MSX forum highlights importance of Shariah Index
Published: 06:05 PM,May 06,2024 | EDITED : 11:05 AM,May 07,2024
Forum on Shariah Index hosted by the MSX.
MUSCAT, MAY 6
The Muscat Stock Exchange (MSX) hosted the ‘Shariah Index - Economic Prospects’ forum here on Monday, May 6, 2024, under the auspices of Dr Said bin Mohammed al Saqri, Minister of Economy.
The event – held in collaboration with Alizz Islamic Bank - aimed to highlight the significance of the Shariah index and its role in promoting Shariah-compliant investment.
In remarks to journalists, Haitham Salem al Salmi, Chief Executive Officer of Muscat Stock Exchange (MSX), underscored the significance of the Shariah Index: “The Shariah index was launched in 2013, with its main objective being to classify companies according to their compliance with Islamic Shariah requirements, as well as to sort them according to the standards of Islamic financial and accounting standards used in all Islamic countries, and thus apply these standards. Companies are classified so that they are known as Shariah-compliant and Shariah-compatible.”
The CEO added, “In the recent period, there has been a significant and radical change in Islamic financial transactions in the Sultanate of Oman, the most prominent of which is the presence of Islamic banks and Islamic windows, as well as their growth during the past periods.
Therefore, there must be special initiatives in Islamic investment so that these banks can also expand their customer base to invest in these instruments. We trust that the forum serves as an ideal platform to highlight the importance of various aspects of the Shariah index.”
Ali Saeed al Maani, CEO - Alizz Islamic Bank, highlighted the potential of the Islamic banking sector in driving the economy. “The Islamic banking sector has significant opportunities to contribute to driving the economy forward and uplifting partners, whether individuals or institutions. We hope to emerge from this forum with important recommendations that address the processes of refinement, improvement, and raising awareness of the economic roles of the monthly index of the Muscat Stock Exchange, and to enrich the ideas that will be discussed with international experiences that enhance performance efficiency.”
The forum included various papers, and panel discussions that discussed various topics including investment funds, regulatory frameworks, and charitable investments.
First launched in 2013, the MSX Shariah Index (MSXSI) measures the performance of companies that comply with the requirements of Islamic Shariah, based on standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The index has 15 constituents, which are reviewed on a quarterly basis.
The Muscat Stock Exchange (MSX) hosted the ‘Shariah Index - Economic Prospects’ forum here on Monday, May 6, 2024, under the auspices of Dr Said bin Mohammed al Saqri, Minister of Economy.
The event – held in collaboration with Alizz Islamic Bank - aimed to highlight the significance of the Shariah index and its role in promoting Shariah-compliant investment.
In remarks to journalists, Haitham Salem al Salmi, Chief Executive Officer of Muscat Stock Exchange (MSX), underscored the significance of the Shariah Index: “The Shariah index was launched in 2013, with its main objective being to classify companies according to their compliance with Islamic Shariah requirements, as well as to sort them according to the standards of Islamic financial and accounting standards used in all Islamic countries, and thus apply these standards. Companies are classified so that they are known as Shariah-compliant and Shariah-compatible.”
The CEO added, “In the recent period, there has been a significant and radical change in Islamic financial transactions in the Sultanate of Oman, the most prominent of which is the presence of Islamic banks and Islamic windows, as well as their growth during the past periods.
Therefore, there must be special initiatives in Islamic investment so that these banks can also expand their customer base to invest in these instruments. We trust that the forum serves as an ideal platform to highlight the importance of various aspects of the Shariah index.”
Ali Saeed al Maani, CEO - Alizz Islamic Bank, highlighted the potential of the Islamic banking sector in driving the economy. “The Islamic banking sector has significant opportunities to contribute to driving the economy forward and uplifting partners, whether individuals or institutions. We hope to emerge from this forum with important recommendations that address the processes of refinement, improvement, and raising awareness of the economic roles of the monthly index of the Muscat Stock Exchange, and to enrich the ideas that will be discussed with international experiences that enhance performance efficiency.”
The forum included various papers, and panel discussions that discussed various topics including investment funds, regulatory frameworks, and charitable investments.
First launched in 2013, the MSX Shariah Index (MSXSI) measures the performance of companies that comply with the requirements of Islamic Shariah, based on standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The index has 15 constituents, which are reviewed on a quarterly basis.