31 Sharia-compliant firms approved by MSM

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

The circular issued by the MSM Operations Department said that the list included 31 public shareholding companies whose business and financial behaviour coincided with the requirements of Islamic Sharia according to the Sharia rules approved by the Islamic Financial Accounting and Auditing Organization.

The list included Al Anwar Ceramic Tiles, Al Jazeira Services, Al Madinah Takaful, al Maha Ceramics, Izz Islamic Bank, Nizwa Bank, Oman Cables Industry, Oman Cement, Oman Flour Mills, Omani-qatari Telecommunications Company (Ooredoo), Raysut Cement, Shell Oman Marketing, Safa Foods, Salalah Port Services, and Takaful Oman Insurance.

The list also included Computer Stationary, Dhofar Beverage and Foodstuff, Gulf International Chemicals, Gulf Mushrooms Products, Gulf Quarries, Al Kamil Power, Muscat Gases, Muscat Thread Mills, National Biscuits Industries, Oman Chromite, Oman Fisheries, Oman International marketing, Oman Educational, Oman Packaging, National Real Estate and Desert Hospitality.

The list of Sharia-compliant companies is reviewed every three months with the addition of companies that are compliant with standards and the elimination of companies that lose their eligibility.

The Sharia index, which includes the top 15 Sharia compliant companies for four consecutive quarters of a full fiscal year, will not be affected by this disclosure.

MSM INDEX DECLINES: Muscat Securities Market (MSM) general index 30 on Wednesday lost 20.25 points, comprising a decline by 0.45 per cent to close at 4,495.69 points, compared to the last session, which stood at 4,515.94 points.

The trading value stood at RO 2,719,255, comprising a rise by 13.6 per cent compared to the last session, which stood at RO 1,513,106. The report released by MSM pointed out that the market value fell by 0.176 per cent to reach about RO 17.78 billion.

The report added that the value of shares bought by non-omani investors reached RO 218,000, comprising 12.65 per cent. — ONA