Sharia-compliant equity investing is often introduced through its exclusions — no alcohol, no tobacco, no conventional finance. That framing is true but incomplete. The investable universe for a Sharia mandate is not produced by a single negative list. It is produced by a two-tier filter applied on a rolling basis to every name in the parent benchmark, with quantitative thresholds that are nearly as strict as the qualitative ones.
Most institutional allocators eventually adopt the methodology codified by AAOIFI and operationalised by index providers such as S&P Dow Jones, MSCI, and FTSE Russell. Understanding the mechanics is essential before benchmarking, building a custom basket, or interpreting the tracking error of a Sharia-compliant ETF.
المستوى 1 — فحص النشاط التجاري
الفلتر الأول يستبعد الشركات التي يأتي دخلها الأساسي من أنشطة غير مباحة:
- البنوك التقليدية والتأمين وسائر الخدمات المالية الربوية.
- إنتاج أو توزيع الكحول والتبغ ومنتجات الخنزير.
- القمار والكازينوهات والترفيه غير المتوافق مع الشريعة.
- الأسلحة والدفاع — مقيّدة عادةً مع تفاوت علمي في الأسماء مزدوجة الاستخدام.
- الشركات التي يتجاوز دخلها غير النقي حدًّا يسيرًا (عادةً 5%).
The 5% impure-revenue allowance is the pragmatic concession that lets the framework engage real-world conglomerates: an airline that earns minor interest on its cash, or a hotel group with a small bar contribution, can remain investable provided the impure share is small and the residual income is purified.
المستوى 2 — فحص النسب المالية
The second filter targets the balance sheet. A company that operates an entirely permissible business can still fail if it is excessively leveraged with conventional debt or holds large interest-bearing positions. The most widely used ratios are:
- إجمالي الدين الربوي مقسومًا على متوسط القيمة السوقية لـ24 شهرًا — يجب أن يقل عن 33%.
- النقد والأوراق المالية الربوية مقسومة على متوسط القيمة السوقية لـ24 شهرًا — يجب أن تقل عن 33%.
- الذمم المدينة مقسومة على إجمالي الأصول — يجب أن تقل عن 49% (أو 33% في القراءات الأشد لأيوفي).
Providers differ on details. AAOIFI traditionally uses total assets in the denominator; S&P Dow Jones and Russell use trailing-average market cap, which can produce more volatile results. Knowing which denominator your benchmark uses matters: a tech name near the threshold can drop in or out across a re-balance solely because of share-price moves.
الانعكاسات التشغيلية
Compliance is dynamic. Names enter and exit the eligible set quarterly as financial ratios update. Allocators running custom mandates therefore need a live data feed from a recognised screening provider, a defined re-balance cadence, and a documented sell-down procedure for newly non-compliant holdings. The grace period varies — typically 30 to 90 days — and should be agreed with the Sharia supervisory board in advance.
The result of running both filters on a global parent benchmark is roughly a 35–60% reduction in the eligible universe, with substantial sector tilts toward technology, healthcare, materials, and energy.
«التوافق ليس شهادة تُمنح مرة واحدة. إنه سير عمل.»