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Posted Online on Saturday 4, June 2005 02:05 IST

Page 1 | Page 2 | Page 3 | Page 4 | Page 5

SPECIAL REPORT

List of Shariah Compliant Companies Released

Idafa Investment Pvt. Ltd., a shariah compliant stocks investment firm, has released a list of BSE 500 Companies selected on Islamic Parameters (BSE - Bombay Stock Exchange)

The list was released by Mr. Ahmad Randeree, Chairman of DCD Group, promoters of Islamic Bank of Britain and Bank al-Islami of Pakistan.

The list was released at an “Investors’ Education Programme” organized by Idafa Investments Pvt. Ltd. at Islam Gymkhana in Mumbai on 21st of May 2005. In the programme Mr. Samir Mistry of the Tata Mutual Fund (TMF) spoke on “The Art of Picking Stocks” and Mr. Imtiyaz Merchant, a Market Analyst spoke on “The Science of Timing the Markets”. Both sessions were followed by a question and answer sessions.

Mr. Samir Mistry is a Fund Manager with TMF which had floated the only shariah compliant Mutual Fund in India, called the Tata Select Equity Fund. Mr. Imtiyaz Merchant is an expert market analyst who advises the investment wing of the Larsen and Toubro and several share brokers.

Idafa Investments Pvt Ltd adheres to the stringent shariah requirements and screens companies involved in production and sales of liquor, tobacco, vulgar entertainment, and those companies involved in gambling, finance and banking industries.

Companies are also screened on other financial parameters like: (a) A company should not have interest based borrowing more than 33% of its market capitalisation. (b) Interest earning should not be more than 5% of its total income (c) Receivable (current + long term) should not be more than 45% of the total assets

The BSE 500 list has been compiled in consideration of the above qualitative and quantitative paramenters.

 

List of BSE 500 Companies selected on Islamic Parameters

Company names in green comply with shariah norms and those in red do not comply.

Companies (1-100) | Companies (101-200) | Companies (201-300)
Companies (301-400)  | Companies (401-500) 

S.N.

Company Name

Economic Activity

Borrowings

Interest Earning

Receivables

1

3M India Ltd.

Yes

Yes

Yes

No

2

A B B Ltd.

Yes

Yes

Yes

No

3

Aarti Drugs Ltd.

Yes

No

Yes

Yes

4

Aarti Industries Ltd.

Yes

No

Yes

Yes

5

Aban Loyd Chiles Offshore Ltd.

Yes

Yes

Yes

Yes

6

Abbott India Ltd.

Yes

Yes

Yes

Yes

7

Abhishek Industries Ltd.

Yes

Yes

Yes

Yes

8

Adani Exports Ltd.

Yes

No

Yes

No

9

Adlabs Films Ltd.

No

Yes

Yes

No

10

Aftek Infosys Ltd.

Yes

Yes

Yes

Yes

11

Agro Tech Foods Ltd.

Yes

Yes

Yes

Yes

12

Alembic Ltd.

Yes

Yes

Yes

Yes

13

Alfa Laval (India) Ltd.

Yes

Yes

Yes

Yes

14

Allahabad Bank

No

Yes

No

Yes

15

Alok Industries Ltd.

Yes

No

Yes

Yes

16

Alstom Ltd.

Yes

Yes

Yes

No

17

Alstom Projects India Ltd.

Yes

Yes

Yes

No

18

Ambuja Cement Eastern Ltd.

Yes

Yes

Yes

Yes

19

Amforge Industries Ltd.

Yes

Yes

Yes

Yes

20

Amtek Auto Ltd.

Yes

Yes

Yes

Yes

21

Andhra Bank

No

Yes

No

Yes

22

Andhra Pradesh Paper Mills Ltd.

Yes

No

Yes

Yes

23

Apollo Hospitals Enterprise Ltd.

Yes

Yes

Yes

Yes

24

Apollo Tyres Ltd.

Yes

No

Yes

Yes

25

Aptech Ltd.

Yes

Yes

Yes

Yes

26

Arvind Mills Ltd.

Yes

No

Yes

Yes

27

Asahi India Glass Ltd.

Yes

Yes

Yes

Yes

28

Ashok Leyland Ltd.

Yes

Yes

Yes

Yes

29

Asian Hotels Ltd.

No

No

Yes

Yes

30

Asian Paints (India) Ltd.

Yes

Yes

Yes

Yes

31

Associated Cement Cos. Ltd.

Yes

Yes

Yes

Yes

32

Astra Microwave Products Ltd.

Yes

Yes

Yes

Yes

33

Astrazeneca Pharma India Ltd.

Yes

Yes

Yes

Yes

34

Atlas Copco (India) Ltd.

Yes

Yes

Yes

Yes

35

Atul Ltd.

Yes

No

Yes

Yes

36

Aurobindo Pharma Ltd.

Yes

No

Yes

Yes

37

Automotive Axles Ltd.

Yes

Yes

Yes

Yes

38

Avaya Globalconnect Ltd.

Yes

Yes

Yes

No

39

Aventis Pharma Ltd.

Yes

Yes

Yes

Yes

40

Aztec Software & Technology Services Ltd.

Yes

Yes

Yes

Yes

41

B A S F India Ltd.

Yes

Yes

Yes

No

42

B O C India Ltd.

Yes

Yes

Yes

Yes

43

B P L Ltd.

Yes

No

Yes

Yes

44

Bajaj Auto Finance Ltd.

No

No

No

Yes

45

Bajaj Auto Ltd.

Yes

Yes

Yes

Yes

46

Bajaj Hindusthan Ltd.

No

Yes

Yes

Yes

47

Bajaj Tempo Ltd.

Yes

Yes

Yes

Yes

48

Balaji Telefilms Ltd.

No

Yes

Yes

Yes

49

Balkrishna Industries Ltd.

Yes

Yes

Yes

Yes

50

Ballarpur Industries Ltd.

Yes

No

Yes

Yes

51

Balmer Lawrie & Co. Ltd.

Yes

Yes

Yes

Yes

52

Balrampur Chini Mills Ltd.

No

No

Yes

Yes

53

Bank Of Baroda

No

No

No

Yes

54

Bank Of India

No

No

No

Yes

55

Bank Of Maharashtra

No

No

No

Yes

56

Bank Of Punjab Ltd.

No

No

No

Yes

57

Bank Of Rajasthan Ltd.

No

No

No

Yes

58

Bannari Amman Sugars Ltd.

No

No

Yes

Yes

59

Bata India Ltd.

Yes

Yes

Yes

Yes

60

Bayer Cropscience Ltd.

Yes

Yes

Yes

No

61

Berger Paints India Ltd.

Yes

Yes

Yes

Yes

62

Bharat Earth Movers Ltd.

Yes

Yes

Yes

Yes

63

Bharat Electronics Ltd.

Yes

Yes

Yes

Yes

64

Bharat Forge Ltd.

Yes

Yes

Yes

Yes

65

Bharat Heavy Electricals Ltd.

Yes

Yes

Yes

No

66

Bharat Petroleum Corpn. Ltd.

Yes

Yes

Yes

Yes

67

Bharati Shipyard Ltd.

Yes

Yes

Yes

Yes

68

Bharti Tele-Ventures Ltd.

Yes

Yes

No

No

69

Bhushan Steel & Strips Ltd.

Yes

No

Yes

Yes

70

Bilcare Ltd.

Yes

Yes

Yes

Yes

71

Biocon Ltd.

Yes

Yes

Yes

Yes

72

Birla Corporation Ltd.

Yes

Yes

Yes

Yes

73

Blue Dart Express Ltd.

Yes

Yes

Yes

Yes

74

Blue Star Infotech Ltd.

Yes

Yes

Yes

No

75

Blue Star Ltd.

Yes

Yes

Yes

No

76

Bombay Dyeing & Mfg. Co. Ltd.

Yes

Yes

Yes

Yes

77

Bongaigaon Refinery & Petrochemicals Ltd.

Yes

Yes

Yes

Yes

78

Britannia Industries Ltd.

Yes

Yes

Yes

Yes

79

C E S C Ltd.

Yes

No

Yes

Yes

80

C M C Ltd.

Yes

Yes

Yes

No

81

Cadila Healthcare Ltd.

Yes

Yes

Yes

Yes

82

Canara Bank

No

No

No

Yes

83

Carborundum Universal Ltd.

Yes

Yes

Yes

No

84

Castrol India Ltd.

Yes

Yes

Yes

Yes

85

Ceat Ltd.

Yes

No

Yes

No

86

Centurion Bank Ltd.

No

Yes

No

Yes

87

Century Enka Ltd.

Yes

Yes

Yes

Yes

88

Century Textiles & Inds. Ltd.

Yes

No

Yes

Yes

89

Chambal Fertilisers & Chemicals Ltd.

Yes

No

Yes

Yes

90

Chennai Petroleum Corpn. Ltd.

Yes

No

Yes

Yes

91

Cholamandalam Investment & Finance Co. Ltd.

No

No

No

Yes

92

Ciba Specialty Chemicals (India) Ltd.

Yes

Yes

Yes

Yes

93

Cipla Ltd.

Yes

Yes

Yes

Yes

94

City Union Bank Ltd.

No

Yes

No

Yes

95

Clariant (India) Ltd.

Yes

Yes

Yes

Yes

96

Colgate-Palmolive (India) Ltd.

Yes

Yes

Yes

Yes

97

Colour-Chem Ltd.

Yes

Yes

Yes

No

98

Container Corpn. Of India Ltd.

Yes

Yes

Yes

Yes

99

Coromandel Fertilisers Ltd.

Yes

No

Yes

Yes

100

Corporation Bank

No

Yes

No

Yes

Companies (1-100) | Companies (101-200) | Companies (201-300)
Companies (301-400)  | Companies (401-500)

Data updated till May 11, 2005 and compiled by
Idafa Investments Pvt. Ltd. (Wealth Creation - The Shariah Way)
Mimson House 2nd Floor, 92, L.T.Marg, Opp. Crawford Market, Mumbai 400003
Ph: 022-23472118; Fax: 022-23438533, Email: invest@idafa.com, Web: www.idafa.com

Page 1 | Page 2 | Page 3 | Page 4 | Page 5

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