impermissible income / total revenueNot determinative — this verdict is set by the business-activity screen, so the impermissible-income line does not change the outcome. | — | < 5% | Under verification |
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 →Zoya
Shariah-compliant (AAOIFI methodology); Zoya's stock page reports MA as compliant and its blog notes Mastercard monetizes via network fees rather than extending credit or earning interest.
Source →Musaffa
Classified HALAL as of February 2026 based on Musaffa's AAOIFI-based business activity and financial ratio screens.
Source →Islamicly
Deems Mastercard Shariah-compliant, quoting Mastercard's own disclosure that it does not issue cards, extend credit, or earn from interest charged to account holders, and noting it passes both sector and financial-ratio screens.
Source →Amana/Saturna
Mastercard does not appear in the Amana Growth Fund holdings as of 2026-02-27 (an actively managed, concentrated fund of ~31 positions, so absence is not necessarily a screen verdict).
Source →
What to do instead
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The Final Step: Your Scholar Conversation
Major whether Mastercard Incorporated 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
- MA latest quarterly filing (balance sheet 2026-03-31)
- AAOIFI Shariah Standards
- Mastercard 2025 10-K revenue note (SEC EDGAR XBRL)
- Mastercard Q4/FY2025 earnings release (SEC EDGAR, 8-K exhibit)
- Mastercard 10-K filing page (company IR)
- SPUS holdings (SP Funds)
- HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)
- Zoya compliance page for MA
- Musaffa compliance page for MA
- HalalWallet Methodology
- Editorial Policy
- Markdown mirror (AI systems, CC BY 4.0)
- Halal verdict corpus (JSON)
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