Shariah Equities
Companies that pass the screens: checked before purchase, and again as they report.
The compliant universe
Deeper than most investors assume.
Islamic finance is a growing industry in Pakistan, and Shariah-compliant investment is a significant part of that growth. Compliant investment means adhering to the principles of Islamic law: a prohibition on interest (riba), on excessive uncertainty (gharar), and on participating in certain industries.
In practice, the compliant universe on the Pakistan Stock Exchange spans most sectors: cement, fertiliser, oil and gas, power, textiles, technology, pharmaceuticals, food and autos. What it excludes is narrower than people expect: conventional banking and insurance, and companies whose balance sheets carry too much interest-bearing debt or too much non-compliant income.
The benchmark for compliant large caps is the KSE Meezan Index (KMI-30), with the broader KMI All Share behind it. Screening itself follows the mechanism used by the Pakistan Stock Exchange and Meezan Bank, our appointed Shariah Advisor: applied before purchase, reapplied as companies report, with incidental non-compliant income purified.
Excluded
What does not pass
- Conventional banking, insurance and interest-bearing income
- Alcohol, tobacco, pork and non-halal food
- Gambling, casinos and conventional entertainment
- Companies that do not qualify under the exchange and Shariah Advisor mechanism
Sectors
Where the compliant universe actually sits
An indicative view of sectors where compliant companies are typically found. Individual companies still have to pass the balance-sheet screens, a compliant sector is not a compliant company.
Conventional banks, insurers and leasing companies are excluded at the business-activity screen and do not appear in the compliant universe.
What you get
With every Namaa account
Pre-purchase screening
Compliance checked before an order is placed, not confirmed afterwards.
Ongoing monitoring
Screens reapplied as companies report; failing holdings flagged to you.
Purification calculated
The non-compliant proportion of income computed and reported for donation.
Filtered analytics
The analytical portal, filtered so the screener only returns compliant companies.
Research coverage
Morning Glance, wraps and equity updates from the Abbasi and Company desk.
Ready market access
Full execution on the Pakistan Stock Exchange, cleared through NCCPL to your CDC sub-account.
Start with the screened universe.
Open an account and trade Shariah-compliant equities from the app.