This page explains where the figures on SaGeminieTech company pages come from, how the Shariah-screening ratios are calculated, how third-party screening figures are checked, and what the results do and do not mean.
1. Data sources
Company pages are built from primary sources first:
- SEC filings: annual reports (Form 10-K, or Form 20-F for foreign issuers), quarterly reports (Form 10-Q) and current reports (Form 8-K, or Form 6-K for foreign issuers), read on SEC EDGAR, together with the structured XBRL data filed with them.
- Company reports: annual and half-year reports, earnings releases and investor-relations materials published by the company.
- Exchange and market data: the exchange a company is listed on, closing share prices (taken from stockanalysis.com and named on each page) and the share counts reported on the cover of the company’s latest filing.
Every figure on a company page names its filing or source, the period it covers and, for market data, the date. Third-party screening providers are quoted only as providers, with the date their pages were read.
2. How the Shariah-screening ratios are calculated
Where every input is disclosed, SaGeminieTech calculates three financial ratios itself and compares them with the thresholds of AAOIFI Shariah Standard No. 21 (Financial Paper: Shares and Bonds), published by the Accounting and Auditing Organization for Islamic Financial Institutions. Only this one method’s thresholds are used; thresholds from different methods are not mixed.
| Ratio | Numerator | Denominator | Threshold |
|---|---|---|---|
| Debt | Interest-bearing debt at carrying value | Market capitalization | Under 30% |
| Cash and interest-bearing securities | Cash and cash equivalents plus interest-bearing securities | Market capitalization | Under 30% |
| Non-permissible income | Interest income | Revenue plus interest income | Under 5% |
- Debt is interest-bearing debt at carrying value (bonds and notes, commercial paper and bank loans, current and non-current portions), taken from the company’s latest filing that shows debt separately from lease liabilities and other financial liabilities. Lease liabilities are excluded, and the page says so. If a company reports leases inside its debt lines, the page also gives the figure and ratio including them.
- Cash is cash and cash equivalents plus interest-bearing securities (time deposits and debt securities, short- and long-term), taken from the same filing as debt. Equity investments are excluded, and the page says so.
- Market capitalization is the latest closing price multiplied by the shares outstanding, in the same currency as the balance sheet. For a foreign issuer this means the home-exchange price, not the price of its American depositary shares. Each page states the exchange, the close date, the price, the share count and where each came from.
- Non-permissible income is interest income divided by revenue plus interest income, for the latest full fiscal year, citing the statement or note used. If a company discloses only net interest, the ratio is labelled “net basis” and the page says that a gross figure is not disclosed.
Each ratio line on a company page opens “Independently calculated: X%.”, then shows the numerator and its components, the denominator and its components, the filing (form, period end, filing date and the statement or note used) and the threshold.
3. Dates and mixed-date disclosure
The ratios combine figures from different dates: a balance sheet at the end of the latest reported quarter, a share price from a recent close and income from the latest full fiscal year. Each page’s Last Reviewed line states every date used: when the provider pages were read, the date SaGeminieTech screened the company, the balance-sheet filing and its filing date, the market-capitalization close date and the fiscal year used for income. Where the page’s financial tables use a different filing from the screening box, the page says so.
4. How Zoya and Musaffa figures are checked
Company pages show the statuses published by two third-party screening providers, Zoya and Musaffa, each with the date its page was read and a link to it. Their statuses follow their own AAOIFI-based methodologies, which are not SaGeminieTech’s.
Where a provider publishes the figures behind its status, such as revenue and interest income, SaGeminieTech compares each figure with the company’s filing. Any mismatch is stated on the page, in the ratio line it affects, for example where a provider says a company reported no interest income but the annual report shows an amount. Where a provider’s percentage uses a different denominator, such as revenue alone instead of revenue plus interest income, the page labels the provider’s figure with the denominator that reproduces it.
5. When a ratio is “Not calculated”
SaGeminieTech never estimates a missing input. If a filing does not disclose an input separately, the ratio line reads “Not calculated by SaGeminieTech.”, followed by what the filing does report and which item it does not disclose. If a verified provider assessment exists for that ratio, the page names the provider, its status, the date it was read and a link; if none exists, the page says that no verified third-party assessment is provided. A ratio marked “Not calculated” does not count as passing.
6. Reviews and updates
Every company page shows the dates of the figures it uses, so readers can see how current each screening is. Pages are reviewed when the company files a new annual or quarterly report, when a provider’s published status changes and when a reader reports an error. When a page is corrected or rescreened, the change is made in the page itself and noted as described in the Editorial and Corrections Policy.
Not a certification, not investment advice
Shariah-screening snapshots on SaGeminieTech are research summaries. They are not a certification of Shariah compliance, not a fatwa and not religious guidance, and they are not investment advice or a recommendation to buy, sell or hold any security. Screening results change as prices, debt, cash and income change. Before relying on any compliance status, check a current, named screening source or consult a qualified Shariah adviser. See the Disclaimer for the full terms.