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Written by Haider Saleem
Journalist and Political Analyst | LinkedIn / X
Is it Shariah-compliant to invest in Uber stock?
The answer – Yes (according to Musaffa’s halal screening).
Using the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) methodology, this article breaks down Uber‘s compliance across the three major screening pillars:
1. Business activity.
2. Interest-bearing securities & assets.
3. Interest-bearing debt.
1. Business Activity: Pass
AAOIFI guidelines state that revenue from non-halal and doubtful sources must not exceed 5% of total revenue.
Uber’s Q1 2025 Figures:
· Total Revenue: $12.08 billion
· Halal Sales & Income: $11.61 billion
· Non-Halal Sales & Income: $462 million
· Doubtful Income: $0
Non-Halal Business Activity % = (462M ÷ 12.08B) = 3.83%
Uber earns most of its revenue from:
· Mobility (ride-hailing)
· Delivery (excluding alcohol in most regions)
· Freight (logistics and transportation management)
The non-halal income primarily comes from:
· Investment gains in Didi Global (1.28%) and Aurora Innovation (1.13%), both non-compliant firms.· Interest income (1.40%) on financial instruments.
Purification Tip
Even halal stocks often include some non-permissible income. For Uber, the purification rate is 3.83%.
Example: If your profit from Uber shares is $1,000, you would donate approximately $38.30 to charity to purify your earnings.
Use Musaffa’s Purification Calculator to determine the exact amount.
2. Interest-Bearing Securities & Assets: Pass
AAOIFI requires that interest-generating assets (like bonds or savings) do not exceed 30% of a company’s trailing 36-month market capitalization.
Uber’s Position:
· Interest-Bearing Assets: $17.01 billion
· 36-Month Average Market Cap: $112.58 billion
· Percentage = 15.11%
Uber remains well within the permissible range
3. Interest-Bearing Debt: Pass
The final financial screen ensures companies do not rely excessively on interest-based debt.
Uber’s Debt Status:
· Interest-Bearing Debt: $9.5 billion
· Market Cap (36-Month Avg): $112.58 billion
· Percentage = 8.44%
This figure is far below the 30% ceiling, indicating relatively conservative use of interest-bearing loans.
Compliance Summary Table
| Criteria | AAOIFI Threshold | Uber (Q1 2025) | Status |
| Non-Halal + Doubtful Revenue | < 5% | 3.83% | Pass |
| Interest-Bearing Securities & Assets | < 30% | 15.11% | Pass |
| Interest-Bearing Debt | < 30% | 8.44% | Pass |
Final Verdict: Uber Is Halal to Invest In as it passes all three AAOIFI Shariah compliance tests:
· Its non-halal income is within permissible limits (3.83%)
· It does not excessively invest in interest-bearing assets
· It maintains low levels of interest-based debt.
Verdict: Shariah-compliant, with a minor purification obligation.
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