EXLS
ExlService Holdings, Inc.
Is EXLS Halal?
Analytics and business-process services — generally permissible activity whose known current asset-based ratios pass, with activity classification incomplete.
What You Should Know
ExlService Holdings' March 31, 2026 Form 10-Q reports assets of $1,676.379 million, debt and finance leases of $419.485 million, cash of $145.405 million, short-term investments of $108.358 million, receivables of $388.563 million and quarterly revenue of $570.351 million. Debt/assets is 25.02%, liquidity/assets is 15.14%, receivables plus cash/assets is 31.85% and disclosed interest and dividend income is 0.27% of revenue. Known asset-based ratios pass, but no universal prohibited-revenue numerator is disclosed.
⚠️ Concerns
- •Known asset-based ratios pass, but no universal prohibited-revenue numerator is disclosed
- •Financial and insurance client mix requires qualitative review
- •Borrowing and finance-lease activity
- •Data privacy, automation and cross-border employment exposure
- •Disclosed interest and dividend income is 0.27% of quarterly revenue; no fixed purification percentage asserted
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
419.485 / 1,676.379
253.763 / 1,676.379
533.968 / 1,676.379
1.553 / 570.351
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 25.02%, liquidity/assets is 15.14%, receivables-plus-cash/assets is 31.85% and disclosed interest/dividend income is 0.27%; activity remains qualitative.
- Financial
- Pass
- Overall
- Incomplete
Known debt, liquidity and receivables-plus-cash ratios are below the examined MSCI limits; this is not an index-membership claim and activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and identifiable liquidity/assets are below the examined Malaysia limits; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored; filing-based asset ratios remain documented.
Business-activity disclosure
ExlService Holdings provides data analytics, digital operations and business-process services to insurance, healthcare, financial, retail and other enterprises. The technology and services activity is generally permissible, but the filing does not provide a universal prohibited-revenue numerator for client industries or end uses.
Limitation: No universal prohibited-activity revenue numerator or scholar-specific purification percentage is disclosed; insurance, financial-services and client end-use allocation remains qualitative.
Purification
The filing reports $1.553 million of interest income and dividend income; ZakatInvest does not prescribe a fixed scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from ExlService Holdings' March 31, 2026 Form 10-Q.
- Debt combines $4.886 million of current borrowings, $412.491 million of long-term borrowings and $2.108 million of finance-lease liabilities; operating leases are excluded.
- Cash is $145.405 million and short-term investments are $108.358 million; net accounts receivable are $388.563 million. Unbilled receivables are included in the filing's gross receivables disclosure and are not added twice.
- First-quarter revenue is $570.351 million and disclosed interest income and dividend income is $1.553 million (0.27% of revenue).
- Analytics and business-process-services activity is retained as qualitative analysis; no universal prohibited-revenue numerator is disclosed.
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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