Disclosures

Investing in financial markets involves substantial risk, including the possible loss of all invested capital. Market prices are volatile and may be affected by economic conditions, political events, regulatory change, market sentiment and company-specific risks.

There is no guarantee that any investment strategy, analysis or methodology — including Shariah screening — will be successful.

Akinda provides informational screening data about publicly listed companies. Nothing produced by the API, the dashboard, the AI connector or this website is investment advice, a recommendation to buy, sell or hold any security, an offer or solicitation, or a personalised suitability assessment.

• Akinda does not provide financial, investment, legal or tax advice.
• Akinda is not a broker, dealer, investment adviser or fiduciary.
• Akinda does not execute trades or manage assets.

All data, verdicts, ratios, scores and reports provided through the Platform are general and non-personalised. They are not tailored to any individual's financial situation, do not consider anyone's risk tolerance, objectives or constraints, and should not be interpreted as recommendations.

You are solely responsible for evaluating whether any information is suitable for your purpose, and for any decision made using it.

Akinda's screening is aligned to the methodology of AAOIFI Shariah Standard No. 21 and is developed with input from our Shariah advisor. It is not a fatwa and does not replace a qualified scholar.

Interpretations of Shariah compliance vary between scholars, institutions and jurisdictions, and change over time. A company classified as compliant today may later become non-compliant through a change in its financial structure, its business activities, or scholarly opinion. A company that passes our screen may not pass another; the reverse is equally possible.

Any reference to “halal”, “Shariah-compliant” or similar terminology on the Platform is provided for informational purposes only and does not constitute religious, legal or investment advice. You are responsible for verifying compliance according to your own beliefs and your own scholars. Our full methodology is published on the Shariah Screening Methodology page.

Verdicts are produced by an automated pipeline that reads a company's published financial statements and regulatory filings, extracts the figures the AAOIFI screens depend on, computes the ratios, and applies the thresholds. Sector classification is applied as a separate screen: a company whose core business activity is non-compliant fails regardless of its balance sheet.

The process is automated. It is monitored and audited, but it is not a line-by-line human review of every company on every update.

• Interest-bearing debt — must not exceed 30% of the average market capitalisation over the trailing 12 quarters.
• Interest-bearing securities and assets — cash, equivalents and short-term investments must not exceed 30% of the average market capitalisation over the trailing 12 quarters.
• Non-compliant revenue — must not exceed 5% of total revenue. This is the only one of the three measured against revenue rather than market capitalisation.
• Business activity — the company's core business must not be a prohibited activity.

Doubtful revenue is included within the non-compliant revenue ratio at a discounted weighting, and is also published separately so the composition of the ratio is visible. It must not be added to the non-compliant revenue figure — doing so double-counts it and can turn a passing company into an apparent failure.

Ratios can legitimately exceed 100% for heavily leveraged or cash-rich companies. We publish the real figure rather than clamping it, and integrators should not assume a 0–100 range.

A screen resolves to one of four states: HALAL, NOT HALAL, DOUBTFUL, or a no-verdict state indicating that a verdict could not be computed.

Screening depends on company filings, market data and classification inputs, some of which are obtained from third-party providers. We select and monitor those sources but do not control them, and we do not independently audit every figure a company reports.

Market data and analytics sourced from third parties may be delayed, incomplete, inaccurate or subject to revision. Errors, restatements, delays or omissions in a company's own reporting, or in a third-party feed, will flow into our output. Where an upstream computation fails for a company, we may serve its last known good verdict rather than no verdict at all.

Akinda does not guarantee the accuracy, completeness or timeliness of any data made available through the Platform.

Some figures behind our reports are extracted from filing documents using automated processing, including AI-assisted extraction. Such processing is based on algorithms and historical data, and may contain errors, produce incorrect or misleading results, or fail to reflect current conditions.

We publish the underlying figures precisely so that a reader can check the reasoning rather than take a verdict on trust. Automated output should not be relied upon as a decision-making authority. If a figure looks wrong to you, please tell us at contact@akinda.io.

Screening data is not real-time. Two distinct timestamps are published on every record and must not be conflated:

• Shariah audit date — when the compliance verdict was last recomputed. This moves only when a company is re-audited.
• Data updated — when the record was last refreshed. This moves on the ordinary refresh cycle.

A recently refreshed record may still carry an older verdict. Always read the audit date when the age of a verdict matters.

Coverage is limited to the markets we publish as supported and to the companies within them for which sufficient data exists. Absence of a company from our coverage is not a statement about that company.

Monetary values are reported in each company's own reporting currency and are never FX-converted. Do not sum or compare values across currencies without applying your own conversion.

Purification amounts are arithmetic estimates: the reported non-compliant share of revenue applied to a dividend figure you supply. They are a calculation aid, not a ruling on what you are obliged to give, and they do not account for holding periods, timing conventions, or any particular scholarly position on how purification should be computed.

The Akinda Ranking Score is a proprietary, quantitative score derived from reported financial data. It is not a compliance verdict and carries no religious meaning — a high score does not imply compliance, and a compliant company may score poorly.

It is informational only and is not a rating in any regulated sense.

Customers who embed Akinda data in their own products take on responsibility for how it is presented. In particular, you must not:

• present our screening as investment advice, a recommendation, or a religious ruling;
• present a “no data” state as a finding of non-compliance;
• add doubtful revenue on top of the non-compliant revenue ratio (see section 6);
• imply that a scholar, Akinda's Shariah advisor, or AAOIFI has endorsed your product;
• present a verdict without a clear indication of how current it is, where currency is material to your users;
• remove or obscure the informational nature of the data in your own interface.

We recommend carrying a disclosure equivalent to sections 2 and 4 of this page wherever our verdicts are shown.

Financial regulation varies by country and changes over time. Akinda does not represent that the Platform or its content is appropriate or lawful for use in every jurisdiction, and users in restricted jurisdictions must not access it.

If you distribute our data within a regulated product, you are responsible for your own regulatory position and for any licensing, disclosure or suitability obligations that apply to you.

Use of the Platform involves technology risk, including system outages, software defects, data delays or loss, and cybersecurity incidents. Akinda does not guarantee uninterrupted or error-free operation.

If your product depends on our availability, design for our unavailability: cache what you can, fail gracefully, and do not treat a failed request as a compliance failure.

Akinda makes no representation or warranty as to profitability, risk reduction, investment outcomes or the accuracy of any forecast. Any forward-looking statement is speculative. Past performance does not indicate future results, and the value of investments can fall as well as rise.

Using Akinda does not create an advisory, fiduciary, brokerage or agency relationship between you and us. We are a data provider.

You acknowledge and agree that:

• you are solely responsible for your own investment decisions;
• you are solely responsible for verifying Shariah compliance according to your own beliefs, scholars or advisors;
• you should seek advice from licensed professionals where appropriate;
• you understand and accept the risks before acting on any information obtained from the Platform.

To the maximum extent permitted by applicable law, Akinda is not liable for any investment loss, or for any indirect, incidental or consequential damages, arising from use of the Platform or reliance on its data. Use of the Platform is at your own risk.

The full limitation, including its monetary cap, is set out in our Terms and Conditions, which this disclosure forms part of.

Screening methodology, thresholds, coverage and data sources may change as standards evolve and as our pipeline improves. Material changes are published to the changelog. A change in methodology can change a company's verdict without anything changing at the company itself.

This disclosure may be updated at any time. Continued use of the Platform constitutes acceptance of any update.

Akinda Capital Technologies LLC
Dover, Delaware, United States
contact@akinda.io

See also our Terms and Conditions.