Design, qualification andShariahgovernance of stock screening methodologies in selected Gulf Cooperation Council (GCC) countries in comparison with the United States

Purpose - This paper aims to compare and analyse the aspects ofShariahscreening methodologies within the selected Gulf Cooperation Council (GCC) countries as well as comparing the methodologies with the USA, and to examine howShariahscreening methodologies affect financing and investing activities of a firm. Design/methodology/approach - Shariahscreening methodologies within the selected GCC countries and between the GCC countries and the USA are compared on the basis of the data collected from secondary sources. Findings - Design, qualification andShariahgovernance set theShariahscreening methodologies within the GCC countries apart. Feasibility, duration, economic viability and funds required differentiate theseShariahscreening methodologies between the GCC countries and the USA.Shariahscreening methodologies implied in the USA is more stringent than in the GCC countries. Research limitations/implications - The suggestions in this study include using a longer research timeline, examining many more number of countries’Shariahscreening methodologies and exploring other types ofShariahscreening methodologies. Practical implications - The possibility of generalising the implementation of strict and uniformShariahscreening methodologies across all the country-specificShariahindices amongst Muslim nations, globally, is likely to benefit all the Muslim countries, by strengthening the understanding, interaction and economic co-operation amongst these countries. Social implications - People’s needs can be tended to ifMaqasid Al-Shariah(objectives ofShariah) is achieved through flexibility, dynamism and creativity within the social policy. Originality/value - Aspects ofShariahscreening methodologies are compared and contrasted within the selected GCC countries as well as between the GCC countries and the United States and the role ofShariahscreening methodologies is examined in order to determine the extent of what isShariah-Compliant and what is Non-ShariahCompliant for a firm.