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Tue, Sep 1 09:33 PM
Non-Compliant

NTCL

Quality Rating

BB
Fair compliance quality

NTCL, a small-cap educational technology company, exhibits strong financial ratio compliance across AAOIFI, MSCI, and S&P standards, with negligible debt (0.47%), low liquidity exposure (2.27%), and minimal interest income (0.19%). Business activities in digital learning solutions are deemed permissible, with no non-compliant revenue streams identified. However, due to its micro-cap status and OTC listing, NTCL is excluded from major Shariah indices, impacting overall compliance classification. Purification is required at 0.19% for incidental interest income. Investors may consider it for direct holdings after scholarly consultation, pending potential growth for index eligibility.

Purification Required
0.19%
minimal

Minimal purification needed for dividend income

Index Inclusion

Not included in any major Shariah indices (S&P, MSCI, FTSE, DJIM)

Key Compliance Considerations

Debt Ratio

0.0%

Liquidity Ratio

2.3%

Interest Income Ratio

0.0%

Purification

0.19%