Is Pagaya Technologies (PGY) stock halal?
Screened against AAOIFI Shari’ah Standard 21
No. Pagaya Technologies (PGY) does not pass the AAOIFI Shari’ah Standard 21 screen. Its main business is conventional banking, lending or insurance (SEC industry code 6199 (Finance Services)), which AAOIFI Shari’ah Standard 21 excludes (3/4/1). Last checked 28 September 2026.
Pagaya Technologies is not compliant 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 | — | — | Fail |
| Interest-bearing debt | 30% | 59.85% | Fail |
| Cash and interest-bearing investments | 30% | 86.71% | Review |
| Prohibited income | 5% | 3.84% | Pass |
| Not just cash and debts | 90% | 87.16% | Pass |
Key Findings & Observations
- Its main business is conventional banking, lending or insurance (SEC industry code 6199 (Finance Services)), which AAOIFI Shari’ah Standard 21 excludes (3/4/1).Source: Business check
- Interest-bearing debt is 59.9% of the company’s 36-month average market value. AAOIFI’s limit is under 30% (Shari'ah Standard 21, 3/4/2).Source: AAOIFI Shari'ah Standard 21
- The cash and interest-bearing investments test couldn’t be settled: The figures give 17.1% and 86.7%, on either side of the limit.Source: AAOIFI Shari'ah Standard 21
- Operates an interest‑based revolving loan facility, potentially violating riba prohibitions.Source: News Analyzer
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Frequently Asked Questions about Pagaya Technologies Ltd. (PGY)
Is Pagaya Technologies (PGY) stock halal?▾
No. Pagaya Technologies (PGY) does not pass the AAOIFI Shari’ah Standard 21 screen. Its main business is conventional banking, lending or insurance (SEC industry code 6199 (Finance Services)), which AAOIFI Shari’ah Standard 21 excludes (3/4/1). Last checked 28 September 2026.
What is Pagaya Technologies'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. Pagaya Technologies's ratio is about 59.9%.
How much dividend purification is required for Pagaya Technologies (PGY) stock?▾
Pagaya Technologies does not pass the screen, so purification does not apply: the standard does not permit holding it.
Does Pagaya Technologies 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. Pagaya Technologies'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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