AMALY — SHARIAH COMPLIANCE REPORT
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Symbol: HRTG
Report Date: 2026-05-09
Full Report: https://amaly.io/stock/HRTG

EXECUTIVE SUMMARY
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Compliance Status: NON_COMPLIANT
Quality Rating: B
Description: Heritage Global Inc. (HRTG) operates in asset liquidation and specialty finance, with financial screening revealing compliance in debt and income ratios but failure in liquidity due to high cash holdings at 84.23% of market cap. Business activities appear permissible with no identified non-compliant revenue sources. Index inclusion research shows exclusion from all major Shariah indices, leading to an overall non-compliant status. ESG factors align well with Islamic principles, showing low risk. Investors should monitor liquidity management for potential future compliance.

Primary Compliance Concerns:
- Liquidity ratio of 84.23% exceeds thresholds across AAOIFI (30%), MSCI (33.33%), and S&P (33%) standards, indicating excessive exposure to interest-bearing assets.

Purification Requirement: 0.00%
Index Inclusion: Not included in any major Shariah-compliant indices: S&P Dow Jones, MSCI Islamic, FTSE Shariah, or DJIM.

KEY FINANCIAL METRICS
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Debt Ratio: 18.5%
Liquidity Ratio: 84.2%
Interest Income Ratio: 0.0%
Purification Required: 0.00%

INDEX INCLUSION STATUS
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S&P Shariah: EXCLUDED
MSCI Islamic: EXCLUDED
DJIM: EXCLUDED
FTSE Shariah: EXCLUDED
Total: 0 of 4
Last Verified: 2025-12-31

REPORTING PERIOD
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Latest Annual Report: FY 2025
Latest Quarterly Data: Q4 2025
Trend Period: FY 2020 to FY 2025
Data Retrieved: 2026-02-27T12:00:00Z

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Full interactive report: https://amaly.io/stock/HRTG
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.