The Chittagong Stock Exchange (CSE) has revised its Shariah Index on the basis of performance of the listed companies.
The new index will come into effect from July 17. The port city’s bourse reviews the index twice in a year, says a CSE press release.
After the latest revision, 12 companies have been included in the CSE Shariah Index, while 11 have been excluded from the previous list.
The new companies which have been included in the list are Acme Pesticides, Alif Industries, Aman Cotton Fibrous, Baraka Patenga Power, BDCOM Online, Intraco Refueling Station, JMI Hospital Requisite Manufacturing, Regent Textile Mills, Sinobangla Industries, The Dacca Dyeing & Manufacturing Company, Union Bank, and United Power Generation & Distribution Company.
On the other hand, Aramit Cement, Active Fine Chemicals, Advanced Chemical Industries, Aramit, Argon Denims, Aziz Pipes, Bangladesh Building Systems, BSRM Ltd, Generation Next Fashions, Information Services Network, and Kattali Textile have been excluded from the previous list.
After the revision, 132 companies out of 369 listed securities have been selected for the group of CSE Shariah Index.
Since the Muslim law prohibits alcohol, gambling, prostitution, interest-bearing financial transactions and many other restrictions, companies engaged with such businesses are not investible to Shariah adheres.
The Bangladesh capital market is bagging more Islamic institutional investment from Shariah-based banks, insurers, mutual funds, and others.