KSE Meezan Index (KMI–30) is a
stock market index on the
Pakistan Stock Exchange
The Pakistan Stock Exchange ( ur, , abbreviated as PSX) is a stock exchange in Pakistan with trading floors in Karachi, Islamabad and Lahore. PSX was classified by MSCI as a frontier market on 8 September 2021.
The PSX was established on 11 ...
in Pakistan of thirty companies that have been screened for Islamic
Shariah
Sharia (; ar, شريعة, sharīʿa ) is a body of religious law that forms a part of the Islamic tradition. It is derived from the religious precepts of Islam and is based on the sacred scriptures of Islam, particularly the Quran and the ...
criteria. The index was introduced in 2009 and the base period for this Islamic index is 30 June 2008. It was created as a joint effort by the Karachi Stock Exchange (now known as Pakistan Stock Exchange) and
Al-Meezan Investment Bank (now known as Meezan Bank Limited).
The index is calculated using
free float market capitalization. At any point in time, the level of the index reflects the free float market value of selected Shariah-compliant shares in comparison with the base period. KMI-30 is recomposed semi-annually.
Guidance is taken from qualified and well reputed Shariah experts when Shariah compliance of stocks is done.
Shariah compliance test
For any stock to be "Shariah compliant" it must meet all of the following six criteria:
# Business of the company
# Debt to total assets
# Illiquid assets to total assets
# Net liquid assets to share price
# Non-compliant investments to total assets
# Non-compliant income to total revenue
List of companies
The following list of companies are included in the KMI-30 index as per the notice from Pakistan Stock Exchange dated 03 Jul 2020. The recomposed index is implemented w.e.f Monday, July 13, 2020. This re- composition of KSE-Meezan 30 Index is for the review period from July 01, 2019 to December 31, 2019.
See also
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KSE-30
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KSE-100
References
External links
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Impact of Interest Rate, Inflation Rate, Exchange Rate and Gold Prices on Karachi Meezan Index 30{{KMI 30
Pakistani stock market indices
Pakistan Stock Exchange