Is United Fire Group (UFCS) stock halal?
Screened against AAOIFI Shari’ah Standard 21
No. United Fire Group (UFCS) does not pass the AAOIFI Shari’ah Standard 21 screen. Its main business is conventional banking, lending or insurance (SEC industry code 6331 (Fire, Marine & Casualty Insurance)), which AAOIFI Shari’ah Standard 21 excludes (3/4/1). Last checked 21 September 2026.
United Fire Group 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% | 18.62% | Pass |
| Cash and interest-bearing investments | 30% | 443.18% | Review |
| Prohibited income | 5% | 7.69% | Fail |
| Not just cash and debts | 90% | 109.77% | Review |
Key Findings & Observations
- Its main business is conventional banking, lending or insurance (SEC industry code 6331 (Fire, Marine & Casualty Insurance)), which AAOIFI Shari’ah Standard 21 excludes (3/4/1).Source: Business check
- The cash and interest-bearing investments test couldn’t be settled: The figures give 19.9% and 443.2%, on either side of the limit. Includes long-term investments that may be shares in other companies.Source: AAOIFI Shari'ah Standard 21
- Prohibited income, interest included, is 7.7% of total revenue. AAOIFI’s limit is 5% (Shari'ah Standard 21, 3/4/4).Source: AAOIFI Shari'ah Standard 21
- The not just cash and debts test couldn’t be settled: The figures give 4.1% and 109.8%, on either side of the limit.Source: AAOIFI Shari'ah Standard 21
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Frequently Asked Questions about United Fire Group, Inc. (UFCS)
Is United Fire Group (UFCS) stock halal?▾
No. United Fire Group (UFCS) does not pass the AAOIFI Shari’ah Standard 21 screen. Its main business is conventional banking, lending or insurance (SEC industry code 6331 (Fire, Marine & Casualty Insurance)), which AAOIFI Shari’ah Standard 21 excludes (3/4/1). Last checked 21 September 2026.
What is United Fire 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. United Fire Group's ratio is about 18.6%.
How much dividend purification is required for United Fire Group (UFCS) stock?▾
United Fire Group does not pass the screen, so purification does not apply: the standard does not permit holding it.
Does United Fire 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. United Fire 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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