MSM releases list of 32 new Sharia-compliant companies

MUSCAT: Muscat Securities Market (MSM) on Tuesday announced a list of Sharia-compliant companies for the first quarter of 2018.

The Department of Operations at MSM issued a circular stating that there are 32 companies in the list of companies whose business and financial behaviour conformed to the requirements of Islamic Sharia according to the rules approved by the Accounting and Auditing Organization for Islamic Financial Institutions.

Sharia-compliant companies include Al Anwar Ceramic Tiles, Al Jazeera Services, Al Madinah Takaful, Al Maha Ceramics, Izz Islamic Bank, Bank Nizwa, Computer Stationery Industry, Dhofar Beverages and Food Stuff, Gulf International Chemicals, Gulf Mushroom Products, Gulf Stone, Al Kamil Power, Muscat Gases, Muscat Thread Mills, National Biscuit Industries, National Real Estate Development and Oman Cables Industries. The list also includes Oman Chromite, Oman Cement, Omani Fisheries, Omani Flour Mills, Oman International Marketing, Oman Oil, Oman Packaging, Ooredoo, Raysut Cement, Sahara Hospitality, Shell Oman, A’saffa Foods, Salalah Port Services, Takaful Oman Insurance and Voltamp Energy.

The sample of the Sharia Index will be affected by this disclosure due to the exit of Oman Refreshments from the list of companies that comply with the Islamic Sharia as they do not comply with the standards approved by the Accounting and Auditing Organization for Islamic Financial Institutions.