MSM releases names of 34 Shariah-compliant firms

MUSCAT: The Muscat Securities Market (MSM) on Monday announced names of joint-stock companies whose financial activities and behaviour meet the Sharia requirements, based on the financial statements announced by the companies during the third quarter of 2016, which depend on the standards of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
The list includes 34 companies namely: Al Anwar Ceramic Tiles, Al Jazeira Services, Al Madina Takaful, Al Maha Ceramic, Alizz islamic bank, Bank Nizwa, Computer Stationery Industry, Dhofar Beverage and Food Stuff, Al Batinah Development & Investment Holding, Gulf International Chemicals, Gulf Mushroom Products, Gulf Quarries, Majan Glass, Muscat Gases, Muscat Thread Mills, National Biscuit Industries, National Real Estate Development, Al Kamil Power, Oman Cables Industry, Oman Chromite, Oman Cement, Oman Flour Mills, Oman International Marketing, Omani Packaging, Oman Refreshment, Ooredoo, Omani Sweets, Oman Telecommunications, Raysut Cement, Salalah Mills, Shell Oman Marketing, A’Saffa Foods, Salalah Ports Services and Takaful Oman Insurance.
The list of compatible companies with Sharia is reviewed every three months to add any company that meets the standards and delete those that lose their eligibility. The sample of the Sharia compatible index, which represents the top 15 companies that are Sharia compliant for the last four consecutive quarters of any full fiscal year and that will not be affected by this disclosure and will be changed in April after receiving the last financial report for the ended fiscal year. — ONA