Musaffa: Halal Stocks & ETFs 4+

Best Halal Stock and ETF screening app in the market

I have tried all of the available apps and I can say this is the best in terms of user experience, search capability, and clarity of data. I wish the Musaffa team all the best.

False claims

First, they claim they support 120,000 stocks but most of them have "not covered" status. The actual coverage is around 17,000 based on my count. Second, they claim "most comprehensive" yet many compliance reports have limited information. Only a few have actual detailed reports with full list of business segments. Lastly, the halal rating is very confusing. What makes something 1-star halal vs 5-star halal? Very strange concept that causes more confusion amongst retail investors.

Misleading

First, thev claim thev support 120,000 stocks but most of them have "not covered" status. The actual coverage is around 17,000 based on my count. Second, they claim "most comprehensive" yet many compliance reports have limited information. Onlv a few have actual detailed reports with full list of business segments. Lastly, the halal rating is very confusing. What makes something 1-star halal vs 5-star halal? Very strange concept that causes more confusion for Muslims.

Developer Response ,

Assalamu alaikum! We apologize for any confusion you may have experienced. Musaffa uses the methodology of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) to screen stocks for Shariah compliance. Once a stock is categorized as Shariah-compliant, it is divided into five groups and ranked from 1 to 5 based on its level of compliance. In other words, a rating of 1 means the stock has the lowest degree of Shariah-compliant status, while a rating of 5 means it has the highest. In order to answer your other questions, our app creators and CEO would like to meet with you in person to explain everything in detail. Unfortunately, we do not have a way to contact you directly. Could you please send your concerns to support@musaffa.com? This will allow us to communicate more effectively and provide you with answers to your questions. Thank you.