AMALY — SHARIAH COMPLIANCE REPORT
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Symbol: NVO
Report Date: 2026-08-04
Full Report: https://amaly.io/stock/NVO

EXECUTIVE SUMMARY
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Compliance Status: NON_COMPLIANT
Quality Rating: B
Description: NVO, a leading pharmaceutical company focused on diabetes and obesity treatments, exhibits compliant core business activities under Shariah principles. However, its financial metrics, particularly the debt-to-market capitalization ratio of 41.22%, fail thresholds across AAOIFI, MSCI, and S&P standards, resulting in non-compliance. The company is excluded from all major Shariah-compliant indices due to elevated leverage from R&D and acquisitions. A purification rate of 1.45% is recommended based on interest income. Overall, while ESG factors are positive with low risk, financial concerns dominate the assessment.

Primary Compliance Concerns:
- Debt ratio of 41.22% exceeds thresholds (AAOIFI 30%, MSCI 33.33%, S&P 33%)

Purification Requirement: 1.45%
Index Inclusion: Excluded from all major Shariah indices (S&P, MSCI, FTSE, DJIM)

KEY FINANCIAL METRICS
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Debt Ratio: 41.2%
Liquidity Ratio: 14.4%
Interest Income Ratio: 1.4%
Purification Required: 1.45%

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: 2025-11-30

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: 2026-02-23T12:00:00Z

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