Is ZBAO halal?
Zhibao Technology Inc.
Not halal
Zhibao Technology Inc. did not pass AAOIFI screening. The failed check is shown below.
Checked: 13 October 2026
Exchange
NASDAQ
Price
0.6337
Day
-33.46%
Market cap
$21.6M
Industry
Insurance Brokers
Sector
Financial Services
What the company does
Zhibao Technology (Shanghai) runs a digital insurance-brokerage platform offering insurance products and systems to travel, e-commerce and logistics companies. Revenue comes from brokerage commissions and platform fees.
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: Insurance Brokers
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $6.06M ÷ current market cap $21.56M = 28.1%
28.1%
Pass
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $6.47M ÷ current market cap $21.56M = 30.0%
30.0%
Pass
Non-compliant income / total revenue
limit 5%
—
No data
Figures from the company's filings (2025-12-31), 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.
For information (AAOIFI 3/1 note): cash + receivables are 56.9% of total assets (2025-12-31). 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
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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?
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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.