Halal investing on the Casablanca Stock Exchange: what a screen can and can’t tell you

How activity and ratio screens work, why there is no official Moroccan halal list yet, and how WealthOS’s indicative screen should be used.

Quick answer

There is no official halal list for Moroccan stocks: only the Conseil Supérieur des Oulémas can validate one, and the Casablanca exchange’s Sharia index is still pending. Any screen you see today — including WealthOS’s — is an indicative tool that raises questions, not a ruling that answers them.

Step one: the business-activity screen

Most screens start by excluding companies whose core business is not permissible: conventional banks and insurers (interest and gharar), consumer credit and leasing, alcohol, tobacco, gambling, pork products, weapons and adult entertainment. On the Casablanca exchange this alone removes most banks and insurers.

Step two: the financial ratios

Common AAOIFI and S&P-style thresholds then look at the balance sheet: interest-bearing debt under roughly 33% of market capitalisation, cash and interest-bearing assets under 33%, and non-permissible income under 5% of revenue. A company can pass the activity screen and still fail here.

What WealthOS shows — and does not

It applies the activity screen from each company’s sector. The best result is “Activity OK · ratios unverified” — never “halal”.
It does not check the financial ratios unless they are supplied, and it does not replace a scholar’s ruling.
Turning on Halal only in your profile filters the stock picker and steers the AI advisor away from interest-bearing products.

Purification of small non-compliant income, the treatment of cash, and funds screened by their own Sharia board all need a qualified scholar. WealthOS is not a financial advisor and this is not religious advice.