MSM releases new Sharia-compliant company list

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

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 Organisation for Islamic Financial Institutions.

Sharia compliant companies as of the third quarter data include Al Saffa Food, Al Anwar Ceramic Tiles, Al Izz Islamic Bank, Al Jazeera Services, Al Kamil Power, Al Madinah Takaful, Al Maha Ceramics, Bank Nizwa, Computer Stationery Industry, Dhofar Beverages and Food Stuff, Dhofar Fisheries, Dhofar Tourism, Gulf Mushroom and Gulf Mining.

The list also includes Majan College, Muscat Gases, Muscat Thread Mills, National Biscuits, Oman Cables Industries, Oman Cement, Oman Chromite, Oman Education, Omani Flour Mills, Oman International Marketing, Oman Packaging, Ooredoo, Raysut Cement, Sahara Hospitality, Salalah Port Services, Shell Marketing Oman and Takaful Oman Insurance. It should be noted that during the third quarter 2018, the Sharia index sample saw the exist of Gulf International Chemicals and Oman Fisheries from the Sharia compatible companies as they failed to meet the standards approved by the Accounting and Auditing Organisation for Islamic Financial Institutions.