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US EQUITIES CLOSED CRYPTO 24/7
HALAL TRADING ROOM Sharia-screened signals
TERMINAL
Two standards, compared on real companies

S&P Shariah vs MSCI Islamic

Both standards screen the same issuers from the same filings. They reach a different verdict on 4,796 of the 16,361 companies each of them can decide.

4,796
Companies they disagree on
29.3%
Of those both can decide
2,885
S&P Shariah passes, MSCI Islamic does not
1,911
MSCI Islamic passes, S&P Shariah does not
Where the difference comes from
S&P ShariahMSCI Islamic
Debt ceiling 33.0% 33.33%
Measured against 36-month average market cap total assets
Issuers passing 5,849 8,965
Could not establish 28,870 14,379

These differ on both levers: the ceiling (33.0% against 33.33%) and, more importantly, the denominator (36-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 S&P Shariah, fails MSCI Islamic · 12 of 2,885

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

Passes MSCI Islamic, fails S&P Shariah · 12 of 1,911

PFE · IART · NOV · DVN · EML · VSH · ADDYY · KDP · SWK · FUWAY · AIR · KPLUY

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 9,584 companies — 32.2% of those both can decide. AAOIFI vs FTSE Shariah 8,399 companies — 28.3% of those both can decide. AAOIFI vs Usmani 7,719 companies — 26.0% of those both can decide. Usmani vs MSCI Islamic 5,200 companies — 16.9% of those both can decide. Dow Jones Islamic vs MSCI Islamic 4,462 companies — 26.9% of those both can decide. MSCI Islamic M-Series vs FTSE Shariah 4,424 companies — 27.0% of those both can decide.
Why standards disagree at all The two levers, across all seven standards. S&P Shariah Screening Its ceiling, denominator and results in full. MSCI Islamic Screening Its ceiling, denominator and results in full.