Muscat Securities Market updates Shariah Index constituents

Muscat Securities Market (MSM) has announced the new reference companies for its MSM Shariah Index for the second quarter of 2015, the Oman News Agency has reported. The index identifies investments that comply with the requirements and provisions of Islamic law, contributing to the development and growth of the Islamic capital market sector.

The new list of 32 publicly listed companies will be used from 13 September:

1. Al Anwar Ceramic Tiles
2. Al Jazeera Services
3. Al Madina Takaful
4. Al Maha Ceramic 
5. Al Izz Islamic Bank
6. Bank Nizwa
7. Computer Stationery Industry
8. Construction Materials Industries
9. Dhofar Beverages
10. Gulf Mushroom Products
11. Majan Glass
12. Muscat Gases
13. Muscat Thread Mills
14. National Biscuit Industries
15. Oman Cables
16. Oman Chromite 
17. Oman Chlorine
18. Oman Cement
19. Oman Flour Mills
20. Oman Oil Marketing Company
21. Oman Refreshments
22. Ooredoo
23. Oman Sweets
24. Omantel
25. Oman Textile Holding
26. Raysut Cement
27. Salalah Flour Mills
28. A'Sharqiyah Investment Holding
29. Shell Oman Marketing 
30. A’Saffa Foods 
31. Salalah Port Services and 
32. Takaful Oman Insurance.

The members of the MSM sample index must be compatible with the requirements of shari'ah regulations as stipulated by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Two companies were replaced in the list accordingly. This time round, A'Sharqiyah Investment Holding and Salalah Port Services were added to the index. MSM revises the sample quarterly adding companies that meet the standards and removing companies that no longer meet the regulations. 

Interested?

View the rules for membership in the MSM Shariah Index

View the full list of companies in the September 2015 sample

Muscat Securities Market shares Q3 financial statement for shari'ah-compatible index

Muscat Securities Market (MSM) has released the Q3 financial statement for its shari'ah-compatible index, the Oman News Agency has reported.

As required by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) for Islamic investment principles, two new companies were added and four companies were removed from the list for failure to comply with approved criteria.

Muscat Securities Market's shari'ah-compliant index has the following joint stock companies listed as having activities and financial conduct that complied with shari'ah law. The members of this list are reviewed every three months for compliance with the criteria:

Al Saffa Foods

Al Anwar Ceramic Tiles

Al Izz Islamic Bank

Al Jazeera Services
Al Madina Takaful

Al Maha Ceramics

Bank Nizwa

Construction Materials Industry

Dhofar Beverages and Food Stuff

Al Batinah Development and Investment Holding

Dhofar Refreshments and Foodstuffs

Gulf Mushroom Products

Majan Glass
Muscat Gases

Muscat Thread Mills
National Biscuits Company

Oman Cement Company

Oman Chlorine
Oman Chromite 

Oman Fiber Optic

Oman Flour Mills

Oman Oil Marketing

Oman Refreshments

Oman Telecommunications Company

Oman Textile Holding

Ooredoo

Port Services Corporation

Raysut Cement Company

Shell Oman Marketing

Oman Agricultural Development

Oman Sweets and 

Takaful Oman Insurance.

Analysts believe that the Islamic indices will attract new category of investors who prefer to have reliable references that ensure compliance of their investments with shari'ah rules and regulations. This in turn contributes to the development and growth of the Islamic capital market sector as it provides non-traditional investment tools.