How We Verify Sharia Papers

"Exchange Broker" — a licensed broker of Tajikistan with a halal brokerage account. Let's explore how we screen securities for compliance with Sharia norms.

Two-Tier Screening

Level 1: Business Screening

We analyze the activities of the company. If its core activities are linked to sectors prohibited in Islam, the security does not make it to the halal list. Prohibited sectors:

• Alcohol and its production.
• Tobacco and tobacco products.
• Gambling and casinos.
• Weapons and military equipment.
• Pork and pork products.
• Pornography and adult content.
• Usury (riba) — banking activities, interest-based lending.

Level 2: Financial Screening

Even if a business is permitted, we check the financial indicators:

• Debt with interest / market capitalization ≤ 33%.
• Interest income / revenue ≤ 5%.
• Accounts receivable / capitalization ≤ 49%.
• Cash and interest-bearing securities / capitalization ≤ 33%.

These thresholds are based on AAOIFI recommendations — the international standard of Islamic finance.

Regular Updates

Financial indicators change each quarter. We revalidate the halal securities list after quarterly reports are released. A company that was halal can cease to be if it accumulates debt.

Income Purification

Even halal companies may have a small interest income. According to Sharia norms, this part of the income must be donated to charity.

We help clients calculate the purification amount. Typically, this is 1–3% of the dividends received.

Who Consults

The screening is conducted based on the international AAOIFI standard, and the halal securities list is managed by an in-house specialist certified by AAOIFI. We regularly audit the halal securities list.

Why This Is Important for Tajikistan

Tajikistan is a country with a predominantly Muslim population. The ability to invest according to religious beliefs is an important factor of trust. A halal brokerage account is a rare product in the country.

How to Open a Halal Account

A halal brokerage account is opened as a separate product. The app features a "Halal Account" switch that activates Sharia screening for all available securities. You see only permitted assets.

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💡 Try it: You can open an account with a licensed broker in Tajikistan in just a few minutes. Minimum deposit from 100 somoni.

Advertisement. LLC "Exchange Broker", Ministry of Finance RT licenses №007/25, №008/25, №009/25, №010/25 dated 06.25.2025. Financial instruments are associated with risk. Returns depend on the market value of assets. Is not an individual investment recommendation. The material is for informational purposes only.