The Chittagong Stock Exchange (CSE) has revised the CSE Shariah Index (CSI) - an index composed of Shariah-compliant stocks.
As per the half-yearly revision, which will be effective from 17 July, twelve firms have been included in the CSI, while eleven have been ousted from it, the port-city bourse said in a press statement on Sunday.
The 12 new entrants are; Acme Pesticides, Alif Industries, Aman Cotton Fibrous, Baraka Patenga Power, Bdcom Online, Intraco Refueling Station, JMI Hospital Requisite Manufacturing, Regent Textile Mills, Sinobangla Industries, The Dacca Dyeing & Manufacturing Company, Union Bank, and United Power Generation & Distribution Company.
The 11 ousted stocks which would not remain investable to the Shariah adherers after 17 July are; Aramit Cement, Active Fine Chemicals, Advanced Chemical Industries, Aramit, Argon Denims, Aziz Pipes, Bangladesh Building Systems, BSRM Ltd, Generation Next Fashions, Information Services Network, and Kattali Textile.
After the revision, the CSI will accommodate 132 of the total 369 CSE scrips.
Since the Muslim law prohibits alcohol, gambling, prostitution, interest-bearing financial transactions and many other restrictions, companies engaged with such businesses are not investible to Shariah adherers.
The Bangladesh capital market is bagging more Islamic institutional investment from Shariah-based banks, insurers, mutual funds, and others.