Figure Heloc
FIGR_HELOC#3991FIGR_HELOC is a CoinGecko listing that tracks the balance of home equity loans issued by lender Figure.
Fails our Shariah screening. Needs caution: excessive uncertainty (gharar), permissible ownership, and benefit and harm (maslahah). Fails: interest (riba), nature of the asset, business model, and usage.
- 1 pass
- 3 caution
- 4 fail
Verdict history
- Not halalCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold Figure Heloc?8 Shariah criteria
1 pass · 3 caution · 4 failEvery dollar in FIGR_HELOC is a home equity loan on which the borrower pays interest, and that interest is what the loan owners earn.
Riba means interest or any guaranteed increase on a loan. A HELOC is a line of credit secured on the borrower's home at a fixed or variable interest rate, with an origination fee of up to 4.99%. The FIGR_HELOC total counts the outstanding principal of such loans, and whoever owns them (securitization trusts, warehouse lenders, institutional buyers on Figure Connect) earns the borrowers' interest.
The OIC Fiqh Academy's resolution on bonds prohibits issuing, buying and trading interest-bearing debt, whatever the certificate or the return is called; a blockchain record does not change what the asset is.
- Figure HELOC Review 2026 (NerdWallet)
- Figure Technology Solutions, Inc. — IPO prospectus (Form 424B4)
- Provenance metadata API — FIGR_HELOC scope, record "token" (connect-oracle)
- Resolutions and Recommendations of the International Islamic Fiqh Academy, Official Edition (October 2021), Resolution No. 60 (11/6): Bonds
What is counted is interest-bearing consumer debt, and selling that debt for cash is a sale of debt the OIC Fiqh Academy does not allow; the listed "token" itself is only an aggregate record.
Mal is property that Islamic law recognises as having value and that can be owned and traded. The loans behind FIGR_HELOC are real and are repaid, but they are debts (receivables), not goods or usufruct. The OIC Fiqh Academy's Resolution No. 158 (7/17) on the sale of debts (2006) allows a debt to be sold to a third party only at face value in another currency, for a specific commodity or usufruct, or as a minor part of a mix of physical assets; it recalls that selling a deferred debt to a third party for a cash amount is not permissible.
Figure Connect sells pools of interest-bearing loans to buyers for cash at market prices, which falls outside those forms (bay' al-dayn). In addition, the asset CoinGecko ranks is not a fungible token: on Provenance it is one record owned by a single Figure address, reporting totals from an oracle, and Provenance's token module has no FIGR_HELOC denomination. Malaysia's Securities Commission Shariah Advisory Council accepts digital tokens only when the underlying use and rights are Shariah-compliant, which interest-bearing loans are not.
- Provenance metadata API — FIGR_HELOC scope and sessions
- Provenance metadata API — FIGR_HELOC scope, record "token" (connect-oracle)
- Figure launches blockchain-based marketplace for private credit loans (HousingWire)
- Resolutions and Recommendations of the International Islamic Fiqh Academy, Official Edition (October 2021), Resolution No. 158 (7/17): Sale of Debts
There is no chance-based payout: the value follows loan principal at about $1 per unit, and there is almost no trading.
Maysir is gambling: winning or losing by chance rather than through productive exchange. FIGR_HELOC has no lottery or game mechanism, its price has stayed between about $0.97 and $1.06 on CoinGecko over the past year, and its only listed market showed no trades on the day we checked. Credit risk on the loans (borrowers defaulting) is a business risk, not gambling. CoinGecko's recorded low of $0.155 in October 2025 does not appear in its daily series and looks like a data artefact.
Figure is a consumer lender: almost all of its revenue comes from making, selling, servicing and earning interest on loans.
This criterion asks how the issuer earns and whether more than 5% of income comes from clearly impermissible sources such as interest. In the first half of 2026 Figure reported $392.6 million of net revenue, including $42.2 million of direct interest income (about 11%), $106.9 million gain on sale of loans, $49.5 million origination fees, $42.0 million gain on servicing asset and $21.1 million servicing fees; its 'ecosystem and technology fees' ($120.2 million) come from partners using its loan origination system and loan marketplace.
In 2024 about 82% of revenue came from origination fees, gain on sale, servicing and interest. Figure also borrowed $600 million through 8.5% bonds in July 2026 to buy another lender, Kiavi. Islamic stock screener MuslimXchange lists Figure's shares as not Shariah compliant.
Figure is an SEC-reporting public company with audited accounts, but FIGR_HELOC itself has no documented terms and its size is reported very differently by data sites.
Gharar is excessive uncertainty or hidden information in a deal. On the positive side, Figure files audited annual and quarterly reports with the SEC and records loan data on Provenance. But FIGR_HELOC has no prospectus, token terms or registration of its own; it is an oracle total that CoinGecko treats as a supply, and CoinMarketCap counts the same asset at about $15.4 billion against CoinGecko's $24.5 billion. The oracle's own components add up to about $23.03 billion against a reported supply of $23.19 billion.
A short seller, Morpheus Research, alleges that Figure's loans are recorded on-chain only after conventional origination, that underwriting is aggressive and that Figure and affiliates control most of Provenance's governance token; these are unproven allegations, but Figure itself says it holds about 25% of HASH and now runs the Provenance foundation's directives.
The asset exists to finance and trade interest-bearing home equity loans.
This criterion looks at what the asset is actually used for. FIGR_HELOC records HELOCs that are originated, pooled, warehoused, securitized and sold to institutional investors through Figure Connect; Figure also uses HELOC pools as borrowers on its Democratized Prime marketplace, where users lend at interest. All of these uses are interest-based finance, an impermissible main purpose. There is no payment, network or utility use.
- Figure launches blockchain-based marketplace for private credit loans (HousingWire)
- Figure Technology Solutions, Inc. — IPO prospectus (Form 424B4)
- Figure Technology Solutions — Q2 2026 results press release (Form 8-K, Ex. 99.1)
- Provenance metadata API — FIGR_HELOC scope, record "token" (connect-oracle)
There is no open market: the loans are bought by institutions through Figure Connect, and the only listed pair on Figure Markets shows no trading.
This criterion asks whether the asset can be owned in a permissible way. The loans are sold whole or in pools to institutional buyers that make forward commitments on Figure Connect; the on-chain record itself belongs to one Figure address. Figure Markets lists a FIGR_HELOC-USD market located in the US, but it showed zero trades and no bid or ask on 27 September 2026, and CoinGecko lists no exchange tickers. Ordinary investors therefore have no clear route to hold it, and who may trade it and on what terms is not published.
What would be owned is interest-bearing debt, which is judged under riba.
Faster, cheaper home equity lending is a real service, but it spreads interest-bearing debt secured on family homes.
Maslahah weighs public benefit against harm. Figure has cut the median time to fund a home equity loan to about 10 days and the average production cost per loan to about $717, and its marketplace gives lenders faster funding. The harm is that the product is interest-bearing consumer debt secured on the borrower's home, with origination fees of up to 4.99% and the full line drawn at closing, so borrowers pay interest on the whole amount from day one and risk their home if they default. The short seller's allegations about underwriting add to that concern.
The interest itself is counted under riba, not again here.
How you can use it
Tap a card for the ruling and sourcesThe only listed market is FIGR_HELOC-USD on Figure Markets, which showed no trades on the day checked; institutions buy the loans themselves through Figure Connect. Spot is acceptable only for HALAL or DOUBTFUL assets, and buying FIGR_HELOC means buying interest-bearing consumer debt.
No listed fund holding FIGR_HELOC was found. A fund of HELOCs would hold interest-bearing loans and fail the structure check; Figure Technology Solutions stock (FIGR) is a separate asset and is screened as not Shariah compliant.
FIGR_HELOC is not a means of payment; it is an aggregate record of loan balances. Handing it over as payment would pass on an interest-bearing debt claim.
FIGR_HELOC has no staking and does not secure a network. Its only return is borrowers' interest on the underlying loans.
Margin trading is never acceptable: it is a deferred exchange with borrowed money and leverage (AAOIFI SS 20). No margin market for FIGR_HELOC was found.
Futures, perpetuals and options always fail under AAOIFI SS 20: deferred exchange without delivery, usually with leverage. No derivatives on FIGR_HELOC were found.
Lending against HELOC pools, as on Figure's Democratized Prime marketplace, earns interest, and the loans underneath are themselves interest-bearing. This is riba.
The asset is itself a yield product whose return is interest paid by home equity borrowers. There is no permissible yield route.
Scholars quotes
Penggunaan cryptocurrency sebagai mata uang hukumnya haram, karena mengandung gharar (ketidakjelasan), dharar (bahaya) dan bertentangan dengan Undang-Undang nomor 7 tahun 2011 tentang Mata Uang dan Peraturan Bank Indonesia nomor 17 tahun 2015 tentang Kewajiban Penggunaan Rupiah di Wilayah Negara Kesatuan Republik Indonesia.Sebagaimana mata wang yang lain, mata wang digital hendaklah tidak digunakan sebagai bayaran kepada barangan, perkhidmatan dan aktiviti tidak patuh Syariah seperti pembelian dadah, pelacuran, perjudian dan pendanaan aktiviti keganasan serta penggubahan wang haram.If a digital token is backed by ribawi items, the trading of such digital token is subject to the Shariah requirements for trading of ribawi items.Third: In light of the above and given the significant risks associated with this type of currencies and the instability of their transactions, the Council of the Academy recommends pursuing research and studies on issues affecting its ruling.Bitcoin is a digital currency that does not meet the legal and Sharia criteria that make it a currency subject to the rulings of dealing with official legal currencies recognized internationally.بناءً على ذلك: فلا يجوز شرعًا تداول عملة "البتكوين" والتعامل من خلالها بالبيعِ والشراءِ والإجارةِ وغيرها، بل يُمنع من الاشتراكِ فيها؛ لعدمِ اعتبارِها كوسيطٍ مقبولٍ للتبادلِ من الجهاتِ المخُتصَّةِ، ولِمَا تشتمل عليه من الضررِ الناشئ عن الغررِ والجهالةِ والغشِّ في مَصْرِفها ومِعْيارها وقِيمتها، فضلًا عما تؤدي إليه ممارستُها من مخاطرَ عاليةٍ على الأفراد والدول.The bonds which represent a commitment to pay its amount along with an interest related to its nominal value or to a predetermined profit are prohibited in Shariah.Simply buying and holding the token is Haram because it represents direct ownership of an interest-bearing debt portfolio.The single biggest Shariah issue: the token's cash flows are pass-through interest payments from conventional HELOC borrowers, making its economic substance a riba-based lending claim regardless of blockchain wrapper.According to research and opinion of experts so far, cryptocurrency is not considered ‘ maal ’ (wealth) in Sharia.Muhammadiyah memandang transaksi dan investasi kripto pada dasarnya mubah (boleh) tetapi dengan syarat tertentu.The opinion on this is the same as doing the same with any halal assets such as shares – 1) is permissible, 2) is more debatable and there are differing opinions on short-term trading.Our current position is 'tawaquf'; we can't say it is halal or haram, but we say it is better not to engage in itAs I mentioned at the beginning of this article it is not necessary to substantiate the permissibility of something as long as there are no prohibited factors involved in it or surrounding it.AI-assisted analysis checked against sources. Not a fatwa or investment advice.
Where it trades
No exchanges from our coverage trade Figure Heloc yet
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