If you are regular participant in the Nigerian Stock Exchange then you may have heard of them before. If you haven’t then I guess now you can confidently say you have. The following are listed by the NSE as Shari’ah Compliant Equities;
| 1 | OKOMUOIL |
| 2 | PZ |
| 3 | UNILEVER |
| 4 | NAHCO |
| 5 | GLAXOSMITH |
| 6 | JAPAULOIL |
| 7 | CADBURY |
| 8 | DANGFLOUR |
| 9 | HONYFLOUR |
| 10 | NASCON |
| 11 | NESTLE |
| 12 | ASHAKACEM |
| 13 | CCNN |
| 14 | DANGCEM |
| 15 | WAPCO |
Who is qualified?
To be qualified as a member of this group, the companies whose shares are being traded must be those that do not charge interest (such as banks) or deal in alcoholic products either directly or indirectly. As insurance companies are excluded, then one must assume that their business model also involves some form of interest income as well. All the Cement dealing companies are listed ?as well. Whilst GSK (GlaxoSmithkline) is listed, other Pharmaceutical companies are not which is strange.
Is the Index a Worthy Investment?
Currently yes it is. The index started mid last year and is Managed by Lotus Capital with the index aptly named?”NSE Lotus Islamic Index”. The index returned 44.2% year on year for 2012 beating the NSE All share index 35.4% and only second to the NSE 30 which returned 44.63%. So if you are Sharia minded and you invested N1m in these stocks at the start of the year that investment will be worth N1,446,300 as at the end of the year.
Wouldn’t you rather be Sharia Compliant?
