MSM launches Sharia-compliant index

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Thirty two joint stock companies listed on Muscat Securities Market have activities and financial conduct that complied with Sharia law.

Thirty two joint stock companies listed on Muscat Securities Market have activities and financial conduct that complied with Sharia law.

The first of the Muscat Securities Market’s Sharia-compliant index has been launched, with 32 joint stock companies listed as having activities and financial conduct that complied with Sharia law.

Jameela bint Ali Al Hamhamiyah, Head of the Indicators Section at the Operations Department in the MSM, said in a statement to Oman News Agency that the Sharia index would help attract a new segment of investors as companies’ met their aspirations.

She said of the 32 companies listed so far, the index included 19 companies from the industrial sector, nine from the service sector and four from the financial sector, the statement, reported by the Times of Oman, said.

Al Hamhamiyah said the sample would be reviewed every three months to add or delete companies according to the committed criteria.

The first batch of companies was approved earlier this month, she said.

The index list comprises the following companies: Al Anwar Ceramic Tiles, Al Jazeera Services, Al Izz Islamic Bank, Bank Nizwa, Construction Materials Industry, Dhofar Beverages and Food Stuff, Al Batinah Development and Investment Holding, Dhofar Poultry, Gulf International Chemicals, Gulf Mushroom Products, Majan Glass, Muscat Gases, Al Maha Petroleum Products Marketing, National Real Estate Development, Nawras and Oman Chromite.

The list also contains Oman Chlorine, Oman Cement, Oman Education and Training, Oman Flour Mills, Oman Oil Marketing, Oman Refreshments, Oman Telecommunications Company, Oman Textile Holding, Port Services Corporation, Raysut Cement Company, Shell Oman Marketing, A'Saffa Foods, Oman Fisheries, Oman Sweets, Salalah Flour Mills and Voltamp Energy.

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