How to Get Started with Shariah Compliant Stocks In Oman?
What are Shariah Compliant Stocks ?
Shariah compliant stocks are those stocks which complying with Shariah screening standards set by Shariah Scholars. If a stock passes the Shariah screening standards, it is deemed to be HALAL for investment by Shariah sensitive investors and Muslims.
Here You can go through the detailed Shariah Screening process for more information.
In recent years, the demand for investments in HALAL stocks have increased manifolds and hence, today there are many stocks listed on the Muscat securities Market (the official stock exchange of Oman) that are Shariah-compliant. In addition, there are quite a few Shariah compliant funds in Oman available for investment by Islamic investors.
In a nutshell, Shariah compliant stocks refer to stocks of those companies that do not deal with the sale of prohibited activities such as alcohol, drugs, pornography, gambling, conventional financial companies etc. Islamicly App.
We have built this great app to keep our Islamic Investors updated about the latest list of Shariah compliant stocks in Oman and other global markets.
What is the demand for Shariah Compliant Stocks in Oman?
The growth of the Shariah compliant market in Oman has been positive which has resulted in establishing two dedicated banks to offer Islamic banking products. Thus Bank Nizwa and Al Izz Islamic Bank came into existence and started operating as an Islamic Bank in Oman from 2013. Bank Nizwa is the First Islamic Bank in Oman as a licensed Shari’a compliant commercial bank. Then Al Izz Islamic Bank also got the license to operate as an Islamic Bank. Apart from these two dedicated Islamic banks, there are 5 more Islamic windows in Conventional banks dealing with Islamic banking products.
In this respect, Muscat Securities Market has launched its Shariah Compliant Index way back in 2013. It was launched keeping in mind the interest of the investors in Shariah compliant stocks, after the Islamic banking system gained momentum. Also, there are 4 Shariah compliant mutual funds in Oman to our best knowledge.
They are:
Vision Focused Fund Open Ended
Shariah Compliant Stocks in Oman (Hover to view more details)
What are the Options in Oman for Halal Investments in Capital Market?
If you are residing in Oman, you have ample opportunities to invest in a Shariah compliant manner in Oman:
1. You may go to the Islamic banks and ask for Islamic financial products which suit your requirement
2. You may open a brokerage account with a licensed stock broker and get a list of latest Shariah compliant stocks on the Islamicly App which can help you to instantly identify Shariah compliant stocks in Oman. You may track the same on Islamicly app and then chose to make investment in your choice of stocks through your preferred broker.
3. Invest in any of the Shariah complaint funds in Oman.
Stock Exchange in Oman and its Shariah Status.
As we already mentioned, the Muscat Securities Market is the only stock exchange situated in Oman, founded in the year 1988. The stock exchange in Oman has listed total 118 companies as on November 2019 and of them 27% stocks are complying with the Shariah Standards
As per our research, there are a total of 32 Shariah compliant companies on Muscat Stock Exchange. The rest 86 companies fail to be compliant with the Shariah standards.
You can keep coming back to this space to read more for our updated blogs and information on Shariah compliant stocks and companies globally.
Islamicly team is dedicated and committed to educate you on various topics related to shariah compliant stocks.
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