Halal Quant Research Lab · Phase 1
Monterey Finance tests Halal equity rules on historical market data and publishes the notes. Steady growth is the mandate. Beating SPUS is interesting. It is not the point. No live capital is deployed here.
Paper 01 · Exploratory note
An Exploratory Backtest of Halal FCF Quality, 2023–2024. After AAOIFI debt limits, a cap-weighted slice of high FCF-margin names returned 42.4% a year in 2023–2024, versus 31.1% for SPUS. The book is Halal mega-cap quality and technology. The sample is short. The rule was rewritten in-sample.
Paper 02 follows one dollar of capital as it is earned and put back. Paper 04 ranks a Halal winners list, then holds cash when the market trend breaks. Papers 05 and 06 are still read as PDFs in the lab folder. Each note is an exploratory backtest.
An Exploratory Backtest of Halal ROIC Reinvestment, 2022–2024
An Exploratory Backtest of 12–1 Relative Strength and a 200-Day SMA Overlay, 2019–2024
An Exploratory Backtest of Upside Participation versus Downside Capture under AAOIFI Screens, 2020–2025
An Exploratory Backtest of Halal Earnings Surprise, 2020–2025
Code and parameters live in Monterey-Finance/Monterey-Finance. Version tag: research lab index, October 2026.
