SNOW
Snowflake Inc.
Is SNOW Halal?
Cloud data platform core is generally permissible, but April 2026 liquidity screens fail and customer/end-use revenue remains qualitatively unresolved.
What You Should Know
Snowflake provides a cloud-based data warehousing, analytics, sharing and AI platform. Its April 30, 2026 filing reports debt/assets of 26.68%, cash plus identifiable interest-bearing securities/assets of 51.29%, receivables plus cash/assets of 31.15% and disclosed interest income/revenue of 2.96%. The core enterprise-software activity is generally permissible, but customer workloads, AI use and downstream applications are not disclosed in a universal prohibited-revenue numerator.
⚠️ Concerns
- •Cash plus identifiable interest-bearing securities are 51.29% of total assets under the examined treatment
- •Debt/assets is 26.68% and exceeds the examined Malaysia SAC 25% limit
- •Disclosed interest income is $41.145 million for the quarter
- •AI, government, surveillance and dual-use workloads require continuing qualitative review
- •Cloud commitments, data privacy, cybersecurity, stock-based compensation and data-center impacts require review
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-04-30; calculated 2026-07-13.
2,281.903 / 8,554.256
4,387.492 / 8,554.256
2,664.434 / 8,554.256
41.145 / 1,390.951
- Financial
- Fails
- Overall
- Fails
Debt is 26.68%, liquidity is 51.29% and receivables plus cash are 31.15%; liquidity exceeds the examined 33.333% FTSE asset limit. Disclosed interest income is 2.96%.
- Financial
- Fails
- Overall
- Fails
Debt is 26.68% and receivables plus cash are 31.15%, while cash plus identifiable interest-bearing securities are 51.29% and exceed the examined MSCI total-assets limit. This is a calculation against the named method, not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt is 26.68%, but liquidity is 51.29%, above the examined Malaysia SAC financial limit. This is a calculation against SAC ratios, not an official classification of a foreign-listed security.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
Snowflake provides a cloud-based data platform for data warehousing, analytics, sharing, applications and AI workloads. Enterprise software and cloud infrastructure are generally permissible, while customer end use, AI deployment and data-governance questions require qualitative review.
Limitation: The filing does not allocate every customer, workload, AI use or downstream application into a universal prohibited-revenue numerator; no blanket zero-concern or provider-membership claim is made.
Purification
Snowflake discloses interest income but does not prescribe a scholar-approved purification percentage. Readers should follow the scholar or methodology they use for treatment.
Inputs, assumptions and primary sources
- Inputs use Snowflake's April 30, 2026 Form 10-Q: total assets $8,554.256 million and quarterly revenue $1,390.951 million.
- Debt uses the $2,281.903 million carrying value of the 2027 and 2029 convertible senior notes. The notes have zero regular interest; finance and operating lease liabilities are not entered as conventional debt.
- Cash uses $2,084.715 million of cash and cash equivalents. Interest-bearing securities use $2,302.777 million of short- and long-term investments, including corporate notes and bonds, government and agency securities, certificates of deposit, asset-backed securities and commercial paper.
- Receivables use $579.719 million of net accounts receivable. Contract assets and other operating assets are not added to the receivables numerator.
- Snowflake reports $41.145 million of interest income and $2.080 million of interest expense for the quarter. The income screen uses disclosed gross interest income; no fixed purification percentage is prescribed.
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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