Halal Stocks in Bangladesh (2026): Top 10 Shariah Compliance Overview

Under Islamicly's Shariah framework, shares in a listed company may be considered permissible to own and trade when two conditions are met. The underlying business activity and the applicable financial criteria must both satisfy the Shariah screening methodology. That methodology is prescribed by AAOIFI standards and reviewed by Islamicly's globally renowned Shariah Supervisory Board.

Shariah Compliance in Bangladesh at a Glance

How Islamicly Screens a Stock

Islamicly applies three-level screening to every listed equity, aligned with AAOIFI Shariah Standard No. 21, with a fourth step governing the income that remains. A company must clear all three screens to earn a compliant rating.

Purification applies to dividends, not capital gains.

Top 10 Stocks in Bangladesh by Market Capitalisation

1. Grameenphone Ltd

Grameenphone Ltd., widely abbreviated as GP, is the leading telecommunications service provider in Bangladesh, serving 87.01 million of the country's 190.44 million mobile connections as of July 2026. It is a joint venture between Telenor of Norway (55.8%), Grameen Telecom Corporation (34.2%) and public shareholders (10%). A review of its revenue segments found no operating revenue from Shariah non-permissible areas, and interest revenue below 5% of total revenue. The stock passes both debt compliance and cash compliance, and is classified Shariah-compliant.

2. Square Pharmaceuticals PLC

Square Pharmaceuticals Limited is a pharmaceutical company offering products across a range of therapeutic classes, including alimentary preparations, anesthetics, anti-arthritis supplements, anti-asthma, anti-epileptic, anti-erectile dysfunction agents and anti-obesity preparations. Square's pharmaceutical operations are permissible in themselves. It fails the business sector screen because income from conventional finance — interest earned on its cash — reaches 6.99% of revenue, above the 5% ceiling. Debt compliance passes, but cash compliance fails.

3. Robi Axiata PLC

Robi Axiata PLC is a Bangladesh-based mobile network operator, primarily engaged in offering networking solutions, including short messaging services (SMS), general packet radio services (GPRS), international roaming SMS, multimedia messaging services (MMS), voice greetings and calling services. It serves 58.77 million subscribers and is owned by Axiata of Malaysia (61.82%), Bharti Enterprises of India (28.18%) and the public (10%). A review of its revenue segments found the non-permissible income — entertainment and OTT provision under Digital Services, together with interest revenue — to be below 5% of total revenue. The business sector screen passes. The stock fails debt compliance — interest-bearing debt above 30% of its 36-month average market capitalisation — and is therefore classified Shariah non-compliant. Cash compliance passes.

4. BRAC Bank PLC

BRAC Bank PLC is a conventional private commercial bank, best known for building the country's largest SME lending franchise. In July 2025 it was reported as the first Bangladeshi bank to cross USD 1 billion in market capitalisation (Dhaka Tribune, 26 July 2025). The company generates its revenue from financial services. Operating non-permissible revenue was found to exceed 5% of total income, so the business sector screen fails. The stock also fails both debt compliance and cash compliance.

5. Walton Hi-Tech Industries PLC

Walton Hi-Tech Industries PLC is a Bangladesh-based electrical and electronics appliances producer, engaged in manufacturing, servicing, wholesale, importing and exporting electrical and electronic goods such as freezers and refrigerators, air conditioners, televisions, elevators, home and kitchen appliances, and electrical appliances. A review of its revenue segments found no operating revenue from Shariah non-permissible areas, and interest revenue below 5% of total revenue. The stock passes both debt compliance and cash compliance, and is classified Shariah-compliant.

6. British American Tobacco Bangladesh

British American Tobacco Bangladesh Company Limited manufactures tobacco products, primarily engaged in the manufacture and sale of cigarettes in Bangladesh, and also exports leaf outside the country. A review of its revenue segments found the operating revenue segment — tobacco, which also earns interest income — to be non-permissible and in excess of 5% of total revenue. The stock passes both debt compliance and cash compliance, but a clean balance sheet cannot cure an impermissible core business. BAT Bangladesh is classified Shariah non-compliant.

7. Marico Bangladesh Ltd

Marico Bangladesh Limited is a manufacturer and marketer of fast-moving consumer goods, operating a single segment: the sale of nutraceuticals and personal care products, including haircare, skincare, baby care, male grooming, hygiene, edible oil, water-based products, value-added hair oil, copra crushing and food categories. A review of its revenue segments found interest revenue below 5% of total revenue. The stock passes both debt compliance and cash compliance, and is classified Shariah-compliant.

8. Berger Paints Bangladesh Ltd

Berger Paints Bangladesh Limited is engaged in the manufacture and sale of paints, varnishes and coatings. A review of its revenue segments found interest revenue below 5% of total revenue. The stock passes both debt compliance and cash compliance, and is classified Shariah-compliant.

9. Beximco Pharmaceuticals PLC

Beximco Pharmaceuticals PLC manufactures and markets generic pharmaceuticals and active pharmaceutical ingredients in Bangladesh and international markets. Its portfolio covers anti-infective, cardiovascular, diabetes, oncology, respiratory, gastrointestinal, CNS, dermatology and other therapeutic products, along with IV fluids, vitamins and contract manufacturing services. A review of its revenue segments found the company is not involved in non-permissible business activities and that interest revenue is below 5% of total revenue. The stock passes both debt compliance and cash compliance, and is classified Shariah-compliant.

10. United Power Generation & Distribution Co Ltd

United Power Generation & Distribution Company Ltd is a commercial independent power producer (IPP), whose principal activity is to generate electricity by gas-fired power plants. A review of its revenue segments found the company is not involved in any non-permissible business activities, with interest revenue below 5% of total revenue. The stock passes both debt compliance and cash compliance, and is classified Shariah-compliant.

Compliance Status Is Dynamic, Not Permanent

Sector-Wise Shariah Screening in Bangladesh

Compliance rates vary sharply by sector. Healthcare clears 68% of its listed companies; Financial clears 15%.

About Islamicly

Islamicly is a Shariah-certified app and web platform for screening Shariah-compliant equities. It provides Shariah compliance information for stocks listed on the Dhaka and Chittagong Stock Exchanges, and for companies listed across global markets.

Screening is carried out against AAOIFI-based standards and reviewed by Islamicly's Shariah Supervisory Board, chaired by Dr. Mohamed A. Elgari (Saudi Arabia), with Dr. Muhammad Amin Qattan (Kuwait) and Dr. Nazih Hammad (Canada). Every classification published by Islamicly, including those in this report, is produced under that framework.

On the app and web platform, investors can check the Shariah status of any listed stock, screen an existing portfolio for non-compliant positions, view a stock's historical compliance data, calculate dividend purification amounts, and receive alerts when a holding changes status. Islamicly also offers Shariah-screened model portfolios, digital gold and silver, mutual funds and managed-investment options, and runs free AMAs and webinars on halal investing.