PSE to release list of Shariah-compliant firms
MANILA, Philippines – In an effort to attract the Muslim community to invest in the Philippine stock market, the Philippine Stock Exchange (PSE) announced it will release a list of Shariah-compliant companies in the next two weeks.
Muslims are restricted from making investments in companies that do not adhere to Shariah Law. Investors in Mindanao are hesitant to invest in PSE. They are turning to the Indonesian and Malaysian stock exchanges for compliant indices.
To help make Muslims in their investment decisions, PSE president Hans Sicat said they are launching a Shariah Compliance Index.
A third-party consultant was hired to help finalize the list of companies that will be included in the index.
"We will make the formal launch in the next two weeks," he told reporters on the sidelines of the PSE Bell Awards held Tuesday, November 19 at Makati Shangri-La Hotel.
Sicat said the new index will help increase liquidity in the stock market.
At the Bell Awards, PSE recognized a number of companies for their adherence to high standards of corporate governance.
Awards were given to Manila Electric Company, Philippine Long Distance Telephone Company, Manila Water Company Inc., China Banking Corporation and Aboitiz Equity Ventures Inc.
Additional companies were also praised for their compliance to PSE’s market regulations and trading rules. These companies were COL Financial Group, BDO Securities, Maybank ATR Kim Eng Securities, RS Lim & Company, Salisbury BKT Securities, and AT De Castro Securities. – Rappler.com