SPDR Dow Jones Industrial Average ETF (DIA) is one of the most popular ETFs in the world with $36B in assets. We screened every single holding — all 30 stocks — against Shariah standards using the Halal Terminal API to give you a definitive, data-backed answer.

Verdict: DIA is NOT Shariah-Compliant

NOT Shariah-compliant. 10 of 30 holdings fail — including 5 financial services companies and 4 with excessive debt. The Dow's inclusion of major banks makes it non-compliant.

Screening Results at a Glance

MetricValue
Total Holdings30
Compliant Holdings20
Non-Compliant Holdings10
Compliance Rate66.7%
Weighted Compliance63.5%
Purification Rate4.2%
Expense Ratio0.16%
AUM$36B

Why DIA Fails Shariah Screening

The Dow Jones Industrial Average has only 30 stocks, making DIA one of the easiest ETFs to screen comprehensively. We analyzed every single holding in depth.

20 out of 30 Dow stocks pass Shariah screening. The 10 failures break down into three categories:

Business Activity Failures (4 stocks)

JPMorgan Chase, Goldman Sachs, Travelers, American Express, and Visa fail the business activity screen outright. Banking, insurance, and conventional financial services are prohibited regardless of financial ratios.

Financial Ratio Failures (4 stocks)

Amgen, Verizon, 3M, and Coca-Cola have permissible business activities but fail financial ratio screens due to excessive debt relative to assets or market cap. Verizon's debt/assets ratio of ~48% exceeds AAOIFI's 30% threshold. 3M carries heavy legacy liabilities.

Borderline Cases (1 stock)

Johnson & Johnson passes under some methodologies but fails under AAOIFI due to debt ratios near the 30% threshold. This is methodology-dependent — check with the methodology comparison guide.

Top Compliant Holdings

These DIA holdings pass Shariah screening:

  1. AAPL
  2. MSFT
  3. AMZN
  4. NVDA
  5. HD (Home Depot)
  6. MCD (McDonald's)
  7. CAT (Caterpillar)
  8. CRM (Salesforce)
  9. DIS (Disney)
  10. NKE (Nike)

Non-Compliant Holdings

These holdings fail and are the primary reason DIA is not compliant:

  1. JPM (JPMorgan Chase — banking)
  2. GS (Goldman Sachs — banking)
  3. TRV (Travelers — insurance)
  4. AXP (American Express — financial services)
  5. V (Visa — financial services)
  6. AMGN (Amgen — high debt ratio)
  7. VZ (Verizon — high debt)
  8. KO (Coca-Cola — borderline debt ratio)
  9. JNJ (Johnson & Johnson — borderline)
  10. MMM (3M — high debt)

Halal Alternatives

For similar market exposure with full Shariah compliance:

For a full comparison, see our Best Halal ETFs for 2026 guide.

Screen DIA Yourself

curl https://api.halalterminal.com/api/etf/DIA/screening \
  -H "X-API-Key: YOUR_KEY"
import requests

resp = requests.get(
    "https://api.halalterminal.com/api/etf/DIA/screening",
    headers={"X-API-Key": "YOUR_KEY"}
)
data = resp.json()

print(f"Compliance Rate: {data['compliance_rate']}%")
print(f"Compliant: {data['compliant_holdings']}/{data['total_holdings']}")
print(f"Purification: {data['purification_rate']:.1%}")

for h in data["holdings"]:
    if h["compliance_status"] != "compliant":
        print(f"  FAIL: {h['symbol']} ({h['weight']:.1%} weight)")

Two ways to screen

Halal Terminal

Screen stocks and ETFs interactively with real-time data, multi-methodology verdicts, and transparent financial ratios.

Open Terminal → Developers: Use the API

Key Takeaways