MizanAbout Mizan
Mizan tells you whether a large US stock is Shariah compliant under each of the four screening standards Islamic investors and index providers use, shows where they agree and where they differ, and explains why a stock changed status.
Key facts
| Product | Mizan, a Shariah equity screening service and API |
|---|---|
| What it does | Screens a large US company, or a whole portfolio, under four standards at once and returns the ratio, the threshold and the verdict for each, plus dividend purification and a zakat calculator |
| Standards | AAOIFI (debt to market value on the day, 30%), Dow Jones Islamic Market (debt to 24-month average market value, one third), S&P Shariah (debt to 36-month average market value, one third), MSCI Islamic (debt to total assets, one third) |
| Data | Each company's own SEC filings (XBRL company facts for debt, assets and share counts) and live market prices |
| Coverage | 424 large US companies, mostly S&P 500 names, screened on today's price, with a point-in-time compliance record for each, quarterly from March 2010 to June 2026 |
| Who it is for | Muslim investors, and halal investing apps, robo-advisers, brokers and pension providers who need screening in their product |
| Pricing | Free for personal use and research (no key needed). Mizan Pro alerts £3 a month. Business API: Starter £49 a month, Pro £199 a month with the changes feed |
| Where to use it | This website, the free public API (OpenAPI spec, docs), and AI assistants through its MCP server at https://goodturn-mcp.pages.dev/mizan/mcp |
| Made by | Sandeep Singh Rai, independent researcher and Columbia University alumnus, Birmingham, United Kingdom |
| Research | Price-Driven Churn in Islamic Equity Screening and Disposal Windows and Deferred Forced Selling (SSRN), and a commissioned article in Islamic Finance News, October 2026 |
| Launched | 2026 |
| Contact | [email protected] |
Why four standards
The standards measure debt against different things: market value on the day, a two or three year average, or total assets. So the same company can pass one and fail another. About 35% of the large US companies Mizan screens today do exactly that (see which ones), and over half of AAOIFI status changes in the US panel came from the share price moving rather than any change in the company's debt.
Questions
Is Mizan a fatwa or investment advice?
No. Mizan reports how four published screening standards read a company's own filings and market price. Scholars and your own adviser make the final call.
Which companies does it cover?
424 large US companies, mostly S&P 500 names, each with its compliance history back to 2010.
Does it check business activities as well as debt?
Mizan applies each standard's debt ratio screen, the part where the standards differ most, and shows the numbers behind it so you can check.
Can I build it into my app?
Yes. Every screening endpoint is free for personal use; commercial use needs a business key.