NCNO
nCino Inc.
Is NCNO Halal?
Banking software — provides technology that enables riba-based banking.
What You Should Know
nCino makes cloud banking software. Q1 FY2027 total assets were $1,607.830 million and debt plus financing obligations were $313.707 million (19.51% of assets), but the core product enables and facilitates conventional banking operations (riba).
⚠️ Concerns
- •Core product enables riba banking
- •Banking SaaS for conventional lenders
- •Disclosed interest income is a small additional issue
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-04-30; calculated 2026-07-14.
313.707 / 1,607.83
102.813 / 1,607.83
227.555 / 1,607.83
0.366 / 159.414
- Financial
- Pass
- Overall
- Fails
Debt/assets is 19.51%, liquidity/assets is 6.39%, receivables plus cash/assets is 14.15% and disclosed interest income/revenue is 0.23%; the core banking-enablement activity fails independently.
- Financial
- Pass
- Overall
- Fails
Measured financial ratios are below the examined MSCI total-assets limits, but the core conventional-banking software activity is a qualitative failure.
- Financial
- Pass
- Overall
- Fails
Measured debt and liquidity ratios are below the examined Malaysia SAC limits; the core product's conventional-banking enablement remains a qualitative failure.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the qualitative activity screen fails independently.
Business-activity disclosure
nCino's core cloud platform is purpose-built for banks and financial institutions and facilitates conventional lending, deposits and other riba-based banking operations.
Limitation: The issuer does not allocate revenue by Shariah-compliant versus conventional customer activity, but the core product purpose is sufficiently clear for the qualitative fail.
Purification
Interest income is disclosed, but purification does not change the independent qualitative activity failure and no scholar-approved percentage is asserted.
Inputs, assumptions and primary sources
- Amounts are USD millions from nCino's quarter ended April 30, 2026 financial statements.
- Debt includes $262.810 million current and non-current debt plus $50.897 million financing obligations; operating leases are excluded.
- Cash and cash equivalents are $102.813 million. The $7.262 million investments line is not clearly identified as interest-bearing debt securities and is excluded conservatively.
- Accounts receivable is $124.742 million, revenue is $159.414 million and disclosed interest income is $0.366 million.
- The full revenue amount is used as a conservative upper-bound prohibited-activity proxy because nCino's core product is purpose-built to facilitate conventional banking; this is not a claim that every individual customer contract has identical terms.
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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