AAOIFI Shariah Screening
AAOIFI Standard 21 (% of market cap). Every figure on this page is what HTR's own engine computed when it applied this standard to the filings it holds — not a description of the standard copied from elsewhere.
Market capitalisation on the screening date. A falling share price raises this ratio without the company borrowing anything, so a verdict under this standard can change on market movement alone.
The ceilings across all seven standards HTR computes sit between 30% and 33.333% — a three-point spread. The denominators differ far more: a company whose market capitalisation halves has a debt ratio that doubles under a market-cap standard and does not move at all under an asset-based one. That is why two honest screeners reach opposite verdicts on the same company, and the measured split is here.
14,354 issuers carry an unverified result under this standard. Unverified is not a failure and is never counted as one.
- 11,353 because a filing we hold does not contain a number this particular calculation needs.
- 1,323 because the most recent filing we hold is too old to rely on.
- 643 because the numbers failed a plausibility check — debt exceeding total liabilities, an implied interest rate outside any real range — and the engine declined to publish a verdict rather than publish a wrong one.
- 1,035 with no reason recorded against them.
A standard measuring debt against a 36-month average market cap needs three years of market history; one measuring against total assets needs a balance sheet line that some filers report differently. Where the input is missing, the answer is that it is missing — and where the input is present but implausible, the answer is still that we do not know, which is the honest one.
Worked examples from HTR's corpus
Real issuers, with this standard's own verdict on them. Each links to the full ratio breakdown, including what every other standard said.
OSS · AAPL · ADMA · EXLS · BMNR · SIBN · TEM · AGYS · QTWO · OONEF · PANW · YZOFF
GME · PMI · YMT · ILAG · ADTN · RITR · MRNA · RXRX · PRME · BMY · PFE · JAGX
How this compares
| Standard | Ceiling | Measured against | Passing |
|---|---|---|---|
| AAOIFI (this page) | 30.0% | market cap | 12,255 |
| FTSE Shariah | 33.33% | total assets | 12,751 |
| Usmani | 33.0% | total assets | 12,539 |
| MSCI Islamic | 33.33% | total assets | 8,895 |
| S&P Shariah | 33.0% | 36-month average market cap | 5,854 |
| Dow Jones Islamic | 33.0% | 24-month average market cap | 5,304 |
| MSCI Islamic M-Series | 33.33% | 36-month average market cap | 5,135 |
Ordered by how many issuers pass, which is not a ranking. No standard here is better than another; they answer the same question with different definitions, and which definition applies to you is a question for your own scholarship, not for a screener.