Is HEPS halal?
D-Market Electronic Services &
Halal
D-Market Electronic Services & passed every check under AAOIFI Shariah standard No. 21: no prohibited business activity, and all three financial ratios are within limits.
Checked: 15 October 2026
Exchange
NASDAQ
Price
2.71
Day
-0.73%
Market cap
$1.17B
Industry
Internet Retail
Sector
Consumer Cyclical
What the company does
D-Market (Hepsiburada, Turkey) is one of Turkey's largest online marketplaces: goods from its own warehouses and third-party sellers, delivery, and the Hepsipay payment service. Controlled by Kazakhstan's Kaspi.kz since 2025. Money comes from product sales and seller commissions.
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
No prohibited activity
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $47.82M ÷ 36-month average market cap $824.40M = 5.8%
5.8%
Pass
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $182.63M ÷ 36-month average market cap $824.40M = 22.1%
22.1%
Pass
Non-compliant income / total revenue
limit 5%
Interest income $83.56M ÷ annual revenue $1.71B (2025) = 4.9%
4.9%
Pass
Figures from the company's filings (2026-06-30), USD. Market cap is a 36-month average (the S&P Shariah index approach), so a one-day price move does not flip the verdict. Today's market cap: $1.17B.
For information (AAOIFI 3/1 note): cash + receivables are 43.4% of total assets (2026-06-30). AAOIFI recommends tangible assets of at least one third — this figure does not affect the verdict, and other major screeners do not apply it either.
In the lists
- In the S&P 500
- Not in the S&P 500
- Among halal stocks
- 0.00% · #862 of 1454
- Held by funds
- Not held by any tracked fund
Manually reviewed — clean
The industry was flagged as sensitive, so the company's filings were checked by hand on 30 September 2026. Conclusion:
Hepsiburada (D-MARKET, Turkiya; 2025 dan Kaspi.kz nazoratida) — marketpleys + 1P chakana, HepsiJet yetkazish, Hepsipay, reklama. Iste'mol krediti (Hepsi Finansman) + BNPL foizi birga ≤ ~3.5% (2025: TRY 84.65 mlrd daromad) — 5% dan past. Turkiyada alkogolni onlayn sotish taqiqlangan. ⚠️ Chegaraga yaqin: moliyaviy skrin uchun muddatli depozit foizi TRY 2.70 mlrd (~3.2%) — jami foiz daromadi ~6.7%; kredit o'ssa qayta qarash kerak
Halal stocks in the same industry
The largest halal stocks in Internet Retail — for comparison.
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Halal is the first question. The second: when to enter?
Our scanner watches 1454 halal stocks around the clock and fires a signal with entry, TP and SL when a technical setup completes. The full signal history — with outcomes — is public.
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.