Muscat: Muscat Securities Market (MSM) has re-constituted its Sharia Index based on fourth quarter financial results of 2015.
Sharia Index has 30sample companies now and the reconstitution was on the basis of financial results of companies in the fourth quarter of 2015.
The companies that are included in the index includeAl Anwar Ceramic Tiles, Al Jazeira Services, Al Madina Takaful, Al Maha Ceramics, Al Izz Islamic Bank, Bank Nizwa, Computer Stationary Industry, Dhofar Beverage and Food Stuff, Gulf International Chemicals, Gulf Mushroom Products, Majan Glass and Muscat Gases.
The newly constituted index was effective from March 6, according to a circular released by the Muscat bourse.
Muscat Securities Market's Sharia index is made up of companies that are complied with Sharia Law. The sample firms are reviewed by the bourse every three months to add or remove companies according to their compliance with the criteria.
Islamic index will attract new category of investors who prefer to have reliable references that ensure compliance of their investments to the Sharia rules and regulations. This in turn contributes to the development and growth of the Islamic capital market sector as it provides non-traditional investment tools.