2 firms become Shariah compliant

Golden Haven Golden Haven

Golden Haven Memorial Park, Inc. and cement firm Cemex Philippines Holdings, which debuted on the Philippine Stock Exchange (PSE) this year, are now among the Shariah-compliant securities listed locally.

This is based on the screening conducted by IdealRatings, Inc. for the period ending September 2016, according to PSE.

IdealRatings, Inc. uses the Accounting and Auditing Organization for Islamic Finance Institutions standards for Shariah compliance to screen the PSE-listed firms.

Golden Haven and Cemex were among the 56 listed securities that made it to the Shariah list. There were three more Shariah-compliant securities in the third quarter against the count in the second quarter.

“The PSE continues to provide a list of Shariah-compliant securities to cater to the needs of Islamic investors and those who use Shariah as their investment guide,” said PSE Chief Operating Officer Roel A. Refran.

He noted that, “by highlighting listed firms that adhere to the standards of Shariah law, we hope to open investment opportunities in the country to Islamic funds.”

The PSE started releasing the quarterly list of Shariah-compliant securities in 2013. The complete list of Shariah-compliant securities is available on the PSE website, www.pse.com.ph.

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