MSCI Islamic M-Series Screening

A 36-month trailing average of market capitalisation. The smoothest of the market-based denominators, and the slowest to reflect a genuine change in leverage.

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.

28,109 issuers carry an unverified result under this standard. Unverified is not a failure and is never counted as one.

• 24,966 because a filing we hold does not contain a number this particular calculation needs.
• 1,281 because the most recent filing we hold is too old to rely on.
• 596 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.
• 1,266 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.

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