Data sources
Index weights
The weight of each stock is automatically scraped from SlickCharts (slickcharts.com), which aggregates data from reference ETFs: QQQ (Invesco) for the NASDAQ 100 and SPY (SPDR) for the S&P 500. Weights reflect market capitalization and are updated weekly.
Halal screening
The Shariah compliance status of each stock is scraped from Zoya.finance, which uses the AAOIFI standard (Accounting and Auditing Organization for Islamic Financial Institutions). This is the most recognized and strictest standard for stock screening.
AAOIFI standard
The AAOIFI standard evaluates stock compliance based on several financial criteria:
- Core business: the company must not operate in a prohibited sector (alcohol, tobacco, weapons, gambling, pornography, conventional banking, conventional insurance).
- Debt ratio: interest-bearing debt must not exceed 30% of market capitalization.
- Interest income: revenue from interest must not exceed 5% of total revenue.
- Impermissible income: revenue from non-compliant activities must not exceed 5% of total revenue.
Our method
Strict approach: we only include stocks classified as "Halal" by Zoya.finance. Stocks classified as "Questionable" (doubtful) are excluded along with non-compliant stocks. This is the most conservative approach.
Pro-rata redistribution: once non-compliant stocks are removed, the weights of the remaining stocks are redistributed proportionally so the total adds up to 100%. An index of 67 stocks out of 100 will therefore have higher weights for each stock.
LLM validation: in addition to programmatic scraping, we use an LLM (Claude) to verify a random sample of results with each update. This helps detect regressions in the scraping process.
Limitations & disclaimers
Data from scraping: data is automatically collected by scraping third-party websites. It may contain errors, delays, or inaccuracies. We cannot guarantee 100% reliability.
Not financial advice: this site does not provide any investment advice. This is not a buy or sell recommendation. Past performance does not predict future results.
Not religious guidance: the creators of this site are not Islamic scholars. Halal/haram status is provided for informational purposes, based on data from Zoya.finance (AAOIFI standard). We make no commitments from an ethical or religious standpoint.
DYOR: always do your own research. Verify the data with reliable sources. Consult a qualified financial advisor and a trusted Islamic scholar before making any investment decision.
Source code
The source code for this site and all scrapers is fully open-source. You can verify, audit, and contribute:
github.com/Soufi54/halal-nasdaq →