Advertisement

PSE review finds 62 firms Shariah-compliant

Font Size

THE Philippine Stock Exchange — PHOTO BY SANTIAGO J. ARNAIZ

THE Philippine Stock Exchange said it classified 62 securities as compliant with Islamic finance principles, as of June 25.

In its quarterly review released Friday, the PSE said the compliant stocks include 2GO Group, Inc., D&L Industrues, Inc. and MRC Allied, Inc.

The new entrants to the list for this quarter are Concrete Aggregates Corp. (A and B), Golden Bria Holdings, Inc., Ionics, Inc., Nickel Asia Corp., Philippine Estates Corp. and STI Education Systems Holdings, Inc.

Dropped from the list were Araneta Properties, Inc., Cirtek Holdings Philippines, Corp., Golden Haven Park, Inc., Italpinas Development Corp., Keppel Philippines Properties, Inc. and Primex Corp.

The PSE engaged IdealRatings, Inc. to conduct the screening of the listed firms, in accordance with the Accounting and Auditing Organization for Islamic Finance Institutions standards for Shariah compliance.

Islamic finance principles disallow firms from engaging in businesses tht involve conventional interest-based lending. The restrictions also cover other financial services like insurance, mortgages and leasing, and derivatives. Other restrictions apply to companies that deal in pork, alcohol, tobacco, arms and weapons, embryonic stem-cell research, hotels, gambling, casinos, music, cinema, and adult entertainment, among others. — Janina C. Lim