The Short Answer
Instacart (CART) is halal on the qualitative business question, but the overall screen is methodology-dependent. The March 31, 2026 filing shows no interest-bearing debt and a disclosed interest-income ratio below 1%, while the examined MSCI-style receivables-plus-cash limit is exceeded. Alcohol delivery and product-level marketplace activity are not quantified in the filing.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
0 / 3,535
753 / 3,535
1,726 / 3,535
6 / 1,019
- Financial
- Pass
- Overall
- Incomplete
Debt is 0.00%, liquidity is 21.30%, receivables plus cash are 48.83% and interest income is 0.59%; the examined FTSE ratios pass while product activity remains incomplete.
- Financial
- Fails
- Overall
- Fails
Debt and liquidity pass the examined limits, but receivables-plus-cash are 48.83%, above the examined MSCI 33.33% limit. This is not an index-membership claim.
- Financial
- Pass
- Overall
- Incomplete
Debt and identifiable liquidity are below the examined 33% thresholds. This is a calculation against SAC ratios, not an official classification, and product activity remains incomplete.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible 24- or 36-month issuer market-cap history is not stored, so market-cap methods are not estimated from a current spot price.
Business-activity disclosure
Maplebear operates the Instacart grocery marketplace, fulfillment and advertising platform. Grocery and household delivery are generally permissible, but alcohol delivery and product-level marketplace activity are not quantified.
Limitation: The filing does not provide a reproducible prohibited-revenue numerator for alcohol, tobacco, non-halal products or marketplace advertising categories.
Purification
The filing separately reports interest income at 0.59% of quarterly revenue, but ZakatInvest does not prescribe a fixed scholar-approved purification percentage and product-level activity remains incomplete.
Inputs, assumptions and primary sources
- March 31, 2026 filing figures are USD millions.
- Short- and long-term marketable securities total $122 million; restricted cash is excluded.
- The filing separately reports $6 million of interest income, or 0.59% of quarterly revenue.
- No reproducible prohibited-revenue numerator is disclosed for alcohol, tobacco, non-halal products or marketplace advertising categories.
- This canonical record uses CART; the existing LYFT2 screening record and route alias remain preserved.
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.
What Instacart Does
Maplebear operates the Instacart grocery delivery and pick-up marketplace. Its revenue comes from transaction and fulfillment fees, retail-media advertising, and enterprise technology for retailers. Connecting customers with grocers and delivering ordinary household goods is generally permissible.
The qualitative question is product mix: Instacart delivers alcohol in some markets, and the filing does not give a reproducible revenue numerator for alcohol, tobacco, non-halal products or advertising categories.
How to Read the Quantitative Screen
- Debt/assets: 0.00% — no interest-bearing debt balance was reported.
- Cash plus marketable securities/assets: 21.30% — below the examined FTSE and Malaysia-style limits.
- Receivables plus cash/assets: 48.83% — below the examined FTSE 50% limit but above the examined MSCI 33.33% limit.
- Disclosed interest income/revenue: 0.59% ($6 million / $1,019 million); no fixed purification percentage is prescribed here.
These are transparent calculations against stated methodologies, not claims of index membership or a scholar-issued fatwa. Different schools and screening boards can treat receivables, marketplace facilitation and cash securities differently.
Qualitative Concerns
Alcohol and product-level activity
A grocery platform can facilitate both permissible and non-permissible products. Because Maplebear does not quantify those categories in this filing, the activity screen remains incomplete rather than being assigned a made-up percentage.
Cash and purification
The filing separately reports $6 million of interest income for the quarter. Investors who follow a scholar-approved purification approach should use that scholar's treatment; ZakatInvest does not invent a universal rate.
Bottom Line
CART is a generally permissible grocery and logistics business with no reported interest-bearing debt, but the overall result is methodology-dependent: the examined MSCI-style receivables-plus-cash test fails and product-level activity is not quantified. Re-screen after each new filing and consult a qualified scholar for a personal ruling.
For similar consumer and logistics exposure, compare CART with Uber (UBER) and DoorDash (DASH), while checking each company independently.
Want to check if another stock is halal? Use our free screener.
Open Halal Checker →