OPEN
Opendoor Technologies
Is OPEN Halal?
iBuying — property trading with heavy debt leverage.
What You Should Know
Opendoor's current filing describes home sales plus title, escrow and brokerage services, funded partly by non-recourse asset-backed debt and convertible notes. Property trading may be permissible, but leverage and interest costs are central to the model.
⚠️ Concerns
- •Debt-funded property buying uses riba
- •Leveraged real estate speculation
- •Title, escrow and mortgage contract review
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
1,331 / 2,349
999 / 2,349
1,009 / 2,349
10 / 720
- Financial
- Fails
- Overall
- Fails
Debt/assets is 56.66%, above the examined limit; liquidity/assets is 42.53% and receivables plus cash/assets is 42.95%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 56.66%, above the examined total-assets limit; the financial screen fails independently of the qualitative real-estate assessment.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 56.66%, above the examined Malaysia SAC financial limit. This is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the asset-based debt screen fails independently.
Business-activity disclosure
Opendoor buys and resells residential homes and provides title, escrow and brokerage services. Property trading can be permissible, but inventory financing, interest-bearing debt, mortgage products and leveraged real-estate speculation are material concerns.
Limitation: The filing does not allocate revenue by contract-level Sharia status or separately quantify every financing, title, escrow or mortgage component into a universal prohibited-revenue numerator.
Purification
Other income-net is $10 million and consists mainly of interest earned on cash and restricted cash; ZakatInvest does not prescribe a scholar-approved purification percentage, and the debt screen fails independently.
Inputs, assumptions and primary sources
- Amounts are USD millions from Opendoor's March 31, 2026 Form 10-Q.
- Interest-bearing debt includes $68 million of current non-recourse asset-backed debt, $193 million of current convertible notes and $1,070 million of non-current non-recourse asset-backed debt; leases are excluded.
- Cash is $999 million. Escrow receivable is $10 million; no separate interest-bearing securities balance is identified in the condensed balance sheet.
- First-quarter revenue is $720 million. Other income-net is $10 million and consists mainly of interest earned on cash, cash equivalents and restricted cash; it is used as the disclosed income numerator.
- Opendoor's home sales and adjacent title, escrow and brokerage services are assessed qualitatively in addition to the failed financial screen.
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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