Every stock on Sanad — whether it trades on the Qatar Exchange, Tadawul, ADX, DFM, NASDAQ, or NYSE — is checked against the exact same test: business activity first, then the two-step AAOIFI ratio screen on debt and non-permissible income. The verdict logic doesn't know or care which exchange a ticker is on. What differs enormously, market to market, is how Sanad gets the inputs that test actually needs.
Business-activity classification: automated vs. manual
For US stocks, Sanad classifies business activity using Halal Terminal, a SEC-sourced screening service — it returns a pass/fail on the business-activity screen and a real interest-income ratio directly, refreshed automatically once the cached figure goes stale. There's no equivalent service covering Tadawul, QSE, ADX, or DFM, so every GCC company's business activity is classified manually: researched once against its actual filings and annual reports, then flagged in Sanad's own database. It isn't guessed or inferred from a sector label — but it does mean a GCC classification is only as fresh as the last time it was manually reviewed, unlike a US classification that re-checks itself on a schedule.
Trade counts and turnover: four different pipes
Twelve Data, Sanad's main market-data provider, doesn't supply real trade counts or traded value for any market Sanad covers — so this had to be sourced separately, and separately again for each region. Qatar's numbers come from the Qatar Exchange's own public market-watch feed, updated through the trading day. Saudi's come from SAHMK, a dedicated Saudi market-data API, after Tadawul's own public endpoint started blocking automated requests. US trade counts come from Finnhub's free real-time trade stream — which only covers the top 50 US tickers by market cap, a free-tier limit, so smaller US names on Sanad simply don't have this field yet. UAE (ADX/DFM) has no real source at all right now; Sanad shows it as unavailable rather than estimating it.
Even "which day is the market open" isn't universal
US markets close Saturday and Sunday. Qatar and Saudi exchanges run Sunday through Thursday, closed Friday and Saturday. A naive "show today's data, or nothing" rule built around the US week would go blank on Sanad's GCC stocks every Thursday evening and Friday — so the logic that decides "show the latest real trading day's data" is market-aware, not calendar-aware in a single, US-centric way.
What stays identical regardless
The AAOIFI ratio thresholds — debt under 30% of market cap, non-permissible income under 5% of revenue, with the same 27–30%/4–5% bands producing a Questionable verdict instead of a hard pass or fail — apply without exception, region or market cap. A Qatari bank and a US mega-cap are measured by the identical formula. The work that differs is entirely in sourcing clean, real numbers to put into that formula, honestly, for markets that most financial-data providers simply don't prioritize.