The two-step test that screens stocks on Sanad — business activity, then debt and income ratios — depends on something a cryptocurrency simply doesn't have: a balance sheet. Bitcoin has no revenue, no debt-to-market-cap ratio, no interest income line item. Applying AAOIFI's corporate ratio test to it would be meaningless.
What Sanad uses instead
Rather than inventing its own crypto-specific ratio test, Sanad mirrors two real, named, published sources: Mufti Faraz Adam's Crypto Shariah Screening Framework (via HalalSignalz's monthly-updated passlist) and Securities Commission Malaysia's Shariah Advisory Council — a government securities regulator whose confirmations are each dated to a specific meeting resolution.
Real, cited disagreement
Crypto is genuinely less settled than equity screening. Mufti Taqi Usmani ruled in 2026 that cryptocurrency doesn't qualify as māl (Shariah-recognized property) at all. Indonesia's DSN-MUI holds a more conditional view — impermissible as pure currency, potentially permissible as a commodity-asset. Even the OIC's International Islamic Fiqh Academy has stopped short of a definitive ruling, calling for further study. Sanad's Methodology page lists all of these — not to pick a side, but because a screening tool that only shows you the framework it agrees with isn't really "traced to source."