AMALY — SHARIAH COMPLIANCE REPORT ================================== Symbol: EWZ Report Date: 2026-04-10 Full Report: https://amaly.io/stock/EWZ EXECUTIVE SUMMARY ------------------ Compliance Status: NON_COMPLIANT Quality Rating: B Description: 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. Primary Compliance Concerns: - Exposure to non-permissible business activities in underlying holdings (e.g., conventional financial services, alcohol) - Insufficient financial data for ratio-based screening, preventing quantitative compliance verification - High ESG risks from environmental and social controversies in Brazilian sectors like mining and energy - Exclusion from all major Shariah indices due to unscreened holdings Purification Requirement: 0.00% Index Inclusion: Not included in any major Shariah-compliant indices: S&P Dow Jones Shariah, MSCI Islamic, FTSE Shariah, or DJIM KEY FINANCIAL METRICS ---------------------- Debt Ratio: 0.0% Liquidity Ratio: 0.0% Interest Income Ratio: 0.0% Purification Required: 0.00% INDEX INCLUSION STATUS ----------------------- S&P Shariah: EXCLUDED MSCI Islamic: EXCLUDED DJIM: EXCLUDED FTSE Shariah: EXCLUDED Total: 0 of 4 Last Verified: 2026-01-31 REPORTING PERIOD ----------------- Latest Annual Report: FY 2025 Latest Quarterly Data: Q4 2025 Trend Period: FY 2020 to FY 2025 Data Retrieved: 2026-02-14T12:00:00Z --- Full interactive report: https://amaly.io/stock/EWZ Provided by Amaly (https://amaly.io) — Shariah Compliant Stock Screener Disclaimer: This data is for informational purposes only and does not constitute financial or religious advice.