Islamic Finance 

Number of Shariah-compliant listed firms on Philippine Stock Exchange drops from 53 to 45

| 09 October, 2019
 Staff Writer

The number of Shariah-compliant listed companies on the Philippine Stock Exchange dropped from 53 in June to 45 in September.

There were 266 listed companies on the PSE in September, taking the percentage of Shariah-compliant companies to 17 per cent of the PSE’s listed firms.

They accounted for 8.55 per cent of market capitalisation, equivalent to 1.43 trillion Philippine pesos ($27.6 billion) out of a total of 16.72 trillion pesos, according to Salaam Gateway calculation of data from the PSE.

PSE releases its updated Shariah compliance list every fifth trading day of each quarter.

The screening for Shariah-compliance is done by IdealRatings and adheres to AAOIFI standards.

The Philippines has been accelerating the growth of its Islamic economy sectors in the last couple of years.

On August 22, President Rodrigo Duterte signed the Islamic banking act into law and an inter-agency working group is currently developing a regulatory framework for Islamic banking and finance.

Philippines’ national halal certification scheme was launched last year by the Philippine Halal Export Development and Promotion Board and in February the Department of Science and Technology opened the Philippine National Halal Laboratory and Science Centre.

The Southeast Asian nation launched its new national halal logo in July.

($1 = 51.787 Philippine pesos)

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