PurindexTools / Shariah ratio calculator
Shariah ratio calculator
Screen any company yourself.
Enter figures from an annual report. See the four tests fill in, and how the result changes across AAOIFI, S&P, MSCI and Dow Jones.
Use one currency and unit for every figure, for example millions of dollars.
permissible core business
limit 5%
limit 30%
limit 30%
| Standard | Debt measured against | Impure revenue | Debt | Cash | Result |
|---|---|---|---|---|---|
| AAOIFI No. 21 | Market cap | — / 5% | — / 30% | — / 30% | Insufficient data |
| S&P Shariah | 36-month average market cap | — / 5% | — / 30% | — / 30% | Insufficient data |
| MSCI Islamic | Total assets | — / 5% | — / 33.33% | — / 33.33% | Insufficient data |
| Dow Jones Islamic | 24-month average market cap | — / 5% | — / 30% | — / 30% | Insufficient data |
Limits: impure revenue below 5% for all four; debt and cash below 30% (AAOIFI, S&P, Dow Jones) or 33.33% (MSCI). Doubtful means within 10% of a limit, a Purindex flag. S&P, MSCI and Dow Jones also test accounts receivable, which this calculator does not include.
Everything is calculated in your browser from the figures you enter; nothing is stored or sent. Scholars differ on some of these rules, so treat the result as a careful estimate and ask a qualified scholar for a personal ruling. Information only, not investment advice. Rules last checked 2 November 2026.
Where to find each figure
Interest-bearing debt is short- and long-term borrowings on the balance sheet, including bonds and, under most standards, lease liabilities. Cash and interest-bearing securities are cash, deposits and short-term investments. Impermissible income is mostly interest income, found under finance income.
Market capitalisation is the share price times shares outstanding. For S&P and Dow Jones, enter the average over 36 or 24 months if you have it; otherwise the calculator uses today’s figure and says so.
Want it done for you?
Purindex screens thousands of listed companies from their filings and names the source for every figure. Search the screener, or read how it works in the methodology.
Questions
- How do I check if a stock is halal?
- First check the business: its core activity must be permissible. Then check three financial ratios: interest-bearing debt, interest-bearing cash and securities, and impermissible income. Each must stay below the limit set by the standard you follow.
- What are the AAOIFI screening ratios?
- Under AAOIFI Shariah Standard No. 21, interest-bearing debt and interest-bearing deposits must each be below 30% of market capitalisation, and impermissible income below 5% of total revenue.
- Why do standards give different results?
- They measure against different things. AAOIFI uses current market cap, S&P and Dow Jones use an average market cap over 36 or 24 months, and MSCI uses total assets with a 33.33% limit. A company with a falling share price can fail AAOIFI and still pass MSCI.
- What does doubtful mean?
- Purindex flags a result as doubtful when a ratio is within 10% of its limit. It is not a category in the standards; it marks a company that could cross the line with its next report.
- Is this the official S&P, MSCI or Dow Jones result?
- No. It applies each standard's published thresholds to the figures you enter. Official index membership is decided by each provider, and their screens include an accounts-receivable test that this calculator leaves out.
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