The Short Answer
Monday.com is generally halal as a core work-management software business, but its current total-assets financial screen fails. The company sells access to a cloud platform through subscription contracts, which is generally permissible. The latest audited filing also shows that cash and U.S. Treasury-bill investments make up a large share of assets, so the old “minimal debt” conclusion was incomplete even though the company reports no interest-bearing debt.
This is a reproducible research screen, not a fatwa or investment recommendation. Scholars and screening providers can differ on liquidity denominators, market-cap methods, customer-use questions and the treatment of investment income.
Current quantitative Sharia screen
Based on 20-F figures for the period ended 2025-12-31; calculated 2026-07-13.
0 / 2,106.6
1,665.457 / 2,106.6
1,533.701 / 2,106.6
- Financial
- Fails
- Overall
- Fails
Debt is 0.00%, but cash plus Treasury-bill investments are 79.06% of total assets, above the examined 33.333% liquidity limit. Receivables plus cash are 72.79%; gross interest income is not separately disclosed.
- Financial
- Fails
- Overall
- Fails
Cash plus Treasury-bill investments are 79.06% and receivables plus cash are 72.79% of total assets, both above the examined 33.33% total-assets limits.
- Financial
- Fails
- Overall
- Fails
Identifiable conventional liquidity is 79.06% of total assets, above the examined 33% limit. Debt is 0.00%; this is a calculation against SAC ratios, not an official SAC classification of a Nasdaq-listed security.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored.
Business-activity disclosure
monday.com provides cloud-based work-management and AI platform services through subscription contracts. Project planning, workflow and collaboration software are generally permissible business activities, while customer-industry and use-context questions remain qualitative.
Limitation: The 20-F reports one operating segment and consolidated service revenue but does not allocate revenue by customer industry, workflow, advertising context or other category that would produce a reproducible prohibited-revenue numerator.
Purification
Net financial income is 61.065, but the filing combines interest, investment amortization, foreign-exchange items and bank charges; gross interest income and a product-level prohibited-revenue numerator are unavailable, so this record does not prescribe a fixed purification amount.
Inputs, assumptions and primary sources
- The 20-F reports no interest-bearing debt on the balance sheet. Operating lease liabilities and deferred revenue are not treated as interest-bearing debt in this input.
- Cash and cash equivalents use 1,503.149. Interest-bearing securities use 162.308 of marketable securities, which the filing identifies as U.S. Treasury bills.
- Receivables use the reported net accounts-receivable balance of 30.552; the filing states that accounts receivable are unsecured and non-interest-bearing.
- Annual revenue uses 1,231.997 for the year ended December 31, 2025. The company describes subscription access to its cloud platform as its revenue model.
- The filing reports financial income, net of 61.065, consisting primarily of interest from money-market funds, bank deposits and marketable securities plus amortization, bank charges and foreign-exchange items. Gross interest income is not separately disclosed, so no gross non-compliant-income numerator is inferred.
- The filing does not provide a reproducible prohibited-revenue numerator by customer industry, workflow, product module 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.
Current quantitative screen
The calculations above use monday.com's official filing (FY2025 Form 20-F for the year ended December 31, 2025). Amounts are in USD millions and use total assets as the denominator so the inputs can be reproduced from the filing.
- Interest-bearing debt / assets: 0.00%; the balance sheet reports no interest-bearing debt. Operating lease liabilities are not counted as debt in this input.
- Cash plus interest-bearing securities / assets: 79.06%, using cash of $1,503.149 million and marketable securities of $162.308 million. The filing identifies those marketable securities as U.S. Treasury bills.
- Receivables plus cash / assets: 72.79%, using net accounts receivable of $30.552 million.
- Gross interest income: not separately disclosed. The filing reports net financial income of $61.065 million, which includes interest, investment amortization, foreign-exchange items and bank charges; it is not used as a gross non-compliant-income numerator.
Liquidity fails the examined total-assets limits under FTSE Yasaar, MSCI and Malaysia SAC; the MSCI calculation also fails on receivables plus cash. Market-cap-denominator methods are not calculated because this site does not store a licensed, reproducible historical market-cap series for the filing date.
What Monday.com does
Monday.com provides a cloud-based work-management and AI platform. Customers use subscriptions to plan projects, coordinate workflows, manage work and connect business applications. The FY2025 20-F reports $1.232 billion of revenue and describes one operating segment; it does not provide a reproducible 95%/5% subscription-versus-services split.
Enterprise collaboration software is generally permissible. The quantitative result is presented separately from questions about who uses the platform and for what purpose.
Qualitative considerations
- Customers in different industries: the platform may be used by banks, alcohol companies, entertainment businesses or other sectors. The company does not allocate revenue by customer industry, so no prohibited-revenue percentage is asserted.
- Neutral software versus facilitation: many scholars distinguish a general-purpose office tool from selling a prohibited product. A stricter scholar may still examine specific workflows, customers or end uses.
- Cash and investments: the company holds significant cash and Treasury bills and reports net financial income. The gross interest component and any purification treatment should be reviewed with the scholar or methodology followed.
- Israeli origins: some Muslim investors may have personal or ethical concerns about investing in an Israeli-founded company. That is a personal or policy decision, not a standalone financial-screen result.
- AI and data governance: rapid AI-platform expansion raises privacy, security, reliability, labor and customer-concentration questions that remain relevant even when the core software service is permissible.
How the methodologies differ
Under the FTSE Yasaar calculation reproduced here, debt passes but liquidity and receivables-plus-cash fail. Under the MSCI total-assets approach, both liquidity and receivables-plus-cash fail. Under the Malaysia SAC calculation, identifiable liquidity fails while debt passes. Gross interest income is unavailable in each calculation. These are calculations against named methods, not official index-membership claims or a universal scholarly ruling.
Bottom line
Monday.com is presented as generally halal as a core SaaS activity, with a current financial screen failure. The main unresolved items are the unusually large cash and Treasury-bill position, the unavailable gross interest-income numerator and the inability to classify customer end use from public reporting.
If you are considering MNDY, compare this evidence with the methodology and scholar you follow, monitor the next financial disclosure and avoid relying on old debt percentages, unsupported agency approvals or a fixed purification instruction the filing cannot reproduce.
The work-management platform is generally permissible, while cash and Treasury-bill holdings exceed examined total-assets limits.
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