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Shariah-compliant firms drop to 53 in 2nd quarter

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SECURITIES COMPLIANT with Islamic principles of finance dropped to 53 in the second quarter of 2019, according to the Philippine Stock Exchange, Inc. (PSE).

A circular posted on the PSE website Friday showed the removal of five firms considered to be Shariah-compliant, namely Marcventures Holdings, Inc., The Philodrill Corp., Primex Corp., United Paragon Mining Corp., and Universal Robina Corp.

Meanwhile, three firms were added to the list: AbaCore Capital Holdings, Inc., Philippine Infradev Holdings, Inc., and Pryce Corp.

The PSE found 55 firms to be compliant with Islamic finance principles in the first quarter of the year.

Being compliant with Islamic finance principles indicates that companies are not involved in conventional interest-based lending and financial services such as insurance, mortgages and leasing, and other derivatives.

It also bars companies from engaging in businesses involving pork, alcohol, tobacco, arms and weapons, embryonic stem-cell research, hotels, gambling, casinos, music, cinema, and adult entertainment.




IdealRatings, Inc., a company that specializes in screening securities for Shariah compliance, was tapped for this quarter’s review. It reviewed the firms using guidelines under the Accounting and Auditing Organization for Islamic Finance Institutions.

Below is the list of Shariah-compliant firms for the quarter ending June:

• 2GO Group, Inc.

• AbaCore Capital Holdings, Inc.

• Abra Mining and Industrial Corp.

• AgriNurture, Inc.

• Asian Terminals, Inc.

• ATN Holdings, Inc. “A”

• ATN Holdings, Inc. “B”

• AyalaLand Logistics Holdings Corp.

• Bogo-Medellin Milling Company, Inc.

• Centro Escolar University

• Chemical Industries of the Philippines, Inc.

• Concepcion Industrial Corp.

• Concrete Aggregates Corp. “A”

• Concrete Aggregates Corp. “B”

• Crown Asia Chemicals Corp.

• D&L Industries, Inc.

• Da Vinci Capital Holdings, Inc.

• DMCI Holdings, Inc.

• Eagle Cement Corp.

• Easycall Communications Philippines, Inc.

• Far Eastern University, Inc.

• Forum Pacific, Inc.

• Global Ferronickel Holdings, Inc.

• Golden Bria Holdings, Inc.

• Greenergy Holdings, Inc.

• Holcim Philippines, Inc.

• iPeople, Inc.

• Island Information & Technology, Inc.

• LBC Express Holdings, Inc.

• Lepanto Consolidated Mining Company “A”

• Lepanto Consolidated Mining Company “B”

• Liberty Flour Mills, Inc.

• Macay Holdings, INc.

• MacroAsia Corp.

• Manila Electric Company

• MRC Allied, Inc.

• Now Corp.

• Oriental Peninsula Resources Group, Inc.

• Philippine Estates Corp.

• Philippine Infradev Holdings, Inc.

• Pilipinas Shell Petroleum Corp.

• Pryce Corp.

• PTFC Redevelopment Corp.

• PXP Energy Corp.

• RFM Corp.

• Semirara Mining and Power Corp.

• SFA Semicon Philippines Corp.

• Starmalls, Inc.

• Swift Foods, Inc.

• Vivant Corp.

• Wellex Industries, Inc.

• Wilcon Depot, Inc.

• Xurpas, Inc. — Arra B. Francia