If you open Hudood Financial today, you will find prices, charts, watchlists, portfolios and a Zakaat calculator. You will not find a Halal, Haram or Doubtful label on any stock or coin. That is deliberate, and this article explains why.
A verdict is a claim about evidence
Saying a company is Halal is saying something specific: that its business is permissible, that its debt, cash and receivables are within set limits, and that its impermissible income is small enough to purify. Each of those needs a figure, and each figure has to come from somewhere reliable and recent.
When we reviewed how screening results had been produced, we were not satisfied that every published verdict could be traced back to current, verifiable figures. A verdict we cannot evidence is one we should not show. So we removed them all while we rebuild.
What the new method checks
The method we are preparing screens a company in two stages:
- Business screening. A company is screened out when a prohibited activity is a principal activity, a reported segment, or more than 5% of its revenue. Prohibited activities include riba-based finance, alcohol, gambling, pork, tobacco, adult content and impermissible entertainment.
- Financial screening. Interest-bearing debt, cash and interest-bearing investments, and receivables are each measured against the company's total assets, and impermissible income against its revenue.
There will be three levels to choose from. Itqan follows the AAOIFI benchmarks (for example, debt up to 30% of assets and impermissible income up to 5%); Ehtiyat and Taqwa are stricter, down to 15% and 1%. The full thresholds are on our Hudood Financial page.
Evidence first
A new verdict will only be published when it rests on the company's own recent disclosures, is dated, and has passed review. Where the evidence is missing or unclear, the answer will be no verdict at all, never a guess in either direction.
What you can do in the meantime
Use Hudood Financial for what it offers today: market data, watchlists, portfolio tracking and Zakaat. If you need a screening decision now, established Shariah indices publish their constituents, and a qualified scholar can advise you on a specific holding.