Is SAP (SAP SE) halal?

Q: Is SAP (SAP SE) halal?

HALAL: German enterprise software — permissible. SAP's 2025 Form 20-F and integrated report report EUR 70,362 million of assets, EUR 8,071 million of financial liabilities, EUR 8,220 million of cash, EUR 6,893 million of receivables and EUR 36,800 million of revenue. Debt/assets is 11.47%, liquidity/assets is 11.68% and receivables-plus-cash/assets is 21.48%; a conservative EUR 1,911 million finance-income proxy is 5.19% of revenue, failing the examined FTSE income benchmark while MSCI and Malaysia asset ratios pass.

← Back to Halal Checker

SAP

SAP SE

HALAL — SCREEN DOES NOT PASSstock

Is SAP Halal?

German enterprise software — permissible.

What You Should Know

SAP's 2025 Form 20-F and integrated report report EUR 70,362 million of assets, EUR 8,071 million of financial liabilities, EUR 8,220 million of cash, EUR 6,893 million of receivables and EUR 36,800 million of revenue. Debt/assets is 11.47%, liquidity/assets is 11.68% and receivables-plus-cash/assets is 21.48%; a conservative EUR 1,911 million finance-income proxy is 5.19% of revenue, failing the examined FTSE income benchmark while MSCI and Malaysia asset ratios pass.

⚠️ Concerns

•Finance-cloud and payments customer use
•Broad finance-income proxy exceeds the examined FTSE benchmark
•Purification requires scholar guidance

Current quantitative Sharia screen

Based on 20-F figures for the period ended 2025-12-31; calculated 2026-07-15.

EUR · millions

Interest-bearing debt / assets

11.47%Within limit

Below 33.333% under FTSE Yasaar

8,071 / 70,362

Cash + interest-bearing securities / assets

11.68%Within limit

Below 33.333% under FTSE Yasaar

8,220 / 70,362

Receivables + cash / assets

21.48%Within limit

Below 50% under FTSE Yasaar

15,113 / 70,362

Non-compliant income / revenue

5.19%Above limit

No more than 5% under FTSE Yasaar

1,911 / 36,800

Methodology	Financial	Overall	What drives it
FTSE Yasaar v4.6, February 2026	Fails	Fails	Debt/assets is 11.47%, liquidity/assets is 11.68%, receivables-plus-cash/assets is 21.48%, but disclosed finance income is 5.19% of revenue, above the examined 5% benchmark.
MSCI Islamic (total-assets series) October 2024 methodology	Pass	Incomplete	Debt/assets, liquidity/assets and receivables-plus-cash/assets are below the examined MSCI limits; the broad finance-income proxy and activity allocation remain incomplete.
Malaysia SAC financial ratios single 5% activity benchmark adopted November 2025	Pass	Incomplete	Debt/assets is 11.47% and liquidity/assets is 11.68%; activity remains incomplete and this is not an official SAC classification.
Market-cap denominator methods MSCI M-Series, S&P and Dow Jones methods differ	Not calculated	Incomplete	A licensed historical market-cap series is not stored; asset-based ratios pass while the FTSE income proxy and activity allocation remain unresolved.

FTSE Yasaar

v4.6, February 2026

Financial: Fails
Overall: Fails

Debt/assets is 11.47%, liquidity/assets is 11.68%, receivables-plus-cash/assets is 21.48%, but disclosed finance income is 5.19% of revenue, above the examined 5% benchmark.

MSCI Islamic (total-assets series)

October 2024 methodology

Financial: Pass
Overall: Incomplete

Debt/assets, liquidity/assets and receivables-plus-cash/assets are below the examined MSCI limits; the broad finance-income proxy and activity allocation remain incomplete.

Malaysia SAC financial ratios

single 5% activity benchmark adopted November 2025

Financial: Pass
Overall: Incomplete

Debt/assets is 11.47% and liquidity/assets is 11.68%; activity remains incomplete and this is not an official SAC classification.

Market-cap denominator methods

MSCI M-Series, S&P and Dow Jones methods differ

Financial: Not calculated
Overall: Incomplete

A licensed historical market-cap series is not stored; asset-based ratios pass while the FTSE income proxy and activity allocation remain unresolved.

Business-activity disclosure

SAP provides enterprise software, cloud services and business technology, generally permissible professional and software activities.

Limitation: The filing does not allocate all finance-cloud, payments and customer-industry revenue to a universal prohibited-activity numerator.

Purification

SAP reports broad finance income rather than a pure interest numerator and does not provide a scholar-approved purification percentage.

Inputs, assumptions and primary sources

Amounts are EUR millions from SAP's 2025 financial-position and financial-data disclosures.
Financial liabilities are EUR 2,050 million current plus EUR 6,021 million non-current; the filing presents these as financial liabilities and does not provide a narrower school-neutral debt line.
Cash is EUR 8,220 million. Trade and other receivables are EUR 6,675 million current plus EUR 218 million non-current.
Total revenue is EUR 36,800 million. Finance income of EUR 1,911 million is used conservatively as an upper-bound income proxy; it includes more than pure interest income.

U.S. Securities and Exchange Commission: SAP SE Form 20-F for fiscal year ended December 31, 2025 SAP: SAP Integrated Report 2025: Financial Position FTSE Russell: FTSE Yasaar Global Equity Shariah Index Series Ground Rules MSCI: MSCI Islamic Index Series Methodology Securities Commission Malaysia: Shariah-Compliant Securities Screening Methodology

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.

🧾

Own SAP? Purify your portfolio.

Per-holding purification amounts, zakat on your shares, and halal alternatives for flagged holdings — a personalized report prepared for you within 48 hours.

Order Your Report — $49 →

Track SAP and 30,000+ stocks' live compliance status with Islamicly — 50% off with code ZAKAT50.Get Islamicly →