Chattogram bourse adjusts its Shariah index

The country's port-city bourse, Chittagong Stock Exchange (CSE), has revised its list of Shariah-compliant securities - CSE Shariah Index (CSI).

Index Agro Industries has entered the list whereas four companies - Aman Cotton Fibrous,  Appollo Ispat Complex,  Libra Infusions, and Mithun Knitting & Dyeing (CEPZ) - have been dropped off the list because they failed to comply with the Shariah principles.

Shariah-compliant securities are those stocks that exclude any business activities that are forbidden in the religion of Islam.

Due to the growing base of Shariah-compliant investors, mostly institutional funds, both the bourses of the country have been maintaining their own Shariah indices. The concerned investors can easily pick their stocks based on the Shariah index.

According to a statement by the CSE, the change will be effective from 13 January.

The CSE Index Committee reviews the CSI twice a year. Out of the 368 scrips listed in the CSE, 131 are Shariah-compliant in the revised list.

Here is the sector-wise list of stocks in the CSI:

Banks (6)

Of the banks, Al-Arafah Islami Bank, Exim Bank, First Security Islami Bank, Islami Bank Bangladesh, Shahjalal Islami Bank, and Social Islami Bank are included in the CSI.

NBFI (1)

Islamic Finance & Investment is the only non-bank financial institution in the index.

IT (10)               

Aamra Networks, Aamra Technologies, ADN Telecom, Agni Systems, Daffodil Computers, Genex Infosys, eGeneration, Information Services Network, Intech, and Information Technology Consultants from the IT sector.  

Pharma (14)

ACI Ltd, ACI Formulations, Active Fine Chemicals, AFC Agro Biotech, Advent Pharma, Ambee Pharmaceuticals, Beacon Pharmaceuticals, Beximco Pharmaceuticals, Central Pharmaceuticals, Indo-Bangla Pharmaceuticals, JMI Syringes & Medical Devices, Silco Pharmaceuticals, Silva Pharmaceuticals, and The Ibn Sina Pharmaceuticals are the Shariah-compliant pharmaceutical stocks in the CSE.

Miscellaneous (16)

Far Chemical Industries, Global Heavy Chemicals, Imam Button Industries, Kohinoor Chemical, Marico Bangladesh, Salvo Chemical Industry, Reckitt Benckiser Bangladesh, Aman Feed, Aramit Ltd, Berger Paints Bangladesh, Index Agro Industries, National Feed Mill, Khan Brothers Pp Woven Bag Industries, Miracle Industries, SK Trims & Industries, Usmania Glass Sheet Factory are the Shariah-compliant miscellaneous stocks.

Engineering (25)

From the engineering sector, Anwar Galvanising, Aziz Pipes, Bangladesh Building Systems, BBS Cables, Bangladesh Lamps, Bangladesh Steel Re-Rolling Mills, Dominage Steel Building Systems, Eastern Cables, BD Thai Aluminium, Coppertech Industries, Kay & Que (Bangladesh), KDS Accessories, Nahee Aluminum Composite Panel, Quasem Industries, Rangpur Foundry, Ratanpur Steel Re-Rolling Mills, Singer Bangladesh, SS Steel, Bengal Windsor Thermoplastics, Navana CNG, Oimex Electrode, Olympic Accessories, Shurwid Industries, Walton Hi-Tech Industries, and Yeakin Polymer belong to the CSI.

Energy (9)

Doreen Power Generations and Systems, Khulna Power Company, Linde Bangladesh, Lub-Rref (Bangladesh), MJL Bangladesh, Shahjibazar Power, Summit Power, Titas Gas Transmission and Distribution, and Associated Oxygen are the energy stocks in the CSI.

Cement (3)

Aramit Cement, Heidelberg Cement Bangladesh, and LafargeHolcim Bangladesh are listed in CSI from the cement sector.

Ceramics (4)

Monno Ceramic Industries, RAK Ceramics Bangladesh, Shinepukur Ceramics, and Standard Ceramic Industries from the ceramics sector.

Services (3)

Eastern Housing, Somorita Hospital, and Summit Alliance Port Ltd from the services sector.

Food & Allied (6)

Bangas, Fine Foods, Fu-Wang Foods, Golden Harvest Agro Industries, Olympic Industries, Rangpur Dairy & Food Products from the food and allied sector.

Insurance (5)

Islami Insurance Bangladesh, and Takaful Islami Insurance from non-life insurance, and Fareast Islami Life Insurance, Padma Islami Life Insurance, and Prime Islami Life Insurance from the life insurance sector.

Tannery & Footwear (3)

Bata Shoe Company Bangladesh, Fortune Shoes, and Samata Leather Complex from the tannery and footwear sector.

Textile (22)

Apex Spinning & Knitting Mills, Argon Denims, Dragon Sweater and Spinning,  Esquire Knit Composite, Familytex (Bd), Far East Knitting & Dyeing Industries, Generation Next Fashions, Hamid Fabrics, Hwa Well Textiles (Bd), Kattali Textile, ML Dyeing, Malek Spinning Mills, Matin Spinning Mills, Mozaffar Hossain Spinning Mills, Pacific Denims, Prime Textile Spinning Mills, Ring Shine Textiles, Saiham Cotton Mills, Saiham Textile Mills, Simtex Industries, VFS Thread Dyeing, and Zaheen Spinning Mill from the textile sector.

Paper & Printing (3)

Hakkani Pulp & Paper Mills, Khulna Printing & Packaging, and Sonali Paper & Board Mills from the paper & printing sector.

Telecom (1)

Grameenphone is the only Shariah-compliant stock in the CSE from the telecommunication sector.