What is Sanad?
Sanad is an investment research platform combining market data, charts, financials, portfolio tools, and source-backed Shariah analysis for stocks, crypto, ETFs, and Sukuk.
Is a Sanad verdict a fatwa?
No. Sanad provides automated screening based on published AAOIFI standards and cited scholarly sources. It's not a personal religious ruling and isn't a substitute for independent Shariah guidance.
How are stock verdicts determined?
First, a business-activity screen: companies with material revenue from conventional banking, insurance, alcohol, gambling, or weapons are excluded outright. Then, financial ratios: interest-bearing debt must stay under 30% of market cap, and non-permissible income under 5% of revenue — both per AAOIFI Standard No. 21.
What's the difference between Halal, Questionable, and Haram?
Halal passes both screens cleanly. Questionable means the company is close to a ratio threshold, or has some non-permissible income that needs to be purified from dividends. Haram means the company is excluded outright by its business activity.
How is the purification amount calculated?
Dividend per share × non-permissible income ratio — an estimate of how much of each dividend payment should be donated rather than kept, available in Sanad Pro.
How often is data refreshed?
Prices and ratios refresh daily. Full financial statements update as companies file them, typically quarterly.
How are cryptocurrency verdicts determined?
Crypto has no balance sheet, so AAOIFI's ratio screen doesn't apply. Sanad instead mirrors real, named frameworks — Mufti Faraz Adam's Crypto Shariah Screening Framework and Securities Commission Malaysia's Shariah Advisory Council — and notes where other qualified scholars hold a different view.
Which markets does Sanad cover?
Saudi Arabia (Tadawul), Qatar (QSE), the UAE (ADX), US-listed stocks, and a curated list of cryptocurrencies.