Usmani Shariah Screening
Usmani (% of total assets). 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.
Total assets from the balance sheet. Moves only when the company's own figures move, so verdicts are steadier -- and slower to reflect a change in how the market values the business.
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.
14,571 issuers carry an unverified result under this standard. Unverified is not a failure and is never counted as one.
- 11,475 because a filing we hold does not contain a number this particular calculation needs.
- 1,369 because the most recent filing we hold is too old to rely on.
- 664 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.
- 1,063 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.
AAPL · ADMA · EXLS · BMNR · SIBN · TEM · AGYS · QTWO · PANW · YZOFF · ALB · AMBBY
GME · PMI · OONEF · MTWO · YMT · ILAG · RITR · AXGN · ADDHY · FTAI · FRRDF · REFR
How this compares
| Standard | Ceiling | Measured against | Passing |
|---|---|---|---|
| Usmani (this page) | 33.0% | total assets | 12,636 |
| FTSE Shariah | 33.33% | total assets | 12,855 |
| AAOIFI | 30.0% | market cap | 12,386 |
| MSCI Islamic | 33.33% | total assets | 8,967 |
| S&P Shariah | 33.0% | 36-month average market cap | 5,849 |
| Dow Jones Islamic | 33.0% | 24-month average market cap | 5,303 |
| MSCI Islamic M-Series | 33.33% | 36-month average market cap | 5,133 |
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.