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 | Charity Rate | Final Shariah Status |
1 | ABOT | Abbott Lab (Pakistan) Ltd | 1.56% | Compliant |
2 | ACPL | Attock Cement Pakistan Ltd * | 0.06% | Compliant |
3 | ADMM | Artistic Denim Mills Ltd * | 0.01% | Non-Compliant |
4 | AGHA | Agha Steel Ind * | 0.50% | Compliant |
5 | AGIL | Agriauto Industries Ltd * | 0.19% | Compliant |
6 | AGL | Agritech Limited | 0.43% | Non-Compliant |
7 | AGP | AGP Limited | 0.29% | Compliant |
8 | AGSML | Abdullah Shah Ghazi Sugar Mills | 100.00% | Non-Compliant1 |
9 | AGTL | Al-Ghazi Tractors Ltd | 0.36% | Compliant |
10 | AIRLINK | Air Link Communication Limited * | 0.17% | Compliant |
11 | ALTN | Altern Energy Ltd * | 14.75% | Non-Compliant |
12 | ANL | Azgard Nine Ltd * | 0.63% | Compliant |
13 | APL | Attock Petroleum Ltd * | 0.86% | Compliant |
14 | ARPL | Archroma Pakistan Ltd | 0.00% | Compliant1 |
15 | ASC | Al Shaheer Corporation Ltd * | 0.00% | Compliant |
16 | ASL | Aisha Steel Ltd * | 0.08% | Non-Compliant |
17 | ASTL | Amreli Steels Ltd * | 0.00% | Non-Compliant |
18 | ATBA | Atlas Battery Ltd * | 0.09% | Compliant |
19 | ATLH | Atlas Honda Ltd | 2.15% | Compliant1 |
20 | ATRL | Attock Refinery Ltd * | 1.33% | Compliant |
21 | AVN | Avanceon Limited # | 0.07% | Compliant |
22 | BCL | Bolan Castings Ltd * | 0.02% | Compliant |
23 | BECO | Beco Steel Limited (Ravi Textile) * | 0.00% | Compliant3 |
24 | BERG | Berger Paints Pakistan Ltd * | 0.08% | Compliant |
25 | BGL | Balochistan Glass Ltd * | 0.18% | Compliant |
26 | BIFO | Biafo Industries Ltd * | 0.82% | Compliant |
27 | BIPL | BankIslami Pakistan Ltd. ** | N/A | Compliant |
28 | BNL | Bunnys Limited * | 0.00% | Compliant |
29 | BRR | B.R.R. Guardian Modaraba ** | N/A | Compliant |
30 | BUXL | Buxly Paints Ltd * | 0.00% | Compliant |
31 | BWCL | Bestway Cement Ltd * | 2.60% | Compliant |
32 | BWHL | Baluchistan Wheels Ltd * | 3.85% | Compliant |
33 | CEPB | Century Paper & Board Mills * | 0.02% | Compliant |
34 | CHCC | Cherat Cement Co. Ltd * | 0.04% | Compliant |
35 | CLOV | Clover Pakistan Ltd * | 0.14% | Compliant |
36 | CLVL | Cordoba Logistics * | 2.93% | Compliant |
37 | CNERGY | Cnergyico PK Limited (Byco Petroleum) * | 0.75% | Non-Compliant |
38 | COLG | Colgate Palmolive (Pakistan) * | 1.25% | Compliant |
39 | CPHL | Citi Pharma Limited * | 0.68% | Compliant |
40 | CPPL | Cherat Packaging Ltd * | 0.01% | Non-Compliant |
41 | CRTM | Crescent Textile Mills Ltd *** | 0.05% | Compliant |
42 | CSAP | Crescent Steel & Allied Products * | 1.57% | Compliant |
43 | CTM | Colony Textile Mills Ltd * | 0.05% | Compliant |
44 | DAWH | Dawood Hercules Corporation | 4.52% | Compliant |
45 | DCL | Dewan Cement Ltd * | 0.00% | Compliant |
46 | DCR | Dolmen City REIT * | 0.00% | Compliant |
47 | DFML | Dewan Farooque Motors Ltd * | 0.00% | Non-Compliant |
48 | DFSM | Dewan Farooq Spinning Mills Ltd * | 0.00% | Compliant |
49 | DGKC | D.G. Khan Cement Co. Ltd * | 2.54% | Compliant |
50 | DOL | Descon Oxychem Ltd * | 0.28% | Compliant |
51 | DSIL | DS Industries Ltd * | 0.48% | Non-Compliant |
52 | ECOP | EcoPack Ltd * | 0.01% | Non-Compliant |
53 | EFERT | Engro Fertilizers Ltd | 1.14% | Compliant |
54 | ENGRO | Engro Corporation Ltd | 4.77% | Compliant |
55 | EPCL | Engro Polymer & Chemicals | 1.34% | Compliant |
56 | EPQL | Engro Powergen Qadirpur Ltd | 9.06% | Non-Compliant |
57 | EXIDE | Exide Pakistan Ltd | 0.02% | Compliant1 |
58 | FABL | Faysal Bank Ltd. ** | N/A | Compliant |
59 | FATIMA | Fatima Fertilizer Co. Ltd | 1.14% | Compliant |
60 | FCCL | Fauji Cement Co. Ltd * | 0.53% | Compliant |
61 | FCEPL | Frieslandcampins Engro Foods Limited (Engro Foods Ltd.) | 0.25% | Compliant |
62 | FECM | First Elite Capital Modaraba | N/A | Compliant |
63 | FECTC | Fecto Cement Ltd * | 0.22% | Compliant |
64 | FEROZ | Ferozsons Laboratories Ltd * | 1.67% | Compliant |
65 | FFBL | Fauji Fertilizer Bin Qasim Ltd | 3.32% | Compliant |
66 | FFC | Fauji Fertilizer Company Ltd | 12.74% | Non-Compliant |
67 | FFL | Fauji Foods Ltd | 1.37% | Non-Compliant |
68 | FHAM | First Habib Modaraba ** | N/A | Compliant |
69 | FLYNG | Flying Cement Co. Ltd * | 0.00% | Compliant |
70 | FPJM | First Punjab Modaraba ** | N/A | Compliant3 |
71 | FUDLM | First UDL Modaraba ** | N/A | Compliant |
72 | FZCM | Fazal Cloth Mills Ltd * | 0.02% | Compliant |
73 | GATM | Gul Ahmed Textile Mills Ltd * | 0.05% | Non-Compliant |
74 | GEMUNSL | Universal Network Systems Limited* | 2.00% | Compliant |
75 | GGGL | Ghani Global Glass Ltd * | 0.05% | Compliant |
76 | GGL | Ghani Global Holdings Limited * | 0.43% | Compliant |
77 | GHGL | Ghani Glass Ltd * | 0.00% | Compliant |
78 | GHNI | Ghandhara Industries Ltd * | 0.51% | Compliant |
79 | GHNL | Ghandhara Nissan Ltd * | 1.17% | Compliant |
80 | GLAXO | GlaxoSmithKline Pakistan | 1.71% | Compliant |
81 | GTYR | General Tyre & Rubber Co. * | 0.00% | Non-Compliant |
82 | GVGL | Ghani Value Glass Ltd * | 0.33% | Compliant |
83 | GWLC | Gharibwal Cement Ltd * | 1.39% | Compliant |
84 | HABSM | Habib Sugar Mills Ltd | 2.07% | Non-Compliant1 |
85 | HALEON | Haleon Pakistan Limited (Glaxo SmithKline Consumer Healthcare) | 0.93% | Compliant |
86 | HCAR | Honda Atlas Cars (Pakistan) Ltd | 1.88% | Compliant1 |
87 | HINOON | Highnoon Laboratories Ltd * | 1.32% | Compliant |
88 | HTL | Hi-Tech Lubricants Ltd *** | 0.25% | Compliant |
89 | HUBC | Hub Power Company Ltd * ## | 4.50% | Compliant |
90 | ICL | Ittehad Chemicals Ltd * | 0.10% | Compliant |
91 | IDYM | Indus Dyeing & Mfg Co. Ltd. * | 0.22% | Non-Compliant |
92 | ILP | Interloop Limited * | 0.03% | Compliant |
93 | SEARL | The Searle Company Limited | 0.05% | Compliant |
94 | IMAGE | Image Pakistan Limited * | 0.00% | Compliant |
95 | INDU | Indus Motor Company Ltd * | 6.44% | Non-Compliant |
96 | INIL | International Industries Ltd * | 0.05% | Compliant |
97 | ISL | International Steels Ltd * | 0.03% | Compliant |
98 | ITTEFAQ | Ittefaq Iron Industries | 0.12% | Compliant |
99 | JSML | Jauharabad Sugar Mills Ltd. | 0.00% | Compliant1 |
100 | KAPCO | Kot Addu Power Company * | 15.02% | Non-Compliant |
101 | KASBM | KASB Modaraba ** | N/A | Compliant |
102 | KEL | K-Electric Ltd * | 0.49% | Compliant |
103 | KOHC | Kohat Cement Co. Ltd * | 2.15% | Compliant |
104 | KOHE | Kohinoor Energy Ltd | 0.81% | Compliant |
105 | KOHP | Kohinoor Power Company * | 3.84% | Compliant |
106 | KOIL | Kohinoor Industries Ltd * | 52.88% | Non-Compliant |
107 | KOSM | Kohinoor Spinning Mills Ltd * | 0.00% | Non-Compliant |
108 | KSBP | K.S.B.Pumps Company Ltd | 0.47% | Compliant |
109 | KTML | Kohinoor Textile Mills Ltd * | 0.45% | Compliant |
110 | LCI | Lucky Core Industries Limited (ICI Pakistan) * | 0.02% | Compliant |
111 | LOADS | Loads Limited * | 0.07% | Non-Compliant |
112 | LOTCHEM | Lotte Chemical Pakistan Ltd | 1.46% | Compliant |
113 | LPL | Lalpir Power Ltd ^^ | 2.10% | Compliant |
114 | LUCK | Lucky Cement Ltd * | 0.50% | Compliant |
115 | MACFL | MACPAC Films Ltd * | 0.00% | Compliant |
116 | MARI | Mari Petroleum Co. Ltd * | 3.14% | Compliant |
117 | MEBL | Meezan Bank Ltd ** | N/A | Compliant |
118 | MERIT | Merit Packaging Ltd * | 0.00% | Compliant |
119 | META | Meta Tech Health Limited * | 0.00% | Compliant |
120 | MFFL | Mitchell’s Fruit Farms Ltd | 0.01% | Compliant |
121 | MFL | Matco Foods Ltd * | 0.12% | Non-Compliant |
122 | MLCF | Maple Leaf Cement Factory * | 0.06% | Compliant |
123 | MODAM | Modaraba al Mali ** | N/A | Compliant |
124 | MRNS | Mehran Sugar Mills Ltd | 0.13% | Non-Compliant1 |
125 | MTL | Millat Tractors Ltd * | 0.41% | Compliant |
126 | MUGHAL | Mughal Iron & Steel Industries * | 0.09% | Compliant |
127 | NAGC | Nagina Cotton Mills Ltd. * | 1.05% | Non-Compliant |
128 | NATF | National Foods Ltd * | 0.10% | Non-Compliant |
129 | NCL | Nishat (Chunian) Ltd * | 0.05% | Non-Compliant |
130 | NCPL | Nishat Chunian Power Ltd * ^^ | 4.55% | Compliant |
131 | NETSOL | NetSol Technologies Ltd * # | 0.30% | Compliant |
132 | NML | Nishat Mills Ltd * | 1.86% | Compliant |
133 | NPL | Nishat Power Limited * | 5.52% | Non-Compliant |
134 | NRL | National Refinery Ltd * | 0.01% | Compliant |
135 | NRSL | Nimir Resins Ltd * | 0.00% | Non-Compliant |
136 | OBOY | Oilboy Energy Limited (Drekkar Kingsway Ltd) * | 0.00% | Compliant |
137 | OCTOPUS | Octopus Digital Limited | 9.24% | Non-Compliant |
138 | OGDC | Oil & Gas Development Co. Ltd * ^^^ | 6.44% | Compliant |
139 | OLPM | OLP Modaraba (Orix Modaraba) ** | N/A | Compliant |
140 | OTSU | Otsuka Pakistan Ltd. * | 0.11% | Non-Compliant |
141 | PABC | Pakistan Aluminium Beverages | 1.38% | Compliant |
142 | PACE | Pace (Pakistan) Ltd * | 1.21% | Non-Compliant |
143 | PAEL | Pak Elektron Ltd * | 0.00% | Compliant |
144 | PAKD | Pak DataCom Ltd. * # | 1.73% | Compliant |
145 | PAKOXY | Pakistan Oxygen Limited * | 0.02% | Non-Compliant |
146 | PCAL | Pakistan Cables Ltd * | 0.00% | Non-Compliant |
147 | PHDL | Pakistan Hotels Developers Ltd * | 0.32% | Compliant |
148 | PIAA | Pakistan International Airlines Corporation Limited (PIACL) | 0.37% | Non-Compliant |
149 | PIBTL | Pakistan International Bulk Terminal Ltd * | 0.19% | Compliant |
150 | PICT | Pakistan International Container Terminal * # | 0.73% | Compliant |
151 | PIOC | Pioneer Cement Ltd * | 0.03% | Compliant |
152 | PKGP | Pakgen Power Ltd ^^ | 2.85% | Compliant |
153 | PKGS | Packages Limited | 0.52% | Compliant |
154 | PMI | First Prudential Modaraba ** | N/A | Compliant |
155 | PNSC | Pakistan National Shipping Corporation * | 2.42% | Compliant |
156 | POL | Pakistan Oilfields Ltd * | 10.06% | Non-Compliant |
157 | POWER | Power Cement Ltd * | 0.86% | Compliant |
158 | PPL | Pakistan Petroleum Limited * ^^ | 3.40% | Compliant |
159 | PREMA | At-Tahur Limited * | 0.03% | Compliant |
160 | PRET | Premium Textile Mills Ltd. * | 0.00% | Non-Compliant |
161 | PRL | Pakistan Refinery Ltd * | 0.05% | Compliant |
162 | PSMC | Pak Suzuki Motor Co. Ltd * | 1.15% | Compliant |
163 | PSO | Pakistan State Oil Co. Ltd * | 0.47% | Compliant |
164 | PSX | Pakistan Stock Exchange Ltd. * | 17.79% | Non-Compliant |
165 | PTC | Pakistan Telecommunication (PTCL) | 3.99% | Non-Compliant |
166 | PTL | Panther Tyres Limited * | 0.07% | Compliant |
167 | QUICE | Quice Food Industries Ltd * | 0.18% | Compliant |
168 | REWM | Reliance Weaving Mills * | 0.02% | Non-Compliant |
169 | RPL | Roshan Packages Ltd * | 0.36% | Compliant |
170 | RUPL | Rupali Polyester Ltd. * | 0.07% | Compliant |
171 | SAZEW | Sazgar Engineering Works * | 0.00% | Compliant |
172 | SEPL | Security Papers Ltd * | 9.50% | Non-Compliant |
173 | SGABL | S.G. Allied Businesses Ltd. * | 0.00% | Compliant |
174 | SGF | Service Global Footwear Limited | 4.54% | Compliant |
175 | SGPL | SG Power Ltd. * | 0.00% | Compliant |
176 | SHEL | Shell (Pakistan) Ltd | 0.09% | Compliant |
177 | SHEZ | Shezan International Ltd. * | 0.05% | Compliant |
178 | SHFA | Shifa International Hospitals * | 0.49% | Compliant |
179 | SIEM | Siemens (Pakistan) Engineering | 0.15% | Non-Compliant1 |
180 | SITC | Sitara Chemical Industries Ltd * | 0.00% | Compliant |
181 | IBLHL | IBL HealthCare Limited | 0.00% | Compliant |
182 | SMCPL | Safe Mix Concrete Ltd * | 0.04% | Compliant |
183 | SNGP | Sui Northern Gas Pipelines Ltd ^ | 0.89% | Compliant3 |
184 | SPEL | Synthetic Products Ltd * | 0.02% | Compliant |
185 | SPL | Sitara Peroxide Ltd * | 0.20% | Compliant |
186 | SPWL | Saif Power Ltd | 0.05% | Non-Compliant |
187 | SRVI | Service Industries Ltd | 0.24% | Non-Compliant |
188 | SSGC | Sui Southern Gas Co. Ltd ^ | 1.04% | Compliant3 |
189 | SSML | Saritow Spinning Mills Ltd. * | 0.00% | Non-Compliant |
190 | STCL | Shabbir Tiles & Ceramics Ltd * | 0.50% | Compliant |
191 | STJT | Shahtaj Textile Ltd. * | 0.01% | Compliant |
192 | STML | Shams Textile Mills Ltd. * | 0.22% | Compliant |
193 | STPL | Siddiqsons Tin Plate Ltd * | 0.52% | Compliant |
194 | SYS | Systems Limited | 0.25% | Compliant |
195 | TELE | Telecard Limited * # | 0.64% | Compliant |
196 | TGL | Tariq Glass Industries Ltd * | 0.06% | Compliant |
197 | THALL | Thal Limited * | 4.46% | Compliant |
198 | THCCL | Thatta Cement Company * | 1.04% | Compliant |
199 | TOMCL | The Organic Meat Company * | 0.01% | Compliant |
200 | TOWL | Towellers Limited * | 1.97% | Compliant |
201 | TPL | TPL Corporation * | 3.53% | Compliant |
202 | TPLP | TPL Properties Ltd * | 1.47% | Compliant |
203 | TPLT | TPL Trakker Ltd * | 5.43% | Non-Compliant |
204 | TREET | Treet Corporation Ltd * | 0.01% | Compliant |
205 | TRG | TRG Pakistan Ltd * | 100.00% | Non-Compliant |
206 | TSPL | Tri-Star Power Ltd. * | 11.57% | Non-Compliant |
207 | UCAPM | Unicap Modaraba ** | N/A | Compliant |
208 | UNITY | Unity Foods Ltd * | 0.57% | Compliant |
209 | WAVES | WAVES Singer Pakistan Ltd | 0.31% | Compliant |
210 | WHALE | Waves Home Appliances Limited (Samin Textiles) | 0.01% | Non-Compliant |
211 | WTL | WorldCall Telecom Ltd | 3.75% | Compliant |
212 | YOUW | Yousaf Weaving Mills Ltd * | 0.00% | Non-Compliant |
213 | AHL | Arif Habib Ltd | N/A | NC by nature |
214 | BOK | Bank of Khyber | N/A | NC by nature |
215 | DEL | Dawood Equities Ltd | N/A | NC by nature |
216 | ESBL | Escorts Investment Bank Ltd | N/A | NC by nature |
217 | FCSC | First Capital Securities Corp. Ltd | N/A | NC by nature |
218 | FDIBL | First Dawood Investment Bank Ltd | N/A | NC by nature |
219 | FNEL | First National Equities Ltd | N/A | NC by nature |
220 | HIFA | HBL Investment Fund (A) | N/A | NC by nature |
221 | HUMNL | Hum Network Ltd | N/A | NC by nature |
222 | ICIBL | Invest Capital Investment Bank | N/A | NC by nature |
223 | JSCL | Jahangir Siddiqui & Co. Ltd | N/A | NC by nature |
224 | MDTL | Media Times Ltd | N/A | NC by nature |
225 | NEXT | Next Capital Limited | N/A | NC by nature |
226 | OLPL | Orix Leasing Pakistan Ltd | 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.