Is GDEV halal?
GDEV Inc.
Doubtful
No clear verdict is possible for GDEV Inc. — data is insufficient or the case is contested in fiqh. As a precaution it is NOT included in the halal list.
Checked: 15 October 2026
Exchange
NASDAQ
Price
10.89
Day
+4.05%
Market cap
$190.3M
Industry
Electronic Gaming & Multimedia
Sector
Communication Services
Manually identified reason
Automatic screening reads the industry label, not what's inside. This company's filings were checked by hand and a hidden prohibited activity was found:
Doubtful: flagship game (Hero Wars) has paid gacha/chest mechanics (officially published drop rates) — share not disclosed
What the company does
GDEV (Cyprus) is a mobile/web game publisher: Hero Wars (the main game, with paid random-chest mechanics), Island Hoppers and Pixel Gun 3D. Its money comes from in-game purchases.
What was checked
The AAOIFI standard has four steps: business activity first, then three financial ratios. Fail one and the stock is not halal.
Business activity
Doubtful: flagship game (Hero Wars) has paid gacha/chest mechanics (officially published drop rates) — share not disclosed
Interest-bearing debt / market cap
limit 30%
0.5%
Pass
Cash & investments / market cap
limit 30%
33.8%
Fail
Non-compliant income / total revenue
limit 5%
0.4%
Pass
In the lists
- In the S&P 500
- Not in the S&P 500
- Held by funds
- Not held by any tracked fund
Related articles
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- Halal investingBlogWhy does a stock's halal status change?A stock that was halal yesterday can leave the list today. The four main reasons — and why none of them is a bug.
- Halal investingBlogAAOIFI Shariah Standard No. 21 in plain languageThe most widely used standard for halal stock screening: the two-step test, the three ratios and how it differs from other methods.
Halal is the first question. The second: when to enter?
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This is neither investment advice nor a fatwa. Screening is based on public financial statements and AAOIFI standard No. 21; data may lag. For a personal decision consult your own scholar.