Philippines to set up Islamic stock list

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The Manila stock exchange is planning to introduce a list of Shariah-compliant equities to attract the nation’s Muslim investors and some of the $1.2 trillion of investible funds from the Middle East.

The exchange is currently holding consultations with the Al Amanah Islamic Investment Bank of the Philippines, government agencies and the Asian Development Bank on standards for Shariah-compliant stocks, Leo Quinitio, head of the bourse’s capital-markets development division, was quoted as saying by news agency Bloomberg.

The Philippine exchange is working with the National Commission for Muslim Filipinos to form a Shariah advisory council, Quinitio added

The exchange is also seeking to introduce other new products such as real estate investment trusts (REITs) and Exchange Traded Funds to attract more investors. Currently, the market capitalisation at the exchange is about $209 billion, which makes the Philippine stock exchange the 12th largest in Asia. Trading has averaged $141 million a day this year, 22 per cent more than 2011’s average, Bloomberg data shows.

The Islamic finance industry is expanding globally at an average annual rate of 15 per cent and has a current value of about $1.3 trillion, according to a report by the Malaysia’s Securities Commission, which, however, only accounts for about 1 per cent of the global financial market Malaysia is the world’s largest market for Islamic finance. The country’s Islamic Financial Services Board predicts the market will reach $2.8 trillion by 2015.

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Reading Time: 1 minute

The Manila stock exchange is planning to introduce a list of Shariah-compliant equities to attract the nation’s Muslim investors and some of the $1.2 trillion of investible funds from the Middle East.

Reading Time: 1 minute

The Manila stock exchange is planning to introduce a list of Shariah-compliant equities to attract the nation’s Muslim investors and some of the $1.2 trillion of investible funds from the Middle East.

The exchange is currently holding consultations with the Al Amanah Islamic Investment Bank of the Philippines, government agencies and the Asian Development Bank on standards for Shariah-compliant stocks, Leo Quinitio, head of the bourse’s capital-markets development division, was quoted as saying by news agency Bloomberg.

The Philippine exchange is working with the National Commission for Muslim Filipinos to form a Shariah advisory council, Quinitio added

The exchange is also seeking to introduce other new products such as real estate investment trusts (REITs) and Exchange Traded Funds to attract more investors. Currently, the market capitalisation at the exchange is about $209 billion, which makes the Philippine stock exchange the 12th largest in Asia. Trading has averaged $141 million a day this year, 22 per cent more than 2011’s average, Bloomberg data shows.

The Islamic finance industry is expanding globally at an average annual rate of 15 per cent and has a current value of about $1.3 trillion, according to a report by the Malaysia’s Securities Commission, which, however, only accounts for about 1 per cent of the global financial market Malaysia is the world’s largest market for Islamic finance. The country’s Islamic Financial Services Board predicts the market will reach $2.8 trillion by 2015.

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