The Chittagong Stock Exchange (CSE) revised its Shariah-based index by adding three companies and excluding 12 others, with the changes set to take effect from 03 June.
The revised index of Shariah-compliant companies now includes 103 companies out of 383 listed firms following the latest semi-annual review, the bourse said recently.
Asiatic Laboratories, CVO Petrochemical Refinery and Saiham Textile Mills were added to the index.
On the other hand, Bangladesh Building Systems, Baraka Patenga Power, Baraka Power, Doreen Power , Grameenphone, Legacy Footwear, Malek Spinning Mills, MJL Bangladesh, Navana CNG, Olympic Accessories, Premier Cement Mills and Saiham Cotton Mills were dropped from the previous list.
The bourse’s review committee continuously monitor the Shariah-compliances by listed firms to sort them out and present before Islamic investors.
According to market professionals, investors are increasingly tracking Shariah-compliant securities, as they follow Islamic investment principles by limiting exposure to interest-based income and businesses considered non-permissible under Islamic finance rules.
Technology and telecom companies included in the revised index are Aamra Networks, Aamra Technologies, ADN Telecom, Agni Systems, Daffodil Computers, eGeneration, IT Consultants and Robi Axiata.
Financial sector firms in the index include Al-Arafah Islami Bank, Islami Bank Bangladesh, Shahjalal Islami Bank, Islamic Finance and Investment, Islami Insurance Bangladesh, Fareast Islami Life Insurance, Padma Islami Life Insurance, Prime Islami Life Insurance, Takaful Islami Insurance and Trust Islami Life Insurance.
Pharmaceutical and healthcare companies in the index are Ambee Pharmaceuticals, Advent Pharma, Asiatic Laboratories, Beximco Pharmaceuticals, Central Pharmaceuticals, Indo-Bangla Pharmaceuticals, JMI Hospital Requisite Manufacturing, JMI Syringes and Medical Devices, Samorita Hospital, Silco Pharmaceuticals, Silva Pharmaceuticals and The Ibn Sina Pharmaceuticals Industry.
Textile and garment-related firms included are Alif Industries, Aman Cotton Fibrous, Apex Spinning and Knitting Mills, Dragon Sweater and Spinning, Esquire Knit Composite, Far East Knitting and Dyeing Industries, Hamid Fabrics, Hwa Well Textiles, ML Dyeing, Mozaffar Hossain Spinning Mills, Pacific Denims, Prime Textile Spinning Mills, Saiham Textile Mills, Simtex Industries, SK Trims and Industries, The Dacca Dyeing & Manufacturing Company, VFS Thread Dyeing and Zaheen Spinning.
Engineering and manufacturing companies in the revised index include Anwar Galvanizing, BBS Cables, BD Thai Aluminium, Bengal Windsor Thermoplastics, Coppertech Industries, Dominage Steel Building Systems, Eastern Cables, GQ Ball Pen Industries, KDS Accessories, Khan Brothers PP Woven Bag Industries, Miracle Industries, Nahee Aluminum Composite Panel, Quasem Industries, Rangpur Foundry and Walton Hi-Tech Industries.
Power, fuel and infrastructure firms selected are CVO Petrochemical Refinery, Intraco Refueling Station, Khulna Power Company, LafargeHolcim Bangladesh, Linde Bangladesh, Lub-rref Bangladesh, Shahjibazar Power Company, Summit Alliance Port, Summit Power, Titas Gas and United Power.
Food, agro and consumer companies included in the index are ACME Pesticides, Apex Foods, Bangas, Beach Hatchery, Fine Foods, Fortune Shoes, Fu-Wang Foods, Index Agro Industries, National Feed Mill, Olympic Industries, Rahima Food Corporation, Rangpur Dairy & Food Products and Reckitt Benckiser Bangladesh.
Paper, ceramics, chemicals and other industrial firms selected are Far Chemical Industries, Global Heavy Chemicals, Hakkani Pulp and Paper Mills, Heidelberg Materials Bangladesh, Kohinoor Chemical Company Bangladesh, Monno Ceramic, RAK Ceramics Bangladesh, Salvo, Samata Leather, Shinepukur Ceramics, Sinobangla Industries, and Sonali Paper and Board Mills.
Other companies retained in the revised CSI are Beximco, Bata Shoe Company Bangladesh and Kay & Que Bangladesh.
The CSE reviews the CSI twice a year to assess whether constituent companies continue to meet Shariah compliance requirements.
