The Saudi Exchange, known as Tadawul, is the largest stock market in the Gulf. It lists hundreds of companies across every sector, so a screen is the practical way to find the ones that fit your rules.
Sector by sector
- Banks: Al Rajhi, Alinma and Bank Albilad are Islamic banks and are permissible on business activity. Conventional banks are excluded.
- Energy and petrochemicals: companies such as Saudi Aramco and SABIC are usually screened on their debt and interest-income ratios.
- Telecoms: companies such as stc are screened on the ratios, and debt is often the deciding number.
- Retail, healthcare and food: usually screened on the ratios, and many pass.
- Insurance: conventional insurers are excluded.
Reading the numbers
Saudi companies report in riyals, which is pegged to the US dollar, so the ratios are not distorted by exchange rates. Interest income is not always reported on its own line, which is why some companies carry a note that the figure is estimated or missing.
How to check any Saudi stock
Open the halal stock list and find the company, for example Saudi Aramco or Al Rajhi. Each page shows the verdict, the debt and interest ratios, and how close each is to its limit. The screener lets you filter the whole market.
This is an automated screen, not a fatwa. For a ruling on a specific stock, ask a qualified scholar.