CPNG
Coupang Inc.
Is CPNG Halal?
Permissible commerce core, but current total-assets liquidity and receivables screens fail and developing offerings remain incompletely allocated.
What You Should Know
Coupang operates online retail, restaurant delivery, video streaming and fintech services. Debt/assets are 13.16%, liquidity is 36.21%, receivables plus cash are 38.23%, and disclosed interest income is 0.52% of first-quarter revenue; Coupang Play and Coupang Pay activity is not fully allocated for a universal business screen.
⚠️ Concerns
- •Liquidity/assets are 36.21% and exceed the examined total-assets limits
- •Receivables plus cash/assets are 38.23% and exceed the examined MSCI total-assets limit
- •Coupang Play content and Coupang Pay services require scholar-specific review
- •$44 million of interest income is primarily from deposits
- •Customer-data incident, voucher compensation, supplier financing, labor and fulfillment practices require continuing review
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
2,289 / 17,399
6,301 / 17,399
6,652 / 17,399
44 / 8,504
- Financial
- Fails
- Overall
- Fails
Debt is 13.16%, receivables plus cash are 38.23% and disclosed interest income is 0.52%, but liquidity is 36.21%, above the examined 33.333% FTSE asset limit. Developing Offerings remain incompletely allocated.
- Financial
- Fails
- Overall
- Fails
Debt is 13.16%, while liquidity is 36.21% and receivables plus cash are 38.23%, both above the examined MSCI total-assets limits. This is a calculation against the named method, not an index-membership claim; business allocation is also incomplete.
- Financial
- Fails
- Overall
- Fails
Debt is 13.16% and liquidity is 36.21%, with liquidity above the examined 33% Malaysia SAC financial limit. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security; screened business revenue remains unavailable.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
Coupang's core Product Commerce business sells goods through an online retail and fulfillment platform, which is generally permissible commerce. Developing Offerings include Coupang Eats, Coupang Play, Rocket Now, Taiwan and fintech services; their activity-level Sharia allocation is not fully disclosed.
Limitation: The filing reports segment totals but does not quantify every streaming title, restaurant category, fintech service, merchant category or customer activity into a universal prohibited-revenue numerator.
Purification
Coupang discloses $44 million of interest income, or 0.52% of first-quarter net revenue, primarily from deposits, but does not prescribe a scholar-approved purification percentage or complete activity-level allocation. Readers should follow the scholar or methodology they use.
Inputs, assumptions and primary sources
- Debt uses $1.672 billion of short-term borrowings plus $617 million of long-term debt at March 31, 2026. Operating lease obligations are reported separately and are not entered as conventional debt here.
- Cash uses $6.301 billion of cash and cash equivalents. The filing identifies money-market trusts and funds within cash equivalents; those instruments are not added again as separate securities. Restricted cash of $90 million is excluded from the cash input.
- Receivables use $351 million of net accounts receivable. Revenue uses $8.504 billion of total net revenues for the three months ended March 31, 2026.
- The filing reports $44 million of interest income, primarily from deposits held with financial institutions. It is used for the income screen; other income and expense are not treated as interest income.
- Coupang operates retail commerce, restaurant delivery, video streaming and fintech offerings. The filing does not quantify every Coupang Play title, Coupang Pay activity, merchant category or customer end use into a universal prohibited-revenue numerator.
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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