Different Shariah screening apps can reach different conclusions about the same stock. This is normal and expected. Here's why.
Different screening standards
Zoya uses AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) as its default screening standard. Other apps may use standards from S&P, MSCI, Dow Jones, or their own Shariah boards. Each applies different thresholds and criteria.
For example, AAOIFI uses market capitalization as the denominator for certain financial ratios, while other standards use total assets. This alone can cause the same company to pass one screen and fail another.
Different data sources and update timing
Screeners may use different financial data providers or update on different schedules. Zoya updates compliance reports in line with each company's reporting cycle, which is typically quarterly for US companies and semi-annually or annually for international companies. Another app may be working with older data.
Different interpretations of business activity
Some industries fall into gray areas where scholars hold differing opinions. For example, companies involved in mixed-use real estate, conventional insurance, or advertising may be assessed differently depending on the Shariah board's interpretation of permissible business activity.
What you can do
Tap on any stock in Zoya to view the full compliance breakdown, including exact financial ratios and business activity details.
Zoya Pro subscribers can switch between multiple screening methodologies in Settings to compare how a stock performs under different standards.
If a stock is borderline (close to a threshold), small differences in data or methodology can tip it either way. The detailed report helps you assess this.
Shariah compliance thresholds are scholarly guidelines. Zoya provides the underlying data so you can make informed decisions. For more on how Zoya determines compliance, see How do you determine Shariah compliance?