Shariah Compliance Screening Report
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- Claribel Sabina Wade
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1 September 2016 Shariah Compliance Screening Report INSIDE Key Highlights... 3 Shariah Compliant Companies... 5 Shariah Non - Compliant Companies... 6 Suspended & Delisted Companies...7 Approved Islamic Banks & Windows for Placements... 8 Screening Guidelines for Equity Securities... 9 Purification Guidelines... 9
2 In the Name of Allah, the Most Compassionate, the Most Merciful P a g e 2
3 14 February, 2017 KEY HIGHLIGHTS We have conducted Shariah compliance screening of 462 selected companies listed on the Pakistan Stock Exchange as per their latest financial statements (September 16), on the basis of the Shariah compliance screening mechanism approved by our Shariah Supervisory Council headed by Mufti Irshad Ahmad Aijaz. Following are the results for the 462 companies under consideration vis-à-vis 324 companies screened in the preceding quarter, Shariah Compliant Co s Shariah Non-Compliant Co s Suspended & Delisted Co s Total Co s % 13% 15% Sep'16 Companies Break Up 48% Compliant Non-Compliant Non-Compliant Business Suspended & Delisted Compliant Non-Compliant Non-Compliant Business Sep'16 June'16 Compliant Ecopack Limited (ECOP) Maqbool Textile Mills Limited (MQTM) Al Noor Sugar Mills Limited (ALNRS) Chashma Sugar Mills Limited (CHAS) Shahtaj Sugar Mills Limited (SHJS) Shahmurad Sugar Mills (SHSML) Change of Status- September 2016 Non-Compliant Century Paper & Board Mills Limited (CPBM) Cyclical Compliance* P a g e 3 Moreover, based on financials of September 16, companies that became Shariah Compliant are: 1. Ecopack Limited (ECOP) (Debt to Assets: 37.48%) Company s long and short term loans shrunk by 12% & 11% respectively in its 1Q17 from PKR 245mn to 216mn & PKR344mn to 307mn gave enough support to change its status from shariah noncompliant to shariah compliant. 2. Maqbool Textile Mills Limited (MQTM) (Debt to Assets: 39.93%) Decline of Long and short term borrowings by 11% & 23% in its 1Q17 by PKR 19mn and PKR 259mn, this major shrinkage led the status change of the company. 3. Al Noor Sugar Mills Limited (ALNRS) (Debt to Assets: 36.92%) Short term borrowings have dropped off from PKR 2,980mn to PKR 691mn (76.81%) in its annual report 16 which gauged enough to change the shariah status of company. *These companies change status is based on sugar season and business cycle.
4 4. Chashma Sugar Mills Limited (CHAS) (Debt to Assets: 33.99%) Short term borrowings & loans from related parties showed a significant downward trend in its annual report 16 from PKR 1,760mn to PKR 1,037mn (41%) & PKR 352 mn to PKR 312 mn (11%) respectively, causing the accrued markup to go down from PKR 148 mn to PKR 109 mn (26%) in a topple down effect. 5. Shahtaj Sugar Mills Limited (SHJS) (Debt to Assets: 18.71%) Reasons behind the shariah status change of the company are substantial decline in short term borrowings and long term finances by 78.3% from PKR 1,305mn to PKR 303mn and 50% from 50mn to 25mn respectively in its annual report Shahmurad Sugar Mills (SHSML) Drastic decline in Interest bearing debt in its annual report 2016 by 78% from PKR 1,477mn to PKR 332mn has pushed the company from non-compliant list to compliant list. The following companies have become non-compliant due to breaching the threshold levels. 1. Century Paper & Board Mills Limited (CPBM) (Debt to Assets: 42.10%) A sharp soar in long term financing by 43% from PKR 2,175mn to PKR 3,100mn which fueled its total interest bearing debt by 11% in its first quarter. The financial statements of Sui Southern Gas Company (SSGC) for September 16 is not available. Therefore, the status for the aforementioned company is assigned according to its last published financial statements. P a g e 4
5 P a g e 5 Shariah Compliant Companies Abbott Lab Crescent Steel Hascol Petroleum Modaraba Al-Mali Siemens Pakistan Adam Sugar Mills D.G. Khan Cement Hi-Tech Lubricants Mughal Iron and Steel Sindh Abadgar's Sugar Ados Pakistan Dadex Eternit Highnoon (Lab) National Bank Modaraba Singer Pakistan Agriautos Industries Data Agro Hinopak Motor National Foods Sitara Chemical Akzo Nobel Pak Dawood Hercules Hira Textile Mills Ltd. National Refinery Sitara Energy Al Abbas Sugar Ltd Dawood Lawrencepur Honda Atlas Cars Nestle Pakistan Sitara Peroxide Al Shaheer Corp Descon Oxychem Hub Power Company Nimir Ind.Chemicals Sui North Gas Pipelines AL-Ghazi Tractor Dewan Cement Huffaz Seamless Nishat Mills Ltd. Synthetic Products Ent. Al-Khair Gadoon Dewan Farooque Spinning Husein Sugar Mills Oil & Gas Dev Co. Ltd. Systems Limited. AL-Noor Modaraba Din Texile Mills Ltd I.B.L.Modaraba Orix Mudaraba Tariq Glass Ind. AL-Noor Sugar Dolemn City REIT IBL HealthCare P.N.S.C. Telecard Limited Allawasaya textile Dynea Pakistan ICI Pakistan P.T.C.L. Thal Limited. Allied Rental Modaraba ECOPACK Ltd. Idrees Textile Packages Ltd. Thatta Cement Altern Energy Elahi cotton Imperial Sugar Ltd. Pak Cement The Searle Company Amreli Steels Ltd. Elite Cap.Modaraba Imrooz Modaraba Pak Datacom Treet Corp Archroma Pak Ellcot Spinning Indus Dyeing Pak Elektron Tri-Star 1st. Modaraba Arshad energy Emco Industries Int Industries Pak Int.Bulk Terminal Trust Modaraba Artistic Denim Engro Corp Int Knitwear Pak Modaraba Unicap Modaraba Ashfaq Textile Engro Fertilizers International Steels Pak Oilfields Unilever Pak Foods Ltd. Asim Textile Engro Foods Ittehad Chemicals Pak Paper Products United Brands Ltd Atlas Battery Equity Modaraba J.K.Spinning Pak Suzuki United Distributors Atlas Honda Ltd. Exide Janana De Malucho Pak Synthetics Wah-Noble Chemicals Attock Cement Faran Sugar Jauharabad Sugar Mills Pakgen Power Wyeth Pakistan Attock Petroleum Fatima Fertilizer Javedan Corporation Ltd. Pakistan Cables ZIL Limited. Attock Refinery Fauji Cement Johnson & Philips Pakistan Petroleum Ltd. Avanceon Ltd. Fauji Foods Jubilee Spinning Pakistan State Oil Co. Awwal Modaraba Fazal Cloth Mills Ltd. K-Electric Ltd. Paramount Modaraba B.F.Modaraba Fecto Cement K.S.B.Pumps Pioneer Cement B.R.R.Guardian Modaraba Feroze 1888 KASB Modaraba Power Cement Ltd. Baba Farid Sugar Ferozsons (Lab) Khyber Textile Premier sugar Mills Babri Cotton Mills First Inv. Mod Kohat Cement Prudential Modaraba Baluchistan Wheels Flying Cement Kohinoor Energy Punjab Modaraba Bank Islami Pak Gatron Ind. Kohinoor Textile Mills Quice Food Industries Bannu Woollen General Tyre Kot Addu Power Co. Rafhan Maize Products Bata Ghandhara Ind. Lalpir Power Redco Textile Limited. Bawany Air Products Ghandhara Nissan Land Mark Spinning Rupali Polyester Berger Paints Ghani Automobile Leather Up Ltd. Safe Mix Concrete Ltd. Bestway Cement Ghani Gases Ltd. Leiner Pak Gelat Sana Industries Ltd. Bhanero Textile Ghani Glass Limited. Linde Pakistan Sanofi-Aventis Biafo Industries Ltd. Ghani Global Glass Lotte Chemical Sazgar Engineering Blessed Tex. Ghani Value Glass Lucky Cement Service Industries Bolan Casting Gharibwal Cement MACPAC Films Service Industries Burshane LPG Glamour Textile Maple Leaf Cement Shabbir Tiles Buxly Paints Glaxo Smith Kline Maqbool Textile Mills Shadman Cotton Mills Chashma Sugar GOC (Pak) Ltd. Mari Petroleum Shahtaj Sugar Mills Chenab Limted. Goodluck Ind. Meezan Bank Shakarganj Limited Cherat Cement Habib Modaraba Mehran Sugar Shell Pakistan Cherat Packaging Habib Sugar Mian Textile Industries Shezan International Cres. Stand.Mod Habib-ADM Ltd. Millat Tractors Shield Corporation Crescent Fibres Hala Enterprise Mirpurkhas Sugar Mills Shifa Int.Hospital
6 P a g e 6 Shariah Non - Compliant Companies Adamjee Insurance East West Life Assurance Co. Jubilee General Insurance Co. Saif Power Agritech Limited EFU General Insurance Ltd. Jubilee Life Insurance Samba Bank Aisha Steel EFU Life Assurance Ltd. Karam Ceramics Sanghar sugar AKD Capital Ltd. English Leasing KASB Cash Fund Sapphire Textile Mills Al Zamin Leas. Corp Engro Polymer & Chemicals Khyber Tobacco Co.Ltd. Saudi Pak Leasing Al-Mal Sec. & Services Engro Powergen Kohat Textile Security Leasing Corp.Ltd. Allied Bank Ltd. ESCORTS Bank Kohinoor Mills Limited Shahmurad Sugar American Life Insurance Co. Fauji Fert Bin Qasim Kohinoor Spinning Mills Siddiqson Tin Plate Ltd. Ansari Sugar mills Fauji Fertilizer Company Loads Limited Silk Bank Apna Microfinance Faysal Bank Masood Textile Silver Star Insurance Co Ltd. Apollo Textile Faysal Money Mk MCB Bank Soneri Bank Ltd. Arif Habib Corp First Cap.Equit MCB-ARIF Habib Southern Electric Power Co. Arif Habib Ltd. First Capital Sec Media Times Ltd. Standard.Chartered Leasing Arpak International Inv. First Credit and Inv Bank Merit Packaging Standard Chartered Bank Asia Insurance Company First Dawood Bank Mithchells Fruit Standard Insurance Askari Bank First Dawood Mutual Fund Murree Brewery Co. Sui Southern Gas Company Askari General Insurance First fid. leasing National Asset Mgt Co Ltd. Summit Bank Askari Sover Fund First National Equities Ltd. National Bank Ltd. Tandlianwala Suger Mills Atlas Insurance Gadoon Textile NetSol Technologies Ltd. Thal Industries Limited. Azgard Nine Gammon Pak Next Capital TPL Direct Insurance B.P Board Ghazi Fabrics NIB Bank Limited. TPL Trakker Ltd. Bank Al-Falah Gillete Pakistan Ltd. Nimir Resins Limited TRG Pak Ltd. Bank Al-Habib Golden Arrow Nishat Chunian Limited. Tri-Pack Films Bank of Khyber Grays leasing Ltd. Nishat Chunian Power Trust Investment Bank Ltd. Bank of Punjab Gul Ahmed Textile Nishat Power United Bank Beema Pakistan Habib Bank Noon Sugar United Insurance Co.Ltd. BIPL Securities Habib Insurance Co Ltd. Olympia Spinning Universal Insurance Co.Ltd. Business Insurance Habib Metropolitan Orix Leasing Pakistan World Call Telecom Ltd. Byco Petroleum HallMark Insurance Co. Otsuka Pakistan Yousaf Weaving Mills Ltd. Capital Assets Leasing Corp. Haseeb Waqas Sugar Pace (Pak) Ltd. Zephyr Textile Mills Century Insurance HBL Money Mar Fund Pak Int.Airlines Century Paper & Board Mills. Hum Network Ltd. Pak Refinery Clover Pakistan hussain industries Pak-Gulf Leasing Company Colgate Palmolive Ibrahim Fibres Pak. Ind. & Comm.Leasing Colony textile Mills Ltd. IGI Insurance Pakistan General Insurance Co. Cres.Star Ins. IGI Investment Bank Pakistan Reinsurance Co.Ltd. Crescent Jute IGI Life Insurance Pakistan Tobacco Company Crescent Textile Mills Ltd. Indus Motor Company Pervez Ahmed Securities Ltd. Cyan Limited. Invest and Finance Sec Ltd. Philip Morris Pak Ltd. D.M.Textile Invest Bank PICIC Energy Fund Dandot Cement Co Ltd. Investec Mutual Fund PICIC Growth Fund Dawood Capital Management Investec Securities PICIC Insurance Ltd. Dawood Equities Ltd. Ismail Industries. PICIC Investment Fund Dewan Farooque Motors J. O. V. & Co. Premier Insurance Dewan Salman Fibre Ltd. J.A.Textile Premium Textile Mills ltd Dewan Sugar J.D.W.Sugar Prudential Discount Dewan Textile Japan Power Generation Prudential Investment Bank Dominion Stock Fund JS Bank Prudential Stocks Fund Dost Steels Ltd. JS Global Cap. Reliance Insurance Co.Ltd. East West Ins. JS Investments Reliance Weaving Mills Ltd.
7 *Delisted Companies in P a g e 7 Suspended & Delisted Companies (Colony) Sarhad Textile Mills Limited S.G.Power Abson Industries Saleem Denim Industries Limited Adil Textile Saleem Sugar Mills Limited Al-Azhar Textile Mills Limited Schon Textiles Limited Ali asghar textile Taj Textile Mills Limited Al-Qaim Textile Mills Limited Thal Textile Mills Annoor Textile Mills Limited Transmission Engineering Industries Limited Ayaz Textile Zahur Cotton Mills Limited Bela Automotives Limited Dadabhoy Cement Dadabhoy Construction Technology Limited Data Textile Extraction Fateh Industries Fateh Sports Fateh Textile Mills Limited Fatima Enterprises Limited First Constellation Modaraba First Dawood Mutual Fund Ganertech Pakistan Limited Globe Textile Gulshan Spinning Hajra Textile Mills Limited Hamid Textile Mills Limited Hashimi Can Company Limited Husein Industries Limited Ishtiaq Textile Mills Limited Javed Omar Vohra & Company Limited Kaiser Art Karim Cotton KASB Corporation Limited* Khurshid Spinning Mills Limited Mandviwala Maeusar Plastic Mehr Dastgir Textile Mills Limited Metro Steel Mohib Exports Limited Moonlite (PAK) Morafco Industries Limited Mukhtar Textile Mills Ltd. National Fibers Limited Nirala MSR Food Olympia Textile Mills Limited* Pak Leather Crafts Limited Pak Oman Advantage Fund* Pakistan Mobile Communications Paramount Spinning Mills Ltd. Punjab Cotton Mills Limited Regal Ceramics Limited Resham Textile Industries Limited* S. G. Fibre Limited
8 APPROVED ISLAMIC BANKS AND WINDOWS FOR PLACEMENTS Islamic Banks Al Baraka Bank Pakistan Limited* Bank Islami Pakistan Limited Dubai Islamic Bank Pakistan Limited MCB Islamic Bank Limited Meezan Bank Limited Islamic Banking Windows Allied Bank Limited Islamic Banking Askari Bank Limited Islamic Banking Bank AL Habib Limited Islamic Banking Bank Alfalah Limited Islamic Banking The Bank of Khyber Islamic Banking The Bank of Punjab Taqwa Islamic Banking Faysal Bank Limited Barkat Islamic Banking Habib Bank Limited Islamic Banking Habib Metropolitan Bank Limited Sirat Islamic Banking National Bank of Pakistan Aitmaad Islamic Banking Silk Bank Limited Eman Islamic Banking Sindh Bank Limited Sa adat Islamic Banking Soneri Bank Limited Mustaqeem Islamic Banking Standard Chartered Bank (Pakistan) Limited Saadiq Islamic Banking Summit Bank Limited Islamic Banking United Bank Limited Ameen Islamic Banking * Al Baraka Bank Pakistan Limited has recently acquired Burj Bank Limited. Izhar Abbas Assistant Manager Shariah Advisory izhar.abbas@ahilalsa.com (Ext.103) Syed Shaharyar Akhter Management Trainee shaharyar.akhter@alhilalsa.com (Ext.103) P a g e 8
9 SCREENING GUIDELINES FOR EQUITY SECURITIES 1. The following is the screening criteria for investments in equity scrip in the local market. A. Business of the investee company The business of the investee company should be Halal. Accordingly, investment in shares of conventional banks, insurance companies, leasing companies, companies dealing in alcohol and any other non-compliant activities is not permissible. B. Interest bearing debt to total assets The total interest based debt of the investee company should not exceed 40% of the total assets. The debt here includes all interest-based debt & interest based financing. C. Investment in non-shariah compliant activities and income from non-shariah compliant investments The following two conditions must be observed for share screening purposes: A- Investment in Shariah non-compliant activities should not exceed 33% of the total assets. B- Income from Shariah non-compliant investment should not exceed 5% of the gross revenue. (Gross revenue means gross sales plus other income). Subsequently, giving the proportionate portion of noncompliant income to charity is required to purify earnings from investee companies. D. Illiquid Assets to Total Assets The total illiquid assets as a percentage of the total assets should at least be 20% where illiquid assets are defined as those assets which can be traded at price different from their par value. E. Net liquid assets versus share price The net liquid assets [Net Liquid Assets = Total Assets Illiquid Assets Total Liabilities] per share should be less than the market price of the share. PURIFICATION GUIDELINES A charity rate should be computed to purify earnings from investment in shares i.e. non-compliant income (after tax) divided by net income (after tax) and it should be applied to the entire dividend received from the investee company and the calculated amount shall be paid in charity. P a g e 9
10 Al-Hilal Shariah Advisors Faraz Younus Bandukda Chief Executive ( ) Izhar Abbas Assistant Manager ( ) Syed Shaharyar Akhter Management Trainee ( ) Mufti Irshad Ahmad Aijaz Mufti Hassan Kaleem Mufti Dr. Khalil Azami Dr. Mohsin Naqvi Mufti Syed Zahid Siraj Mufti Ehsan Waquar Ahmed Mufti Zeeshan Abdul Aziz Shariah Supervisory Council This report has been prepared by Al-Hilal Shariah Advisors (Pvt.) Limited and is provided for information purposes only. Under no circumstances, this is to be used or considered as an offer to sell or solicitation or any offer to buy. While reasonable care has been taken to ensure that the information contained in this report is not untrue or misleading at the time of its publication, Al-Hilal makes no representation as to its accuracy or completeness. From time to time, Al-Hilal and/or any of its officers or directors may, as permitted by applicable laws, have a position, or otherwise be interested in any transaction, in any securities directly or indirectly subject of this report. This report is provided only for the information of professional advisers who are expected to make their own investment decisions without undue reliance on this report and the company accepts no responsibility whatsoever for any direct or indirect consequential loss arising from any use of this report or its contents. This report may not be reproduced, distributed or published by any recipient for any purpose. P a g e 10
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