Muscat Securities Market (MSM) set to launch Sharia index today

By Samuel Kuty –

MUSCAT — Islamic finance sector in Oman is expected to get further momentum with the launch of the new Sharia compliant index by the Muscat Securities Market (MSM) today.
Announced to be known as MSM Sharia Index, the benchmark will have 31 companies with 18 drawn from industrial sector followed by 10 from service sector and three from financial institutions.
According to Ahmed bin Saleh al Marhoon, Director-General of MSM, the index will contribute to attracting a new category of investors.
“The move will pave the way for introducing other Islamic financial indices that serve new financial tools, such as sukuk and Islamic investment funds. This will enhance the available Islamic investment options and market depth,” Al Marhoon said.

The index is the latest development in Oman’s Islamic financial services market.

http://main.omanobserver.om/node/169824

source : oman obsever

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Lankan brokers list Shariah Compliant companies in Colombo Stock Exchange

By Duruthu Edirimuni Chandrasekera

Sri Lankan stock firms have prepared a list of Shariah Compliant securities firms in the stock market for the benefit of local and foreign investors seeking investments that follow Islamic investing principles.

CSE“This list has been designed and developed to be used as a basis of Shariah compliant equity investments at the Colombo Stock Exchange (CSE),” an analyst told the Business Times. He said that listed companies at CSE are screened against a set of Shariah principles and the list is designed to meet the requirements of both local and foreign Islamic investors.
Shariah compliant investments have been growing in popularity, due in part to investor interest in working with the Middle East, according to analysts.

Islamic finance principles embody a unique form of investment management which corresponds with the values of socially responsible investing and LS Securities (LS), a firm that has pioneered a Islamic finance securities list two years ago, says that this is an ethical and equitable mode of finance that derives its principles from the ethical and equitable mode of finance that derives its principles from the Shariah (Islamic law).

Read more at : http://www.sundaytimes.lk/130630/business-times/lankan-brokers-list-shariah-compliant-companies-in-cse-50122.html

Sunday Times.lk