Both standards screen the same issuers from the same filings. They reach a different verdict on 1,652 of the 15,811 companies each of them can decide.
| AAOIFI | S&P Shariah | |
|---|---|---|
| Debt ceiling | 30.0% | 33.0% |
| Measured against | market cap | 36-month average market cap |
| Issuers passing | 6,852 | 5,897 |
| Could not establish | 10,301 | 14,646 |
These differ on both levers: the ceiling (30.0% against 33.0%) and, more importantly, the denominator (market cap against 36-month average market cap).
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.
YZOFF · RPRX · NOV · DVN · PPIH · VSH · ADDYY · PENG · FUWAY · AIR · KPLUY · SNX
YMT · ILAG · ADTN · ACB · NXL · JZ · CAN · PCLA · SNAP · OTIS · SNAL · SEG
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.