Six worked examples

Real verdicts pulled from our screening engine on May 1, 2026. Each ticker is screened against all three standards (AAOIFI, DJIM, MSCI Islamic) so you can see exactly where the standards agree and where they diverge.

1. AAPL — Apple Inc. ✓ PASS all three

AAPL NASDAQ · Technology / Consumer Electronics

Standard	Sector	Debt ratio	Cash ratio	AR ratio	Verdict
AAOIFI	PASS	2.48%	1.37%	11.07%	PASS
DJIM	PASS	2.48%	1.37%	2.37%	PASS
MSCI Islamic	PASS	27.46%	15.23%	26.30%	PASS

All three ratios well within thresholds for every standard. Notice how the ratios shift between standards because AAOIFI/DJIM use 24-month avg market cap as denominator, while MSCI uses total assets — same balance sheet, different yardstick.

2. RY — Royal Bank of Canada × FAIL all three

RY NYSE · Financial Services / Banks — Diversified

Standard	Sector	Debt ratio	Cash ratio	AR ratio	Verdict
AAOIFI	FAIL	218.65%	35.03%	0.58%	FAIL
DJIM	FAIL	218.65%	35.03%	40.39%	FAIL
MSCI Islamic	FAIL	23.46%	3.76%	4.33%	FAIL

Royal Bank fails sector across all three standards (Banks — Diversified is conventional banking, gharar). Even if the sector were to pass, AAOIFI/DJIM would fail it on debt 218% (banks carry massive interest-bearing liabilities relative to equity). MSCI's total-assets denominator masks the debt size, but the sector exclusion still triggers FAIL.

3. MO — Altria Group, Inc. × FAIL all three

MO NYSE · Consumer Defensive / Tobacco

Standard	Sector	Debt ratio	Cash ratio	AR ratio	Verdict
AAOIFI	FAIL	21.17%	3.68%	0.75%	FAIL
DJIM	FAIL	21.17%	3.68%	3.90%	FAIL
MSCI Islamic	FAIL	73.42%	12.78%	13.53%	FAIL

Sector-fail (Tobacco). Notice MSCI's debt ratio of 73% — Altria's debt is large relative to total assets, but the sector exclusion is the dominant reason for the fail. Even alcohol/tobacco companies with clean ratios are excluded by sector across all three standards.

4. SHOP — Shopify Inc. … PASS AAOIFI/DJIM, FAIL MSCI

SHOP TSX/NYSE · Technology / Software — Application

Standard	Sector	Debt ratio	Cash ratio	AR ratio	Verdict
AAOIFI	PASS	0.11%	3.49%	2.77%	PASS
DJIM	PASS	0.11%	3.49%	3.75%	PASS
MSCI Islamic	PASS	1.24%	37.97%	40.74%	FAIL

This is the classic divergence example. Shopify's balance sheet is mostly cash — great for solvency, problematic under MSCI Islamic which caps cash + interest-bearing securities at 33.33% of total assets. AAOIFI and DJIM use mkt-cap denominator so the cash ratio shrinks to 3.5%. Same company, same balance sheet — different denominators yield different verdicts.

5. ENB — Enbridge Inc. × PASS sector, FAIL ratios

ENB TSX/NYSE · Energy / Oil & Gas Midstream

Standard	Sector	Debt ratio	Cash ratio	AR ratio	Verdict
AAOIFI	PASS	87.86%	0.91%	3.24%	FAIL
DJIM	PASS	87.86%	0.91%	6.82%	FAIL
MSCI Islamic	PASS	48.18%	0.50%	3.74%	FAIL

Pipelines pass the sector test (energy infrastructure is permissible). But Enbridge's interest-bearing debt is 88% of trailing market cap and 48% of total assets — well above all three thresholds. Capital-heavy pipeline operators commonly fail on debt regardless of standard.

6. HLAL — Wahed FTSE USA Shariah ETF ✓ Pre-certified PASS

HLAL NASDAQ · ETF / Sharia-compliant by mandate

Standard	Sector	Debt	Cash	AR	Verdict
AAOIFI	PASS	—	—	—	PASS
DJIM	PASS	—	—	—	PASS
MSCI Islamic	PASS	—	—	—	PASS

ETFs are funds, not corporations — they don't carry their own balance sheet. For ETFs whose mandate is Sharia compliance (HLAL, SPUS, SPSK, UMMA, SPRE, SPTE), we mark them as pre-certified and skip ratio screening, since the fund manager has already screened the underlying holdings against the same standards.

All ratio values are real, computed from yfinance balance-sheet and market-cap data on May 1, 2026. Educational use only — sharia compliance must be confirmed by your qualified scholar.

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