OMAN:
The Muscat Securities Market (MSM) commenced trading of its revised MSM
Shariah Compatible Index, yesterday. Industry reports have confirmed that
the new sample index comprises of 30 companies listed on the MSM, whose
activities are compatible with the standards and requirements approved by
AAOIFI. These screening methods are based on two benchmarks: business
activities criteria and financial criteria.
Speaking to a local daily, Jamila Ali Al Hamhamyah, the director of
operations department at MSM, explained that the new sample contains
companies from regular and parallel markets. Jamila pointed out that the
sample index will be reviewed every three months, to include companies
that meet the standards and exclude companies which fail to comply with
such standards.
The MSM appears to have heeded the notions expounded by industry
observers that Shariah compliant indexes attract a new segment of
investors which favor a reliable resource for identifying investments
that are compatible with Shariah principles. As a means of diversifying
investment options, Islamic indexes create a platform for Shariah
compliant investors by meeting their expectations of having regulated
Islamic investments.
The MSM Shariah Compatible Index currently comprises of 19 companies from
the industrial sector, eight companies from the services sector and three
companies from the financial sector, namely: Alizz Islamic Bank, Bank
Nizwa, Al Jazeera Services, Al Anwar Ceramic Tiles, Construction
Materials Industries, Dhofar Beverages, Dhofar Poultry, Gulf
International Chemicals, Gulf Mushroom Products, Majan Glass, Muscat
Gases, Muscat Thread Mills, National Biscuit Industries, Nawras, Oman
Chromite and Oman Chlorine.
It also includes: Oman Cement, Oman Fisheries, Oman Flour Mills, Oman Oil
Company, Oman Refreshments, Oman Sweets, Omantel, Oman Textile Holding,
Port Services Corporation, Raysut Cement, Shell Oman Marketing, A'Saffa
Foods, Voltamp Energy, Al Batinah Development and Investment.
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