Methodology / DJIM
Dow Jones Islamic Market Indices
DJIM — as Akinda applies it. The oldest of the index screens, and the only one whose thresholds change on a known date.
Who writes it
Owner of the standard
S&P Dow Jones Indices writes and maintains this methodology, with screening by Ratings Intelligence.
Akinda is not affiliated with them and does not use their screening data. What Akinda applies is their published financial ratios, recomputed on Akinda's own extracted filings.
The screens
Screening rules
Every ratio below is measured against 24-month average market cap. The comparator matters: this methodology's own wording is reproduced exactly, so a < is not silently read as a ≤.
Non-compliant income
Rule
non-permissible revenue including all interest income ÷ (revenue + interest) — < 5%
Field on the API: non_compliant_revenue_perc_djim
Debt
Rule
interest-bearing debt ÷ 24-month average market cap — < 33% until close 2026-09-18, < 30% after
Field on the API: debt_ratio_perc_djim
Cash / liquidity
Rule
(cash + interest-bearing securities) ÷ 24-month average market cap — < 30%, only from 2026-09-18
Field on the API: liquidity_ratio_perc_djim
Business activity
What this methodology excludes
The base list, plus weapons for non-defense purposes only. Conventional defense is permitted.
Preferred shares and fixed-income instruments are excluded by instrument, whatever the company does.
Outcome
Verdict and review cadence
Verdict
Binary: HALAL / NOT HALAL
Field on the API: halal_status_djim
Re-screened
Quarterly — March, June, September, December
Scope
What this screen covers
Akinda computes the ratios above, nightly, on its own extracted filings. Three boundaries are worth stating plainly:
- Index buffers and grace periods are not applied. This methodology's own buffer is 2 percentage points + 3 periods. Akinda publishes the raw-ratio result instead, so a verdict here can differ from a company's actual index membership.
- The business classification is Akinda's own, built from company filings — not the provider's dataset.
- Index membership, index weights and purification amounts are the index owner's to publish, not Akinda's.
Detail
Worth knowing
The leverage threshold moves from 33% to 30% and a 30% cash screen starts after the close of 2026-09-18. Akinda applies the rule that is in force on the day of screening.
Hotels were dropped from DJIM's excluded-activities list in September 2026 — a hotel company is now caught only through its pork-related revenue, such as bars and restaurants that sell pork.
Primary document
Dow Jones Islamic Market Indices Methodology ↗S&P Dow Jones Indices documents may not open from every network.
What this page is, and is not
Akinda applies each methodology's published financial ratios. The business-activity classification is Akinda's own, built from company filings. It is not the index provider's own screening data. Akinda is not affiliated with, endorsed by, or licensed by AAOIFI, S&P Dow Jones Indices, FTSE Russell, MSCI or Yasaar.
These are raw-ratio verdicts, computed as if the stock were screened today. Index buffers and grace periods are not applied. A verdict here can therefore differ from a company's actual membership of an index.
AAOIFI is Akinda's primary methodology. The status, rating and ratios shown everywhere else on Akinda are AAOIFI.
The other four methodologies
Every screen Akinda runs, side by side, with the AAOIFI verdict the rest of the product publishes.