Mizan

Where the four standards disagree

Every large US company in our coverage, screened today under AAOIFI, Dow Jones Islamic, S&P Shariah and MSCI. These are the ones that pass under one standard and fail under another.

136 of 391

companies get different verdicts depending on which standard you follow, 35% of those screened.

71

pass all three market-value standards but fail MSCI, whose test uses total assets instead of share price.

40

fail all three market-value standards but pass MSCI.

The companies

As of 23 September 2026. Click a ticker for the numbers behind each verdict. An asterisk marks a ratio within one percent of its threshold, where a small price move flips the result. Hover over a verdict to see the ratio.

CompanyAAOIFIDow JonesS&PMSCI
ABBVPassPassPassFail
ALLEPassPassPassFail
AMGNPassPassFailFail
APAPassFailFailPass
APHPassPassPassFail
APPPassPassPassFail
ATOFailFailFailPass
AVGOPassPassPassFail
AVYPassPassPassFail
AZOPassPassPassFail
BAPass*PassFail*Pass
BACFailFailFailPass
BDXFailPassPassFail
BKNGPassPassPassFail
BKRPassPass*FailPass
BLDRFailFailPassFail
BNYFailFailFailPass
BRPassPassPassFail
BROFailPassPassPass
CFailFailFailPass
CATPassPassPassFail
CDWPass*PassPassFail
CFGFailFailFailPass
CIFailFailFailPass
CLPassPassPassFail
CLXPassPassPassFail
CNCFailFailFailPass
COFFailFailFailPass
CRLPassPassPassFail
CRMPassPassPassFail
CSXPassPassPassFail
CVSFailFailFailPass
DALPassPassFailPass
DOWFailFailFailPass
EBAYPassPassPassFail
ECLPassPassPassFail
EFXPassPassPassFail
ELVFailFailPassPass
EQIXPassPassPassFail
ETNPassPassPassFail
FDXFailFailFailPass
FICOPassPassPassFail
FITBFailFailFailPass
GEHCFailPassPassPass
GILDPassPassPassFail
GPNFailFailFailPass
HASPassFail*FailFail
HBANFailFailFailPass
HDPassPassPassFail
HLTPassPassPassFail
HONFailPassPassFail
HPEPassFailFailPass
HPQFailFailFailPass
HSICFailFailFailPass
HSYPassPassPassFail
HUMFailFailFailPass
IBMPass*PassPassFail
IPFailFailFailPass
ITPassPassPassFail
ITWPassPassPassFail
JPassPassPassFail
KDPFailFailFailPass
KEYFailFailFailPass
KHCFailFailFailPass
KLACPassPassPassFail
KMBPassPassPassFail
KOPassPassPassFail
KRFailFailFailPass
LFailFailFailPass
LDOSFailPass*Fail*Fail
LITEPassPassPassFail
LLYPassPassPassFail
LMTPassPassPassFail
LOWFailPassPassFail
MAPassPassPassFail
MARPassPassPassFail
MASPassPassPassFail
MCDPassPassPassFail
MCHPPassPassPassFail
MCOPassPassPassFail
MGMFailFailFailPass
MMMPassPassPassFail
MOPassPassPassFail
MOSFailFailFailPass
MPCPassFailFailFail
MRKPassPassPassFail
MRSHPassPassPassFail*
MSFailFailFailPass
MSCIPassPassPassFail
MSIPassPassPassFail
MTBFailFailFailPass
MTDPassPassPassFail
NSCPassPassPassFail
NXPIPassPassPassFail
OMCFailFailFailPass
ORLYPassPassPassFail
OTISPassPassPassFail
PEPPassPassPassFail
PFEFailFailFailPass
PKGPassPassPassFail
PLDPassPassPassFail
PMPassPassPassFail
PNCFailFailFailPass
PRUFailFailFailPass
PSAPassPassPassFail
PSXPassFailFailPass
RCLFailPassFailFail
RSGPassPassPassFail
SBUXPassPassPassFail
SHWPassPassPassFail
SREFailFailFailPass
STXPassPassPassFail
SWKFailFailFailPass
SYFFailFailFailPass
TFailFailFailPass
TFCFailFailFailPass
TMOPassPassPassFail
TPRPassPassPassFail
TRGPPass*FailFailFail
TXNPassPassPassFail
UALFailFailFailPass
UNPPassPassPassFail
UPSPassPassPassFail
URIPassPassPassFail
VLTOPassPassPassFail
VMRKFailPassPassFail
VRSKPassPassPassFail
VSTFailPassFailFail
VTRPassFailFailFail
WBDFailFailFailPass*
WFCFailFailFailPass
WMPassPassPassFail
WYFailPassPassFail
YUMFailPassPassFail
ZBHFailFailFailPass
ZTSFailPassPassFail

What this does and does not cover

These are the financial-ratio screens only, being interest-bearing debt against each standard's own measure of size. Every standard also excludes businesses by activity, for example conventional banking, alcohol or gambling, and that screen is not applied here, so passing a ratio screen does not make a company permissible on its own. 23 companies are left out because their latest filings do not report debt in a form the screen can read, which is common for banks and insurers, and 10 more lack the market history one of the averaged standards needs.

Method and rules: API documentation. Research: Price-Driven Churn in Islamic Equity Screening. Mizan is research output, not investment advice and not a fatwa.