Synchrony Financial

SYF stock is not Shariah-compliant

مدعوم بواسطة Zoya API

About Synchrony Financial (SYF)

Synchrony Financial is a consumer financial services company based in the United States, founded in 1932 and headquartered in Stamford, Connecticut. The company offers a wide range of credit products, including credit cards, installment loans, and commercial credit products, as well as deposit products and specialized financing solutions for various industries such as healthcare, retail, and automotive. Synchrony Financial partners with numerous retailers, merchants, and service providers to offer its financial products and services to consumers across multiple sectors.

الأسئلة المتداولة

Is Synchrony Financial (SYF) stock halal to invest in?
As of , SYF is not Shariah-compliant and therefore considered halal to invest in. This assessment is based on the data available in Synchrony Financial's most recent financial reports.
As of , SYF is not Shariah-compliant and therefore not considered halal to invest in. This assessment is based on the data available in Synchrony Financial's most recent financial reports.
As of , SYF is flagged as not Shariah-compliant in terms of Shariah compliance based on the company's latest financial reports. This means that while the company's operations do not definitively violate Islamic guidelines, there are certain aspects of Synchrony Financial's business that require careful consideration.
Does Synchrony Financial have any interest income?
Yes, Synchrony Financial does have interest income. According to the company's latest annual report for the fiscal year ending Dec 31, 2023, Synchrony Financial reported revenue of 7662000000 and interest income of 20710000000. The interest income represents 72.99% of the combined total. It's worth noting that some companies may report additional interest income as part of their revenue. For a detailed breakdown of all interest income and revenue segments, please refer to the full Shariah compliance report available in the Zoya app.
No, Synchrony Financial has not reported any interest income. According to the company's latest annual report for the fiscal year ending Dec 31, 2023, Synchrony Financial reported total revenue of 7662000000, with no separate interest income disclosed. However, it's worth noting that some companies may report interest income as part of their revenue. For a detailed breakdown of all interest income and revenue segments, please refer to the full Shariah compliance report available in the Zoya app.
What guidelines are used to determine if Synchrony Financial stock is Shariah-compliant?
We use the guidelines set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) to assess Shariah compliance. AAOIFI is a leading international organization that establishes standards for Islamic finance. Their guidelines help determine if a company's business activities and financial structure align with Islamic principles. These standards are widely respected in the Islamic finance industry and provide a consistent framework for evaluating the Shariah compliance of stocks and other financial instruments. AAOIFI's Shariah board includes renowned scholars such as Sheikh Muhammad Taqi Usmani, Sheikh Mohamed Ali Elgari, Sheikh Abdullah AlManea, Sheikh Nizam Yaquby, and Dr. Aznan Hassan.
How often is Synchrony Financial stock reviewed for Shariah compliance?
The Shariah compliance status of Synchrony Financial stock is reviewed on a regular basis, with a minimum frequency of once per quarter. However, if there are any significant changes or major developments in the company's operations that may impact its compliance, an immediate review will be conducted to ensure ongoing adherence to Shariah principles.
How can I stay updated on Synchrony Financial's compliance status?
To stay informed, we recommend regularly checking Zoya for updates. You can also enable alerts within the Zoya app to receive notifications whenever there is a change in the Shariah compliance of SYF, or any other stocks you are monitoring. This is particularly useful as Shariah compliance can fluctuate due to changes in a company's financial ratios or business activities.
Are dividends from Synchrony Financial stock considered halal?
Yes, dividends from SYF are considered halal. However, you may need to purify a portion of the dividend if the company has any impermissible revenue. Shariah standards typically allow up to 5% of revenue from impermissible sources for a stock to remain compliant. To find the exact percentage of impermissible revenue for Synchrony Financial (SYF), check the Zoya app. For more details on the purification process, read our comprehensive guide.
No, dividends from SYF are not considered halal because the stock is currently not Shariah-compliant. When a stock is non-compliant, any dividends received from it are considered impermissible income and should be donated to charity as a form of purification. To learn more about the purification process and how to handle impermissible income, read our comprehensive guide.
Do I need to pay Zakat on my Synchrony Financial shares?
If you hold Synchrony Financial stock as an investment, through an Employee Stock Ownership Plan (ESOP), stock options, restricted stock units (RSUs), or any other form of stock ownership, and meet the Nisab threshold, you may be required to pay Zakat on it. The calculation of Zakat on investments can be complex and depends on various factors. To help make this easy, we've created a free Zakat calculator for stocks. For a more seamless experience, use the Zoya mobile app, where you can link your brokerage account to automatically import holdings.

How to buy Synchrony Financial (SYF) stock on Zoya

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