PSE Finds 45 Shari’ah-compliant Securities in 2021

Philippine Stock Exchange (PSE).

The Philippine Stock Exchange (PSE) found 45 securities to be consistently compliant with the principles of Islamic finance throughout the four quarters of 2021, as indicated in PSE’s website. This number of firms also shows an increase of five compared to last year’s 40 firms (see

According to the PSE website, the four quarters of 2021 recorded a steady increase in the number of Shari’ah-compliant companies from 57 to 65: (1st quarter – 57; 2nd quarter – 60; 3rd quarter 62; 4th quarter 65). The four quarters of 2020 also recorded the same steady increase in the number of Shari’ah-compliant companies from 52 to 57 (1st quarter – 52; 2nd quarter – 53; 3rd quarter – 54; 4th quarter 57).

Representing various sectors such as equity, financials, holding firms, industrial, mining and oil, property, services, and small, medium, and emerging (SME) boards, these Shari‘ah-compliant firms are the following:

AgriNurture, Inc.

AllHome Corp.

Altus Property Ventures, Inc.

Asian Terminals, Inc.

ATN Holdings, Inc. “A”

ATN Holdings, Inc. “B”

Axelum Resources Corp.

AyalaLand Logistics Holdings Corp.

Berjaya Philippines, Inc.

Bogo-Medellin Milling Company, Inc.

Centro Escolar University

Chemical Industries of the Philippines, Inc.

Concrete Aggregates Corp A

Concrete Aggregates Corp B

Converge Information and Communications Technology Solutions, Inc.

Crown Asia Chemicals Corporation

D&L Industries, Inc.

Eagle Cement Corporation

Easycall Communications Philippines, Inc.

Far Eastern University, Inc.

Global Ferronickel Holdings, Inc.

Golden MV Holdings, Inc.

Greenergy Holdings Incorporated

Holcim Philippines, Inc.

IPM Holdings, Inc.

Keppel Philippines Properties, Inc.

LBC Express Holdings, Inc.

Lepanto Consolidated Mining Company A

Lepanto Consolidated Mining Company B

Liberty Flour Mills, Inc.

Macay Holdings, Inc.

MacroAsia Corporation

Manila Electric Corporation

Metro Alliance Holdings & Equities Corp A

Metro Alliance Holdings & Equities Corp B

MRC Allied, Inc.

Now Corporation

PTFC Redevelopment Corporation

RFM Corporation

SPC Power Corporation

Swift Foods, Inc.

Vistamalls, Inc.

Wellex Industries, Inc.

Wilcom Depot, Inc.

Zeus Holdings, Inc.

As a measure to attract Muslim investors inside and outside the country, the PSE carries out quarterly evaluation of its listed Shari‘ah-compliant entities in order to ensure compliance with the Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI).

In order for a company to be listed as a Shari‘ah-compliant entity, it must have less than 5% of its revenues generated from businesses in conventional interest-based lending, financial institutions, pork, alcohol, intoxicants, tobacco, arms and weapons, gambling, casinos, derivatives, adult entertainment, music, and human stem-cell research. In addition, its cash or interest-bearing deposits shall not reach more than 30% of the company’s market capitalization while accounts receivable must be lower than two-thirds of its market capitalization.

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