Halal IPO Guide - Islamic Investment Platform

Shariah Screening for Upcoming IPOs

Mizan Capital does not currently maintain an in-house Shariah Board. For IPO-related Shariah screening, we rely on the methodology developed by Zamzam Capital, which exclusively conducts Shariah screening for Mainboard IPOs.

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Disclaimer :- We only conduct screening for Mainboard IPOs.

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Islamic Investment Guidelines

Comprehensive Shariah-compliant investment principles to help Muslim investors make informed decisions according to Islamic law

100% Shariah Compliant

Expert Scholar Review

Real-time Monitoring

No Riba (Interest)

Companies must avoid interest-based transactions and maintain debt-to-equity ratio below 33%

Key Metrics:

Debt Ratio < 33%

Interest Income < 5%

No Gharar (Uncertainty)

Investments must be transparent with clear terms and minimal excessive speculation

Requirements:

Clear business model

Transparent reporting

No Maysir (Gambling)

Strictly avoid companies involved in gambling, gaming, or purely speculative activities

Prohibited:

Casino operations

Online gambling

Halal Investment Criteria

Permissible Business Activities

Technology & Software

Healthcare

Renewable Energy

Manufacturing

Education

Transportation

Financial Requirements

Debt-to-equity ratio < 33%

Interest income < 5%

Cash holdings < 33%

Haram Investment Criteria

Prohibited Business Activities

Banking & Finance

Conventional Insurance

Alcohol & Tobacco

Gambling & Gaming

Adult Entertainment

Non-Halal Food

Financial Red Flags

Debt-to-equity ratio > 33%

Interest income > 5%

Excessive speculation High Risk

Our Comprehensive Screening Process

Every IPO undergoes rigorous multi-stage analysis by our expert team and Islamic scholars

Business Activity Review

Comprehensive analysis of core business operations, revenue sources, and industry classification

Key Areas:

Primary business • Revenue streams • Industry sector

Financial Ratio Analysis

Detailed examination of financial metrics including debt levels, interest income, and cash holdings

Metrics Checked:

Debt ratio • Interest income • Cash holdings

Shariah Board Review

Final compliance verdict by our panel of qualified Islamic scholars and Shariah experts

Final Decision:

Halal • Haram • Under Review

Continuous Monitoring & Updates

Shariah compliance is not static. We continuously monitor all companies to ensure ongoing compliance with Islamic principles.

Quarterly Reviews

Regular financial analysis and business activity updates

Real-time Monitoring

Instant tracking of business changes and financial metrics

Instant Alerts

Immediate notifications when compliance status changes

Important Notice

Dynamic Compliance: A company's Shariah compliance status can change based on business activities, financial performance, and market conditions.

Regular Updates: We recommend checking the latest compliance status before making any investment decisions.

Expert Guidance: Our Islamic scholars are available for consultation on complex compliance matters.