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Manila Bulletin devider Business devider The Stock Market devider Fewer Shari'ah-compliant stocks on PSE: List down to 53

Fewer Shari'ah-compliant stocks on PSE: List down to 53

Published Jan 9, 2025 03:50 am

The Philippine Stock Exchange (PSE) has revised its list of Shar'iah-compliant stocks, adding and removing companies to maintain ethical investment options for Muslim investors.

The number of Shari'ah-compliant stocks listed on the local bourse has decreased to 53 as of Dec. 25, 2024, from 56 on Sept. 25, 2024.

Six new companies were added to the list, led by International Container Terminal Services Inc. (ICTSI) and PAL Holdings Inc., while nine were removed.

The six new entrants are AbaCore Capital Holdings Inc., Far Eastern University Inc., ICTSI, OceanaGold (Philippines) Inc., PAL Holdings, Steniel Manufacturing Corporation, and STI Education Systems Holdings Inc.

The nine companies removed from the list are APC Group Inc., iPeople Inc., Lodestar Investment Holdings Corporation, Mabuhay Vinyl Corporation, Marventures Holdings Inc., Medilines Distributors Inc., Now Corporation, SSI Group Inc., and the delisted SFA Semicon Philippines Corporation.

The PSE announces the results of its quarterly screening for Shariah compliance at the end of every quarter.

The PSE engaged IdealRatings Inc., a provider of Islamic finance information, to screen listed companies according to the standards for Shariah compliance stipulated by the Accounting and Auditing Organization for Islamic Financial Institutions.

With its continuing objective of expanding the investor base of the stock market, the PSE developed its Shariah stock market program to create more investment opportunities for Muslims in the Philippines and worldwide.

Shariah is the moral code and religious law of Islam encompassing the rules, regulations, teachings, and values that govern the lives of Muslims. It literally means "the way" or the path that leads to a certain intended place or goal.

With Shariah-compliant stocks now identified by the PSE, it is easier for Muslim investors to invest in the Philippine market.

Shariah-compliant investment instruments allow listed companies access to potential funding from Islamic investors, including those in the Middle East and other countries with large Muslim populations, such as Malaysia and Indonesia.

The adoption of Shariah in the capital market will help foster an ethical investment climate that provides opportunities for local Islamic investors to participate comfortably in the Philippine business community.

Due to the ethical stance of prioritizing compliance with Islamic laws over profitability, Islamic investors can better gauge the risks involved in their investments.

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Philippine Stock Exchange
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