Muscat Securities Market updates MSM Shariah Index

Muscat Securities Market (MSM) has announced the new reference companies for its MSM Shariah Index as of June 2016. 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.

MSMSI sample constituents:

1 A Saffa Foods
2 Al Anwar Ceramic Tiles
3 Al Jazeira Services
4 Al Kamil Power
5 Al Madina Insurance
6 Al Maha Ceramics
7 Bank Nizwa
8 Computer Stationery Industry
9 Dhofar Beverage & Food Stuff
10 Gulf Mushroom Products
11 Gulf Plastic Industries
12 Majan Glass
13 Muscat Gases
14 Muscat Thread Mills
15 National Biscuit Industries
16 Oman Cables Industry
17 Oman Cement
18 Oman Chromite
19 Oman Refreshment
20 Oman Telecommunications
21 Oman Textile Holding
22 Omani Qatari Telecommunications
23 Raysut Cement
24 Salalah Mills
25 Salalah Port Services
26 Shell Oman Marketing
27 Sweets of Oman
28 Takaful Oman Insurance
29 Oman Flour Mills
30 Al Izz Islamic Bank

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). MSM revises the sample quarterly adding companies that meet the standards and removing companies that no longer meet the regulations. Oman Textile Holding is new to the index, while Gulf International Chemicals and Oman Oil Marketing have left.

Interested?

View the rules for membership in the MSM Shariah Index

View the full list of companies in the Q1 2016 sample (PDF)

Read the Suroor Asia blog post about previous updates of the MSM sample index

List of shari'ah-compliant securities with Bursa Malaysia updated

The Shariah Advisory Council (SAC) of the Securities Commission Malaysia (SC) has approved an updated list of shari'ah-compliant securities which are listed on Bursa Malaysia.

Thirty-five securities have been newly classified by the SAC as shari'ah-compliant securities, while 39 securities have been removed, making a total of 667 securities.

The SAC, through the SC, will continue to review the shari'ah status of securities listed on Bursa Malaysia on an annual basis, based on the latest available annual audited financial statements of the companies. For the purposes of the list as of 27 November, the financial statements dated up to 30 September 2015 were studied.

Interested?

View the full list (PDF), which also includes details of how shari'ah compliance is determined.

Philippine Stock Exchange releases list of shari'ah-compliant listed firms

The Philippine Stock Exchange has updated its quarterly list of Shari'ah-compliant securities for the period of January to June 2015. The list is released by the 5th trading day of the month after each quarter.

Third party IdealRatings screens listed companies in accordance with shari'ah compliance as stipulated by the Accounting and Auditing Organization Institutions. The companies must meet specific criteria, such as ensuring that the nature of the company's primary business does not involve conventional interest-based lending, financial institutions, insurance, derivatives, pork, alcohol, tobacco, arms and weapons, embryonic hotels, gambling, casinos, music, cinema and adult entertainment. If revenue is derived by the company from such prohibited businesses, it must not exceed 5% of its gross revenues. Other regulations govern interest-bearing debt, interest-bearing deposits and accounts receivables.

A total of 53 companies were in the list, including Globe Telecom, Jollibee Foods and Pepsi-Cola Products Philippines, Philippine Long Distance Telephone Company, and Robinsons Land.

Interested?

View the full list

posted from Bloggeroid