MUSCAT, DEC 20
The Muscat Stock Exchange (MSX) announced on Wednesday a significant update to its Shariah Index, reflecting the evolving dynamics of the ethical investment market in Oman. This move highlights the growing prominence of Shariah-compliant businesses and underscores the MSX's commitment to providing investors with access to a diverse and ethically-sound investment pool.
Computer Stationery Industry joins the index, marking its strong adherence to AAOIFI standards and potentially attractive prospects for ethical investors. Its inclusion signifies a growing demand for Shariah-compliant opportunities within the broader MSX ecosystem. Exiting the Shariah Index is Al Batinah Development and Investment.
This update underscores the dynamic nature of the Shariah-compliant market, with companies continually entering and exiting based on their ethical standing and overall performance.
The update details the purification ratios per share for 26 prominent Shariah-compliant companies, providing valuable insights into their Shariah adherence practices. Leading the pack are Al Anwar Ceramic (AACT) with a solid purification ratio of RO 0.00065 per share, followed by Al Jazeira Services (AJSS) at RO 0.00011. Notably, Al Madina Insurance (AMAT) remains purification-free with a ratio of RO 0.00000, showcasing its unwavering commitment to Shariah principles.
A growing diversification of sectors within the Shariah-compliant market is observed, with increased representation from technology, healthcare, and renewable energy alongside traditional players like banking and insurance. This diversification indicates a maturing ecosystem catering to a broader range of investor interests and risk appetites.
Other companies featured in the updated Shariah Index are as follows: Al Maha Ceramics; Aman Real Estate; A’Saffa Foods; Bank Nizwa; Construction Materials Industries; Dhofar Beverage and Foodstuff; Gulf Mushroom Products; Majan University College; Muscat Gases; Muscat Thread Mills; National Biscuit Industries; Oman Cables Industry; Oman Chromite; Oman Fisheries; Oman Refreshment; Omani Packaging; Oman Qatari Telecommunications; OQ Gas Networks; The Pearl REIF; Sahara Hospitality; Shell Omani Marketing; and Takaful Oman Insurance.
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