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MR D.I.Y. Group, 38 others added to SC’s Shariah-compliant securities list

KUALA LUMPUR (Nov 29): The Securities Commission Malaysia (SC) said securities of 39 Bursa Malaysia-listed companies including MR D.I.Y. Group (M) Bhd, Advance Synergy Bhd and Cycle & Carriage Bintang Bhd have been added to the SC’s latest list of 715 Shariah-compliant securities.

Meanwhile, securities of 16 entities from the previous list have been excluded from the current one. The SC said the newly-classified Shariah non-compliant securities include Can-One Bhd, Malaysia Smelting Corp Bhd and NTPM Holdings Bhd.

The SC said in a update on its website that the regulator’s’ Shariah Advisory Council (SAC) adopts a two-tier quantitative approach, which applies the business activity benchmarks and financial ratio benchmarks in determining the Shariah status of the listed securities.

"Hence, the securities will be classified as Shariah-compliant if their business activities and financial ratios are within these benchmarks," the SC said.

The SC said the list of Shariah-compliant securities took effect from Friday (Nov 27, 2020).

"In addition, 28 securities listed on the LEAP Market have been classified as Shariah-compliant securities by the SAC,” the SC said.

The 28 securities include those of Amlex Holdings Bhd, JM Education Group Bhd and Metro Healthcare Bhd, according to the SC.

The SC defines the LEAP Market as a platform “for sophisticated investors as prescribed under the Capital Markets and Services Act 2007.”


http://www.theedgemarkets.com/article/mr-diy-group-38-others-added-scs-shariahcompliant-securities-list

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