04/06/2013 09:48 AST
The Muscat Securities Market (MSM) will launch a separate index for Sharia-complaint companies called MSM Sharia Index on July 1, 2013. The index will have 31 companies, which follow Sharia principles that are approved by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
Different sectors
The 31 joint stock companies will be selected from different sectors. These companies will be reviewed every three months to see whether they are meeting Sharia principles. The companies considered for creating the index include Oman Telecommunications Company, Raysut Cement Company, Nawras, Oman Cement Company, Shell Oman Marketing, Bank Nizwa, Al Maha Petroleum Products Marketing, Oman Oil Marketing, Alizz Islamic Bank, Al Anwar Ceramic Tiles, Oman Flour Mills, A'Saffa Foods, Port Services Corporation, Oman Chlorine, Al Jazeera Services, Muscat Gases, Oman Education and Training, Voltamp Energy, National Detergent, Majan Glass, Oman Chromite, Gulf Mushroom Products, Oman Packaging, National Real Estate Development, Dhofar Poultry, Construction Materials Industry, Dhofar Beverages and Food Stuff, Gulf International Chemicals, Gulf Stones, and Al Batinah Development and Investment Holding.
The launch of this index is expected to attract more investors who prefer to deploy their funds in Sharia-compliant companies.
Times News Service
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