SHOP
Shopify Inc.
Is SHOP Halal?
Commerce software is generally permissible, but current liquidity treatment and merchant-finance products are methodology-dependent.
What You Should Know
Shopify provides commerce software, merchant payments and related infrastructure. Its March 31, 2026 filing reports debt/assets of 0.00%, cash plus marketable securities/assets of 40.67%, receivables plus cash/assets of 16.27% and interest income/revenue of 2.37%. Shopify Capital, Shop Pay Installments and merchant categories require qualitative review, and some asset-based methods fail the liquidity ratio.
⚠️ Concerns
- •Shopify Capital and Shop Pay Installments can involve credit, fees and contracts requiring riba review
- •Merchant categories vary widely and are not screened into a universal prohibited-revenue numerator
- •Cash and marketable securities are 40.67% of total assets under the examined treatment
- •Data privacy, fraud, platform dependency, merchant labor and consumer-protection obligations remain qualitative concerns
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
0 / 14,121
5,743 / 14,121
2,297 / 14,121
75 / 3,170
- Financial
- Fails
- Overall
- Fails
Debt/assets is 0.00% and receivables plus cash/assets is 16.27%, but cash plus marketable securities/assets is 40.67%, above the examined 33.333% liquidity limit; disclosed interest income is 2.37% of quarterly revenue.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 0.00% and receivables plus cash/assets is 16.27%, but cash plus marketable securities/assets is 40.67%, above the examined MSCI total-assets liquidity limit.
- Financial
- Fails
- Overall
- Fails
Cash plus marketable securities/assets is 40.67%, above the examined Malaysia SAC financial limit; this calculation is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the asset-based liquidity screen fails independently.
Business-activity disclosure
Shopify provides commerce software, subscription services, merchant payments and related infrastructure. The platform and ordinary commerce facilitation are generally permissible, while Shopify Capital, Shop Pay Installments, merchant cash advances and payment products require contract-level review.
Limitation: The filing does not provide a universal prohibited-revenue numerator for merchant financing, BNPL contracts or every merchant category served by the platform.
Purification
Shopify discloses interest income but does not prescribe a scholar-approved purification percentage; readers should follow the methodology and scholar they use.
Inputs, assumptions and primary sources
- Amounts are USD millions from Shopify's March 31, 2026 Form 10-Q and rounded to the nearest million.
- No interest-bearing debt is separately reported on the balance sheet; operating lease liabilities are excluded from debt.
- Cash is $1,848 million. Interest-bearing securities use $3,895 million of marketable securities; equity investments, convertible notes and the $708 million long-term-investment debt portfolio are excluded from this conservative current-liquidity input.
- Trade and other receivables, net are $449 million. First-quarter revenue is $3,170 million and disclosed interest income is $75 million.
- Shopify's merchant loans and cash advances are operating assets and are not treated as the company's own debt in this calculation.
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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