KUALA LUMPUR May 30 Malaysia has increased the number of Islamic stocks listed on its stock exchange to 843, the market regulator said on Friday, widening the range of assets offered to investors seeking sharia-compliant investments.
The list of sharia-compliant securities was updated to take include 23 stocks, such as top mobile phone company TM International TMIT.KL and energy firm Dayang Enterprise (DEHB.KL), the Securities Commission said in a statement.
The list dropped 12 stocks including property developer Metro Kajang (METR.KL).
The list takes effect on May 30 and accounts for 85 percent of securities listed on Bursa Malaysia (BMYS.KL).
For the full-list of the newly-added Shariah-compliant companies and the removed stocks, please go to www.sc.com.my.
Mostly Muslim Malaysia aspires to become a global centre for Islamic finance. It is courting Middle East petrodollars by freeing up its Islamic banking, insurance, reinsurance and capital markets to allow the entry and licensing of new players.
The Southeast Asian country has the world's largest Islamic bond market, accounting for about 60 percent of global Islamic bonds outstanding which are worth about $100 billion, according to central bank estimates. (Reporting by Soo Ai Peng; Editing by Liau Y-Sing & Louise Heavens)