Is AJG (Arthur J. Gallagher & Co.) Halal or Haram?

Based on our AAOIFI-standard shariah screening, AJG is Not Halal (Haram) and is not considered permissible for Muslim investors. It failed 1 of 4 compliance screens. Arthur J. Gallagher & Co.'s core business activity was found to be non-compliant.

Arthur J. Gallagher & Co. (AJG) is a global financial services firm specializing in insurance brokerage, risk management consulting, and third-party claims settlement. Operating across the US, UK, Australia, and other regions, the company acts as an intermediary, assisting retail and wholesale clients in placing specialized and hard-to-place conventional insurance policies. For Muslim investors using HalalStocks.co.uk, AJG is classified as Not Halal (Haram) due to its core business model. While the company successfully passes all three financial ratio screens, its direct involvement in the conventional insurance sector violates the AAOIFI business activity guidelines regarding gharar (excessive uncertainty). From a strictly financial perspective, AJG carries a very clean balance sheet for Shariah screening purposes. The firm's debt-to-market cap sits comfortably at 25.5%, well below the 33% threshold, and it reports an impressive 0.00% interest income to revenue ratio, alongside minimal cash and securities at 2.5% of market capitalization. Despite these strong financial metrics, conventional insurance brokerage remains fundamentally incompatible with Islamic finance principles. Muslim investors must avoid this stock and instead look toward permissible takaful (Islamic insurance) operators or brokers that do not derive their primary revenue from conventional insurance markets. Arthur J. Gallagher & Co. operates in the Financial Services sector under the Insurance - Brokers industry and is headquartered in Rolling Meadows, IL, US. The company is led by CEO J. Patrick Gallagher Jr. and employs approximately 72,000 people.

AJG was screened using AAOIFI-based shariah compliance criteria. Four tests are applied: (1) Business Activity — the company's core business must not derive primary income from haram (prohibited) activities such as alcohol, gambling, tobacco, or interest-based finance. (2) Debt-to-Market-Cap — total debt must not exceed 33% of market capitalization. (3) Interest Income — interest income must not exceed 5% of total revenue. (4) Cash & Securities — cash and interest-bearing securities must not exceed 33% of market cap. AJG passed 3 of these 4 screens.

AJG was last screened on 2026-04-29. Shariah compliance status can change as companies report new financial data, acquire new businesses, or shift revenue streams. We recommend checking back periodically for the most up-to-date screening results.