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HALAL TRADING ROOM Sharia-screened signals
TERMINAL
Two standards, compared on real companies

Dow Jones Islamic vs MSCI Islamic

Both standards screen the same issuers from the same filings. They reach a different verdict on 4,466 of the 16,561 companies each of them can decide.

4,466
Companies they disagree on
27.0%
Of those both can decide
2,449
Dow Jones Islamic passes, MSCI Islamic does not
2,017
MSCI Islamic passes, Dow Jones Islamic does not
Where the difference comes from
Dow Jones IslamicMSCI Islamic
Debt ceiling 33.0% 33.33%
Measured against 24-month average market cap total assets
Issuers passing 5,302 8,964
Could not establish 28,694 14,420

These differ on both levers: the ceiling (33.0% against 33.33%) and, more importantly, the denominator (24-month average 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.

Companies they split on

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.

Passes Dow Jones Islamic, fails MSCI Islamic · 12 of 2,449

ADMA · EXLS · TEM · AGYS · OONEF · YZOFF · YMT · ILAG · ADDHY · FTAI · FRRDF · REFR

Passes MSCI Islamic, fails Dow Jones Islamic · 12 of 2,017

PFE · ACB · IART · NOV · DVN · EML · SEG · VSH · ADDYY · KDP · SWK · FUWAY

Neither one is the right answer

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.

Other pairs that disagree most

AAOIFI vs MSCI Islamic 9,581 companies — 32.2% of those both can decide. AAOIFI vs FTSE Shariah 8,393 companies — 28.3% of those both can decide. AAOIFI vs Usmani 7,716 companies — 26.0% of those both can decide. Usmani vs MSCI Islamic 5,202 companies — 16.9% of those both can decide. S&P Shariah vs MSCI Islamic 4,800 companies — 29.3% of those both can decide. MSCI Islamic M-Series vs FTSE Shariah 4,428 companies — 27.0% of those both can decide.
Why standards disagree at all The two levers, across all seven standards. Dow Jones Islamic Screening Its ceiling, denominator and results in full. MSCI Islamic Screening Its ceiling, denominator and results in full.