Is UPST halal?
Upstart Holdings, Inc.
Not halal
Upstart Holdings, Inc. did not pass AAOIFI screening. The failed check is shown below.
Checked: 15 October 2026
Exchange
NASDAQ
Price
23.56
Day
-4.81%
Market cap
$2.25B
Industry
Credit Services
Sector
Financial Services
What the company does
Upstart is an AI lending platform: it scores consumer-loan applications and passes them to partner banks or investors. Revenue comes from fees banks pay per loan originated.
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: Credit Services
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $2.00B ÷ 36-month average market cap $3.88B = 51.6%
51.6%
Fail
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $498.74M ÷ 36-month average market cap $3.88B = 12.8%
12.8%
Pass
Non-compliant income / total revenue
limit 5%
Interest income $204.23M ÷ annual revenue $1.02B (2025) = 19.9%
19.9%
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: $2.25B.
For information (AAOIFI 3/1 note): cash + receivables are 23.6% 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
Company story
The Upstart story: 20x in 10 months, then −97% in the next 14
Read the story
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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.