Wells Fargo & Company (WFC) - Not Halal (Non-Compliant)
Wells Fargo & Company (WFC) is classified as Not Halal (Non-Compliant) according to AAOIFI Shariah screening standards. This assessment is based on business activity screening and financial ratio analysis using the AAOIFI methodology.
Business Activity Screen
- Sector
- Financial Services
- Industry
- Banks - Diversified
- Result
- Pass
- Reason
- The sector "Financial Services" and industry "Banks - Diversified" are not in the excluded categories.
Financial Ratios
- Debt Ratio
- Value: 74.1% | Threshold: 30% | Result: Fail
- Cash & Interest-bearing Securities Ratio
- Value: 239.6% | Threshold: 30% | Result: Fail
- Non-Permissible Income Ratio
- Value: 66.6% | Threshold: 5% | Result: Fail
Dividend Purification
Purification percentage: 66.56%.Based on the company's financial statements, approximately 66.56% of dividend income should be donated to charity for purification. This is derived from identified interest income (66.56% of total income). Some scholars may differ on the exact calculation method.
About Wells Fargo & Company
Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. The company's financial products and services includes checking and savings accounts, and credit and debit cards, as well as home, auto, personal, and small business lending services. It also provides personalized wealth management, brokerage, financial planning, lending, private banking, trust and fiduciary products and services; and financial solutions to private, family owned and public companies through products and services including banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management. In addition, it offers a suite of capital markets, banking, and financial products and services, such as corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity, and fixed income solutions, as well as sales, trading, and research capabilities services to corporate, commercial real estate, government, and institutional clients. Wells Fargo & Company was founded in 1852 and is headquartered in San Francisco, California.
