THE NUMBER of listed firms compliant with Islamic principles of finance dropped to 56 as of Dec. 25, according to the Philippine Stock Exchange (PSE).
A quarterly review posted on the PSE website on Tuesday showed the removal of Ayala Land, Inc., IRC Properties, Inc., Jollibee Foods Corp., Mabuhay Vinyl Corp., Philippine H2O Ventures, Inc., and SPC Power Corp. from the list of Shariah-compliant firms.
On the other hand, Greenergy Holdings, Inc., Macay Holdings, Inc., and Prime Orion Philippines, Inc. made it to the list.
The quarter ending Sept. 25 showed 59 firms to be compliant with Islamic finance principles.
Being Shariah-compliant means that companies are not involved in conventional interest-based lending and financial services such as insurance, mortgages and leasing, and other derivatives.
It also bars companies from engaging in businesses involving pork, alcohol, tobacco, arms and weapons, embryonic stem-cell research, hotels, gambling, casinos, music, cinema, and adult entertainment.
The PSE engaged IdealRatings, Inc., a firm specializing in screening securities for Shariah compliance, for the quarterly review.