The Short Answer
CoStar Group (CSGP) is generally halal on the examined activity and current asset-based financial screens. Its real-estate information, analytics, subscription software, online marketplaces and spatial-data services are generally permissible at the activity level. The filing does not provide a universal prohibited-revenue numerator by customer, listing, advertising content or end use, so the result remains methodology-dependent rather than a claim of universal certification.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
994 / 10,164
1,215 / 10,164
1,484 / 10,164
10 / 897
- Financial
- Pass
- Overall
- Incomplete
Debt is 9.78%, liquidity is 11.95%, receivables plus cash are 14.60% and disclosed interest income is 1.11%; the examined financial ratios pass, while business revenue remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt, liquidity, receivables plus cash and disclosed interest income pass the examined total-assets limits; no universal prohibited-revenue numerator is disclosed. This is a calculation against the named method, not an index-membership claim.
- Financial
- Pass
- Overall
- Incomplete
Debt is 9.78% and identifiable liquidity is 11.95% of total assets; the information-services activity is generally permissible, but screened business revenue remains undisclosed. This is a calculation against SAC ratios, not an official classification of a U.S.-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
CoStar Group provides commercial- and residential-real-estate information, analytics, subscription software, online marketplaces and 3D spatial-data tools. These general-purpose information, software and marketplace services are generally permissible at the activity level.
Limitation: Public revenue categories do not isolate a reproducible prohibited-revenue numerator by customer, property listing, advertising content, lender use or end use, so no unsupported haram-revenue percentage is estimated.
Purification
Disclosed interest income is 1.11% of quarterly revenue and passes the examined income threshold, but no fixed scholar-approved purification rate is asserted and business-revenue allocation remains incomplete.
Inputs, assumptions and primary sources
- Assets use CoStar Group's consolidated total assets of $10,164 million at March 31, 2026.
- Interest-bearing debt uses the $994 million carrying amount of the 2.800% Senior Notes, net of unamortized discount and issuance costs. No revolving-credit balance was outstanding at March 31, 2026; lease liabilities and other liabilities are not silently added as conventional debt.
- Cash uses $1,215 million of cash and cash equivalents. Restricted cash of $101 million is excluded because the filing identifies it as collateral for a litigation bond. No separately identified interest-bearing securities balance is entered to avoid double counting cash equivalents.
- Accounts receivable uses the reported $269 million net balance; income-tax receivables are not silently treated as trade receivables.
- Quarterly revenue uses $897 million for the three months ended March 31, 2026. The filing separately reports $10 million of net interest income, or 1.11% of revenue.
- The filing reports marketplace, information, analytics, advertising and spatial-data services but does not allocate a universal prohibited-revenue numerator by customer, listing, property, content or end use.
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.
This is a reproducible ZakatInvest calculation from CoStar Group's March 31, 2026 Form 10-Q. It is not an index-membership claim or a fatwa. Market-cap denominator methods are not estimated without a licensed historical market-cap series, and the qualitative analysis remains separate from the numerical result.
Sharia Screening Methodology
Islamic equity screens commonly examine:
- Business activity: whether the core activity and material revenue streams are permissible
- Debt and liquidity: interest-bearing liabilities and cash or interest-bearing securities relative to assets or market value
- Receivables: receivables plus cash relative to assets, with thresholds varying by methodology
- Non-compliant income: separately disclosed interest or other prohibited income, where the filing permits a reproducible numerator
CoStar Group's Business Activity
CoStar Group reports commercial- and residential-real-estate information, analytics, subscription software, online marketplaces and 3D spatial-data services. Its products include CoStar Suite, LoopNet, Apartments.com, Homes.com, other listing marketplaces and Matterport-related spatial data. General-purpose information, software, advertising and marketplace services are generally permissible at the activity level.
The filing says approximately 90% of Q1 2026 revenue came from subscription-based contracts, but it does not allocate a universal prohibited-revenue numerator by customer, listing, advertising content, lender use or end use. No unsupported haram-revenue percentage is therefore estimated.
Qualitative Concerns
1. Marketplace listings and advertising
Listing and advertising platforms can host a broad range of properties, businesses and customer uses. The platform's general-purpose role is distinct from directly operating an impermissible business, but platform policy, listing categories and customer end use remain appropriate qualitative review topics.
2. Lender and financial-services customers
CoStar Suite serves lenders, investors and financial-services customers. The product is information and analytics rather than a lending product, yet customer mix and analytics use can matter to stricter look-through approaches.
3. Homes.com investment cycle
Homes.com and other residential-marketplace marketing and content investments can affect margins, cash use and the future consolidated business perimeter. These are business and execution considerations, not automatically prohibited activities.
4. Matterport and Domain acquisitions
Matterport and Domain-related acquisitions add spatial-data, listings and integration considerations. Material acquisitions should trigger a fresh business-activity and balance-sheet screen rather than being assumed to preserve the prior result.
5. Interest income and cash
CoStar Group reported $10 million of net interest income in Q1 2026. That is 1.11% of quarterly revenue and below the examined 5% income threshold; no fixed scholar-approved purification percentage is asserted.
Current Financial Ratios (March 31, 2026)
- Interest-bearing debt / assets: 9.78% — below the examined 33% limits ✅
- Cash + interest-bearing securities / assets: 11.95% — below the examined liquidity limits ✅
- Receivables + cash / assets: 14.60% — below the examined receivables limits ✅
- Disclosed net interest income / revenue: 1.11% — below the examined 5% threshold ✅
- Prohibited-revenue numerator: Not disclosed; business-activity screen remains incomplete
How to Read the Result
CSGP is methodology-dependent but financially passing in this review. The current asset-based financial ratios and disclosed interest-income ratio pass the examined limits, and the core activity is generally permissible. The missing universal business-revenue allocation prevents a stronger claim.
- FTSE Yasaar asset-based financial screen — Passes at 9.78% debt/assets ✅
- MSCI Islamic total-assets financial screen — Passes at 9.78% debt/assets ✅
- Malaysia SAC asset-based financial screen — Passes at 9.78% debt/assets ✅
Bottom Line
CoStar Group (CSGP) is currently generally halal with an incomplete business-activity allocation. Its information, analytics, software, marketplace and spatial-data businesses are generally permissible, and the latest asset-based financial ratios pass. Investors should still review listing content, customer end use, lender analytics, acquisitions and the interest-income purification question with their preferred Sharia adviser.
CSGP's current asset-based ratios and disclosed interest-income ratio pass, while customer, listing and end-use allocation remains qualitative.
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