CROWN ASIA CHEMICALS Corp. has retained its status as a Shariah-compliant publicly listed company for the third straight year, the company said on Wednesday.
“A quarterly evaluation is made of Shariah-listed companies to ensure conformity to the Islamic Law and Finance standards aimed to encourage trade and investments,” it said in a statement.
It said Crown Asia Chemicals joins the latest list of 53 firms disclosed by the Philippine Stock Exchange (PSE) as of June 25, 2020. The company manufactures plastic compounds, plastic pipes and other related products such as polyvinyl chloride (PVC) pellets.
In April this year, the PSE issued a memorandum aimed at adjusting the standards for the evaluation of business conformity with Shariah principles and eliminating certain previously imposed restrictions.
“Such measures have been taken to align Shariah guidelines with the Accounting and Auditing Organization for Islamic Financial Institutions Shariah Rulebook,” the company said.
