The Short Answer
Bentley Systems stock (BSY) has a qualitative business verdict that is HALAL and passes the known filing-based financial ratios, but the overall screen remains incomplete. Bentley provides software used to design, build, and operate infrastructure.
Development and licensing of engineering and infrastructure software is generally permissible at the activity level. The March 31, 2026 filing reports debt/assets of 31.65%, liquidity/assets of 2.98% and receivables-plus-cash/assets of 12.52%; disclosed interest income is 0.12% of revenue and activity classification remains incomplete.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
1,115.269 / 3,523.715
105.159 / 3,523.715
441.176 / 3,523.715
0.489 / 424.181
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 31.65%, liquidity/assets is 2.98%, receivables-plus-cash/assets is 12.52% and interest income is 0.12%; activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Known financial ratios pass; this is not an index-membership claim and activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Known debt, liquidity and income ratios pass; this is not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored.
Business-activity disclosure
Bentley provides infrastructure-engineering software, cloud services and subscriptions. General-purpose software is generally permissible, but customer end uses are not reduced to a universal prohibited-revenue numerator.
Limitation: No universal prohibited-activity revenue numerator or scholar-specific purification percentage is disclosed.
Purification
Interest income is disclosed, but no scholar-approved purification percentage or universal activity allocation is calculated.
Inputs, assumptions and primary sources
- Amounts are USD thousands from Bentley Systems' March 31, 2026 Form 10-Q; this record expresses them in millions-equivalent values.
- Debt is reported long-term debt of $1,115.269 million; operating leases are excluded.
- Cash is $105.159 million. Accounts receivable uses $344.098 million gross less $8.081 million allowance.
- Quarterly revenues are $424.181 million and disclosed interest income is $0.489 million (0.12% of revenue).
- Infrastructure software is generally permissible, but no universal prohibited-revenue numerator is disclosed.
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.
Sharia Screening Methodology
Islamic scholars use several criteria to screen stocks:
- Business activity screen: Is the company's primary business halal?
- Debt ratio: Total debt / market cap must be under 33%
- Interest income: Interest income / total revenue must be under 5%
- Haram revenue: Revenue from haram sources must be under 5%
- Receivables ratio: Total receivables / total assets must be under 49–70% (varies by board)
Bentley Systems' Business Activity
Bentley's software and digital-twin platform is used to:
- Design infrastructure: Roads, bridges, rail, water and wastewater networks, and energy systems
- Construct projects: Project-delivery and construction-management workflows
- Operate assets: Digital-twin and asset-performance applications for owner-operators
This is a general-purpose engineering-software business. This is permissible at the activity level.
Concerns to Be Aware Of
1. Leverage — The Primary Screen
The filing reports $1,115.269 million of long-term debt. ZakatInvest does not substitute a debt-to-market-cap calculation because market capitalization is not part of this filing-based record; the named asset-based screens are shown separately.
2. Interest-Bearing Instruments
Convertible notes are interest-bearing instruments. Investors who object to any conventional-debt issuance should weigh this even where the debt ratio passes the 33% screen.
3. Acquisition Activity
Bentley is a periodic acquirer of infrastructure-software businesses. Acquisition activity can affect leverage and goodwill, so the financial screen should be re-verified following material transactions.
Filing-Based Ratios (March 31, 2026)
Using Bentley Systems' latest Form 10-Q (USD millions):
- Debt / total assets: 31.65%
- Cash + securities / total assets: 2.98%
- Receivables + cash / total assets: 12.52%
- Interest income / revenue: 0.12%
Methodology Interpretation
These are ZakatInvest calculations from the cited filing, not claims of current index membership or an official scholar ruling:
- FTSE-style: Known ratios and interest income pass; activity remains incomplete.
- MSCI-style: Known financial ratios pass; this is not an index-membership claim.
- Malaysia-style: Known debt, liquidity and income ratios pass; this is not an official classification.
Bottom Line
Bentley Systems (BSY) has a generally permissible infrastructure-software business and passes the known filing-based ratios. Because a universal prohibited-revenue numerator is not disclosed, the overall result remains incomplete rather than a universal halal certification; consult the methodology you follow.
For Muslim investors seeking software exposure, BSY sits alongside other halal-screened names like Manhattan Associates (MANH) and Tyler Technologies (TYL).
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