April 7, 2017
Shariah-compliant securities reaches 58
The Philippine Stock Exchange, Inc. (PSE) announced on Friday that its list of Shariah-compliant securities has reached 58 for the period ending March 2017. This was the result of the screening conducted by IdealRatings, Inc. based on the Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI) standards for Shariah compliance.
The latest count records the highest number of Shariah-compliant securities since October 2015. The list includes companies that debuted in the PSE last year namely Golden Haven Memorial Park, Inc., Cemex Holdings Philippines, Inc., and Pilipinas Shell Petroleum Corporation.
Shariah-compliant equity securities are those that passed different levels of screening and evaluation based on a methodology consistent with Shariah. Shariah is the moral code and religious law of Islam covering the rules, regulations, teachings, and values that govern the lives of Muslims.
“This initiative intends to open the Philippine market to investors who abide by the Shariah law. We hope that the regular publication of Shariah-compliant securities will assist them in looking for investment opportunities in our market,” said PSE President and CEO Hans B. Sicat.
The PSE provides a quarterly list of Shariah-compliant securities which can be downloaded from the Exchange’s website, http://www.pse.com.ph.