Is WISE.L (Wise plc) Halal or Haram?

Based on our AAOIFI-standard shariah screening, WISE.L is classified as Doubtful. It passed 3 of 4 compliance screens. Some scholars may permit investing with income purification, while others advise avoiding it. We recommend consulting a qualified Islamic scholar before investing in WISE.L.

Wise plc is a global technology company specializing in cross -border money transfers, offering a faster and cheaper alternative to traditional banking rails. Its core products include the Wise Account for individuals managing multiple currencies, Wise Business for corporate international needs, and the Wise Platform, which allows other banks to integrate Wise's infrastructure. Unlike a traditional bank, Wise focuses on 'moving' money rather than lending it, generating revenue primarily through transparent transaction fees and foreign exchange margins. For Muslim investors, Wise presents a complex case labeled as 'Doubtful' under AA OIFI standards. While the company's business model is fundamentally permissible—facilitating payments is halal—and it carries very little interest-bearing debt (2.2%), it fails the liquidity screen. Specifically, its Cash & Securities to Market Cap ratio is 149.0%, far exceeding the 33% maximum threshold, which suggests the company is holding a disproportionate amount of liquid assets compared to its market value. Financially, Wise is robust with low leverage and minimal reliance on interest income (1.88%), which is a positive sign for sh ariah compliance. However, the excessive liquidity ratio is a technical red flag often seen in fintechs that hold customer funds in safeguarding accounts or maintain large cash reserves for operational liquidity. Investors should consult with a scholar regarding the nature of this cash holding, as some argue that operational cash required for money transmission services might be viewed differently than idle cash hoarded for interest generation. Wise plc operates in the Technology sector under the Information Technology Services industry and is headquartered in London, GB. The company is led by CEO Kristo Kaarmann and employs approximately 6,000 people.

WISE.L 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. WISE.L passed 3 of these 4 screens.

WISE.L was last screened on 2026-03-01. 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.