Halal stock tracker — Nigeria (screening snapshot)

Data goes stale. YTD % and compliance notes here came from a personal export — re-check prices, debt, and revenue lines before any decision. This is not a buy list.

Tracker table

Stock	Ticker	Status	Notes	YTD % (export)	View
Airtel Africa	AIRTELAF	Halal (screened)	AAOIFI-style pass; low non-compliant revenue & debt	+15.84%	Buy
Aradel Holdings	ARADEL	Halal	Energy; passed limits at export	+16.89%	Buy
BUA Cement	BUACEMENT	Halal	Cement; debt within stated limits	+8.72%	Buy
Conoil	CONOIL	Halal	Oil marketing	+14.44%	Hold
Okomu Oil Palm	OKOMUOIL	Halal	Agriculture	+23.65%	Buy
Presco	PRESCO	Halal	Agriculture; dividends history noted	+65.26%	Buy
Transcorp Power	TRANSPOWER	Halal	Generation	−3.45%	Hold
Japaul Gold	JAPAULGOLD	Halal	Mining; more speculative	+3.90%	Hold
Lafarge Africa	WAPCO	Halal	Cement	N/A	Buy
Jaiz Bank	JAIZBANK	Halal	Islamic bank	N/A	Hold
Legend Internet	LEGEND	Preliminary	Needs full debt/finance check	−8.87%	Hold
Dangote Cement	DANGCEM	Not halal	Debt > 30% of market cap (rule of thumb used)	N/A	Avoid
Dangote Sugar	DANGSUGAR	Not halal	Debt > 30% of market cap	N/A	Avoid

What is AAOIFI?

AAOIFI = Accounting and Auditing Organization for Islamic Financial Institutions.
It publishes standards for Islamic finance — including Shariah Standard No. 21 on shares, which many screens reference.

Key screening ideas (AAOIFI 21 style)

A. Business activity

• Pass: core business is permissible.
• Fail: material revenue from alcohol, gambling, pork, conventional riba banking, etc.

B. Financial ratios (common thresholds)

1. Interest-bearing debt ≤ ~30% of market cap (rule used in this sheet).
2. Interest-earning deposits ≤ ~30% of equity (where relevant).
3. Non-compliant income ≤ ~5% of revenue — may require purification (see below).

Why screening matters

• Keeps earnings cleaner ethically.
• Reduces unknowingly living off riba-heavy balance sheets.
• Encourages you to read annual reports, not only tickers.

Purification (when revenue has a small impermissible slice)

If a stock is permissible overall but has under 5% non-compliant revenue, some scholars advise giving away the proportional part of dividends (purification), without intending it as “reward” charity — follow your Shariah advisor for the exact method.

Formula (illustrative):

Amount to purify = Dividend received × (Non-compliant income % ÷ 100)

Example

• Dividend: ₦5,000
• Non-compliant revenue: 2% of total
• Purification ≈ ₦5,000 × 0.02 = ₦100

Quick rules of thumb

• Yes: halal core business + debt within limit + small impermissible income handled properly.
• Preliminary: business looks OK but financials not fully checked.
• No: fails debt/income thresholds or core business is impermissible.

Related: InvestNaija walkthrough · Series hub