S&P Shariah Screening
S&P Shariah Indices (% of 36-mo avg 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.
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.
28,378 issuers carry an unverified result under this standard. Unverified is not a failure and is never counted as one.
- 25,209 because a filing we hold does not contain a number this particular calculation needs.
- 1,288 because the most recent filing we hold is too old to rely on.
- 614 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.
- 1,267 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 · SIBN · TEM · AGYS · QTWO · OONEF · PANW · ALB · YMT
GME · YZOFF · MRNA · RXRX · PRME · BMY · PFE · RPRX · JAGX · PREM · AMC · AI
How this compares
| Standard | Ceiling | Measured against | Passing |
|---|---|---|---|
| S&P Shariah (this page) | 33.0% | 36-month average market cap | 5,856 |
| FTSE Shariah | 33.33% | total assets | 12,757 |
| Usmani | 33.0% | total assets | 12,542 |
| AAOIFI | 30.0% | market cap | 12,254 |
| MSCI Islamic | 33.33% | total assets | 8,899 |
| Dow Jones Islamic | 33.0% | 24-month average market cap | 5,305 |
| 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.