Musaffa Musaffa Halal Stock Screener

Musaffa was founded in New York in 2020 by three co-founders — CEO Dilshod Jumaniyazov (CFA) has said he invested $250,000 of his own savings to launch it — and has grown into the largest halal-investing research platform by coverage: 120,000+ stocks and 8,200+ ETFs screened across 60 markets, with roughly 31,700 currently classified Shariah-compliant and a claimed 600,000+ registered users across 200+ countries (company figures vary between pages). The team spans New York, Dubai, and Tashkent, where about 25 in-house equity research analysts produce the compliance reports and quarterly rating updates.

The screening methodology is Musaffa's core asset, and unusually, it's published in full. The business screen excludes ten prohibited activities (alcohol, gambling, adult entertainment, tobacco, marijuana, weapons, human cloning, non-halal foods, interest-based finance, excess debt). The financial screen applies the three AAOIFI ratios: non-permissible income must not exceed 5% of total revenue, and interest-bearing assets and interest-bearing debt must each stay at or below 30% — measured against the trailing 36-month average market value rather than spot market cap, which reduces rating whiplash from share-price swings. A stock must pass all three to be classified Halal. The methodology is independently certified by Amanah Advisors, and Musaffa's Shariah advisors are Shaikh Dr. Aznan Hasan — a sitting AAOIFI Shariah Board member — and Mufti Faraz Adam.

Verdicts come in three levels — Halal, Doubtful ('mixed activities; caution advised; better to avoid'), and Not Halal — and within Halal, the Musaffa Halal Rating grades compliance strength from C– to A+ (on the homepage, for example, NVIDIA rates A– while Apple rates C+). Layered on top is MISRI, a proprietary Islamic social-responsibility score built on Maqasid al-Shariah: five weighted pillars (community impact 35%, labor and human rights 25%, product involvement 20%, governance 10%, environment 10%) scored through 50 binary, publicly verifiable indicators, with an automatic zero for red-line breaches like forced labor. MISRI is explicitly in beta.

In 2025 Musaffa completed SEC registration as an investment adviser (Musaffa, LLC, CRD #338525) and launched its Global Halal Trading System: commission-free US stock and ETF trading with no account minimum and fractional shares, cleared through Alpaca Securities (FINRA/SIPC member; assets protected up to $500,000). Musaffa is not a broker-dealer — trades execute through third-party broker-dealers. In 2026 it added four managed 'ready-made' US portfolios (Core, Growth, Income, Innovation), each in five risk-weighted versions with sector and holding caps, scheduled and conditional rebalancing, and continuous compliance screening. One caveat: the pricing page's country list marks the United States itself as 'coming soon' for trading access even as other pages market US trading — worth confirming before signup.

The purification and zakat tooling is a genuine differentiator. Because Musaffa publishes each company's exact non-permissible income percentage, purification amounts are computed from verified ratios for the period you actually held the position — not estimates — and can be calculated (and donated to selected charities) automatically across linked accounts. Its scholars have also published a clear doctrine for edge cases: capital gains on halal stocks need no purification, and a stock that turns non-compliant while underwater carries a 90-day grace period (per Mufti Faraz Adam and Shaikh Dr. Aznan Hasan) before it must be sold, with excess profit above the announcement-date price donated.

Commercially, Musaffa runs a freemium model — free basic screening, one Foundation plan at $72/year for ratings, reports, filters, watchlists, portfolio tracking, and automated purification — plus a B2B halal-data API (Starter/Pro/Premium tiers, 12 institutional clients to date across six countries) and Reg-CF fundraising advisory. A January 2026 bridge round led by UCEA Capital Partners targets $5M; the company reports raising under $6.3M since inception with about $30,000 in monthly recurring subscription revenue before trading activation, and regulatory expansion underway in the DIFC (DFSA Category 4) and Malaysia. Those traction figures are company- and investor-claimed.