At Al Meezan, we are dedicated to providing Shariah compliant investment solutions. In this regard we adhere to the Shariah guidelines as advised by the Shariah Board. The investments are limited to asset classes approved by the Shariah Advisor and all companies under investment consideration are regularly screened for Shariah compliance.
Shariah compliance of stocks is done under the guidance of qualified and reputed Shariah experts. For stocks to be “Shariah Compliant”, it must meet ALL the six key tests given below.
Core business of the company must be halal and in line with the dictates of Shariah. Hence, investment in securities of any company dealing in conventional banking, conventional insurance, alcoholic drinks, tobacco, pork production, arms manufacturing, pornography or related activities is not permissible.
Debt to Asset ratio should be less than 37%. Debt, in this case, is classified as any interest bearing debts. Zero coupon bonds and preference shares are, both, by definition, part of debt.
The ratio of non compliant investments to total assets should be less than 33%. Investment in any non-compliant security shall be included for the calculation of this ratio.
The ratio of non compliant income to total revenue should be less than 5%. Total revenue includes Gross revenue plus any other income earned by the company. This amount is cleansed out as charity as a pro rata ratio of dividends issued by the company.
The ratio of illiquid assets to total assets should be at least 25%. Illiquid asset, here, is defined as any asset that that Shariah permits to be traded at value other than the par.
The market price per share should be greater than the net liquid assets per share calculated as: (Total Assets – Illiquid Assets – Total Liabilities) divided by number of shares.
No. | Ticker | Company Name | Income Ratio (NCInc/TR < 5%) | Final Shariah Status |
1 | ABOT | Abbott Lab (Pakistan) Ltd | 1.36% | Compliant |
2 | ACPL | Attock Cement Pakistan Ltd | 0.20% | Compliant |
3 | AGL | Agritech Limited | 0.62% | Non-Compliant |
4 | AGP | AGP Limited * | 0.36% | Compliant |
5 | AGSML | Abdullah Shah Ghazi Sugar Mills * | 18.55% | Non-Compliant1 |
6 | AGTL | Al-Ghazi Tractors Ltd | 1.87% | Compliant |
7 | AHCL | Arif Habib Corporation Ltd | 21.24% | Non-Compliant |
8 | ANL | Azgard Nine Ltd | 0.91% | Compliant |
9 | APL | Attock Petroleum Ltd | 1.10% | Compliant |
10 | ARPL | Archroma Pakistan Ltd * | 0.00% | Compliant1 |
11 | ASC | Al Shaheer Corporation Ltd | 0.00% | Compliant |
12 | ASL | Aisha Steel Ltd | 0.06% | Compliant |
13 | ASTL | Amreli Steels Ltd | 0.01% | Compliant |
14 | ATBA | Atlas Battery Ltd | 0.08% | Compliant |
15 | PREMA | At-Tahur Limited | 0.02% | Compliant |
16 | ATLH | Atlas Honda Ltd | 1.79% | Compliant1 |
17 | ATRL | Attock Refinery Ltd | 1.72% | Compliant |
18 | AVN | Avanceon Limited * | 0.02% | Compliant |
19 | BCL | Bolan Castings Ltd | 0.06% | Compliant |
20 | BGL | Balochistan Glass Ltd | 0.41% | Compliant |
21 | BIFO | Biafo Industries Ltd | 0.97% | Compliant |
22 | BIPL | BankIslami Pakistan Ltd. ** | N/A | Compliant |
23 | BWCL | Bestway Cement Ltd | 3.96% | Compliant |
24 | CNERGY | Cnergyico PK Limited (Byco Petroleum) | 0.77% | Compliant |
25 | CEPB | Century Paper & Board Mills | 0.05% | Compliant |
26 | CHCC | Cherat Cement Co. Ltd | 0.28% | Compliant |
27 | CLOV | Clover Pakistan Ltd | 0.61% | Compliant |
28 | CPPL | Cherat Packaging Ltd | 0.03% | Compliant |
29 | CRTM | Crescent Textile Mills Ltd | 0.02% | Compliant |
30 | CSAP | Crescent Steel & Allied Products | 10.19% | Non-Compliant |
31 | CTM | Colony Textile Mills Ltd | 0.02% | Compliant |
32 | CYAN | Cyan Limited | N/A | NC by nature |
33 | DAWH | Dawood Hercules Corporation * | 5.57% | Non-Compliant |
34 | DCL | Dewan Cement Ltd | 0.04% | Compliant |
35 | DCR | Dolmen City REIT | 0.00% | Compliant |
36 | DFML | Dewan Farooque Motors Ltd | 81.26% | Non-Compliant |
37 | DFSM | Dewan Farooq Spinning Mills Ltd | 0.00% | Compliant |
38 | DGKC | D.G. Khan Cement Co. Ltd | 2.64% | Compliant |
39 | OBOY | Oilboy Energy Limited | 0.22% | Compliant |
40 | DOL | Descon Oxychem Ltd | 1.34% | Compliant |
41 | DSIL | DS Industries Ltd | 27.07% | Non-Compliant |
42 | DYNO | Dynea Pakistan Ltd | 0.32% | Compliant |
43 | EFERT | Engro Fertilizers Ltd * | 1.23% | Compliant |
44 | FCEPL | Frieslandcampins Engro Foods Ltd. * | 1.28% | Compliant |
45 | ENGRO | Engro Corporation Ltd * | 4.17% | Compliant |
46 | EPCL | Engro Polymer & Chemicals * | 1.55% | Compliant |
47 | EPQL | Engro Powergen Qadirpur Ltd * | 0.52% | Compliant |
48 | EXIDE | Exide Pakistan Ltd | 0.04% | Compliant1 |
49 | FATIMA | Fatima Fertilizer Co. Ltd * | 0.93% | Compliant |
50 | FCCL | Fauji Cement Co. Ltd | 0.48% | Compliant |
51 | FEROZ | Ferozsons Laboratories Ltd | 1.65% | Compliant |
52 | FFBL | Fauji Fertilizer Bin Qasim Ltd * % | 4.11% | Compliant |
53 | FFC | Fauji Fertilizer Company Ltd * | 8.06% | Non-Compliant |
54 | FFL | Fauji Foods Ltd * | 1.06% | Compliant |
55 | FLYNG | Flying Cement Co. Ltd | 0.00% | Compliant |
56 | GATM | Gul Ahmed Textile Mills Ltd | 0.06% | Non-Compliant |
57 | GGGL | Ghani Global Glass Ltd | 0.18% | Compliant |
58 | GGL | Ghani Global Holdings Limited | 2.60% | Compliant |
59 | GHGL | Ghani Glass Ltd | 0.00% | Compliant |
60 | GHNI | Ghandhara Industries Ltd | 0.77% | Compliant |
61 | GAL | Ghandhara Automobiles Limited | 1.40% | Compliant |
62 | GLAXO | GlaxoSmithKline Pakistan * | 0.83% | Compliant |
63 | HALEON | Haleon Pakistan Limited * | 1.59% | Compliant |
64 | GTYR | General Tyre & Rubber Co. | 0.01% | Compliant |
65 | GVGL | Ghani Value Glass Ltd | 0.28% | Compliant |
66 | GWLC | Gharibwal Cement Ltd | 0.98% | Compliant |
67 | HABSM | Habib Sugar Mills Ltd * | 4.48% | Compliant1 |
68 | HCAR | Honda Atlas Cars (Pakistan) Ltd | 1.50% | Compliant1 |
69 | HINOON | Highnoon Laboratories Ltd * | 0.49% | Compliant |
70 | HTL | Hi-Tech Lubricants Ltd | 0.27% | Compliant |
71 | HUBC | Hub Power Company Ltd ## | 4.96% | Compliant |
72 | ILP | Interloop Limited | 0.08% | Compliant |
73 | LCI | Lucky Core Industries Limited (ICI Pakistan) | 0.43% | Compliant |
74 | ICL | Ittehad Chemicals Ltd | 0.03% | Compliant |
75 | INDU | Indus Motor Company Ltd | 5.08% | Non-Compliant |
76 | INIL | International Industries Ltd | 0.09% | Compliant |
77 | ISL | International Steels Ltd | 0.10% | Compliant |
78 | ITTEFAQ | Ittefaq Iron Industries | 0.17% | Compliant |
79 | KAPCO | Kot Addu Power Company | 35.14% | Non-Compliant |
80 | KEL | K-Electric Ltd | 0.74% | Compliant |
81 | KOHC | Kohat Cement Co. Ltd | 3.24% | Compliant |
82 | KOIL | Kohinoor Industries Ltd | 8.08% | Non-Compliant |
83 | KOSM | Kohinoor Spinning Mills Ltd | 0.00% | Non-Compliant |
84 | KTML | Kohinoor Textile Mills Ltd | 0.24% | Compliant |
85 | LOADS | Loads Limited | 0.05% | Non-Compliant |
86 | LOTCHEM | Lotte Chemical Pakistan Ltd | 2.26% | Compliant |
87 | LPL | Lalpir Power Ltd * ^^ | 0.57% | Compliant |
88 | LUCK | Lucky Cement Ltd | 2.89% | Compliant |
89 | MARI | Mari Petroleum Co. Ltd | 2.47% | Compliant |
90 | MDTL | Media Times Ltd | N/A | NC by nature |
91 | MEBL | Meezan Bank Ltd ** | N/A | Compliant |
92 | MERIT | Merit Packaging Ltd | 0.00% | Compliant |
93 | MFL | Matco Foods Ltd | 0.10% | Non-Compliant |
94 | MLCF | Maple Leaf Cement Factory | 0.08% | Compliant |
95 | MTL | Millat Tractors Ltd | 0.26% | Compliant |
96 | MUGHAL | Mughal Iron & Steel Industries | 0.20% | Compliant |
97 | NATF | National Foods Ltd | 0.11% | Compliant |
98 | NCL | Nishat (Chunian) Ltd | 0.13% | Non-Compliant |
99 | NCPL | Nishat Chunian Power Ltd | 10.99% | Non-Compliant |
100 | NETSOL | NetSol Technologies Ltd # | 0.28% | Compliant |
101 | NML | Nishat Mills Ltd | 1.94% | Compliant |
102 | NPL | Nishat Power Limited | 8.62% | Non-Compliant |
103 | NRL | National Refinery Ltd | 0.04% | Compliant |
104 | NRSL | Nimir Resins Ltd | 0.00% | Compliant |
105 | OGDC | Oil & Gas Development Co. Ltd ^^^ | 7.04% | Compliant |
106 | PACE | Pace (Pakistan) Ltd | 3.31% | Non-Compliant |
107 | PAEL | Pak Elektron Ltd | 0.00% | Compliant |
108 | PAKOXY | Pakistan Oxygen Limited | 0.02% | Non-Compliant |
109 | PIBTL | Pakistan International Bulk Terminal Ltd | 0.50% | Compliant |
110 | PICT | Pakistan International Container Terminal | 1.63% | Non-Compliant |
111 | PIOC | Pioneer Cement Ltd | 0.04% | Compliant |
112 | PKGP | Pakgen Power Ltd * | 14.96% | Non-Compliant |
113 | PKGS | Packages Limited * | 0.25% | Compliant |
114 | PMI | First Prudential Modaraba ** | N/A | Compliant |
115 | PNSC | Pakistan National Shipping Corporation ^^ | 4.08% | Compliant |
116 | POL | Pakistan Oilfields Ltd | 9.98% | Non-Compliant |
117 | POWER | Power Cement Ltd | 0.38% | Compliant |
118 | PPL | Pakistan Petroleum Limited ^^ | 3.06% | Compliant |
119 | PRL | Pakistan Refinery Ltd | 1.00% | Compliant |
120 | PSMC | Pak Suzuki Motor Co. Ltd | 1.12% | Compliant |
121 | PSO | Pakistan State Oil Co. Ltd ^ | 0.26% | Compliant |
122 | PSX | Pakistan Stock Exchange Ltd. | 33.08% | Non-Compliant |
123 | PTC | Pakistan Telecommunication (PTCL) | 12.25% | Non-Compliant |
124 | QUICE | Quice Food Industries Ltd | 0.15% | Compliant |
125 | BECO | Beco Steel Limited (Ravi Textile) | 0.00% | Compliant3 |
126 | RPL | Roshan Packages Ltd | 0.44% | Compliant |
127 | SAZEW | Sazgar Engineering Works | 0.00% | Compliant |
128 | SEARL | Searle Company Ltd | 0.08% | Compliant |
129 | SEPL | Security Papers Ltd | 8.89% | Non-Compliant |
130 | SGF | Service Global Footwear Limited * | 4.50% | Compliant |
131 | SHEL | Shell (Pakistan) Ltd | 1.15% | Compliant |
132 | SHSML | Shahmurad Sugar Mills Ltd* | 2.78% | Non-Compliant |
133 | SNGP | Sui Northern Gas Pipelines Ltd ^^ | 0.89% | Compliant3 |
134 | SPEL | Synthetic Products Ltd | 0.29% | Compliant |
135 | SPL | Sitara Peroxide Ltd | 0.10% | Compliant3 |
136 | SPWL | Saif Power Ltd | 0.34% | Compliant |
137 | SRVI | Service Industries Ltd | 0.21% | Non-Compliant |
138 | SSGC | Sui Southern Gas Co. Ltd ^^ | 0.54% | Compliant3 |
139 | STCL | Shabbir Tiles & Ceramics Ltd | 0.65% | Compliant |
140 | STPL | Siddiqsons Tin Plate Ltd | 0.69% | Compliant |
141 | SYS | Systems Limited | 0.42% | Compliant |
142 | TELE | Telecard Limited # | 0.46% | Compliant |
143 | TGL | Tariq Glass Industries Ltd | 0.07% | Compliant |
144 | THALL | Thal Limited ^^ | 3.32% | Compliant |
145 | THCCL | Thatta Cement Company | 1.91% | Compliant |
146 | TPL | TPL Corporation | 7.48% | Non-Compliant |
147 | TREET | Treet Corporation Ltd | 0.13% | Compliant |
148 | TRG | TRG Pakistan Ltd | 100.00% | Non-Compliant |
149 | TRIPF | Tri-Pack Films Ltd | 0.03% | Compliant |
150 | TSPL | Tri-Star Power Ltd. | 22.50% | Non-Compliant |
151 | UNITY | Unity Foods Ltd | 0.52% | Compliant |
152 | WAVES | WAVES Singer Pakistan Ltd | 0.76% | Compliant |
153 | WTL | WorldCall Telecom Ltd | 4.96% | Non-Compliant |
154 | YOUW | Yousaf Weaving Mills Ltd | 0.00% | Non-Compliant |
155 | HUMNL | Hum Network Ltd | N/A | NC by nature |
156 | AHL | Arif Habib Ltd | N/A | NC by nature |
157 | ESBL | Escorts Investment Bank Ltd | N/A | NC by nature |
158 | FABL | Faysal Bank Ltd. ** | N/A | Compliant |
159 | FDIBL | First Dawood Investment Bank Ltd | N/A | NC by nature |
160 | ICIBL | Invest Capital Investment Bank | N/A | NC by nature |
161 | JSCL | Jahangir Siddiqui & Co. Ltd | N/A | NC by nature |
162 | KHTC | Khyber Tobacco Company | N/A | NC by nature |
163 | OLPL | OLP Financial Services Pakistan Limited | N/A | NC by nature |
164 | ADMM | Artistic Denim Mills Ltd | 0.10% | Non-Compliant |
165 | ALTN | Altern Energy Ltd | 13.82% | Non-Compliant |
166 | BERG | Berger Paints Pakistan Ltd | 0.31% | Compliant |
167 | COLG | Colgate Palmolive (Pakistan) | 1.59% | Compliant |
168 | FHAM | First Habib Modaraba ** | N/A | Compliant |
169 | FUDLM | First UDL Modaraba ** | N/A | Compliant |
170 | IDYM | Indus Dyeing & Mfg Co. Ltd. | 0.11% | Non-Compliant |
171 | IBLHL | IBL HealthCare Ltd | 0.00% | Compliant |
172 | JSML | Jauharabad Sugar Mills Ltd.* | 0.00% | Compliant1 |
173 | KOHE | Kohinoor Energy Ltd | 3.39% | Compliant |
174 | KSBP | K.S.B.Pumps Company Ltd * | 0.17% | Compliant |
175 | MACFL | MACPAC Films Ltd | 1.40% | Compliant |
176 | MFFL | Mitchell’s Fruit Farms Ltd | 0.04% | Compliant |
177 | MODAM | Modaraba al Mali ** | N/A | Compliant |
178 | MRNS | Mehran Sugar Mills Ltd* | 0.13% | Non-Compliant3 |
179 | NESTLE | Nestle Pakistan Ltd * | 0.01% | Compliant |
180 | PAKD | Pak DataCom Ltd. # | 1.91% | Compliant |
181 | PCAL | Pakistan Cables Ltd | 0.01% | Non-Compliant |
182 | SHEZ | Shezan International Ltd. | 0.02% | Compliant |
183 | SHFA | Shifa International Hospitals | 0.70% | Compliant |
184 | WHALE | Waves Home Appliances Limited (Samin Textiles) | 0.01% | Compliant |
185 | SSML | Saritow Spinning Mills Ltd. | 0.00% | Non-Compliant |
186 | STJT | Shahtaj Textile Ltd. | 0.00% | Compliant |
187 | TOWL | Towellers Limited | 0.99% | Compliant |
188 | TPLP | TPL Properties Ltd | 2.10% | Compliant |
189 | DEL | Dawood Equities Ltd | N/A | NC by nature |
190 | FNEL | First National Equities Ltd | N/A | NC by nature |
191 | BNL | Bunnys Limited | 0.16% | Compliant |
192 | AGHA | Agha Steel Ind | 0.33% | Non-Compliant |
193 | TOMCL | The Organic Meat Company Limited | 0.08% | Compliant |
194 | IMAGE | Image Pakistan | 0.01% | Compliant |
195 | TPLT | TPL Trakker Limited | 4.91% | Compliant |
196 | PTL | Panther Tyres Limited | 0.01% | Compliant |
197 | PABC | Pakistan Aluminium Beverages | 2.46% | Compliant |
198 | CPHL | Citi Pharma Limited | 2.10% | Compliant |
199 | CLVL | Cordoba Logistics | 7.53% | Non-Compliant |
200 | OCTOPUS | Octopus Digital Limited * | 16.87% | Non-Compliant |
201 | AIRLINK | Air Link Communication Limited | 0.74% | Compliant |
202 | META | Meta Tech Health Limited | 0.00% | Non-Compliant |
203 | GCIL | Ghani Chemical Industries Ltd | 5.66% | Non-Compliant |
204 | GRR | Globe Residency Reit | N/A | NC by nature |
NOTE: The above criteria of KMI Index is approved by Sharia’h Supervisory Board of KMI Index Partner, MBL.
NC= Non – Compliant
N/A = Not Applicable
* These are provisional rates for dividend purification, which are subject to final adjustment upon announcement of respective companies’ annual accounts for the year 2021/2022.
** Only illiquid Assets to Total Assets and Net Liquid Asset ratios calculated of all Islamic Financial Institutions.
***As debt ratio exceeding slightly the appoved threshold, therefore considered as Compliant.
## While calculating HUBC’s Income ratio, China Power Hub Generation Company (CPHGC) which is an associated investee company of HUBC whose revenues are consolidated with HUBC’s revenues upto the the extent of HUBC’s investment.
# As these are from service based sector, therefore their fixed assets are not significant in value therefore, these are considered as Compliant and relaxation provided over Illiquid assets to Total Assets ratio and Net Liquid Asset per share.
^ As fixed asset ratio is marginally below the threshold therefore considered as Compliant.
^^ These are considered compliant due to significant inrcease in circular debt & current economic situation, their receivables are significantly increased & share price reduces below the net liquid asset per share.
^^^ Due to current economic situation, circular debt and interest rate significantly increased therefore, it is considered as Compliant till next shariah screening period. However dividend purification rate will be same as actual.