Nigerian Muslim investors lacked access to reliable, transparent Shariah screening for stocks listed on the Nigerian Exchange. Qistal was built to fill that gap with audited financial data, AAOIFI-standard ratio analysis, and clear compliance verdicts.
Qistal applies AAOIFI Standard No. 21 using three financial ratio tests: interest-bearing debt, impure income, and interest-bearing assets, each measured against total assets or market capitalisation. Stocks that pass all thresholds are classified as Halal. Those that pass but have some impure income require dividend purification.