Is Shopify Inc. (SHOP) stock halal?

Based on our AAOIFI-based screen (data as of 2026-03-31), Shopify Inc. passes both the business-activity and financial-ratio screens. A pass is dated — ratios move with the share price — and incidental interest income should be purified.

Does Shopify Inc. pass the AAOIFI financial ratio screen?

As of 2026-03-31: interest-bearing debt is 0.0% of market cap (limit < 30%) — pass; cash plus interest-bearing securities is 4.1% (limit < 30%) — pass. The impermissible-income ratio (< 5% limit) also passes. Ratios are recomputed as new filings and prices move.

Is Shopify Inc. held in halal ETFs like SPUS or HLAL?

No — as of our last check, Shopify Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope, so we report it as a signal rather than a ruling.

Do I need to purify dividends from Shopify Inc.?

Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash, and the standard practice is to donate the proportional share of dividends attributable to that income. Our purification calculator does this math for your holding.

Is Shopify Stock Halal? Shopify Inc. (SHOP) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 0.0% of market cap and cash plus interest-bearing securities 4.1% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified. Reviewed 2026-06-15. Published by HalalWallet.

Is Shopify Stock Halal?

Q: Is Shopify Stock Halal?

Halal: Shopify Inc. (SHOP) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 0.0% of market cap and cash plus interest-bearing securities 4.1% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified. (Financial data as of 2026-03-31; basis: AAOIFI Shariah standards.)

Q: Is Shopify Inc. held in halal ETFs like SPUS or HLAL?

No — as of our last check, Shopify Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope, so we report it as a signal rather than a ruling.

Q: Do I need to purify dividends from Shopify Inc.?

Yes, in most cases. Compliant companies still earn small amounts of incidental interest on corporate cash, and the standard practice is to donate the proportional share of dividends attributable to that income. Our purification calculator does this math for your holding.

Shopify Inc. · SHOP · NASDAQ

HalalGenerally permissible

Shopify Inc. (SHOP) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 0.0% of market cap and cash plus interest-bearing securities 4.1% — both inside the 30% AAOIFI thresholds. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.

Financial data as of 2026-03-31 · Screening basis: AAOIFI · Last reviewed 2026-06-15

Our Analysis

Shopify's revenue is overwhelmingly fee-based software and payments. Of its $11.56 billion in 2025 revenue, about 24% came from subscription plans and about 76% from merchant solutions, which is dominated by Shopify Payments processing fees earned on $378 billion of gross merchandise volume. Nothing in those core lines involves charging interest to customers.

The area a careful Muslim investor should understand is Shopify Capital, the company's merchant financing arm, which provides cash advances and loans to merchants repaid out of future sales. Shopify does not disclose Capital's standalone revenue, so its exact share cannot be stated, but it sits inside the merchant solutions category alongside much larger payments revenue, and the related credit exposure shows up in a $417 million transaction-and-loan-losses expense line for 2025. Whether merchant cash advances structured as receivable purchases are permissible is itself debated among scholars; screeners that treat the associated income as impermissible would weigh it against the roughly 5% AAOIFI tolerance. Shopify also earns interest on its $5.8 billion cash and investments portfolio, which screeners count toward the same tolerance.

Shopify is not held by SPUS or HLAL, but that is primarily a universe question: SPUS draws from the S&P 500 and HLAL from the FTSE USA index, and Shopify is a Canadian company. Its absence from these funds is therefore not evidence of a screen failure. Check a stock-level screener such as Zoya or Musaffa for a current verdict, since the compliance math depends on unverifiable-from-the-outside details like the Capital portfolio's income and the interest earned on corporate cash.

Business Activity Screen

Pass· impermissible revenue ≈ 2.9% (AAOIFI limit < 5%)

Shopify provides a commerce platform for merchants to build and run online and retail stores. Per its FY2025 10-K (filed February 11, 2026), total revenue was $11.56 billion: subscription solutions of $2.75 billion (about 24%) and merchant solutions of $8.80 billion (about 76%). Merchant solutions includes payment processing (Shopify Payments), currency conversion, and other merchant services including Shopify Capital; 2025 gross merchandise volume was $378.4 billion.

The main Shariah-relevant line is Shopify Capital, which advances funds to merchants via merchant cash advances and loans repaid from future sales; its revenue sits inside merchant solutions and Shopify does not break out its dollar contribution in the income statement, so its share of revenue is not directly verifiable (the 10-K does disclose a 'transaction and loan losses' operating expense of $417 million for 2025, which covers both payments losses and Capital-related credit losses). The core subscription and payment-processing revenues are fee-based. Shopify also earns interest on its cash and marketable securities ($5.8 billion held at year-end 2025) reported outside operating revenue; the exact interest amount was not verified for this brief.

Financial Ratio Screen

Screen	Value	AAOIFI limit	Result
Interest-bearing debt / market cap	0.0%	< 30%	Pass
Cash + interest-bearing securities / market cap	4.1%	< 30%	Pass
Impermissible income / total revenueInterest income $331.0M on $11.56B total revenue (Shopify Inc. FY2025 (fiscal year ended 2025-12-31, Form 10-K)) = 2.9% — under AAOIFI's 5% limit.	2.9%	< 5%	Pass

Spot market cap at research date (consider trailing average for borderline names). Data as of 2026-03-31 · thresholds per AAOIFI Shariah standards.

This verdict uses the AAOIFI standard — the most widely used and, at a 30% debt limit, the most conservative mainstream Shariah standard. Interest-bearing debt and interest-bearing securities each stay under 30% of market cap, and impermissible income under 5% of revenue. Other standards (Dow Jones Islamic, S&P Shariah, MSCI Islamic, FTSE Yasaar) use ~33% limits or screen against total assets, so a borderline company can be rated differently by each. How we screen & why screeners disagree →

How Shopify screens across Shariah standards

The standards disagree on this company. It passes some Shariah screens and fails others — which is exactly why you may see a different answer in different apps. Our headline verdict uses AAOIFI, the strictest and most widely cited mainstream standard.

Standard	Debt	Cash & interest securities	Limit / basis	Result
AAOIFI (our standard)	0.0%	4.1%	< 30% of market cap	Pass
Dow Jones Islamic / S&P Shariah thresholdDow Jones and S&P apply this limit against a trailing 24–36-month average market cap; shown here on the same point-in-time market cap for comparison.	0.0%	4.1%	< 33% of market cap	Pass
MSCI Islamic / FTSE Yasaar basisTotal-assets denominator. MSCI/FTSE also apply entry/exit buffers and a receivables screen we do not reproduce.	0.1%	40.7%	< 33.33% of total assets	Fail

HalalWallet computation reproducing each standard's threshold and denominator from public filings (balance sheet as of 2026-03-31) — not the providers' licensed index determinations, which can differ. Debt is interest-bearing borrowings (operating leases excluded). The impermissible-income screen (< 5% of revenue) is common to all of these standards and is shown in the ratio table above. Dow Jones and S&P apply their limit against a trailing 24–36-month average market cap; MSCI and FTSE add entry/exit buffers and a receivables screen. Full methodology →

These companies pass under some mainstream standards and fail under others — the same pattern as this verdict. That is why two apps can show different answers.

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