Is SHG halal?
Shinhan Financial Group Co Ltd
Not halal
Shinhan Financial Group Co Ltd did not pass AAOIFI screening. The failed check is shown below.
Checked: 13 October 2026
Exchange
NYSE
Price
70.31
Day
-1.43%
Market cap
$35.41B
Industry
Banks - Regional
Sector
Financial Services
What the company does
Shinhan Financial Group (South Korea) is a major financial group: Shinhan Bank, credit cards, brokerage and insurance. Revenue comes from loan interest and fees; trades as an ADR.
What was checked
The AAOIFI standard has four steps: business activity first, then three financial ratios. Fail one and the stock is not halal.
Business activity
Prohibited activity: Banks - Regional
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $96.44B ÷ 36-month average market cap $21.50B = 448.6%
448.6%
Fail
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $158.21B ÷ 36-month average market cap $21.50B = 736.0%
736.0%
Fail
Non-compliant income / total revenue
limit 5%
Interest income $19.59B ÷ annual revenue $12.87B (2025) = 152.2%
152.2%
Fail
Figures from the company's filings (2026-06-30), USD. Market cap is a 36-month average (the S&P Shariah index approach), so a one-day price move does not flip the verdict. Today's market cap: $35.41B.
For information (AAOIFI 3/1 note): cash + receivables are 18.3% of total assets (2026-06-30). AAOIFI recommends tangible assets of at least one third — this figure does not affect the verdict, and other major screeners do not apply it either.
In the lists
- In the S&P 500
- Not in the S&P 500
- Held by funds
- Not held by any tracked fund
Superinvestors
SEC 13F, 2026 Q3. Up to 45 days delayed.Held by 2 superinvestors · Average reported price: $63.25
- Richard PzenaPzena Investment Management$42.3M0.1%
- Sarah KettererCauseway Capital Management$417K0.0%
Exited this quarter: Lee Ainslie
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- Halal investingBlogWhy a company's cash affects whether its stock is halalLots of cash sounds like a good sign — but halal screening checks it separately. What counts, what doesn't, and where we are stricter than AAOIFI.
- Halal investingBlogAAOIFI Shariah Standard No. 21 in plain languageThe most widely used standard for halal stock screening: the two-step test, the three ratios and how it differs from other methods.
Halal is the first question. The second: when to enter?
Our scanner watches 1454 halal stocks around the clock and fires a signal with entry, TP and SL when a technical setup completes. The full signal history — with outcomes — is public.
This is neither investment advice nor a fatwa. Screening is based on public financial statements and AAOIFI standard No. 21; data may lag. For a personal decision consult your own scholar.