Disclaimer: Please be advised that the information provided in this article is relevant as of the time of its composition. However, it is important to recognize that due to the periodic release of new financial reports on a quarterly basis, the status of the mentioned stocks may undergo changes. Therefore, readers are encouraged to exercise diligence and consult updated financial information before making any investment decisions.
As we have mentioned before, AI investments are one of the top investment trends of 2022. Musaffa academy decided to present the best halal AI stocks.
The Best 5 Halal AI Stocks
1. Salesforce Inc
Compliance Status – Compliant
Ticker – NASDAQ: CRM
The first Halal AI stock is Intuitive Surgical, Inc. (ISRG). The company headquarters is in Sunnyvale, California. It is a pioneer and global leader company in minimally invasive surgery using robotic assistance. The company manufactures, develops, and markets the da Vinci surgical system. The company aims to make surgery more efficient, less intrusive, and less stressful for doctors, patients, and their families.
The business activity of the company is quite simple and there is no haram or questionable sources of revenue; It is part of the Medical Equipment and Supplies Manufacturing Industry. Intuitive Surgical Operations.
| Non-Shariah-compliant business activities | 1.21% |
| Revenue from questionable segments | 0.00% |
Secondly, we screen its interest-bearing debt ratio. The debt amount should not exceed 30% of its market cap.
| Total Debt | – |
| 36 Month Average Market Capitalization | 44.67B |
There is no debt in the company so we can conclude that it meets the criteria.
Finally, we screen the interest-bearing securities ratio. The number of securities that aim to receive interest should not exceed 30% of its market cap.
| Cash and Interest-Bearing Securities | 9.01B |
| 36 Month Average Market Capitalization | 44.67B |
The company’s interest-bearing securities account for 20.16%. So, it meets the last criteria as well.
2. Cadence Design Systems Inc
Compliance Status – Compliant
Ticker – NASDAQ: CDNS
The second Halal stock we are going to present is Intel Corporation. Intel Corporation is an American manufacturer of semiconductor computer circuits. It is headquartered in Santa Clara, California. The company’s name comes from “integrated electronics.”
The business activity of the company is quite simple; To attract consumers to update their PCs, Intel’s business approach was to make modern microprocessors significantly quicker than prior ones. One technique to do this was to create chips with a large number of transistors in each device.
| Non-Shariah-compliant business activities | 0.18% |
| Revenue from questionable segments | 0.00% |
Secondly, we screen its interest-bearing debt ratio. The debt amount should not exceed 30% of its market cap.
| Total Debt | 38.10B |
| 36 Month Average Market Capitalization | 227.25B |
In the case of Intel Corporation, the percentage of interest-bearing debt is 16.77% of its market cap. So, we can conclude that it meets the criteria.
Finally, we screen the interest-bearing securities ratio. The number of securities that aim to receive interest should not exceed 30% of its market cap.
| Cash and Interest-Bearing Securities | 29.41B |
| 36 Month Average Market Capitalization | 227.25B |
The company’s interest-bearing securities account for 12.94% So, it meets the last criteria as well.
This is not all! We have 3 more halal AI stocks for you:
NUANCE COMMUNICATIONS, INC.
If you want to know the reason for their Shariah-compliant status, visit musaffa.com and learn more about these stocks for FREE!
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