APPF
AppFolio, Inc.
Is APPF Halal?
Property management software — real estate SaaS is permissible with minor ancillary concerns.
What You Should Know
AppFolio provides cloud-based property-management software for residential and commercial real estate managers. Its March 31, 2026 Form 10-Q reports $580.560 million of assets, no reported interest-bearing debt, $147.412 million of cash, $4.241 million of current investment securities, $43.966 million of receivables and $262.214 million of quarterly revenue. Debt/assets is 0.00%, liquidity/assets is 26.12%, receivables-plus-cash/assets is 32.96% and disclosed interest income is 0.68% of revenue; the examined FTSE, MSCI and Malaysia financial ratios pass. The core SaaS business remains permissible, with payment and insurance-facilitation concerns treated qualitatively.
⚠️ Concerns
- •Payment-processing relationships
- •Property-management and tenant-data end uses
- •Strategic equity investments
- •Interest income
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
0 / 580.56
151.653 / 580.56
191.378 / 580.56
1.784 / 262.214
- Financial
- Pass
- Overall
- Pass
Debt/assets is 0.00%, liquidity/assets is 26.12%, receivables-plus-cash/assets is 32.96% and disclosed interest income is 0.68% of revenue; examined FTSE ratios and core activity pass.
- Financial
- Pass
- Overall
- Pass
Debt/assets, liquidity/assets and receivables-plus-cash/assets are below the examined MSCI total-assets limits; this is not an index-membership claim.
- Financial
- Pass
- Overall
- Pass
Debt/assets and liquidity/assets pass the examined Malaysia limits; this is a calculation against the named ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored; filing-based financial results remain documented.
Business-activity disclosure
AppFolio provides property-management software, workflow tools and related services. The core technology activity is generally permissible.
Limitation: The filing does not allocate every payment, customer-property, tenant or downstream use into a scholar-approved prohibited-revenue numerator.
Purification
AppFolio discloses $1.784 million of interest income, net but does not provide a scholar-approved purification percentage or separate prohibited-activity numerator.
Inputs, assumptions and primary sources
- Amounts are USD millions converted from AppFolio's March 31, 2026 Form 10-Q values reported in thousands.
- No interest-bearing debt is reported; operating lease liabilities are excluded.
- Cash is $147.412 million and current investment securities are $4.241 million; long-term strategic equity investments are excluded from the interest-bearing-securities proxy.
- Accounts receivable are $43.966 million net; first-quarter revenue is $262.214 million.
- Disclosed interest income, net is $1.784 million.
- Property-management software, workflow tools and related services are treated as generally permissible; payment, customer and downstream property uses require qualitative review.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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