Shari’ah-compliant listed firms down to 53

MANILA, Philippines —  Fewer listed companies were found Shari’ah-compliant by the Philippine Stock Exchange (PSE) in its latest assessment.

Based on the latest review period ending Dec. 25, the number of listed Shari’ah-compliant firms stood at 53, down from 56 in the previous list covering the quarter ending Sept. 25.

A total of six companies were added to the results of the latest quarterly screening, while nine were removed.

The securities included in the updated list are AbaCore Capital Holdings Inc., Far Eastern University Inc., International Container Terminal Services Inc., PAL Holdings Inc., Steniel Manufacturing Corp. and STI Education Systems Holdings Inc.

The companies that exited the list, meanwhile, are APC Group Inc., iPeople Inc., Lodestar Investment Holdings Corp., Mabuhay Vinyl Corp., Marcventures Holdings Inc., Medilines Distributors Inc., Now Corp., SSI Group Inc. and SFA Semicon Philippines Corp.

The PSE publishes the list of Shari’ah-compliant securities every quarter.

To make it to the list, a company must be found to be compliant with Islam’s moral code and religious law.

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 engaged the services of IdealRatings Inc. to screen listed companies following the standards for Shari’ah compliance as stipulated by the Accounting and Auditing Organization for Islamic Financial Institutions.

IdealRatings provides Islamic finance information that specializes in screening securities for Shari’ah compliance.