Is Zedge (ZDGE) stock Halal?

Zedge operates as a leading app developer in the mobile content sector. The company's primary offering is a smartphone application that provides users with an extensive array of personalizable content such as wallpapers, ringtones, and notification sounds. This app enhances the mobile experience across both iOS and Android platforms, making it a popular choice for users seeking unique personalization options for their devices. For Muslim investors, though, the most pressing question is simpler: is Zedge a Halal investment?

Is Zedge Shariah compliant?

No. In the October 2026 screening Zedge (ZDGE) does not pass AAOIFI screening: it fails the interest-bearing investments screen. Media and platform businesses sit closer to the activity screen than most: advertising, content and app ecosystems can carry impermissible elements, and AAOIFI Shariah Standard No. 21 tolerates them only below 5% of revenue. For Zedge, that is where the screening attention goes first, before the debt ratios.

Does Zedge pass the business activity test?

The activity screen is only part of the picture this month: Zedge currently fails the interest-bearing investments screen, so the overall verdict is not compliant regardless of the business itself. The watch item is content: advertising and programming can include impermissible material, which AAOIFI treats as incidental only below the 5% revenue ceiling.

Is Zedge's income Halal?

Yes, within AAOIFI's tolerance. Zedge's income from non-permissible sources stays below 5% of revenue in the October 2026 screening.

Does Zedge meet AAOIFI's debt and investment ratio requirements?

Not in full. Interest bearing investments currently exceed the 30% cap, measured against a market capitalisation of $37.6M (market data as of 1 October 2026), while the other ratio stays within it. One breach is enough to fail the screening; the ratios are reassessed monthly under our Shariah Supervisory Board.

Why do other halal screeners show a different verdict for Zedge?

Screeners can disagree without either being wrong. AAOIFI Shariah Standard No. 21, which Tabadulat applies, measures interest bearing debt and investments against market capitalisation with a 30% ceiling. MSCI and FTSE measure them against total assets with a 33% ceiling, and S&P and Dow Jones Islamic use a multi year average of market capitalisation. Data dates differ too, because each provider reads filings and prices on its own schedule. The same company can therefore pass one standard and fail another in the same month. Tabadulat publishes one answer, the AAOIFI result as of October 2026, and re-screens it every month.

Tabadulat is an ADGM regulated brokerage whose license covers Shari'a Compliant Regulated Activities, as the FSRA permission names them. New to the terminology? Gharar and Maysir, Sukuk, Zakat and purification are all explained in plain English.

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