This study aims to assess the impact of Securities Commission (SC) of Malaysia 2013 revised Shariah approved firms screening method in relation to the levels of debt and the Shariah- approved firms’ performance. Panel regressions were employed to examine the impact for firms that are consistently Shariah-approved as determined by the SC of Malaysia.The period of study is 2000 to 2014. There gression result indicatesa non-monotone association between Shariah-approved firms’ performance and debt levels. The optimum level of debt, however, is much higher than the 33% benchmark set by SC. Hence, it can be concluded that the 2013 revised Shariah- approved firms screening method which introduced the 33% debt ratio benchmark did not improve the performance of Shariah-approved firms for the period studied. Nevertheless, since the observations are only until 2014, it is possible that the observations have not capture the true impact of the change.