SIXTY SECURITIES have been found to be compliant with Shariah principles as of end-June, according to a review published by the Philippine Stock Exchange on Friday.

PSEThis is the highest number of Shariah-compliant stocks since October 2015, and two more than the 58 seen as of end March.

The PSE found the following 60 securities to be complying with the principles of Islamic finance by the end of the review period on June 25:

• 2Go Group, Inc.;

• Abra Mining and Industrial Corp.;

• Acesite (Philippines) Hotel Corp.;

• Apex Mining Co., Inc.;

• Araneta Properties, Inc.;

• Asian Terminals, Inc.;

• ATN Holdings, Inc. “A”;

• ATN Holding, Inc. “B”;

• Bogo-Medellin Milling Company, Inc.

• Cemex Holdings Philippines, Inc.;

• Centro Escolar University;

• Chemical Industries of the Philippines;

• Concepcion Industrial Corp.;

• Crown Asia Chemicals Corp.;

• D&L Industries, Inc.;

• Da Vinci Capital Holdings, Inc.;

• DMCI Holdings, Inc.;

• DoubleDragon Properties Corp.

• Easycall Communications Philippines, Inc.;

• Far Eastern University, Inc.;

• Global Ferronickel Holdings, Inc.;

• Golden Haven Memorial Park, Inc.;

• Holcim Philippines, Inc.;

• Imperial Resources Inc.;

• iPeople, Inc.;

• IRC Properties, Inc.;

• Island Information & Technology, Inc.;

• Jollibee Foods Corp.;

• LBC Express Holdings, Inc.;

• Lepanto Consolidated Mining Co. “A”;

• Lepanto Consolidated Mining Co. “B”;

• Liberty Flour Mills, Inc.;

• Mabuhay Vinyl Corp.;

• MacroAsia Corp.;

• Manila Electric Co.;

• Marcventures Holdings, Inc.;

• MRC Allied, Inc.;

• Now Corp.;

• Nickel Asia Corp.;

• Oriental Peninsula Resources Group, Inc.;

• Philex Mining Corp.

• Philippine Realty and Holdings Corp.;

• Pilipinas Shell Petroleum;

• Primex Corp.;

• PTFC Redevelopment Corp.;

• PXP Energy Corp.;

• RFM Corp.;

• SBS Philippines Corp.;

• Semirara Mining and Power Corp.;

• SPC Power Corp.;

• Starmalls, Inc.;

• STI Education Systems Holdings, Inc.;

• Swift Foods, Inc.;

• The Philodrill Corp.;

• United Paragon Mining Corp.;

• Universal Robina Corp.;

• Vitarich Corp.;

• Vivant Corp.;

• Wellex Industries, Inc.; and

• Xurpas, Inc.

IdealRatings, Inc. conducts the screening of the listed companies based on the Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI) standards for Shariah compliance.

To be considered Shariah-compliant, firms must not engage in businesses involving conventional interest-based lending, financial institutions, insurance, mortgage and lease, derivatives, pork, alcohol, tobacco, arms and weapons, embryonic stem-cell research, hotels, gambling, casinos, music, cinema and adult entertainment, among others.

Should they be involved in such, investments should not exceed 5% of the total revenue of the company.

The stock should further limit its interest-bearing debt as well as deposits and investments to 30% of its 12-month trailing average market capitalization. The share of its accounts receivable should be limited to 67%. — ABF

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