AJG

What You Should Know

Arthur J. Gallagher is one of the world's largest insurance brokerage, risk-management, and consulting firms, placing commercial property and casualty, employee benefits, reinsurance, and specialty coverage on behalf of corporate, public-sector, and middle-market clients globally. Revenue is overwhelmingly commission and fee income earned for placing conventional insurance policies — a product structure that contains gharar (excessive uncertainty) and riba (interest) elements that most Sharia advisory boards consider impermissible in the absence of a takaful alternative. Conventional insurance brokers, like the underwriters whose products they distribute, are excluded from most major Islamic indices. Financial ratios are clean by industry standards, but the qualitative business activity screen is the binding constraint. Muslim professionals working at brokerage firms often distinguish between employment compensation and equity ownership; the Sharia analysis here is the latter.