Each of the 23 equities traded on the exchange will be screened by Dar Al Sharia every quarter. The company will also ensure the equities are Sharia compliant on an ongoing basis.
European attraction
The index is the first step in establishing Malta as a centre for Islamic finance products, with a view to attracting Sharia compliant equities and Sukuk instruments that could be listed and traded in a regulated EU jurisdiction.
MSE hopes that the new index will generate interest from the Sharia compliant fund managers around the world and increase business for the exchange, as well as raise awareness among Muslim companies interested in accessing the European capital markets.
Sharia compliant
The first eight Sharia compliant equities are:
- Malta International Airport,
- Go,
- RS2 Software,
- Medserv,
- Maltapost,
- Grand Harbour Marina,
- 6pm Holding, and
- Malta Properties Co.
Other equities will be included in the index once they are certified as compliant by Dar Al Sharia.
