CWAN
Clearwater Analytics Holdings, Inc.
Is CWAN Halal?
Investment-accounting and analytics SaaS — permissible financial-technology software business.
What You Should Know
Clearwater Analytics is a US SaaS company providing a cloud-based investment-accounting, reporting, and analytics platform used by insurance companies, asset managers, corporations, and government entities to automate investment accounting, regulatory reporting, risk analytics, and performance measurement. The platform aggregates data from custodians and brokers, performs automated reconciliation, applies accounting rules (GAAP, STAT, IFRS, tax), and generates regulatory filings and management reports. Revenue is subscription-based and the software is generally permissible at the activity level. Clearwater completed a take-private merger on June 25, 2026; this preserved page is now a historical screen based on the last pre-closing 10-Q, not a current public-stock recommendation.
⚠️ Concerns
- •CWAN completed a take-private merger on June 25, 2026 and is no longer a current public security
- •Customer base is predominantly conventional insurance companies, asset managers, and banks
- •The last public filing showed debt/assets of 26.64%; no current market-cap denominator is available
- •Gross interest income was not separately disclosed; no fixed purification percentage is asserted
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
806.399 / 3,026.855
81.507 / 3,026.855
251.137 / 3,026.855
- Financial
- Incomplete
- Overall
- Incomplete
The last pre-closing filing shows debt/assets of 26.64%, liquidity/assets of 2.69% and receivables plus cash/assets of 8.30%; the known ratios pass, but gross interest income is not separately disclosed and no current public security exists.
- Financial
- Pass
- Overall
- Incomplete
The last pre-closing filing passes the examined total-assets ratios; this is a historical calculation, not current index membership.
- Financial
- Pass
- Overall
- Incomplete
The last pre-closing filing passes the examined asset ratios; this is not an official SAC classification and cannot establish current tradability.
- Financial
- Not calculated
- Overall
- Not calculated
CWAN completed a take-private merger on June 25, 2026, so no current public market-cap series is available.
Business-activity disclosure
Clearwater provides investment-accounting, reconciliation, reporting and analytics SaaS to insurers, investment managers, corporations, institutional investors and government entities. General-purpose accounting software is generally permissible, but customer mix and the completed take-private transaction require explicit historical context.
Limitation: No current public market-cap denominator exists after the June 25, 2026 merger, and the filing does not separately disclose gross interest income or a universal prohibited-revenue numerator.
Purification
Gross interest income is not separately disclosed in the last public quarterly filing; ZakatInvest does not assert a fixed purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Clearwater's March 31, 2026 Form 10-Q, the last pre-closing public quarterly filing.
- Debt is $806.399 million of current and non-current notes payable; the June 25, 2026 merger closing repaid the existing credit agreement and replaced it with private-company financing.
- Cash is $81.507 million and accounts receivable is $169.630 million; no interest-bearing securities are separately reported.
- Quarterly revenue is $221.228 million and gross interest income is not separately disclosed.
- Clearwater completed its take-private merger on June 25, 2026; the preserved CWAN URL is now a historical screen, not a current public-stock recommendation.
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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