DELL
Dell Technologies Inc.
Is DELL Halal?
Technology hardware with a material conventional financing arm; current results differ by methodology.
What You Should Know
Dell sells PCs, servers, storage, networking infrastructure and related services, which are generally permissible technology commerce. Dell Financial Services originates interest-bearing loans and leases: the latest filing reports $13.950 billion of financing receivables and $2.8 billion of quarterly originations. Debt/assets are 27.12%, while receivables plus cash/assets are 44.71%, so the named total-assets methodologies do not agree.
⚠️ Concerns
- •Dell Financial Services originates conventional loans and leases repaid with interest
- •DFS financing receivables are material at $13.950 billion
- •MSCI total-assets receivables-plus-cash screen is above 33.33%
- •Debt, operating leases, supplier arrangements and derivatives require continuing review
- •Product end use, AI infrastructure, cybersecurity, supply chain and e-waste remain qualitative diligence questions
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-05-01; calculated 2026-07-13.
31,161 / 114,913
14,062 / 114,913
51,382 / 114,913
81 / 43,842
- Financial
- Pass
- Overall
- Incomplete
Debt is 27.12%, identifiable liquidity is 12.24%, receivables plus cash are 44.71%, and disclosed interest income is 0.18%; each is within the examined FTSE asset and income limits. Business-activity allocation remains incomplete because DFS loans and leases are material and not fully separated into a universal prohibited-revenue numerator.
- Financial
- Fails
- Overall
- Fails
Debt is 27.12% and identifiable liquidity is 12.24%, but receivables plus cash are 44.71%, above the examined MSCI total-assets limit of 33.33%. This is a calculation against the named method, not an index-membership claim; business allocation is also incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt is 27.12% and identifiable liquidity is 12.24%, below the examined Malaysia SAC 33% financial limits. This is a calculation against SAC ratios, not an official SAC classification of a U.S.-listed security; contract-level DFS activity remains unresolved.
- 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
Dell sells personal computers, servers, storage, networking infrastructure and related services, which are generally permissible technology commerce. Dell Financial Services also originates, collects and services conventional loans and leases that are repaid with interest, making the qualitative verdict DOUBTFUL for investors who treat conventional lending or material interest-based finance as disqualifying.
Limitation: The filing discloses DFS financing receivables, originations and interest income but does not isolate every loan, lease, fee, customer end use or prohibited-revenue category into a universal numerator.
Purification
Dell discloses $81 million of investment income primarily from interest, or 0.18% of quarterly revenue, but the filing does not allocate every DFS loan, lease and fee into a fixed purification percentage. Readers should follow the scholar or methodology they use; no fixed percentage is prescribed here.
Inputs, assumptions and primary sources
- Debt uses Dell's reported short-term debt of $7.550 billion and long-term debt of $23.611 billion. Operating lease liabilities are not entered as conventional interest-bearing debt here.
- Cash uses $11.578 billion of cash and cash equivalents. Long-term investments of $2.484 billion are separately identified as interest-bearing securities for the liquidity calculation; this is a conservative identified-investment input, not a claim that every investment earns interest.
- Receivables use $25.854 billion of trade accounts receivable plus $13.950 billion of short- and long-term Dell Financial Services financing receivables. Including the material financing portfolio avoids hiding DFS lending exposure in a narrow trade-receivable numerator.
- Revenue uses $43.842 billion for the three months ended May 1, 2026: $38.105 billion of product net revenue and $5.737 billion of services revenue.
- The $81 million investment-income line is described in the filing as primarily interest and is used for the disclosed-income ratio. It is not combined with the $631 million gain on investments or the $391 million interest-expense line.
- Dell Financial Services reported $2.8 billion of new financing originations in the quarter and $16.681 billion of financing receivables plus DFS-owned assets. The filing does not provide a universal scholar-approved prohibited-revenue numerator for every lease, loan, fee or customer contract.
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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