The iShares MSCI Brazil ETF (EWZ) tracks the MSCI Brazil Index, providing exposure to large- and mid-cap Brazilian equities. As an ETF, its Shariah compliance is determined by the screening of underlying holdings, which include significant non-permissible activities such as conventional banking and alcohol production. Financial ratios cannot be directly applied at the ETF level due to the absence of traditional balance sheet data, leading to insufficient data status across all metrics. Index inclusion research confirms exclusion from all major Shariah-compliant indices, resulting in an overall non-compliant classification. Investors should consider Shariah-compliant alternatives in emerging markets for ethical alignment.