September 2026: stocks that left and joined the halal list

This is the first issue of our monthly series: what changed on the halal list each month, and why. The numbers come from our screener's event log (September 1–30, 2026, as of October 2).

For the general explanation of why a status changes at all, see: Why does a stock's halal status change?

The numbers in brief

Comparing each stock's status at the start and end of the month (round-trips within the month aren't counted):

132 stocks left the halal list: 118 became "haram" (a financial ratio or business activity), 11 became "doubtful", 3 went to manual re-review;
105 stocks joined the halal list: 92 were previously "haram", 8 "doubtful", 5 "undetermined";
50 new tickers entered the universe (new listings).

As of October 2 the universe holds 1,409 halal, 418 doubtful, 104 undetermined and 3,596 rejected stocks. Live statistics: methodology.

Leavers: the debt and cash limits

Most stocks that left the list share one reason — one of the financial ratios crossed its limit. Notable examples:

Debt ratio over 30%:

Diamondback Energy (FANG) — 31.5%
APi Group (APG) — 30.7%
JBT Marel (JBTM) — 32.5%
James Hardie (JHX) — 32.7%
Ternium (TX) — 40.8% (interest-bearing assets also 36.5%)
CECO Environmental (CECO) — 50.4%
QXO (QXO) — 90.7% (interest-bearing assets also 35.7%)

Cash and interest-bearing assets over 30%:

Note that several crossed the limit by only 0.5–3 points. Such stocks may return in later quarters — the ratio moves both ways with each filing and with the average market capitalisation.

A stock sitting near the limit means "re-check every quarter". If a stock you hold shows a ratio of 25–29%, keep an eye on it.

Joiners — and one important fix

Some joiners are the ordinary case: the company's ratios fell below the limits. BridgeBio Pharma (BBIO) and Viavi Solutions (VIAV), for example, joined early in the month.

The large wave on September 27–30 has a different cause. We fixed an error in how we handled foreign companies (ADRs): their balance sheets are reported in their own currency (yen, Taiwan dollars, reais…) while market capitalisation is in dollars. The two hadn't been compared correctly, and a number of foreign companies had been rejected without reason. After the fix they were re-screened and many came out halal — including:

These changes happened in our calculation, not in the companies themselves. We say so openly: when an error is found, it gets fixed and the re-screen is visible to everyone. Work on foreign stocks continued into early October, so re-check their status on the stock page.

Takeaways from this month

The list changes by dozens of stocks every month — that's normal, not a bug.
Stocks near a limit move in and out the fastest.
Keep checking the current status of each stock you hold in the halal stocks list.

Next issue — early November, with October's changes.

This article is for information only and is not a fatwa. Consult your own scholar for a final religious ruling. Not investment advice either.

Stocks mentioned in this article