If you want exposure to the largest Shariah-friendly equity market on earth, you have to talk about Tadawul. The Saudi Exchange is the biggest stock market in the Middle East by a wide margin, with a total market cap sitting around 2.9 trillion dollars as of early 2026. Most of the companies listed are already close to Shariah-compliant by default, because the Kingdom's banking sector is dominated by Islamic finance and the country has no pork, alcohol, or gambling industries at a meaningful listed scale.

That said, not every stock on Tadawul is halal. Some conventional insurance companies remain problematic, a few conglomerates hold interest-bearing debt above the 33 percent threshold, and a handful of non-Saudi brands listed here have mixed revenue streams. The practical question is which 30 names stand out for quality, liquidity, and compliance depth. Below is the working list.

The top tier you cannot ignore

Start with Saudi Aramco, ticker 2222.SR. It is still the single largest listed company in the world most trading days, with a market cap oscillating around 1.75 trillion dollars. The business is compliant under AAOIFI screens because its debt-to-total assets ratio sits around 14 percent and its interest income is negligible. Aramco paid out around 124 billion dollars in dividends in 2025 between ordinary and performance-linked distributions.

Next is Al Rajhi Bank at 1120.SR. This is the world's largest Islamic bank by market cap, around 310 billion riyals. Al Rajhi has zero conventional lending book, so it clears every major Shariah screen automatically. Return on equity is hovering near 21 percent and the price-to-book ratio is close to 4.2x.

SABIC, ticker 2010.SR, is the chemical giant the government partly offloaded to Aramco. It trades around 73 riyals per share with a market cap near 220 billion riyals. Watch its debt ratio carefully because petrochemicals is capital intensive, but as of the last quarterly report SABIC was within AAOIFI limits.

Saudi Telecom Company, 7010.SR, is another must-own. STC has a market cap near 205 billion riyals, pays a dividend yield close to 4.1 percent, and its interest-bearing debt sits around 28 percent of assets.

Banks and Islamic financial services

You do not get to own Saudi equities without thinking about banks. The ones that actually pass full Shariah screens are:

Alinma Bank (1150.SR): a fully Islamic bank with 214 billion riyals in total assets and a dividend yield around 3.8 percent.
Bank Albilad (1140.SR): smaller at around 130 billion riyals in assets but growing its financing book at double digits.
Bank Aljazira (1020.SR): the older institution that fully converted to Islamic banking in 2007. Trading around 17 riyals per share.
Saudi National Bank (1180.SR): the largest bank in the country after its merger with NCB and Samba. It has a conventional legacy book, so under strict AAOIFI standards you need to apply income purification.

Al Rajhi, Alinma, Albilad, and Aljazira are the cleanest from a Shariah perspective. SNB is larger and more liquid but requires cleansing calculations because roughly 7 to 9 percent of its revenue still comes from interest-bearing activities.

Materials, mining, and industrials

Ma'aden, 1211.SR, is the national mining champion. It produces phosphate fertilizers, gold, aluminum, and copper. Market cap around 240 billion riyals, and the Shariah profile is clean because mining businesses rarely have interest income exceeding the 5 percent threshold. The company is midway through a massive capital expansion that should push production 50 percent higher by 2030.

Yanbu National Petrochemical Company (YANSAB), 2290.SR, is a SABIC subsidiary focused on ethylene derivatives. It is smaller at around 25 billion riyals market cap but has a cleaner balance sheet than its parent.

Advanced Petrochemical (2330.SR) is a propylene and polypropylene producer with decent margins and low debt. Trading around 32 riyals per share.

Saudi Kayan Petrochemical (2350.SR) has had a bumpy earnings profile but remains Shariah-compliant most years. Watch the debt trajectory.

SIPCHEM, 2310.SR, completed a merger with Sahara Petrochemical and now trades with a market cap near 28 billion riyals. It is a straightforward methanol and MTBE producer with manageable debt.

Consumer and healthcare

Savola Group (2050.SR) owns Panda Retail and a significant stake in Almarai. Market cap around 12 billion riyals.

Almarai Company (2280.SR) is the largest dairy company in the Middle East. Market cap roughly 65 billion riyals. The company has historically flirted with the debt threshold due to capital expenditure on farms and processing, so check the latest quarterly ratio before buying.

Saudi Industrial Investment Group (2250.SR) and Extra (4003.SR) are consumer-facing names worth researching.

Dr. Sulaiman Al Habib Medical Services, 4013.SR, is one of the top-performing listings of the last five years. Market cap around 125 billion riyals, and the company operates 20 hospitals. It is Shariah-compliant and pays a modest dividend.

Mouwasat Medical Services (4002.SR) is smaller but a solid halal healthcare play.

Real estate, construction, and utilities

Dar Al Arkan Real Estate (4300.SR) is one of the few listed developers that passes most screens. Market cap around 18 billion riyals.

Emaar Economic City (4220.SR) runs King Abdullah Economic City. Its financials have been troubled historically but the Shariah profile holds.

ACWA Power (2082.SR) is the renewable energy champion with projects across the region. Market cap around 190 billion riyals. It carries significant project debt, so watch the ratio carefully.

Saudi Electricity Company (5110.SR) sits around 110 billion riyals in market cap but has historically failed the debt screen. Most methodologies exclude it. Check the latest quarter.

Retail, logistics, and tech

Bin Dawood Holding (4161.SR), Fawaz Al Hokair (4240.SR), and Jarir Marketing (4190.SR) cover the retail space. Jarir is the cleanest with almost no debt and consistent dividends. Market cap around 17 billion riyals.

Leejam Sports (1830.SR) runs Fitness Time gyms across the Kingdom and is fully Shariah-compliant. Small cap but growing.

Elm Company (7203.SR) is the government-linked IT services firm that went public in 2022. Market cap around 76 billion riyals. No debt, high margins, and a dominant position in public sector digitization.

Saudi Research and Media Group (4210.SR) and Jahez International (6015.SR) round out the tech and media exposure. Jahez is the food delivery app with a market cap near 5 billion riyals.

The practical top 30 list

Pulling this together, the thirty names worth your attention are: 2222.SR, 1120.SR, 2010.SR, 7010.SR, 1211.SR, 2082.SR, 4013.SR, 1180.SR, 1150.SR, 1140.SR, 1020.SR, 2290.SR, 2310.SR, 2330.SR, 2350.SR, 2280.SR, 2050.SR, 4300.SR, 4002.SR, 4190.SR, 4161.SR, 4220.SR, 1830.SR, 7203.SR, 6015.SR, 4003.SR, 2060.SR, 2170.SR, 3005.SR, and 4031.SR.

A few of those trail at the bottom tier and can flip in and out of compliance quarter to quarter. That is normal for any equity list. Run the screens fresh before you buy.

A word on how to actually access Tadawul

Foreign investors can access Tadawul through the Qualified Foreign Investor program, through Swap agreements with local brokers, or by buying the iShares MSCI Saudi Arabia ETF (KSA) on the New York Stock Exchange. The ETF route is the simplest but gives you mixed exposure including some non-compliant names. If you want pure halal exposure, your cleanest option is either a local brokerage account under QFI or a Shariah-screened active manager running a segregated Saudi mandate.

Franklin FTSE Saudi Arabia ETF (FLSA) is another option on Nasdaq. Neither the iShares KSA nor the Franklin FLSA ETFs are Shariah-screened, so if you hold them you need to apply purification on the interest income portion, which is typically around 3 to 6 percent of total returns annually.

Bottom line

Tadawul is the single largest pool of potentially halal equity exposure on the planet, and the top 30 names above cover roughly 85 percent of the exchange by market cap. Aramco and Al Rajhi alone make up about 40 percent of the index. If you care about Shariah compliance and want real liquidity, you have to be here.

Run fresh screens before every purchase. Saudi companies update their quarterly financials on a schedule that lags Western norms by a few weeks, and debt ratios can shift fast when oil prices move or when the Public Investment Fund triggers a large acquisition. FaithScreener tracks all 30 of these names in real time with AAOIFI, S and P, and MSCI methodologies side by side, so you can see exactly where a stock falls on each screen before committing capital.

Saudi Arabia's Tadawul Exchange: Top 30 Shariah-Compliant Stocks