Is Man Group (EMG.L) stock halal?
Screened against AAOIFI Shari’ah Standard 21
Not settled. Man Group (EMG.L) could not be confirmed either way under the AAOIFI Shari’ah Standard 21 screen. The interest-bearing debt test couldn’t be settled: The figures give 0.4% and 68.5%, on either side of the limit. The balance sheet is in order of liquidity, as banks and insurers present it, so every liability that isn’t clearly tax, provisions, pensions, policyholder contracts or payables is counted as possible borrowing. We show this as Needs Review rather than guess. Last checked 12 October 2026.
Man Group needs further review under Halal / Islamic guidelines
AAOIFI Shari’ah Standard 21 Financial Audit
Figures from the latest annual report (the SEC filing or, for European companies, the ESEF annual report, where one exists, checked against Yahoo Finance) and a 36-month average market value.
| Test | Standard Limit | Actual Figure | Status |
|---|---|---|---|
| Main business | — | — | Pass |
| Interest-bearing debt | 30% | 68.46% | Review |
| Cash and interest-bearing investments | 30% | 134.99% | Review |
| Prohibited income | 5% | 0.85% | Pass |
| Not just cash and debts | 90% | 96.89% | Review |
Key Findings & Observations
- The interest-bearing debt test couldn’t be settled: The figures give 0.4% and 68.5%, on either side of the limit. The balance sheet is in order of liquidity, as banks and insurers present it, so every liability that isn’t clearly tax, provisions, pensions, policyholder contracts or payables is counted as possible borrowing.Source: AAOIFI Shari'ah Standard 21
- The cash and interest-bearing investments test couldn’t be settled: The figures give 5.1% and 135.0%, on either side of the limit. The balance sheet is in order of liquidity, as banks and insurers present it, so every asset that isn’t clearly property, intangibles, tax, pensions, inventory, insurance or a stake in an associate is counted as possible cash or interest-bearing investment.Source: AAOIFI Shari'ah Standard 21
- The not just cash and debts test couldn’t be settled: The figures give 4.4% and 96.9%, on either side of the limit. The balance sheet is in order of liquidity, as banks and insurers present it, so every asset that isn’t clearly property, intangibles, tax, pensions, inventory, insurance or a stake in an associate is counted as possible cash or interest-bearing investment.Source: AAOIFI Shari'ah Standard 21
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Frequently Asked Questions about Man Group Plc (EMG.L)
Is Man Group (EMG.L) stock halal?▾
Not settled. Man Group (EMG.L) could not be confirmed either way under the AAOIFI Shari’ah Standard 21 screen. The interest-bearing debt test couldn’t be settled: The figures give 0.4% and 68.5%, on either side of the limit. The balance sheet is in order of liquidity, as banks and insurers present it, so every liability that isn’t clearly tax, provisions, pensions, policyholder contracts or payables is counted as possible borrowing. We show this as Needs Review rather than guess. Last checked 12 October 2026.
What is Man Group's debt ratio under Islamic finance standards?▾
Under AAOIFI Shari’ah Standard 21, interest-bearing debt must stay under 30% of a company's 36-month average market value. Man Group's ratio is about 68.5%.
How much dividend purification is required for Man Group (EMG.L) stock?▾
Under AAOIFI Shari’ah Standard 21, shareholders should give away the part of their income that comes from prohibited sources: £0.0082 per share for the latest financial year. The amount goes to charity, without counting it as one's own donation.
Does Man Group operate in prohibited business activities?▾
AAOIFI Shari’ah Standard 21 excludes companies whose main business is prohibited, such as alcohol, pork, gambling, conventional interest-based finance and adult entertainment. Man Group's main business is checked against these. For companies that file with the US SEC, revenue by division is also read from the filing, so a division in a prohibited business is counted. Where the check cannot be settled, the result is shown as Needs Review rather than guessed.
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