AMALY — SHARIAH COMPLIANCE REPORT ================================== Symbol: XLF Report Date: 2026-04-01 Full Report: https://amaly.io/stock/XLF EXECUTIVE SUMMARY ------------------ Compliance Status: NON_COMPLIANT Quality Rating: B Description: The Shariah compliance analysis for XLF, the Financial Select Sector SPDR Fund, an ETF tracking U.S. financial companies, indicates non-compliance primarily due to its exposure to conventional interest-based banking and financial services, which involve riba (interest). Financial ratios cannot be precisely calculated due to the ETF structure lacking traditional balance sheets, but underlying holdings fail qualitative and quantitative screens across major standards. No inclusion in Shariah indices confirms the non-compliant status, with business activity screening highlighting predominant non-permissible revenue sources. ESG factors show medium risk from environmental financing and past controversies, while governance is strong but does not override core Shariah issues. Investors seeking financial sector exposure should consider Shariah-compliant alternatives like Islamic ETFs. Primary Compliance Concerns: - Core business activity involves investment in riba-based financial institutions - Underlying holdings exceed debt and interest income thresholds per AAOIFI, MSCI, and S&P standards - Exclusion from all major Shariah indices due to sector classification - Insufficient granular data for ETF financial ratios, but qualitative screening disqualifies Purification Requirement: 0.00% Index Inclusion: Not included in any major Shariah indices (S&P, MSCI, FTSE, 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: 2025-12-01 REPORTING PERIOD ----------------- Latest Annual Report: FY 2025 Latest Quarterly Data: Q4 2025 Trend Period: FY 2020 to FY 2025 Data Retrieved: 2026-02-14T00:00:00Z --- Full interactive report: https://amaly.io/stock/XLF 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.