Muscat: The Muscat Securities Market (MSM) yesterday introduced a sample of its Sharia-compliant index, issuing a circular stating that the new sample will be effective from September 15.
The Sharia index contains 32 joint stock companies listed on MSM whose activities and financial conduct comply with the requirements of the Sharia, depending on the standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
The index includes 19 companies from the industrial sector, nine from the services sector, and four from the financial sector. This sample is reviewed every three months in order to add or delete companies, according to the criteria commitment.
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.
The Sharia index will help attract a new segment of investors as it meets their aspirations. These investors prefer a reliable reference to select investments that comply with the requirements and provisions of the Islamic Sharia, which in turn contributes to the development and growth of the Islamic finance market by providing nontraditional investment options.