Conventional banking and insurance are excluded under all three Sharia standards (AAOIFI, DJIM, MSCI Islamic) because their core revenue is interest (riba) on deposits/loans, and their balance sheets are dominated by interest-bearing liabilities. Even if you're comfortable with the sector exclusion, banks routinely have debt ratios above 200% of market cap, which fails Gate 2 across the board.
| Ticker | Company | Sector | Debt | Cash | AR | Verdict |
|---|---|---|---|---|---|---|
| RY | Royal Bank of Canada | FAIL | 218.65% | 35.03% | 0.58% | FAIL |
| TD | The Toronto-Dominion Bank | FAIL | 245.50% | 64.88% | 0.72% | FAIL |
| BMO | Bank of Montreal | FAIL | 260.02% | 65.25% | 3.54% | FAIL |
| CM | Canadian Imperial Bank of Commerce | FAIL | 218.96% | 54.06% | 0.53% | FAIL |
| BNS | The Bank of Nova Scotia | FAIL | 327.28% | 68.56% | 0.53% | FAIL |
| NA | Nano Labs Ltd | PASS | 548.51% | 881.41% | 0.03% | FAIL |
| JPM | JPMorgan Chase & Co. | FAIL | 59.57% | 40.91% | 2.52% | FAIL |
| BAC | Bank of America Corporation | FAIL | 96.00% | 62.79% | 2.88% | FAIL |
| WFC | Wells Fargo & Company | FAIL | 76.61% | 69.14% | 1.07% | FAIL |
| C | Citigroup Inc. | FAIL | 164.24% | 156.15% | 2.36% | FAIL |
| GS | The Goldman Sachs Group, Inc. | FAIL | 140.86% | 59.92% | 10.27% | FAIL |
| MS | Morgan Stanley | FAIL | 122.44% | 26.87% | 8.08% | FAIL |
| V | Visa Inc. | FAIL | 4.01% | 3.03% | 3.14% | FAIL |
Verdicts shown for AAOIFI standard. Run any ticker against all three standards in the dashboard. Educational use only — confirm with your qualified scholar.
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