Index Stated Objective
Measuring the stock performance of Shariah Compliant Companies that pass AAOIFI rules for compliance with Islamic investment principles.
Brief Description
MSX has contracted with Ideal Ratings to perform the Shariah compliant screening test in order to identify the companies whose business is Shariah compliant based on the criteria published by AAOIFI, especially the Shariah principle # 21 related to securities.
IRI provides quality services in the identification of Shariah compliant businesses according to the standards of AAOIFI and is the most reputable for providing services in the management of Islamic products for many international Islamic institutions with presence in more than 18 countries.
The Accounting and Auditing Organization of Islamic Financial Institutions was established under agreement between Islamic financial institutions and was registered in the Kingdom of Bahrain on 27th March 1991 as non for profits independent industry body dedicated to the development of international standards for accounting and auditing of Islamic financial institutions. AAOIFI’s standards are an authority in the identification of Shariah compliant business and commercial activities.
Shariah Index Rulebook