Finispia Review for Indian Investors (2026): Five Methodologies, One Screen

Finispia is a halal stock screener from Finispia Investment Inc that does one thing no other tool available to Indian investors does: it shows a company's compliance status under five screening methodologies at once, the ones used by Dow Jones, FTSE, S&P, MSCI and AAOIFI, across more than 90 exchanges and over 220,000 listed stocks. There is a free entry point, a web app and mobile apps, and a paid ladder of Basic, Premium and Unlimited plans whose prices are shown only inside the app. It does not calculate purification, it does not compute zakat on holdings, and it does not connect to an Indian broker. For an NSE investor that makes it the ideal second opinion and a poor sole adviser. The halal stocks hub sets out the screening basics; this review covers Finispia on its own terms.

What is free and what is paid, as published

Finispia's marketing and its help pages describe the free tier differently, and a reader should know both. The home page and screener page say 'screen stock in over 90 stock exchanges for free' and invite you to 'start for free'. The help page on the app says 'the free trial include three stocks screened for free', and that you cancel a paid plan 'by switching to a Free plan'. The reconciliation appears to be that a free account exists permanently but the number of full screening results it returns is limited, with paid plans priced by search count or unlimited use; the refund clause supports this by referring to 'unused fees, on search number for Basic and Premium plan' and a pro rata basis for Unlimited.

The plan page itself loads only inside the application after login, so the rupee or dollar price of each tier is not stated on any page a search engine can read, and this review does not quote one. What the help page does commit to is that all 90 exchanges are included in every plan with no extra fee for additional markets, that payments run through Stripe on a recurring basis with automatic renewal, that you can cancel at any time, and that customers have 14 days for a full or partial refund. The 'show only halal stocks' filter is reserved for the Unlimited plan, portfolio alerts for Premium and Unlimited, and export to Excel is not available in the retail product at all; the help page points business users to the API or an institutional plan for that.

The five-methodology display, and how to read a split verdict on an NSE stock

Every Shariah screen has two stages: a business activity screen that excludes sectors, and a financial ratio screen that caps interest-bearing debt, interest-bearing cash and non-compliant income relative to some measure of company size. Finispia's help page lists the excluded activities it applies across standards: alcohol, tobacco, pork, music, hotels, cinema, weapons, adult entertainment, conventional financials and gambling. The ratio stage is where the five methodologies diverge. As the help page explains, 'according to few standards, the debt level is measured with reference to total asset', while others measure it 'with relation to market capitalization', and even the market capitalisation definition varies, some using a 12-month average, some 24 months.

This is why a single NSE stock can show a split verdict: compliant under AAOIFI, which uses total assets as the denominator and is therefore stable from quarter to quarter, and non-compliant under a market-capitalisation standard after a share price fall. Finispia's own advice on this is unusually frank. The help page recommends 'being cautious with the standard that are market value sensitive as halalness may fluctuate much often', and says that while those standards are backed by respected scholars, the resulting test is 'much more volatile and dependent to the market price fluctuation'. For an Indian investor the practical reading is: when the five columns disagree, look first at the AAOIFI column, then ask why the others differ.

The help page also explains the other common cause of disagreement between tools, which is sector tagging. 'Depending on the data source (data vendor), the sector could be tagged differently and thus the discrepancy between tools.' Indian conglomerates and holding companies are the usual victims: a hotel or financial subsidiary buried in a diversified group can flip a verdict depending on how the vendor classifies the parent. Finispia lets users report a stock for manual investigation. The explainer on what makes an Indian stock halal covers the thresholds that TASIS applies to the Indian indices, which are a sixth methodology Finispia does not display.

Coverage and update frequency for Indian stocks

Finispia states coverage of more than 90 exchanges and more than 220,000 stocks, and that this universe is included in every plan. None of the pages fetched for this review names the NSE or BSE individually, so the sensible first step for an Indian user is to type two or three NSE tickers into the free search and confirm they return results before paying. On update frequency the help page says data is updated 'daily, we use intraday data', while adding that compliance status does not change daily under book-value standards, which move only when a company files new accounts, and changes more often under market-value standards.

Beyond single stocks, Finispia's screener page lists a la carte screening for whole markets, indices, funds and ETFs, REITs across more than 20 countries, sukuk, IPOs and private equity, with results delivered by API or in Excel and JSON. Those are quoted services aimed at institutions, not retail features, but they explain why the company connects to Bloomberg, Capital IQ, FactSet and Refinitiv Eikon and sells a white-label screener. The retail app is one output of a data business, which is a different model from the India-first subscription apps.

What Finispia lacks for an Indian user

• Purification: the help page states that a purification rate is not yet provided, describing it as 'tremendous work' planned for a future version, so you must compute impure income yourself or use another tool.
• Zakat on holdings: a zakat calculator exists as a widget for webmasters, but the retail screener does not compute zakat on your portfolio.
• Broker integration in India: the trade-in feature works with third-party brokers 'depending on your country', and no Indian broker is named on the pages fetched.
• Indian-specific methodology: the five standards shown are global; the TASIS criteria used by the Nifty and BSE Shariah indices are not among them.
• Published pricing: plan prices appear only inside the app after login, so you cannot budget before signing up.
• Local support: Finispia Investment Inc gives an email contact and in-app support forms; there is no Indian phone line or rupee billing stated.

The purification gap is the one that changes how you use the tool. A screen tells you whether a stock is permissible to hold; purification tells you what fraction of each dividend to give away because it came from interest or other impure income. The dividend purification guide explains the method, and the India-focused apps automate it. With Finispia you would screen in one place and purify in another.

Finispia against Musaffa, Zoya, IslamicTijarat and Islamicly

The table draws on the provider profiles and reviews already on this site rather than on a fresh fetch of each competitor, and prices move, so treat the figures as a starting point. The Musaffa profile and the IslamicTijarat profile carry the current detail, and the Zoya profile and the Islamicly profile complete the set. The structural point does not move: Finispia is the only one of the five that shows more than one methodology, and the only one that does not purify. The five-way screener comparison ranks them for a primary tool; this page is about the role Finispia plays alongside whichever you pick.

How to use Finispia well from India

• Create the free account and test three NSE tickers you already hold to confirm coverage before paying for anything.
• When a verdict is split across the five columns, read the AAOIFI column first, then check whether the dissenting standards are market-capitalisation based and whether the share price has moved recently.
• When Finispia disagrees with your primary app, check the sector tag: a differently classified subsidiary is the usual cause, and the report function lets you ask Finispia to investigate.
• Add your holdings to the portfolio feature if you take a Premium or Unlimited plan, so a change of status under any standard triggers an alert.
• Keep your purification and zakat in your primary app or a spreadsheet; Finispia will not do either.
• Re-screen after each quarterly results season, because book-value standards only move when new accounts are filed.

Verdict: primary tool or cross-check

As a primary tool, Finispia suits two kinds of Indian investor. The first is someone who holds foreign stocks alongside NSE names and wants one screener for all of them; 90 exchanges in every plan is a real advantage over India-only apps. The second is someone who wants to understand why screeners disagree rather than accept a single verdict; the five-column view is the best teaching device in the market, and Finispia's own candour about market-value volatility is worth reading. Both will need a separate route for purification.

As a cross-check, Finispia is the right choice for almost everyone else. If your primary app says a stock is halal and Finispia shows it failing under three of five standards, you have learnt something worth knowing before you buy. The free tier is enough for that use, however many searches it ultimately allows, and the 14-day refund covers a trial of a paid plan if you want the portfolio alerts. The Finispia profile carries our provider verdict, and the investing hub has the route from a screened list to an actual portfolio. Facts checked against finispia.com, app.finispia.com on 15 September 2026.

Frequently asked questions

Is Finispia free?

Partly. Finispia's home page says you can screen stocks across more than 90 exchanges for free, while its help page says the free trial includes three stocks screened for free and that cancelling a paid plan means switching to a Free plan. Read together, a free account exists but full results are limited; Basic, Premium and Unlimited plans remove the limits, with prices shown only inside the app.

Does Finispia cover NSE and BSE stocks?

Finispia states coverage of more than 90 exchanges and more than 220,000 stocks in every plan, which would normally include India's two main exchanges, but the pages fetched for this review do not name the NSE or BSE individually. Test a few NSE tickers in the free search before paying. The screener does not show the TASIS methodology used by the Nifty Shariah indices.

Why does Finispia show a stock as halal and another app as not halal?

Finispia's help page gives two reasons. Different standards use different ratio definitions; some measure debt against total assets and others against market capitalisation, so a share price move can flip a market-based verdict while a book-based one holds. And data vendors tag sectors differently, so a subsidiary in a prohibited activity may be counted by one tool and missed by another. Finispia lets you report a stock for manual review.

Does Finispia calculate purification?

No. The help page states that a purification rate, meaning the share of revenue from non-compliant activities, is not yet provided and is planned for a future version. Indian investors who use Finispia therefore need another tool or a spreadsheet to work out the portion of each dividend to give away. Musaffa, Zoya and Islamicly provide purification figures in their apps.

Finispia or Musaffa for an Indian investor?

Musaffa is the better primary tool for an NSE-only investor: AAOIFI reports on nearly 5,000 Indian names, purification and zakat calculation, and a published annual price. Finispia is the better cross-check and the better choice if you also hold foreign stocks, because it shows five methodologies across 90 exchanges. Many careful investors run Musaffa or IslamicTijarat as the primary screen and keep a free Finispia account for disagreements.

Can I get a refund from Finispia?

Yes, according to the help page. Customers have 14 days for a total or partial refund. For Basic and Premium plans the refund covers unused fees based on search numbers; for the Unlimited plan it is calculated pro rata on a 365-day year, or 30 days for a monthly plan. Subscriptions renew automatically through Stripe until you cancel by switching to the Free plan.