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SHARIAH-
COMPLIANT
SECURITIES
SHARIAH ADVISORY COUNCIL
BY THE
SECURITIES COMMISSION MALAYSIA
27 NOVEMBER 2020
LIST OF
SHARIAH-
COMPLIANT 27 NOVEMBER 2020
SECURITIES
BY THE SHARIAHADVISORY COUNCIL
SECURITIES COMMISSION MALAYSIA
Disclaimer
This document does not constitute a recommendation to buy or sell the listed Shariah-compliant
securities by the Securities Commission Malaysia (SC)’s Shariah Advisory Council (SAC). It is intended
solely for your general information. It does not claim to contain all advice or information on the
subject matter, nor is it a substitute for legal or investment advice. If in doubt, you are strongly
recommended to seek professional advice.
While care has been taken in the preparation of this booklet, the SC shall not be liable for any
inaccuracy or incompleteness of the information contained in this book.
This list of Shariah-compliant securities by the SAC of the SC will be updated and made known to
the public by the SC.
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List of Shariah-Compliant Securities • November 2020
The Shariah Advisory Council (SAC) of the Securities Commission Malaysia (SC) has
approved an updated list of securities, which have been classified as Shariah-compliant
securities. The list of Shariah-compliant securities, which are listed on Bursa Malaysia
will take effect from 27 November 2020.
In addition, 28 securities listed on the LEAP market have been classified as Shariah-
compliant securities by the SAC (Table 1 - Appendix III).
In classifying these securities, the SAC received input and support from the SC. The
SC obtained information on the companies through, among others, annual reports and
enquiries made to the companies. The SAC, through the SC, will continue to review the
Shariah status of securities listed on Bursa Malaysia, on an annual basis, based on the
latest available annual audited financial statements of the companies1.
The SAC adopts a two-tier quantitative approach, which applies the business activity
benchmarks and the financial ratio benchmarks, in determining the Shariah status of
the listed securities. Hence, the securities will be classified as Shariah-compliant if their
business activities and financial ratios are within these benchmarks.
1
For this list, the SAC reviewed the audited financial statements released up to 30 September 2020, as made available on
Bursa Malaysia’s website.
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List of Shariah-Compliant Securities • November 2020
The contribution of Shariah non-compliant activities to the Group revenue and Group
profit before taxation of the company will be computed and compared against the
relevant business activity benchmarks as follows:
2, 3
Interest income and dividends from Shariah non-compliant investments will be compared against the Group revenue. However,
if the main activity of the company is holding of investments, the dividends from Shariah non-compliant investments will be
compared against the Group revenue and Group profit before taxation.
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List of Shariah-Compliant Securities • November 2020
• share trading;
• stockbroking business;
• rental received from Shariah non-compliant activities; and
• other activities deemed non-compliant according to Shariah principles as
determined by the SAC.
For the financial ratio benchmarks, the SAC takes into account the following:
Each ratio, which is intended to measure riba and riba-based elements within a company’s
statements of financial position, must be less than 33 per cent.
In addition to the above two-tier quantitative criteria, the SAC also takes into account
the qualitative aspect, which involves public perception or image of the company’s
activities from the perspective of Islamic teaching.
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List of Shariah-Compliant Securities • November 2020
As a guide to investors, the SAC would like to advise investors on the timing for the
disposal of securities, which have been classified as Shariah non-compliant.
In this regard, if on the date this updated list takes effect (27 November 2020),
the respective market price of Shariah non-compliant securities exceeds or is
equal to the investment cost, investors who hold such securities must dispose
4
SPAC is a special company formed to acquire businesses through acquisition or merger with other entities. SPAC is a publicly-
traded shell company that raises funds through an initial public offering. The proceeds are placed with a trustee pending a
qualifying acquisition.
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List of Shariah-Compliant Securities • November 2020
them off. Any dividends received up to the date of the announcement and
capital gains arising from the disposal of Shariah non-compliant securities on the
date of the announcement can be kept by the investors. However, any dividends
received and excess capital gain from the disposal of Shariah non-compliant
securities after the date of the announcement should be channeled to baitulmal
and/or charitable bodies5.
On the other hand, investors are allowed to hold their investment in the Shariah
non-compliant securities if the market price of the said securities is below the
investment cost. It is also permissible for the investors to keep the dividends
received during the holding period until such time when the total amount of
dividends received and the market value of the Shariah non-compliant securities
held are equal to the investment cost. At this stage, they are advised to dispose of
their holding.
In addition, during the holding period, investors are allowed to subscribe to:
(a) any issue of new securities by a company whose Shariah non-compliant securities
are held by the investors, for example rights issues, bonus issues, special issues
and warrants (excluding securities whose nature is Shariah non-compliant e.g.
loan stocks); and
5
For Islamic funds such as Islamic unit trust funds, Islamic wholesale funds and others, the gain must be channeled to
baitulmal and/or charitable bodies as advised by their Shariah adviser or the relevant fund managements’ Shariah adviser.
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List of Shariah-Compliant Securities • November 2020
The SAC advises investors who invest based on Shariah principles to dispose
of any Shariah non-compliant securities, which they presently hold, within a
month of knowing the status of the securities. Any gain made in the form of
capital gain or dividend received before or after the disposal of the securities has
to be channeled to baitulmal and/or charitable bodies. The investor has a right
to retain only the investment cost.6
Note:
Investment cost may include brokerage cost or other related transaction costs.
6
This guidance also applies to Islamic funds such as Islamic unit trust funds, Islamic wholesale funds and others. If the
disposal of the Shariah non-compliant securities causes losses to the fund, the fund management company must bear the
losses by ensuring the loss portion be restored and returned to the fund.
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List of Shariah-Compliant Securities • November 2020
APPENDIX I
2. 1007 Amcorp Properties Bhd 22. 3662 Malayan Flour Mills Bhd
7. 2925 Cycle & Carriage Bintang Bhd 27. 0222 Optimax Holdings Bhd
8. 5178 Dynaciate Group Bhd 28. 0219 Reservoir Link Energy Bhd
13. 7105 HCK Capital Group Bhd 33. 0148 Sunzen Biotech Bhd
14. 0023 IFCA MSC Bhd 34. 0221 TCS Group Holdings Bhd
16. 8494 LBI Capital Bhd 36. 0101 TMC Life Sciences Bhd
17. 9881 Leader Steel Holdings Bhd 37. 5016 Warisan TC Holdings Bhd
18. 5068 Luster Industries Bhd 38. 0141 Wintoni Group Bhd
* The securities of this company have been classified as Shariah compliant at the initial public offering stage.
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List of Shariah-Compliant Securities • November 2020
APPENDIX II
Energy 29 33 88
Construction 52 56 93
Property 82 99 83
Plantation 35 44 80
Technology 81 91 89
Utilities 10 13 77
Financial services 3 34 9
Health care 18 19 95
Telecommunications &
25 31 81
media
* As at 23 November 2020.
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List of Shariah-Compliant Securities • November 2020
MAIN MARKET
82. 9466 KKB Engineering Bhd 109. 0043 Metronic Global Bhd
83. 5035 Knusford Bhd 110. 5001 Mieco Chipboard Bhd
84. 6971 Kobay Technology Bhd 111. 7219 Minetech Resources
85. 7017 Komarkcorp Bhd Bhd
86. 9121 KPS Consortium Bhd 112. 5576 Minho (M) Bhd
87. 7165 KTG Bhd 113. 5152 Muar Ban Lee Group
Bhd
88. 6874 KUB Malaysia Bhd
114. 3883 Muda Holdings Bhd
89. 6491 Kumpulan Fima Bhd
115. 5087 Mycron Steel Bhd
90. 7033 Kumpulan H & L
High-Tech Bhd 116. 7241 Nextgreen Global Bhd
91. 9083 Kumpulan Jetson Bhd 117. 5025 NWP Holdings Bhd
92. 5843 Kumpulan Perangsang 118. 4944 Nylex (Malaysia) Bhd
Selangor Bhd 119. 7140 OKA Corporation Bhd
93. 8362 KYM Holdings Bhd 120. 5065 Ornapaper Bhd
94. 9326 LB Aluminium Bhd 121. 7225 P.A. Resources Bhd
95. 9881 Leader Steel Holdings 122. 7095 P.I.E. Industrial Bhd
Bhd 123. 8419 Pansar Bhd
96. 8745 Leweko Resources Bhd 124. 5125 Pantech Group
97. 7170 LFE Corporation Bhd Holdings Bhd
98. 4235 Lion Industries 125. 5271 Pecca Group Bhd
Corporation Bhd 126. 5436 Perusahaan Sadur
99. 8486 Lion Posim Bhd Timah Malaysia
100. 5284 Lotte Chemical Titan (Perstima) Bhd
Holding Bhd 127. 5219 Pestech International
101. 5068 Luster Industries Bhd Bhd
102. 5143 Luxchem Corporation 128. 5183 Petronas Chemicals
Bhd Group Bhd
103. 3794 Malayan Cement Bhd 129. 7163 PJBumi Bhd
104. 5098 Malaysia Steel Works 130. 7172 PMB Technology Bhd
(KL) Bhd 131. 6637 PNE PCB Bhd
105. 7029 Master-Pack Group 132. 8117 Poly Glass Fibre (M)
Bhd Bhd
106. 7004 MCE Holdings Bhd 133. 8869 Press Metal Aluminium
107. 3778 Melewar Industrial Holdings Bhd
Group Bhd 134. 9873 Prestar Resources Bhd
108. 5223 Mentiga Corporation 135. 7123 Priceworth
Bhd International Bhd
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List of Shariah-Compliant Securities • November 2020
20. 5026 MHC Plantations Bhd 9. 0065 Excel Force MSC Bhd
21. 5047 NPC Resources Bhd 10. 0128 Frontken Corporation
22. 1902 Pinehill Pacific Bhd Bhd
23. 9695 PLS Plantations Bhd 11. 9377 FSBM Holdings Bhd
24. 5113 Rimbunan Sawit Bhd 12. 0021 GHL Systems Bhd
25. 2542 Riverview Rubber 13. 7022 Globetronics
Estates Bhd Technology Bhd
26. 5126 Sarawak Oil Palms Bhd 14. 0056 Grand-Flo Bhd
27. 5135 Sarawak Plantation Bhd 15. 5028 HeiTech Padu Bhd
28. 5285 Sime Darby Plantation 16. 0041 Hong Seng
Bhd Consolidated Bhd
29. 4316 Sin Heng Chan 17. 0166 Inari Amertron Bhd
(Malaya) Bhd 18. 9393 Industronics Bhd
30. 5012 Ta Ann Holdings Bhd 19. 5161 JCY International Bhd
31. 2054 TDM Bhd 20. 0127 JHM Consolidation Bhd
32. 5112 TH Plantations Bhd 21. 9334 KESM Industries Bhd
33. 9059 TSH Resources Bhd 22. 0143 Key Asic Bhd
34. 2593 United Malacca Bhd 23. 3867 Malaysian Pacific
35. 2089 United Plantations Bhd Industries Bhd
24. 5011 Mesiniaga Bhd
25. 5286 Mi Technovation Bhd
TECHNOLOGY 26. 0113 MMS Ventures Bhd
27. 0138 My E.G. Services Bhd
No. Stock code Name of Securities 28. 0083 Notion Vtec Bhd
29. 9008 Omesti Bhd
1. 7181 ARB Bhd 30. 7160 Pentamaster
2. 5195 Censof Holdings Bhd Corporation Bhd
3. 7204 D&O Green 31. 5204 Prestariang Bhd
Technologies Bhd 32. 9075 Theta Edge Bhd
4. 4456 Dagang Nexchange 33. 0118 Trive Property Group
Bhd Bhd
5. 8338 Dataprep Holdings Bhd 34. 5005 Unisem (M) Bhd
6. 5216 Datasonic Group Bhd 35. 5292 UWC Bhd
7. 5036 Edaran Bhd 36. 0097 ViTrox Corporation Bhd
8. 0090 Elsoft Research Bhd 37. 5162 VSTECS Bhd
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List of Shariah-Compliant Securities • November 2020
FINANCIAL SERVICES
No. Stock code Name of Securities
No. Stock code Name of Securities 1. 0159 Asia Media Group Bhd
2. 6888 Axiata Group Bhd
1. 5258 BIMB Holdings Bhd 3. 6947 Digi.Com Bhd
2. 1818 Bursa Malaysia Bhd 4. 0059 Ecobuilt Holdings Bhd
3. 6139 Syarikat Takaful 5. 6012 Maxis Bhd
Malaysia Keluarga Bhd
6. 5090 Media Chinese
International Ltd
7. 0172 OCK Group Bhd
HEALTH CARE 8. 7190 Pelangi Publishing
Group Bhd
No. Stock code Name of Securities 9. 5252 Sasbadi Holdings Bhd
10. 9431 Seni Jaya Corporation
1. 7191 Adventa Bhd Bhd
2. 7090 Apex Healthcare Bhd 11. 6084 Star Media Group Bhd
3. 7148 Duopharma Biotech 12. 4863 Telekom Malaysia Bhd
Bhd 13. 5031 TIME dotCom Bhd
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List of Shariah-Compliant Securities • November 2020
ACE MARKET
No. Stock code Name of Securities No. Stock code Name of Securities
HEALTH CARE
APPENDIX III
20. 03007 Polymer Link Holdings Bhd Industrial products & services
4. KLCC Property & REIT - Stapled Securities KLCC REIT Management Sdn Bhd
* As listed on Bursa Malaysia as at 23 November 2020.
4. MyETF Thomson Reuters Asia Pacific Ex- i-VCAP Management Sdn Bhd
Japan Islamic Agribusiness
5. MyETF Dow Jones U.S. Titans 50 i-VCAP Management Sdn Bhd
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