INFY
Infosys Ltd.
Is INFY Halal?
Indian IT services — core business is permissible, but the current MSCI receivables-plus-cash screen fails.
What You Should Know
Infosys's March 31, 2026 Form 20-F reports no interest-bearing debt, liquidity/assets of 28.26%, receivables plus cash/assets of 36.82%, and conservative financial-asset income of 1.73% of revenue. Enterprise technology is generally permissible, while customer industries, Finacle, public-sector work and end use remain qualitative concerns.
⚠️ Concerns
- •Receivables plus cash/assets is 36.82%, above the examined MSCI limit
- •Financial-services, public-sector and defense customer work is not isolated
- •Cash and investments are material
- •Conservative financial-asset income is 1.73% of revenue
Current quantitative Sharia screen
Based on 20-F figures for the period ended 2026-03-31; calculated 2026-07-14.
0 / 16,446
4,648 / 16,446
6,056 / 16,446
349 / 20,158
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 0.00%, liquidity/assets is 28.26%, receivables plus cash/assets is 36.82%, and conservative financial-asset income is 1.73%; the activity numerator remains undisclosed.
- Financial
- Fails
- Overall
- Fails
Receivables plus cash/assets is 36.82%, above the examined MSCI 33.33% total-assets limit; debt and liquidity pass.
- Financial
- Pass
- Overall
- Incomplete
Debt and liquidity are below the examined Malaysia limits; this is not an official SAC classification and activity remains incompletely disclosed.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored.
Business-activity disclosure
Infosys provides IT services, consulting, software products and platforms. Enterprise technology services are generally permissible in principle, while public-sector, financial-services, defense, data, AI and customer end uses require continuing qualitative review.
Limitation: The filing does not provide a school-neutral prohibited-revenue numerator for customer industries, public-sector work, software products, data services or downstream end use.
Purification
Infosys reports USD 349 million of income from financial assets, approximately 1.73% of revenue. This conservative upper bound is not a prescribed investor purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Infosys's March 31, 2026 Form 20-F.
- No interest-bearing borrowing balance is reported in the selected consolidated balance sheet; lease liabilities are excluded.
- Cash is USD 2,341 million. Current and non-current investments total USD 2,307 million and are treated as a conservative securities input.
- Trade receivables are USD 3,715 million; unbilled revenue is excluded from the receivables numerator. Fiscal 2026 revenue is USD 20,158 million.
- Income from financial assets of USD 349 million is used as a conservative upper bound, not as a scholar-approved purification percentage.
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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