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Is TOP Financial Group Ltd (TOP) stock halal?
Thresholds exceeded under all standards, and the strict view excludes it.
This verdict follows the median view, that of AAOIFI Standard No. 21. It is based on the financial statements for the fiscal year ended 03/31/2026.
The ratios
| Criterion | Measure | Threshold | Result |
|---|---|---|---|
| Interest-bearing debt | 6.5% of market capitalization | 30% | within threshold |
| Interest-bearing investments | 175% of market capitalization | 30% | threshold exceeded |
| Impermissible income | 21.3% of revenue | 5% | threshold exceeded |
Standard: AAOIFI, Standard No. 21.
Margin to threshold and trend
| Item | Ratio (fiscal year end) | Threshold (AAOIFI, Standard No. 21) | Margin | Change since year end | Estimated ratio |
|---|---|---|---|---|---|
| Interest-bearing debt | 6.5% | 30% | 23.5% | 0% | 6.5% |
| Interest-bearing investments | 175% | 30% | −145% | -16% | 147% |
Change read from the quarterly financial statements filed with the SEC (form 10-Q ended 06/30/2026, 1 quarter after fiscal year end), with the same reader on both dates. The estimated ratio applies this change to the annual ratio, with market capitalization unchanged: it is an estimate, not a verdict. "On watch" flags a permitted company whose estimated ratio reaches the threshold, or is within 5 points of the threshold and rising. This is neither a forecast nor advice.
The three views
- Median view, our reference : the company is excluded.
- Strictest view : the company is excluded, because it borrows or invests at interest.
- Most lenient view : the company is excluded.
Business activity
Security & Commodity Brokers, Dealers, Exchanges & Services (SIC code 6200)
Financial statements read
Fiscal year ended 03/31/2026, in millions of dollars. Source: SEC EDGAR: annual reports of TOP Financial Group Ltd.
What could not be verified
- Activity classified from the SEC sector code, without reading the annual report.
- Figures read automatically and not reviewed by a human.
Status history
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Compliance comparison only: no opinion on the value of these securities.
General information: neither investment advice nor a fatwa. Verdict calculated by published rules, from financial statements read automatically and not reviewed by a human. Read the methodology