The Muscat Securities Market (MSM) periodically reviews the financial and business activity of companies whose stocks are listed on the secondary market of the Shariah compliant stock index and makes changes to the index by removing the non-Shariah compliant stocks from the list. The MSM has issued the second quarter (Q2) index that includes 31 companies that meet the criteria set by AAOIFI.

The index has not changed from the first quarter (Q1) results except that Voltamp Energy does not appear on the list. The Q2 index includes Alizz Islamic Bank, Bank Nizwa, Oman Oil, Ooredoo, Shell Oman, A’Saff a Foods and Salalah Port Services among other public joint stock companies.

The MSM regularly updates the list based on the accepted standards of AAOIFI to enable and encourage Muslim investors to invest in stocks listed for trading, which otherwise in a strict construction, is viewed as trading in speculative activities. The MSM usually reviews the financial standards such as debt levels, cash and receivable levels of these companies, among others, to determine the companies’ compliance.

Islamic banks in Oman provide financing According to a bulletin published by the Central Bank of Oman, the Islamic banks have provided financing to the extent of OMR3.4 billion (US$8.81 billion) as of the end of August 2018, recording an increase of 17.2% from a year ago. Total deposits held with Islamic banks and windows also registered a significant increase to OMR3.1 billion (US$8.03 billion) in August 2018 from OMR2.8 billion (US$7.26 billion) as of the end of August 2017.

Total assets of Islamic banks and windows combined amounted to OMR4.2 billion (US$10.88 billion) as of the end of August 2018, increasing their share to 12.7% of banking system assets.

Meethaq launches biometric authentication

Meethaq has launched its mobile banking application which allows users to log in in a safe and convenient manner by using their fingerprint and face ID and the application has been made compatible with the newer generation of smartphones.

Dhana Pillai is the head of real estate, tax and project finance at Al Hashmi Law Firm (Oman). She can be contacted at dhana.pillai@ohlaw.net.