Is SoFi Technologies Stock Halal?
SoFi Technologies, Inc. · SOFI · NASDAQ
SoFi Technologies, Inc. (SOFI) does not pass Shariah screening: its core business fails the activity screen (sofi technologies is a digital personal-finance company with a national bank charter, operating three segments: lending, financial services, and a technology platform), and impermissible income / total revenue is 70.8% 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
Our Analysis
SoFi markets itself as a fintech, but its financial statements describe a bank. The company holds a national bank charter, gathers deposits, and lends them out at interest across personal loans, student loan refinancing, and home loans. In 2025, roughly $2.2 billion of its $3.6 billion in total net revenue, around 61%, was net interest income, and the Lending segment alone produced $1.85 billion of revenue, $1.61 billion of which was net interest income. Interest is not a side effect of SoFi's model; it is the model.
Like JPMorgan, this makes the Shariah analysis unambiguous. AAOIFI-based screens exclude companies whose core business is conventional interest-based lending at the business-activity stage, and even if one only applied the revenue tolerance test, SoFi's interest share of revenue is more than ten times the common 5% threshold. The Financial Services and Technology Platform segments (brokerage, banking products, and the Galileo/Technisys infrastructure business) do not change the overall character of the company, since they are smaller than lending and are themselves intertwined with interest-bearing products like high-yield savings accounts.
SoFi is held by neither SPUS (June 11, 2026 holdings) nor HLAL (February 28, 2026 SEC-filed holdings), and there is no credible screener position treating it as compliant that we could verify. Muslim investors should treat SOFI as a clear fail under current standards.
Business Activity Screen
SoFi Technologies is a digital personal-finance company with a national bank charter, operating three segments: Lending, Financial Services, and a Technology Platform. Per its Q4/FY2025 earnings release filed with the SEC (10-K filed February 17, 2026), total 2025 net revenue was $3.61 billion, of which the Lending segment contributed $1.85 billion (about 51%), including $1.61 billion of lending-segment net interest income.
SoFi is an interest-driven business. Per its SEC-filed 2025 results, consolidated total net revenue of $3,613.4 million included consolidated noninterest income of $1,394.4 million, implying consolidated net interest income of roughly $2.22 billion, about 61% of total net revenue. The Lending segment (personal, student, and home loans) alone generated $1,606.0 million of net interest income, and SoFi Bank holds member deposits that fund this lending. Interest income at this scale fails any recognized Shariah business screen; conventional consumer lending is also excluded at the sector level under AAOIFI standards.
Financial Ratio Screen
| Screen | Value | AAOIFI limit | Result |
|---|---|---|---|
| Interest-bearing debt / market cap | 8.7% | < 30% | Pass |
| Cash + interest-bearing securities / market cap | 18.0% | < 30% | Pass |
| Impermissible income / total revenueInterest income only — verify other impermissible revenue lines in the 10-K | 70.8% | < 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
You don't have to choose between investing and your values — screened alternatives exist for nearly every position.
Related guides
Consider Consulting an Islamic Scholar
Major whether SoFi Technologies, Inc. is halal decisions often involve nuances that vary by scholarly opinion and personal circumstance. While HalalWallet provides educational comparisons and tools, we are not scholars or financial advisors. For personal guidance on Shariah compliance, consider speaking with a qualified Islamic scholar, your local imam, or a Shariah-certified financial advisor familiar with your situation.
Important: HalalWallet is an educational comparison platform. We do not provide financial, legal, or religious advice.
Product structures and Shariah-compliance oversight vary by provider. Before applying:
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- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
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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: 2026-06-01
- SOFI latest quarterly filing (balance sheet 2026-03-31)
- AAOIFI Shariah Standards
- SoFi Q4/FY2025 earnings release (SEC EDGAR, 8-K exhibit)
- SoFi 2025 10-K filing index (SEC EDGAR, accession 0001818874-26-000013)
- SPUS holdings (SP Funds)
- HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)
- HalalWallet Methodology
- Editorial Policy
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Editorial Team, HalalWallet
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