Philippine Stock Exchange Puts Shariah Index on Hold
Let’s hope this ends up being a permanent decision…
The Philippine Stock Exchange has delayed the launching of Shariah index, which tracks the performance of companies considered compliant with the Islamic law, a top official of the local bourse said.
“We postponed that [launching of Shariah index] because we have to spend a little bit more time reviewing it,” PSE president Hans Sicat told reporters.
Sicat said instead of launching the Shariah index, the PSE was looking at launching another index. While he did not identify new index that the PSE planned to launch, the market was expecting the local bourse to launch a consumer sub-index given the robust domestic retail sector.
The PSE released a list of Shariah-compliant listed firms in 2014 as a prelude to the exchange’s plan to launch an Islamic index in 2015. Sicat said in October about 40 of the 51 listed companies that were compliant with the moral code and religious law of Islam could be included in the Shariah index.