How we screen for halal
Our screener follows AAOIFI Shari'ah Standard No. 21. We don't copy a third-party list — we compute every stock ourselves from primary filing data.
5 885
Universe
1 532
Halal
3 862
Rejected
386
Doubtful
0
Unverified
105
Undetermined
Last checked: 26 August 2026
The universe — from the official source
We take the ticker list from NASDAQ Trader's official daily symbol directory. That's the exchange's own source: new listings appear, delistings disappear. NASDAQ and NYSE common stocks only.
Business activity
First we look at what the company actually does. Riba (banking, credit, mortgages), insurance, gambling, alcohol, tobacco, pork, weapons and adult content are rejected no matter how clean the financial ratios look. AAOIFI allows 0% tolerance at this step.
See the full list of blocked categories →Some impermissible activity isn't visible from the industry label (pork under «Packaged Foods», weapons under «Aerospace & Defense»). Segment revenue isn't disclosed, so we curate these cases by hand into a separate list.
Stricter than AAOIFI on some fronts
On a few activities we go beyond AAOIFI. AAOIFI does not explicitly prohibit film or music (its Shari'ah Board was chaired for years by the Hanafi scholar Mufti Taqi Usmani), but FTSE Shariah and Dow Jones Islamic do list them, and scholars disagree. We don't settle a disagreement by calling something «haram» — we mark such companies «doubtful» and keep them out of the universe. These are: film/TV studios and streamers, cinema exhibition, music streaming and the concert business. Sports, news and device makers are NOT included.
Three financial ratios
A company with clean activity then passes three AAOIFI ratios. All three must be under the limit — one breach rejects the stock.
Interest-bearing debt
< 30%Total debt ÷ market capitalisation
How much of the company is financed by interest-bearing debt. Above the limit, a material part of the business rests on riba.
Interest-bearing assets
< 30%(Cash + short- and long-term interest-bearing securities) ÷ market capitalisation
Whether this is really an operating business or a pile of cash earning interest. Above the limit, you'd be investing in a deposit, not a business. Long-term bonds count too: the «12 months» line is an accounting convention, and riba in month 13 is still riba. Equity stakes in joint ventures do not count — they earn no interest.
Non-permissible income
< 5%Interest and other non-permissible income ÷ total revenue
Even a clean business earns some interest (money in the bank). AAOIFI treats up to 5% as incidental — but that income must be purified.
Market capitalisation — a 36-month average
The denominator is not today's market price but the trailing 36-month (12-quarter) average capitalisation. Why: a one-day price jump must not make a company halal. If the stock rises 40%, the debt ratio drops by itself — yet the debt hasn't gone anywhere. The average removes that noise and matches the S&P Shariah index methodology.
The verdict
Halal
Clean activity and all three ratios under the limit. The scanner only emits signals on these.
Haram
Prohibited activity, or one of the ratios breached. Excluded from the universe entirely.
Doubtful
Permissible and impermissible are mixed and can't be measured precisely, or scholars disagree. We exclude it, but we don't falsely label it «haram» either.
Undetermined
Not enough data, or the filing is stale. When in doubt, we exclude (fail-closed).
Purification
Even a halal stock may carry a small amount of interest income. To keep the holding clean, that share of the dividend should be calculated and given away in charity. We show the purification percentage for every halal stock in the dashboard.
Data source and freshness
Quarterly filing data
Debt, cash and revenue figures come from the company's most recent quarterly report — not the annual one.
Staleness guard
If the filing is older than 15 months, the data is treated as unreliable and the stock is not marked halal.
Fail-closed by design
If we can't fetch or compute a figure, the result is «undetermined», NOT «halal». Doubt is never resolved in favour of permissibility.
Daily re-check
A cron re-evaluates part of the universe every day — when a new filing lands or capitalisation shifts, the status changes. Halal status isn't a label set once.
What we can't do yet
To be transparent: segment revenue (for instance the insurance share inside a conglomerate) isn't disclosed by many companies. We review those by hand, but that process isn't automated. Nor can we split cash into its interest-bearing and non-interest-bearing parts — a company's operating cash for payroll is counted too, so on that side we are stricter than necessary. So our result is independent analysis, not a fatwa.
This page is for information. For a final religious ruling, consult your own scholar. A screening result is not investment advice either.