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 the United States at a Glance
By number of securities
- Shariah-compliant3,506
- Non-compliant5,282
By market capitalisation
- Shariah-compliant62.5%
- Non-compliant37.5%
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.
| Screen | What It Requires |
|---|---|
| 1 · Business sector | Companies deriving 5% or more of revenue from alcohol, conventional finance, gambling, tobacco, pork, adult content or deferred gold/silver trading are excluded, as defined by AAOIFI and enhanced by the Islamicly Shariah Board. |
| 2 · Debt ratio | Interest-bearing debt must stay below 30% of the 36-month average market capitalisation. |
| 3 · Cash compliance | (Cash + interest-bearing securities) ÷ market value of equity, on a 36-month average, must be below 30%. |
| 4 · Purification | Any residual non-permissible income that was tolerated during the sector compliance check is purified by donating that proportion of dividends to charity. |
Purification applies to dividends, not capital gains.
View Islamicly's full screening criteriaTop 10 Stocks in the United States by Market Capitalisation
1. NVIDIA
NVIDIA is a US chipmaker and the leading supplier of graphics processors and AI accelerators for data centres. A review of NVIDIA's revenue found no operating revenue from non-permissible activities, with interest income below 5% of total revenue. The stock therefore passes the business sector screen. It also passes debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Pass |
NVIDIA is classified Shariah-compliant.
2. Apple
Apple designs the iPhone, Mac, iPad and wearables, and earns a growing share of revenue from services such as the App Store and iCloud. Apple earns a small amount of non-permissible revenue from Apple Music, Apple TV+ and its co-branded credit card, but this stays below 5% of total revenue. The stock therefore passes the business sector screen. It also passes debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Pass |
Apple is classified Shariah-compliant.
3. Alphabet
Alphabet is the parent company of Google, spanning search, YouTube, Android, Google Cloud and the self-driving unit Waymo. Alphabet earns some non-permissible revenue — from non-Islamic investment services, music, and games involving violence or gambling — along with interest income. Together these stay below 5% of total revenue. The stock therefore passes the business sector screen. It also passes debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Pass |
Alphabet is classified Shariah-compliant.
4. Microsoft
Microsoft makes Windows and Microsoft 365, runs the Azure cloud platform, and owns LinkedIn and Xbox, including Activision Blizzard, acquired in 2023. Microsoft earns some non-permissible revenue from games that are violent in nature, along with interest income, but together these stay below 5% of total revenue. The stock therefore passes the business sector screen. It also passes debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Pass |
Microsoft is classified Shariah-compliant.
5. Amazon.com
Amazon operates the world's largest online marketplace and Amazon Web Services, the leading cloud computing platform, alongside advertising and streaming. Amazon earns some non-permissible revenue from digital music subscriptions and alcohol sold in its physical stores, along with interest income, but together these stay below 5% of total revenue. The stock therefore passes the business sector screen. It also passes debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Pass |
Amazon.com is classified Shariah-compliant.
6. SpaceX (Space Exploration Technologies)
SpaceX builds and launches the Falcon and Starship rockets and runs the Starlink satellite internet network. It acquired Elon Musk's AI company xAI in February 2026 and listed on Nasdaq in June 2026. A review of SpaceX's launch, Starlink, government and AI infrastructure revenue found no involvement in non-permissible business activities, with interest income below 5% of total revenue. The stock therefore passes the business sector screen. It also passes debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Pass |
SpaceX (Space Exploration Technologies) is classified Shariah-compliant.
7. Taiwan Semiconductor Manufacturing (ADR)
TSMC is the world's largest contract chipmaker, based in Taiwan; its shares trade in the US as American Depositary Receipts. TSMC's non-permissible revenue is below 5% of total income. The stock therefore passes the business sector screen. It also passes debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Pass |
Taiwan Semiconductor Manufacturing (ADR) is classified Shariah-compliant.
8. Meta Platforms
Meta Platforms owns Facebook, Instagram and WhatsApp, earning most of its revenue from digital advertising. A review of Meta's advertising and Reality Labs revenue found interest income below 5% of total revenue. The stock therefore passes the business sector screen. It also passes debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Pass |
Meta Platforms is classified Shariah-compliant.
9. Broadcom
Broadcom is a semiconductor and infrastructure software company, which expanded into enterprise software through its 2023 acquisition of VMware. A review of Broadcom's semiconductor and infrastructure software revenue found no involvement in non-permissible business activities, with interest income below 5% of total revenue. The stock therefore passes the business sector screen. It also passes debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Pass |
Broadcom is classified Shariah-compliant.
10. Tesla
Tesla makes electric vehicles and battery energy-storage systems, and develops driver-assistance and autonomous-driving software. Tesla earns some non-permissible revenue from its automotive insurance business, along with interest income, but together these stay below 5% of total revenue. The stock therefore passes the business sector screen. It also passes debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Pass |
Tesla is classified Shariah-compliant.
Compliance Status Is Dynamic, Not Permanent
A company classified compliant today can fail next period if it takes on interest-bearing debt, parks cash in conventional deposits, or changes its revenue mix. Islamicly monitors available information daily, while financial screening is reassessed when updated financial information becomes available. Use the Islamicly app to be alerted the moment a holding changes status.
Sector-Wise Shariah Screening in the United States
Capital Goods has the highest compliance rate (55%), followed by Basic Materials and Technology (both about 50%). Utilities has the lowest (16%). Financial, the largest sector with 1,774 securities, clears 35% — a figure lifted by several hundred special-purpose acquisition companies (SPACs), most of which are classified compliant.
| Sector | Compliant | Shariah non-compliant | Total | % Compliant |
|---|---|---|---|---|
| Financial | 629 | 1,145 | 1,774 | 35% |
| Services | 450 | 1,059 | 1,509 | 30% |
| Technology | 741 | 746 | 1,487 | 50% |
| Healthcare | 624 | 854 | 1,478 | 42% |
| Basic Materials | 314 | 310 | 624 | 50% |
| Capital Goods | 280 | 232 | 512 | 55% |
| Consumer/Non-Cyclical | 106 | 227 | 333 | 32% |
| Consumer Cyclical | 142 | 189 | 331 | 43% |
| Energy | 121 | 204 | 325 | 37% |
| Transportation | 69 | 158 | 227 | 30% |
| Utilities | 30 | 157 | 187 | 16% |
| Conglomerates | 0 | 1 | 1 | 0% |
| Grand Total | 3,506 | 5,282 | 8,788 | 39.9% |
About Islamicly
Islamicly is a Shariah-certified app and web platform for screening Shariah-compliant equities. It provides Shariah compliance information for stocks listed in the United States, 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.
Check the current Shariah status of any US stock on the Islamicly app or web platform — screen individual stocks, screen an existing portfolio, calculate purification amounts, and get alerted when a holding changes status.
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