By James A. Loyola

Shariah-compliant securities listed at the Philippine Stock Exchange, Inc. (PSE) has reached 58 for the period ending March 2017, the highest number since October 2015.

The PSE said this is the result of the screening conducted by IdealRatings, Inc. based on the Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI) standards for Shariah compliance.

The list includes companies that debuted in the PSE last year such as Golden Haven Memorial Park, Inc., Cemex Holdings Philippines, Inc., and Pilipinas Shell Petroleum Corporation.

Shariah-compliant equity securities are those that passed different levels of screening and evaluation based on a methodology consistent with Shariah.

Shariah is the moral code and religious law of Islam covering the rules, regulations, teachings, and values that govern the lives of Muslims.

“This initiative intends to open the Philippine market to investors who abide by the Shariah law. We hope that the regular publication of Shariah-compliant securities will assist them in looking for investment opportunities in our market,” said PSE President Hans B. Sicat.