MANILA, Philippines — More listed companies were found Shari’ah-compliant by the Philippine Stock Exchange (PSE) in its latest review.
A total of 56 firms were found Shari’ah-compliant based on the PSE’s latest review period ending Sept. 25, up from 49 in the previous list covering the period ending June 25.
A total of eight companies were added to the latest results of the quarterly screening, while one was removed.
The securities included in the updated list are APC Group Inc., Lodestar Investment Holdings Corp., Metro Alliance Holdings & Equities Corp. “A” and “B”, Marcventures Holdings Inc., Nickel Asia Corp., SSI Group Inc. and NexGen Energy Corp.
Easycall Communications Philippines Inc., meanwhile, was the sole company from the previous list that failed to make it to the updated one.
To make it to the list, a company must be found compliant with the moral code and religious law of Islam.
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.
IdealRatings Inc. was tapped by the PSE 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.
IdealRatings is a provider of Islamic finance information that specializes in screening securities for Shari’ah compliance.