Top 5 Shariah-Compliant Stocks in the US in 2024

In 2024, Shariah-compliant stocks in the US demonstrated remarkable resilience and growth, standing out despite global economic uncertainties and volatile markets. These companies not only adhere to ethical and Shariah-compliant business practices but also leveraged transformative trends like AI, digital advertising, and advanced connectivity solutions to deliver strong returns.

In this article, we highlight the 5 best-performing Shariah-compliant stocks in the US in 2024, ranked based on their stock performance and key financial metrics, including return on equity (ROE) and last-quarter sales growth.

1. AppLovin Corporation (USA)

AppLovin is a leader in mobile app marketing and monetization, offering powerful software solutions such as AppDiscovery, MAX, Adjust, and Wurl. With its data-driven tools and machine learning technology, AppLovin empowers app developers and advertisers to optimize user acquisition and revenue generation. The company also develops its own suite of mobile games, diversifying its revenue streams.

2024 Performance:

• Stock Price Growth: 712.6%
• ROE: 22.6%
• Last Quarter Sales Increase: 39%

AppLovin’s strong results reflect the company’s innovative platform and growing dominance in the mobile app ecosystem.

2. Reddit Inc. (USA)

Reddit’s community-driven model and advertising potential continue to attract investors. Since going public, the platform has seen rapid growth in ad revenue, fueled by its unique ability to target niche communities across diverse topics.

2024 Performance:

• Stock Price Growth: 380.7%
• ROE: -6.2%
• Last Quarter Sales Increase: 68%

Although Reddit reported a negative ROE, its significant sales growth highlights the platform’s strong monetization potential and expanding influence in the digital advertising market.

3. MicroStrategy Inc. (USA)

Known for its enterprise analytics and mobility software, MicroStrategy remains a major player in business intelligence. Its strategic investments in Bitcoin have further boosted investor interest, contributing to its strong stock performance.

2024 Performance:

• Stock Price Growth: 358.6%
• ROE: 51.3%
• Last Quarter Sales Increase: -10%

While quarterly sales declined due to crypto market volatility, MicroStrategy’s high ROE and strong analytics platform keep it at the forefront of enterprise data solutions.

4. Credo Technology Group Holding Ltd. (USA)

Credo Technology specializes in cutting-edge connectivity solutions for high-speed networks and data centers. Its energy-efficient designs and partnerships have positioned it as a leader in the infrastructure powering modern cloud and digital services.

2024 Performance:

• Stock Price Growth: 245.2%
• ROE: 3.3%
• Last Quarter Sales Increase: 64%

Credo’s focus on green computing and network efficiency makes it a critical player in the era of digital transformation.

5. Celestica Inc. (Canada/USA-listed)

Celestica is a top electronics manufacturing services company, delivering design, manufacturing, and supply chain solutions across industries like aerospace, healthcare, and industrials.

2024 Performance:

• Stock Price Growth: 215.2%
• ROE: 17%
• Last Quarter Sales Increase: 22%

With its global network and ability to meet complex production demands, Celestica remains a vital partner in the tech manufacturing ecosystem.

Conclusion

As Shariah-compliant investing continues to grow, these five stocks demonstrate that it's possible to align strong financial performance with ethical, faith-based principles. With standout growth in sectors like AI, connectivity, and digital monetization, they prove that Shariah-compliant investments can thrive even in uncertain markets.

But it’s important to remember that Shariah compliance is not static companies’ financials and business activities can change. That’s why frequent monitoring based on trusted frameworks like AAOIFI standards is essential for maintaining compliance.

This is where Tabadulat steps in. Our platform is designed to help you easily track and verify the Shariah compliance of your investments, ensuring your portfolio stays aligned with your values as markets evolve.

FAQs

Who is the biggest investor in MicroStrategy? Michael Saylor, the founder and former CEO of MicroStrategy, is the largest individual shareholder in the company.

Is Celestica overvalued? Whether Celestica is overvalued depends on market conditions and investor sentiment. To assess if a stock is overvalued, metrics like Price-to-Earnings (P/E) ratio, revenue growth, and industry comparisons should be considered.

Does Celestica pay a dividend? Yes, Celestica pays a dividend. The company typically distributes dividends to shareholders quarterly, but the amount may vary.