MANILA, Philippines - The number of listed firms found compliant with the moral code and religious law of Islam has declined in the fourth quarter of 2015, a quarterly review of the Philippine Stock Exchange (PSE) showed.
The PSE’s updated list revealed there were 54 Shariah-compliant firms in the October to December 2015 period, down from 58 in the previous quarter
Six companies have been removed from the roster of listed companies considered adhering to the Shariah standard while two firms were added.
The companies that were kicked out from the list were EEI Corp., Lafarge Republic, Inc., Minerales Industrias Corp., Philex Mining Corp., Philippine H2O Ventures Corp., and SSI Group, Inc..
The new additions, meanwhile, were Acesite (Philippines) Hotel Corp. and IPM Holdings Inc.
Companies retained in the Shariah-compliant list are A. Soriano Corp., Abra Mining and Industrial Corp., Apex Mining Co., Araneta Properties, Asian Terminals, ATN Holdings, ATN Holding, Centro Escolar University, Cirtek Holdings Philippines, Concepcion Industrial Corp., Crown Asia Chemicals Corp., D&L Industries Inc., Da Vinci Capital Holdings, DMCI Holdings, Easycall Communications Philippines, Far Eastern Univeristy, Global Ferronickel Holdings, Globe Telecom, Holcim Philippines, iPeople, IRC Properties, Island Information & Technology, Jollibee Foods Corp., Keppel Philippines Properties, Liberty Flour Mills, Liberty Telecoms Holdings, Mabuhay Vinyl Corp., MacroAsia Corp., Manila Bulletin Publishing Corp.,Manila Electric Co., Marcventures Holdings Inc., Nickel Asia Corp., Now Corp., and Oriental Peninsula Resources Group, Inc.
Other companies that were retained in the list are Pepsi-Cola Products Philippines, Philippine Long Distance Telephone Co., Philodrill, Robinsons Land Corp., Roxas and Co., SBS Philippines Corp., Semirara Mining and Power Corp., SPC Power Corp., Starmalls, STI Education Systems Holdings, Swift Foods, United Paragon Mining Corp., Universal Robina Corp., Vitarich, Vivant Corp., Vulcan Industrial & Mining Corp., Wellex Industries, and Xurpas.
To make it to the list, the nature of a company’s primary business should not be in conventional interest-based lending, financial institutions, insurance, mortgage and lease derivatives, pork, alcohol, intoxicants, tobacco, arms and weapons, embryonic stell cem research, hotel, gambling, casinos, music, cinema and adult entertainment.
Total revenues derived by a company from the list of prohibited business, if any, should not exceed five percent.
The Shariah covers the rules, regulations, teachings and values that govern the lives of Muslims.