• Skip to main content
  • Skip to after header navigation
  • Skip to site footer
The Halal Times

The Halal Times

Global Halal, Islamic Finance News At Your Fingertips

  • Home
  • Regions
    • Latin America
    • North America
    • Europe
    • Africa
    • Central Asia
    • South Asia
    • Australia
  • Marketing
  • Food
  • Fashion
  • Finance
  • Tourism
  • Economy
  • Cosmetics
  • Health
  • Art
  • Halal Shopping

52 Listed Companies In The Philippines Become Shariah-Compliant

Islamic-Finance-Philippines
2014-10-10 by Hafiz M. Ahmed

Islamic-Finance-PhilippinesFifty-two publicly listed companies in the country, including six which are part of the main-share Philippine Stock Exchange index, made it to the latest list of Shariah-compliant companies based on a screening process meant to attract Islamic investors.

The PSEi companies that made it to the latest Shariah roster were: Consunji-led conglomerate DMCI Holdings, homegrown fastfood giant Jollibee Foods Corp., utility Manila Electric Co., telecom giant Philippine Long Distance Telephone Co., coal mining and power generation firm Semirara Mining and Power Corp. and regional food manufacturer Universal Robina Corp.

The local bourse teamed up with IdealRatings Inc. to screen PSE-listed companies for Shariah compliance in accordance with the globally accepted Accounting and Auditing of Islamic Financial Companies (AAOIFI) standards.

Shariah compliance screening excludes companies with businesses in conventional interest-based lending, financial institutions, pork, alcohol, intoxicants, tobacco, arms and weapons, gambling, casinos, derivatives, pornography, music/entertainment and human stem-cell research.

The screening also covers a company’s financial ratios of cash and interest bearing investments not exceeding 30 percent, interest bearing debts not exceeding 30 percent and accounts receivables not exceeding 67 percent of market capitalization.

If a company has a subsidiary with lending business, this conventional lending business should not exceed more than 5 percent of total revenue. None of the groups with banking businesses thus made it to the list.

The list includes property firms such as Araneta Properties Inc., DoubleDragon Properties Corp., Starmalls Inc., IRC Properties Inc. and Keppel Philippines Properties Inc. alongside private school operators Centro Escolar University and STI Education Systems Holdings Inc.

First Pacific group-led Philex Mining Corp. and its oil and gas exploration arm Philex Petroleum Corp. also made it to the list alongside nickel miners Nickel Asia Corp. and Marcventures Holdings Inc.

Liberty Telecoms Holdings Inc., a partnership between San Miguel Corp. and Qatar Telecom, also made it to the Shariah list.

Originally published on www.livetradingnews.com

Author

  • Hafiz M. Ahmed

    Hafiz Maqsood Ahmed is the Editor-in-Chief of The Halal Times, with over 30 years of experience in journalism. Specializing in the Islamic economy, his insightful analyses shape discourse in the global Halal economy.

    View all posts

Like this:

Like Loading...

Related

Previous Post:Islamic-banking-industry-Oman-sets-up-shariah-supervisory-boardOman Sets Up Shariah Supervisory Board To Streamline Islamic Banking Activities
Next Post:Dubai Welcomes More Alcohol-Free Hotels

Reader Interactions

Leave a Reply Cancel reply

You must be logged in to post a comment.

Sidebar

  • LinkedIn
  • X
  • Facebook
  • Instagram

The Halal Times

The Halal Times, led by CEO and Editor-in-Chief Hafiz Maqsood Ahmed, is a prominent digital-only media platform publishing news & views about the global Halal, Islamic finance, and other sub-sectors of the global Islamic economy.

  • Facebook
  • Twitter
  • Instagram
  • LinkedIn
  • YouTube

News

  • Home
  • Halal Shopping
  • Food
  • Finance
  • Fashion
  • Tourism
  • Cosmetics
  • Healthcare
  • Marketing
  • Art
  • Events
  • Video

Advertise

  • Advertise With Us
  • Zakat Calculator
  • Submit News
  • Subscribe

About

  • About
  • Write For Us
  • Contact Us

Copyright © 2025 · The Halal Times · All Rights Reserved ·

%d