The PSE has identified 60 companies that adhere to Shari’ah principles, including three new additions.

The number of companies compliant with SHARI’AH regulations and listed on the Philippine Stock Exchange, Inc. has increased from 58 to 60 after the quarterly screening conducted by the market operator for the period ending on Sept. 25.

On October 4, the PSE released a memo stating that three issues were added to the list of securities compliant with Shari’ah standards, while one issue was removed from the list.

According to the most recent report, Araneta Properties, Inc., iPeople, Inc., and United Paragon Mining Corp. were added to the list of Shari’ah-compliant companies, while SPC Power Corp. was removed.

On July 5, the market operator released a list that included data from June 25.

The PSE defined Shari’ah as the set of moral principles and religious laws in Islam that dictate the behaviors, regulations, teachings, and beliefs of Muslims.

The Philippine Stock Exchange stated on its website that Shari’ah-compliant investment options provide a way for publicly traded companies to receive financial support from Islamic investors, including those in Middle Eastern countries and other countries with significant Muslim populations like Malaysia and Indonesia.

IdealRatings, Inc. checked the listed companies to ensure they meet the Shari’ah compliance standards set by the Accounting and Auditing Organization for Islamic Financial Institutions.

IdealRatings is a company that offers Islamic financial information and screens securities to ensure they are compliant with Shari’ah principles.

Every three months, the PSE publishes a list of securities that meet the requirements of Shari’ah. This effort aims to increase investment options for Muslims both domestically and globally, while also broadening the investor pool of the local stock market.

The PSE stated that implementing Shari’ah in the stock market will promote a moral investment environment and create chances for Islamic investors in the Philippines to confidently engage in the local business sector.

According to the statement, Islamic investors prioritize adherence to Islamic laws over profitability, which allows them to more accurately assess the risks associated with their investments.