DLO
DLocal Ltd.
Is DLO Halal?
Emerging market payments — payment processing with potential lending.
What You Should Know
dLocal's Q1 2026 results report $1,825.767 million of assets, $2.764 million of lease financing, and $913.600 million of cash plus identifiable financial assets. Payment processing is generally permissible, but liquidity/assets and receivables plus cash/assets are high and merchant categories, advances and credit features require qualitative review.
⚠️ Concerns
- •Payment processing serves merchants across varied categories
- •Liquidity/assets is 50.04% and receivables plus cash/assets is 86.72%
- •Potential credit, advances and settlement-financing products
Current quantitative Sharia screen
Based on 6-K figures for the period ended 2026-03-31; calculated 2026-07-14.
2.764 / 1,825.767
913.6 / 1,825.767
1,582.701 / 1,825.767
10.59 / 335.862
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 50.04% and receivables plus cash/assets is 86.72%, both above the examined FTSE limits; debt/assets is 0.15% and interest income/revenue is 3.15%.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 50.04% and receivables plus cash/assets is 86.72%, exceeding the examined MSCI limits.
- Financial
- Fails
- Overall
- Fails
Conventional liquidity/assets is 50.04%, above the examined Malaysia SAC financial limit; this is a calculation, not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed average-market-cap series is not stored; the asset-based liquidity and receivables screens fail independently.
Business-activity disclosure
dLocal provides cross-border payment processing and merchant infrastructure. Payment services can be permissible, but credit, advances, merchant categories and funds-flow contracts require contract-level and qualitative review.
Limitation: The quarterly presentation does not isolate prohibited merchant revenue or a scholar-approved activity numerator.
Purification
dLocal discloses $10.590 million of interest income, but ZakatInvest does not prescribe a scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from dLocal's March 31, 2026 results presentation.
- Cash is $815.605 million; financial assets at fair value through profit or loss of $97.995 million are included conservatively as identifiable interest-bearing securities even though the classification is mixed.
- Trade and other receivables total $767.096 million, combining current $740.432 million and non-current $26.664 million. Lease liabilities of $2.764 million are included as financing obligations; other financial liabilities are not assumed to be interest-bearing without a clearer filing classification.
- Interest income from financial instruments is $10.590 million, approximately 3.15% of revenue. Payment and merchant end-use revenue is not allocated 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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