Both standards screen the same issuers from the same filings. They reach a different verdict on 5,130 of the 19,439 companies each of them can decide.
| AAOIFI | FTSE Shariah | |
|---|---|---|
| Debt ceiling | 30.0% | 33.33% |
| Measured against | market cap | total assets |
| Issuers passing | 6,852 | 8,037 |
| Could not establish | 10,301 | 10,104 |
These differ on both levers: the ceiling (30.0% against 33.33%) and, more importantly, the denominator (market cap against total assets).
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 — nothing about the business changed, but the verdict did. How often each lever is the one that splits a pair is measured across every pair here.
Real issuers from HTR's corpus. Open any of them for the ratio each verdict rests on — which is the thing that makes a disagreement checkable rather than merely stated.
OONEF · ADDHY · FTAI · REFR · NMTC · TAYD · ZTS · RPRX · MU · ACFN · ERII · STAA
ADTN · PFE · PREM · ACB · CGC · JZ · CAN · IART · SNAL · EML · SEG · XTIA
HTR does not have a view on which of these two standards you should follow. They are both published, both applied by real index providers, and both defensible — they simply define the question differently. Which definition applies to you is a matter for your own scholarship.
What HTR can do is compute both honestly, show you where they part company, and never hide the split behind a single blended score.