Screened September 29, 2026 · TSX: DSG · Q2 fiscal 2027 filings (quarter ended July 31, 2026)

PASS

Is Descartes Systems Group (DSG) halal?

The Descartes Systems Group Inc. (TSX: DSG) is a logistics SaaS company with no interest-bearing debt, lease liabilities of about 0.11% of market cap, and interest-type income of about 1.65% of revenue — so all three screens pass: PASS.

The two-gate Shariah screen

Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, weapons manufacturing, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).

Gate one: the business — no haram lines identified

'Descartes powers more responsive, efficient, secure and sustainable international and domestic supply chains by uniting logistics-intensive businesses on its Global Logistics Network ('GLN').' It provides cloud-based, on-demand SaaS solutions — routing, transportation management, e-commerce enablement, customs and regulatory compliance, trade data, and broker/forwarder systems — connecting shippers, carriers, and logistics providers. About 94% of Q2 fiscal 2027 revenue came from services, with the balance from professional services and license revenue. No haram business segments are disclosed.

Gate two: the ratios — all three pass comfortably

At July 31, 2026 (Q2 fiscal 2027): no interest-bearing borrowings on the balance sheet; lease obligations of US$7.5 million (US$3.329 million current plus US$4.213 million non-current). With 85,548,553 shares outstanding at C$111.64 (September 28, 2026), market cap is about C$9,550.6 million, so debt-plus-leases is about 0.11% of market cap — far under the ~33% ceiling. Interest-type income: the company's 'Investment income' line was US$3.322 million for the quarter against US$201.108 million of revenue — about 1.65%, under the ~5% ceiling (interest expense was only US$0.24 million). Cash was US$401.1 million (~5.95% of market cap). Figures are reported in US dollars; the FX conversion (1.4172, September 28, 2026) cannot change any gate outcome.

What other screeners say

Musaffa covers Descartes Systems Group (DSG.TO) and states that as of September 2026 it is classified as halal under Musaffa's Shariah screening methodology. Zoya has a Descartes stock page (zoya.finance/stocks/dsgx) with the full compliance report in its app. No ShariaPortfolio coverage page for the ticker was found.

The bottom line

This screener gives The Descartes Systems Group Inc. (TSX: DSG) a PASS. All three screens pass on verified filing numbers: a permissible SaaS business, essentially zero debt, and interest-type income well under the ceiling — with Musaffa independently classifying it as halal as of September 2026. Snapshot dated September 29, 2026; re-checked quarterly after earnings.

Sources

Frequently asked questions

Is Descartes Systems Group stock halal?

This screener gives it a PASS. The Descartes Systems Group Inc. (TSX: DSG) has a permissible SaaS logistics business with no haram segments, debt plus lease liabilities of about 0.11% of market cap (well under the ~33% ceiling), and interest-type investment income of about 1.65% of revenue (under ~5%). Musaffa also classifies Descartes as halal as of September 2026. Consult a qualified scholar.

What are Descartes' debt and market-cap figures?

At July 31, 2026 (Q2 fiscal 2027): no interest-bearing borrowings on the balance sheet; lease obligations of US$7.5 million (US$3.329 million current plus US$4.213 million non-current). Market cap is about C$9,550.6 million (85,548,553 shares at C$111.64, September 28, 2026). Debt-plus-leases is about 0.11% of market cap — far under the ~33% ceiling. Cash was US$401.1 million (~5.95% of market cap).

How much interest income does Descartes earn?

The company reports an 'Investment income' line (its interest-type income) of US$3.322 million for Q2 fiscal 2027 (quarter ended July 31, 2026) against US$201.108 million of revenue — about 1.65%, under the ~5% ceiling. Interest expense was only US$0.24 million in the same quarter.

What does Descartes Systems Group do?

'Descartes powers more responsive, efficient, secure and sustainable international and domestic supply chains by uniting logistics-intensive businesses on its Global Logistics Network (GLN).' It provides cloud-based, on-demand SaaS solutions — routing, transportation management, e-commerce enablement, customs and regulatory compliance, trade data, and broker/forwarder systems — connecting shippers, carriers, and logistics providers. About 94% of Q2 fiscal 2027 revenue came from services. No haram business segments are disclosed.

What do Zoya, Musaffa, and ShariaPortfolio say about DSG?