Alhamdulillah! At IslamicStock, we understand our responsibility to provide accurate and transparent Sharia compliance status for stocks. Instead of just indicating stocks as “Red” or “Green” without explanation, we aim to give you detailed information so you can make informed decisions. It’s vital to know the reasons behind a stock’s status, rather than blindly following color codes.
Transparency in Reporting
Here at IslamicStock, we provide not only the compliance status but also the actual values and formulas we extract from the company’s annual report. This ensures that you, as a user, can fully understand the financial situation of the stocks you’re interested in. Let’s take a scenario to illustrate this.
Why Stocks Go “Under Review”
Imagine you buy a stock after checking its status in any standard application. Unbeknownst to you, the company has recently submitted a new annual report, and the app hasn’t updated this information yet. So, while the app still shows the stock as Green (Compliant), the reality is that the stock has now become Sharia Non-Compliant. In this case, you may end up trading this stock for 20 days without knowing it’s no longer compliant, thereby earning non-Sharia income.
The “Under Review” Feature: Protecting Your Investments
To prevent such situations, IslamicStock has introduced the “Under Review” feature. As soon as a company submits a new annual report, we immediately mark the stock as “Under Review” in our app. This way, you are informed that the stock’s compliance is being reassessed. You can then wait for the final verdict before making further trades, safeguarding your investments from non-compliant income.
Our Commitment to Honesty for the Akhirah
We refuse to show outdated compliance statuses just to make you feel secure. Transparency is key because your hard-earned money is at stake. We believe that by educating you on what’s happening behind the scenes, we can help you make ethical and informed financial decisions. After all, it’s not just about profit—it’s about accountability for the day of Akhirah.
At IslamicStock, we strive to do our best for you, for us, and for our shared responsibilities.
Jazāk Allāhu Khayran