Halal Stocks in Malaysia (2026): Top 10 Shariah Compliance Overview

Under Islamicly's Shariah framework, shares in a listed company may be considered permissible to own and trade when two conditions are met. The underlying business activity and the applicable financial criteria must both satisfy the Shariah screening methodology. That methodology is prescribed by AAOIFI standards and reviewed by Islamicly's globally renowned Shariah Supervisory Board.

Shariah Compliance in Malaysia at a Glance

How Islamicly Screens a Stock

Islamicly applies three-level screening to every listed equity, aligned with AAOIFI Shariah Standard No. 21, with a fourth step governing the income that remains. A company must clear all three screens to earn a compliant rating.

Purification applies to dividends, not capital gains.

Top 10 Stocks in Malaysia by Market Capitalisation

1. Malayan Banking (Maybank)

Maybank is Malaysia's largest bank by assets, operating across Southeast Asia in retail, commercial and investment banking and insurance. It runs one of the world's largest Islamic banking franchises through Maybank Islamic. Despite its large Islamic banking arm, Maybank earns revenue from non-Islamic financing and investments, together with interest income, well in excess of 5% of total revenue. The stock therefore fails the business sector screen. It also fails debt compliance and cash compliance.

2. Public Bank

Public Bank is one of Malaysia's largest banks, focused on retail and small-business lending, with an Islamic banking subsidiary, Public Islamic Bank. Public Bank's non-permissible operating revenue exceeds 5% of total income. The stock therefore fails the business sector screen. It also fails debt compliance and cash compliance.

3. CIMB Group Holdings

CIMB Group is a Malaysian banking group with consumer, commercial, investment and Islamic banking operations across ASEAN, including CIMB Islamic. CIMB's non-permissible operating revenue exceeds 5% of total income. The stock therefore fails the business sector screen. It also fails debt compliance and cash compliance.

4. Tenaga Nasional

Tenaga Nasional is Malaysia's national electricity utility, responsible for generation, transmission and distribution across Peninsular Malaysia and Sabah. A review of the revenue segments found no involvement in non-permissible business activities, with interest revenue below 5% of total revenue. The business sector screen therefore passes. The stock passes both debt compliance and cash compliance, and is classified Shariah-compliant.

5. IHH Healthcare

IHH Healthcare is one of the world's largest private healthcare groups. It operates hospitals and clinics in Malaysia, Singapore, Türkiye, India and Greater China under brands including Pantai, Gleneagles and Mount Elizabeth. Two revenue streams are non-permissible — rent from non-compliant tenants and non-Islamic money-market investments. The company also earns interest income, but together these stay below 5% of total revenue. The business sector screen therefore passes. The stock passes both debt compliance and cash compliance, and is classified Shariah-compliant.

6. Press Metal Aluminium Holdings

Press Metal is Southeast Asia's largest aluminium producer, operating smelters in Sarawak powered largely by hydroelectricity, alongside downstream extrusion. A review of the revenue segments found interest revenue below 5% of total revenue. The business sector screen therefore passes. The stock passes both debt compliance and cash compliance, and is classified Shariah-compliant.

7. Hong Leong Bank

Hong Leong Bank is a Malaysian commercial bank offering retail, business and Islamic banking, and part of the Hong Leong Group. Hong Leong Bank's non-permissible operating revenue exceeds 5% of total income. The stock therefore fails the business sector screen. It also fails debt compliance and cash compliance.

8. YTL Power International

YTL Power International is a multi-utility group with power generation, water, telecommunications and data centre assets in Malaysia, Singapore and the UK, including Wessex Water. YTL Power's interest-bearing investment income and interest income are non-permissible but together stay below 5% of total revenue. The business sector screen therefore passes. The stock fails both debt compliance and cash compliance, and is therefore classified Shariah non-compliant.

9. SD Guthrie

SD Guthrie, formerly Sime Darby Plantation, is one of the world's largest producers of certified sustainable palm oil, with plantations in Malaysia, Indonesia and Papua New Guinea. A review of the revenue segments found no involvement in non-permissible business activities, with interest revenue below 5% of total revenue. The business sector screen therefore passes. The stock passes both debt compliance and cash compliance, and is classified Shariah-compliant.

10. Petronas Chemicals Group

Petronas Chemicals Group is the petrochemicals arm of Petronas, producing olefins, polymers, fertilisers and methanol. A review of the revenue segments found no involvement in non-permissible business activities, with interest revenue below 5% of total revenue. The business sector screen therefore passes. The stock passes both debt compliance and cash compliance, and is classified Shariah-compliant.

Compliance Status Is Dynamic, Not Permanent

Sector-Wise Shariah Screening in Malaysia

Technology and Healthcare clear the highest shares of the larger sectors, at 66% and 64%. Financial is the lowest, at 10% — four of 41. Capital Goods, the largest sector, clears 34%.

About Islamicly

Islamicly is a Shariah-certified app and web platform for screening Shariah-compliant equities. It provides Shariah compliance information for stocks listed on Bursa Malaysia, and for companies listed across global markets.

Screening is carried out against AAOIFI-based standards and reviewed by Islamicly's Shariah Supervisory Board, chaired by Dr. Mohamed A. Elgari (Saudi Arabia), with Dr. Muhammad Amin Qattan (Kuwait) and Dr. Nazih Hammad (Canada). Every classification published by Islamicly, including those in this report, is produced under that framework.

On the app and web platform, investors can check the Shariah status of any listed stock, screen an existing portfolio for non-compliant positions, view a stock's historical compliance data, calculate dividend purification amounts, and receive alerts when a holding changes status. Islamicly also offers Shariah-screened model portfolios, digital gold and silver, mutual funds and managed-investment options, and runs free AMAs and webinars on halal investing.