MANILA, Philippines — The Philippine Stock Exchange (PSE) has trimmed the number of Shari’ah-compliant securities.
Based on the latest review period ending June 25, a total of 49 listed companies were found Shari’ah-compliant, down from 53 in the previous list covering the period ending March 25.
Five companies were added to the updated list: Araneta Properties Inc., Figaro Coffee Group Inc., GEOGRACE Resources Philippines Inc., Macay Holdings Inc. and OceanaGold (Philippines) Inc.
Meanwhile, nine companies were removed: AgriNurture Inc., D&L Industries Inc., Fruitas Holdings Inc., Keppel Philippines Properties Inc., Metro Alliance Holdings & Equities Corp. “A” and “B”, Nickel Asia Corp., Prime Media Holdings Inc. and RFM Corp.
Shari’ah is the moral code and religious law of Islam covering the rules, regulations, teachings and values that govern the lives of Muslims.
The PSE publishes the list of Shari’ah-compliant securities on a quarterly basis.
To screen listed companies in accordance with the standards for Shari’ah compliance as stipulated by the Accounting and Auditing Organization for Islamic Financial Institutions, the PSE engaged the services of IdealRatings Inc.
IdealRatings is a provider of Islamic finance information that specializes in screening securities for Shari’ah compliance.
The criteria to become a qualified listed company are stated in the PSE’s guidelines on screening of securities for Shari’ah compliance.