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Muslims in India are increasingly interested in halal investing and halal stocks as they want to participate in capital markets. However, they are hesitant because they want to avoid investing in non-Shariah-compliant stocks.

Fortunately, there are many Shariah-compliant stocks listed on the Indian stock exchange, which creates an opportunity for Muslim investors to diversify their investments. According to the data analyzed by Musaffa, 35% of Indian stocks are Shariah-Compliant. We listed down the 15 Halal stocks in India based on their market cap;

List of Halal Stocks in India by Market Capitalization

Company Name Ticker Market Cap Shariah-Compliance Status Halal Ranking
Hindustan Unilever Ltd HINDUNILVR.NS ₹5.78T Halal ★ ★ ★ ★ ★
Adani Total Gas Ltd  ATGL.NS ₹4.11T Halal ★ ★ ★ ★ ★
Adani Transmission Ltd  ADANITRANS.NS ₹3.47T Halal ★ ☆ ☆ ☆ ☆
Asian Paints Ltd  ASIANPAINT.NS ₹2.95T Halal ★ ★ ★ ★ ☆
Maruti Suzuki India Ltd  MARUTI.NS ₹2.71T Halal ★ ★ ☆ ☆ ☆
Avenue Supermarts Ltd DMART.NS ₹2.56T Halal ★ ★ ★ ★ ★
Titan Company Ltd TITAN.NS ₹2.29T Halal ★ ★ ★ ★ ★
Nestle India Ltd  NESTLEIND.NS ₹1.93T Halal ★ ★ ★ ★ ★
Hindustan Zinc Ltd  HINDZINC.NS ₹1.37T Halal ★ ☆ ☆ ☆ ☆
Bajaj Auto Ltd BAJAJ-AUTO.NS ₹1.05T Halal ★ ★ ★ ★ ☆
Pidilite Industries Ltd PIDILITIND.NS ₹1.37T Halal ★ ★ ★ ★ ★
Tech Mahindra Ltd TECHM.NS ₹1.O3T Halal ★ ★ ★ ☆ ☆
Siemens Ltd SIEMENS.NS ₹1.02T Halal ★ ★ ★ ☆ ☆
Britannia Industries Ltd BRITANNIA.NS ₹993.45B Halal ★ ★ ★ ★ ☆
Cipla Ltd CIPLA.NS ₹903.13B Halal ★ ★ ★ ☆ ☆
Source: Musaffa Platform, December 2021

What does the halal ranking mean?

Musaffa follows the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) methodology to screen stocks. Musaffa’s exceptional financial analysts analyze all publicly available information, including annual and quarterly reports, company websites, company presentations, press releases, and much more, to produce an accurate and comprehensive report on each publicly traded company.

Once the stock is categorized as Shariah-compliant, we divide the Halal stock universe into five groups and rank them from 1 to 5. In other words, a 1 rating means that the stock has the lowest degree of Shariah-compliant status, while a 5 rating means the highest.

This rating system makes it easier for Muslim investors to invest in halal stocks. The higher the rating, the more confident the investor is to invest because the stock will not become non-halal anytime soon. On the other hand, a stock with a 1 rating could change its status to not halal if the company has more non-sharia compliant revenue and interest-bearing debt, asset, or securities disclosed in the company’s new report.

If you are interested to know more Shariah-compliant status of Indian Stocks, feel free to sign up at for FREE.

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