PSE Announces Shariah-compliant Stocks

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Manila—(PHStocks)—The Philippine Stock Exchange (PSE) formally ventured into Islamic Finance today as it announced that forty-seven (47) of its listed companies are Shariah-compliant stocks.

The PSE partnered with Islamic Finance expert IdealRatings to screen the listed securities for Shariah-compliance. The screening was based on the globally accepted Accounting and Auditing of Islamic Financial Institutions (AAOIFI) standards which excludes companies with businesses in conventional interest based lending, financial institutions, pork, alcohol, intoxicants, tobacco, arms and weapons, gambling, casinos, derivatives, pornography, music/entertainment, human stem-cell research, among others. Some financial rations in relation to interest were also considered.

“Previously, Muslim Filipinos who wanted to invest in Shariah-compliant companies needed to turn to other ASEAN markets if they wanted to invest in equities. Now, with the ease and guidance of such a list, they do not have to look elsewhere. They can start investing in their own country with brands and companies they know by heart. In the same light, with this program, we are confident that more investors from other countries who abide by the Shariah law will take a look at the Philippines and participate in our exciting growth story. Indeed, a wider set of investors may use the list as just one of the ethical filters to help guide their investment decisions. We also hope that in the future, such a list will be a precursor for an index, and the basis for other financial products like ETFs, mutual funds and investment trusts,” PSE President and CEO Hans B. Sicat said in his welcome remarks at the bell ringing ceremony.

To mark the entry of Islamic Finance at the Exchange, the PSE held a bell ringing ceremony attended by the Secretary of the National Commission on Muslim Filipinos Secretary Mehol Sadain, Securities and Exchange Commission Chairperson Teresita Herbosa, and members of the diplomatic corps.

“This initiative would not have been successful without the immense support and endorsement of the National Commission on Muslim Filipinos. We are truly grateful for the assistance given to us by the office of Secretary Sadain,” Sicat also noted in his speech.

The 47 Shariah-compliant stocks are:

Listed firms will be screened for Shariah-compliance every quarter. Companies that listed in the Exchange in the last quarter of 2013 will be included in the evaluation period at the start of the second quarter following the availability of their financial statements.

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