The Short Answer
Pegasystems (PEGA) is doubtful under the current consolidated screen. Its cloud, case-management and decisioning software is generally permissible at the activity level, but March 2026 receivables plus cash are 43.41% of assets, above the examined MSCI limit. Customers use the tools across finance, government, healthcare and other sectors.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
0 / 1,550.998
473.954 / 1,550.998
673.334 / 1,550.998
2.954 / 429.973
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 0.00%, liquidity is 30.56%, receivables plus cash are 43.41% and disclosed interest income is 0.69%; the examined financial ratios pass while business revenue remains incomplete.
- Financial
- Fails
- Overall
- Fails
Debt and liquidity pass, but receivables plus cash are 43.41%, above the examined MSCI 33.33% total-assets limit. This is not an index-membership claim.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 0.00% and liquidity is 30.56%, below the examined Malaysia SAC financial limits; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Incomplete
A properly licensed historical market-cap series is not stored.
Business-activity disclosure
Pegasystems provides cloud, case-management, business-process-management, customer-engagement and real-time decisioning software. General-purpose enterprise software is generally permissible, but customer use and AI decisioning require qualitative review.
Limitation: The filing does not allocate revenue by customer industry, automated decision, data use or downstream outcome into a universal prohibited-revenue numerator.
Purification
Disclosed interest income is 0.69% of quarterly revenue and below the examined income limit, but no fixed scholar-approved purification percentage is prescribed and business revenue remains unallocated.
Inputs, assumptions and primary sources
- Amounts are USD millions from the unaudited March 31, 2026 Form 10-Q.
- No interest-bearing debt is reported; operating lease liabilities are excluded.
- Cash is $269.962 million and marketable securities are $203.992 million.
- Receivables include $173.856 million accounts receivable plus $142.057 million current and $87.459 million long-term unbilled receivables.
- Quarterly revenue was $429.973 million and disclosed interest income was $2.954 million.
- Pega derives substantially all revenue from case-management, business-process-management, real-time decisioning and enterprise-application software; downstream customer use remains qualitative.
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.
The calculation uses Pega's unaudited March 31, 2026 Form 10-Q and keeps the filing period visible.
Current Quantitative Screen
- Debt / assets: 0.00% — no interest-bearing debt reported
- Cash + marketable securities / assets: 30.56% — $269.962M cash plus $203.992M securities
- Receivables + cash / assets: 43.41% — $403.372M receivables plus cash
- Interest income / revenue: 0.69% — $2.954M / $429.973M quarterly revenue
Debt, liquidity and the FTSE/Malaysia asset-based screens pass, but the MSCI receivables-plus-cash limit fails. This is a calculation against named methods, not an index-membership claim.
Business Activity
Pega sells Pega Cloud, subscription software, maintenance, consulting and real-time decisioning tools. The filing says substantially all revenue comes from case management, business-process management and enterprise applications. Those are general-purpose software activities, while downstream automated decisions and customer use warrant continuing review.
Qualitative Concerns
- Public disclosure does not allocate revenue by customer industry or automated decision outcome.
- AI and decisioning products can be deployed in finance, government and healthcare.
- Marketable securities and disclosed interest income require methodology-specific purification treatment.
Bottom Line
PEGA is doubtful under the current ZakatInvest screen. Its software activity is generally permissible, but the MSCI receivables-plus-cash limit fails and customer use, AI decisioning and purification remain methodology-dependent.
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