Salaam! Zoya uses the AAOIFI screening methodology to determine shariah compliance which you can read about in more detail in our FAQs here. IFG, on the other hand, uses a slightly different variation which would explain the differences that you observed. Both methodologies are scholarly backed so I would recommend doing your own research and sticking to one that aligns with your values.
I have noticed differences in Zoya and Wahed (HLAL) also (both are AAOIFI compliant). Contacted Wahed and they said will check on it. Contacted Zoya but did not hear back. Below is question I had asked both: "I see that you (Zoya) consider TMUS and STLD to be non shariah compliant because of interest bearing debt. But Wahed ETF “HLAL” includes these 2 stocks and they also claim to be AAOIFI compliant. Are your standards more strict or there is something I am not aware of?"
Apologies for the delay in responding! HLAL is an ETF that tracks the FTSE USA Shariah Index which uses a different screening methodology than Zoya. You can compare the two side-by-side using the links below:
