Is Bentley Systems Stock (BSY) Halal? A Complete Analysis

The Short Answer

Bentley Systems stock (BSY) is generally considered halal by most Islamic scholars and Sharia screening criteria, with leverage as the primary consideration. Bentley provides software used to design, build, and operate infrastructure.

Development and licensing of engineering and infrastructure software is unambiguously permissible at the activity level. The main consideration is the financial screen: Bentley carries some debt, including convertible notes, so the debt-to-market-cap ratio should be verified against the 33% threshold at the time of investment.

Sharia Screening Methodology

Islamic scholars use several criteria to screen stocks:

• Business activity screen: Is the company's primary business halal?
• Debt ratio: Total debt / market cap must be under 33%
• Interest income: Interest income / total revenue must be under 5%
• Haram revenue: Revenue from haram sources must be under 5%
• Receivables ratio: Total receivables / total assets must be under 49–70% (varies by board)

Bentley Systems' Business Activity

Bentley's software and digital-twin platform is used to:

• Design infrastructure: Roads, bridges, rail, water and wastewater networks, and energy systems
• Construct projects: Project-delivery and construction-management workflows
• Operate assets: Digital-twin and asset-performance applications for owner-operators

This is a general-purpose engineering-software business. This is permissible at the activity level.

Concerns to Be Aware Of

1. Leverage — The Primary Screen

Bentley carries some debt, including convertible notes, supporting its acquisition-driven growth. The debt-to-market-cap ratio should be verified against the 33% Sharia threshold at the time of investment, though the company generates strong recurring subscription revenue and free cash flow. This is the primary Sharia-screening consideration.

2. Interest-Bearing Instruments

Convertible notes are interest-bearing instruments. Investors who object to any conventional-debt issuance should weigh this even where the debt ratio passes the 33% screen.

3. Acquisition Activity

Bentley is a periodic acquirer of infrastructure-software businesses. Acquisition activity can affect leverage and goodwill, so the financial screen should be re-verified following material transactions.

Financial Ratios (2025)

Based on Bentley Systems' most recent financial statements:

• Total Debt / Market Cap: Some leverage incl. convertible notes — verify against the 33% threshold at the time of investment ⚠️
• Interest Income / Revenue: Under 5% — verify ✅
• Haram Revenue: Negligible (software) ✅
• Business Activity: Permissible engineering software ✅

Verdict from Major Screening Agencies

Bentley Systems stock is generally screened as compliant (halal) with purification, subject to leverage verification by:

• Zoya App — Generally compliant, verify financials ✅
• MSCI Islamic criteria — Generally included subject to ratios ✅
• Most major Sharia advisory boards — Compliant with purification, subject to debt-ratio verification ✅

Bottom Line

Bentley Systems (BSY) is generally halal with purification for Muslim investors, subject to verifying the debt ratio at the time of investment. The core business — infrastructure-engineering software — is unambiguously permissible at the activity level. Because Bentley carries some leverage, the most important step is confirming the debt-to-market-cap ratio sits below the 33% threshold, then purifying a small portion of any interest income.

For Muslim investors seeking software exposure, BSY sits alongside other halal-screened names like Manhattan Associates (MANH) and Tyler Technologies (TYL).