Is AMERISAFE (AMSF) stock Halal?

AMERISAFE is a specialty provider of workers' compensation insurance focused on serving small to mid-sized employers engaged in hazardous industries. Established to offer financial protection and manage the risks associated with workplace injuries, the company primarily targets sectors such as construction, manufacturing, trucking, and agriculture. Amerisafe is known for its proactive loss control services and expertise in underwriting, which help reduce workplace accidents and manage claims efficiently. Before any of that matters to a Muslim investor, one question comes first: is AMERISAFE stock Halal?

Is AMERISAFE Shariah compliant?

No. In the October 2026 screening AMERISAFE (AMSF) does not pass AAOIFI screening: it fails the non-permissible income screen. In financial services the activity screen carries the verdict more often than anywhere else: AAOIFI Shariah Standard No. 21 draws a hard line between fee based, permissible services and earning Riba as a business model. For AMERISAFE, that distinction comes first, with the debt and investment ratios behind it.

Does AMERISAFE pass the business activity test?

The activity screen is only part of the picture this month: AMERISAFE currently fails the non-permissible income screen, so the overall verdict is not compliant regardless of the business itself. The watch item in this sector is the sharpest of all: revenue must come from permissible services, not from lending at interest.

Is AMERISAFE's income Halal?

No. AMERISAFE's income from impermissible sources currently exceeds AAOIFI's 5% revenue ceiling, which makes the stock non-compliant on this screen regardless of the others. The screen is reassessed monthly, so the status can change when new financial statements arrive.

Does AMERISAFE meet AAOIFI's debt and investment ratio requirements?

Yes. Both caps hold this month: interest bearing investments and interest bearing debt each stay below 30% of market capitalisation, measured against a market capitalisation of $438M (market data as of 1 October 2026). Because the caps move with the share price, our Shariah Supervisory Board has AMSF re-screened every month, and the result above always shows the latest verdict.

Why do other halal screeners show a different verdict for AMERISAFE?

Screeners can disagree without either being wrong. AAOIFI Shariah Standard No. 21, which Tabadulat applies, measures interest bearing debt and investments against market capitalisation with a 30% ceiling. MSCI and FTSE measure them against total assets with a 33% ceiling, and S&P and Dow Jones Islamic use a multi year average of market capitalisation. Data dates differ too, because each provider reads filings and prices on its own schedule. The same company can therefore pass one standard and fail another in the same month. Tabadulat publishes one answer, the AAOIFI result as of October 2026, and re-screens it every month.

Tabadulat is an ADGM regulated brokerage whose license covers Shari'a Compliant Regulated Activities, as the FSRA permission names them. New to the terminology? Gharar and Maysir, Sukuk, Zakat and purification are all explained in plain English.

New to the screening method? Read What is Riba? A Clear Guide for Ethical Muslim Investing