No company enters CSE Shariah Index, 3 drop off

Three companies were removed from CSI, the Shariah index of the Chittagong Stock Exchange (CSE), with no new entries to the bourse, according to data from its half-yearly review effective from 25 November.

With three firms - Heidelberg Materials, Regent Textile and RSRM - excluded, 123 out of 384 CSE scrips remained in the list of Shariah-compliant securities.

Companies listed in the index

Of the IT companies listed with the index, aamra Networks, aamra Technologies, ADN Telecom, Agni Systems, BDCOM Online, Daffodil Computers, eGeneration, IT Consultants are CSI constituents.

Acme Pesticides, Advent Pharma, AFC Agro, Ambee Pharma, Asiatic Lab, Beximco Pharma, Central Pharma, Far Chemical, Global Heavy Chemicals, Indo-Bangla Pharma, JMI Syringes and Medical Devices,  Kohinoor Chemical, Marico Bangladesh, Reckitt Benckiser Bangladesh, Salvo Chemical, Silco Pharmaceuticals, Ibn Sina Pharma and Silva Pharma are the companies from the pharmaceuticals and chemicals sector.

The port city bourse treats the lenders – Al-Arafah Islami Bank, Export-Import Bank, First Security Islami Bank, Global Islami Bank, Islami Bank Bangladesh, Social Islami Bank, Union Bank, Shahjalal Islami Bank and Islamic Finance – as investible by Shariah-compliant funds, institutions or individual investors.

Apex Foods, Bangas, Beach Hatchery, Fine Foods, Fu-Wang Foods, Olympic Industries, Rahima Food Corporation and Rangpur Dairy are the food sector companies listed in the CSI.

Anwar Galvanizing,  Bangladesh Building Systems, BBS Cables, BD Thai Aluminium, Bengal Windsor Thermoplastics, Coppertech Industries, Dominage Steel Building Systems, Kay and Que, Nahee Aluminum, Navana CNG, Oimex Electrode, Olympic Accessories, Rangpur Foundry, Walton Hi-Tech Industries, Yeakin Polymer,  Eastern Cables, KDS Accessories and Quasem Industries are the engineering sector companies are treated as Shariah compliant.

Bata Shoe Company (Bd), Fortune Shoes, Legacy Footwear, Samata Leather Complex are the leather and footwear companies.

Associated Oxygen, Baraka Patenga Power, Baraka Power, Doreen Power , GBB Power, Intraco Refueling Station, Khulna Power, Linde Bangladesh, Lub-Rref, MJL Bangladesh, Shahjibazar Power, Summit Power, Titas Gas, United Power are the fuel and power companies.

Of the textile companies, Alif Industries, Aman Cotton, Apex Spinning,  Dragon Sweater, Esquire Knit Composite, Far East Knitting, Hamid Fabrics, Hwa Well Textiles, ML Dyeing, Malek Spinning, Mozaffar Hossain Spinning, Pacific Denims, Prime Textile, Saiham Textile, Simtex Industries, SK Trims, Dacca Dyeing, VFS Thread Dyeing, Zaheen Spinning will remain in the CSI.

Fareast Islami Life Insurance Company, Islami Insurance, Padma Islami Life Insurance, Prime Islami Life Insurance, Takaful Islami Insurance, Trust Islami Life Insurance are the insurers CSE found to comply with Shariah rules.
Grameenphone, Robi Axiata are the telecom companies.

Berger Paints Bangladesh, Beximco, GQ Ball Pen Industries, Index Agro Industries, JMI Hospital Requisite Manufacturing, Khan Brothers PP Woven Bag Industries, National Feed Mill, Sinobangla Industries, Usmania Glass.

Monno Ceramic, RAK Ceramics (Bd), Shinepukur Ceramics, LafargeHolcim Bangladesh are the construction material companies while Sonali Paper and Hakkani Pulp and Paper Mills are from the paper and printing sector.

Samorita Hospital, Summit Alliance Port are the service sector firms CSE treat as Shariah-compliant.

Islamic investment is getting more popular in the country and the demand for Shariah-compliant equity scrips also is on the rise.

As Islam prohibits interest alongside alcohol, prostitution and a basket of foods including pork, Shariah-compliant investors don't invest in companies engaged in any of the prohibited businesses.