In complying with the issue of Shariah, it important to review on Shariah companies whether different levels of companies’ uncertainties (risks) provides similar or contradict outputs on the level of compliance. This study examines the level of Islamic Shariah compliance for public listed companies in Malaysia based on their financial risk ratios and enterprise risk management (ERM). The final sample of this study consists of newly listed Shariah-compliant companies and Shariah-non compliant companies listed in Bursa Malaysia. The financial risk ratios and ERM measurements follow the guidelines set by the Dow Jones Islamic Market (DJIM) Index and COSO framework respectively. The results of this study suggest most companies were in compliance with the interest income requirement. However, many of the companies did not meet the liquidity and debt levels which have been suggested under the DJIM guideline. For Shariah companies, the level of ERM practices were significantly related to the liquidity and debt levels. This study proposes for more harmonized general criteria for an Islamic Capital Market (ICM) Index for Shariah screening process.