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Shariah Guidelines

Musharaka Capital is committed to providing investment solutions that comply with the principles of Islamic Sharia by applying Sharia-compliant regulations in investment and stock trading activities. The company's Sharia Board has adopted the following criteria to determine the permissibility of dealing in shares of joint-stock companies

Joint stock companies with permissible objectives and activities: It is permissible to invest and deal in the stocks of this type of companies in accordance with the stated Terms and Conditions of sale (trading).
Joint stock companies with illicit objectives and activities, including trading in wine, tobacco, pork, gambling, interest bearing banking activities, companies with insolent activities or films, funds dealing in interest-bearing bonds, and companies specialized in debt handling and dealing. It is to be pointed out here that it is categorically impermissible to invest and trade in the stocks of this type of companies.
Companies whose objectives and activities are permissible but may have illicit matters in their dealings, such as dealing in usurious interest-bearing loans or deposits. The Shariah Board has approved the permissibility of investment and trading in the stocks of these companies (type three)

The following safeguards and controls shall be in place upon investment and trading in this type of joint stock companies:

Firstly

  • Permissibility of dealing in the stocks of this type of companies shall be restricted to exigency. In this regard, if certain joint stock companies are found to comply with avoidance of dealing in usury and are found to satisfy the need for such dealing, they should be preferred to similar but non complying companies.
  • Total amount of interest-bearing (long or short term) loans shall not exceed 30% of the total market value of assets of the borrowing company unless this value goes below the book value of the assets, with due consideration to the fact that interest-bearing borrowing is impressible regardless of the volume of the borrowed amount.
  • The earnings generated from the illicit component shall not exceed 5% of the total earnings of the respective company, whether such earnings are generated from interest-bearing investment or from the practice of illicit activity, ownership of an illicit item or otherwise. In case certain earnings are not disclosed, they shall be explored with due diligence and prudence.
  • The rates stated in this decision are solely based on diligence and discretion and may therefore be subject to review as necessary.

Secondly

  • If the conditions of this type of companies change to the extent that the foregoing controls are rendered inapplicable, the stocks of these companies shall be sold as soon as practically possible, preferably within a deadline not to exceed ninety (90) days from the date of confirmed change of such conditions.

Thirdly

  • In determining company activities and the stated rates for permissibility to invest or deal in their stocks, reference shall be made to the latest audited or non-audited annual, quarterly or monthly financial statements of these companies.

Fourthly

  • It is not permissible to participate in the incorporation of companies whose articles of association state that their objectives or activities provide for dealing in illicit transactions.

Fifth

  • The investor customer shall dispose of the illicit component of the said companies.

Sixth:

  • The companies with losses exceeding 50% of their capital — a total of 9 companies, highlighted in red — have been disclosed based on announcements from the listed companies. These companies are restricted from trading for financing clients only, including: Margin trading clients Murabaha clients In addition to non-compliant companies

To view the list of Sharia Compliant and Non-Compliant companies Q1-2025

7010

Saudi Telecom Company SJSC

2082

Acwa Power Company SJSC

1211

Saudi Arabian Mining Company SJSC ( Purification change: 5.01%)

2010

Saudi Basic Industries Corporation SJSC

4013

Dr Sulaiman Al Habib Medical Services Group Company SJSC

7203

Elm Company SJSC

5110

Saudi Electricity Company SJSC

2280

Almarai Company SJSC

2020

SABIC Agri-Nutrients Company SJSC ( Purification change: 32.17%)

7020

Etihad Etisalat Company SJSC

4325

Umm Al Qura for Development and Construction Company SCJSC

7202

Arabian Internet and Communications Services Company SJSC

4250

Jabal Omar Development Company SJSC

8210

Bupa Arabia for Cooperative Insurance Company SJSC

4030

National Shipping Company of Saudi Arabia SJSC

4300

Dar Al Arkan Real Estate Development Company SJSC

8010

Company for Cooperative Insurance SJSC

1111

Saudi Tadawul Group Holding Company SJSC

4142

Riyadh Cables Group Company SJSC

2290

Yanbu National Petrochemical Company Yansab Sjsc

2223

Saudi Aramco Base Oil Company - Luberef SJSC

4164

Al Nahdi Medical Company SJSC

4190

Jarir Marketing Company SJSC ( Purification change: 0.01%)

4263

SAL Saudi Logistics Services Company SJSC

2310

Sahara International Petrochemical Company SJSC

4200

Aldrees Petroleum and Transport Services Company SJSC ( Purification change: 14.44%)

1212

Astra Industrial Group Company SJSC

4004

Dallah Healthcare Company SJSC

4015

Jamjoom Pharmaceuticals Factory Company SJSC

4210

Saudi Research and Media Group SJSC

2083

Power and Water Utility Company for Jubail and Yanbu SJSC

2250

Saudi Industrial Investment Group SJSC

6004

CATRION Catering Holding Company SJSC

4017

Dr Soliman Abdel Kader Fakeeh Hospital Company SCJSC

7030

Mobile Telecommunications Company Saudi Arabia SJSC

4321

Arabian Centres Company SJSC

2270

Saudia Dairy & Foodstuff Company SJSC

4031

Saudi Ground Services Company SJSC ( Purification change: 2.81%)

4020

Saudi Real Estate Company SJSC

2050

Savola Group Company SJSC

1303

Electrical Industries Company JSC

2350

Saudi Kayan Petrochemical Company SJSC

2330

Advanced Petrochemical Co SJSC

4322

Retal Urban Development Company SJSC

1810

Seera Holding Group SJSC

3020

Yamama Cement Company SJSC

2381

Arabian Drilling Co

4005

National Medical Care Company SJSC

4001

Abdullah Al-Othaim Markets Company SJSC

4161

BinDawood Holding Company SJSC

4018

Almoosa Health Company CJSC ( Purification change: 10.20%)

4220

Emaar The Economic City SJSC

4003

United Electronics Company JSC

1830

Leejam Sports Company SJSC ( Purification change: 0.10%)

4163

Al-Dawaa Medical Services Co

4291

National Company for Learning and Education SJSC ( Purification change: 1.49%)

2230

Saudi Chemical Holding Company SJSC

4084

Derayah Financial CJSC

8313

Rasan Information Technology Company SCJSC

4071

Arabian Contracting Services Company CJSC

6010

National Agricultural Development Company SJSC

3030

Saudi Cement Company SJSC

2060

National Industrialization Company SJSC

4007

Al Hammadi Holding Company SJSC

2080

National Gas and Industrialization Company SJSC

3040

Qassim Cement Company SJSC

4009

Middle East Healthcare Company SJSC

4260

United International Transportation Company SJSC

6017

Jahez International Company for Information Systems Technology SCJSC

1322

Al Masane Al Kobra Mining Company CJSC

2081

Alkhorayef Water and Power Technologies Company SCJSC

4310

Knowledge Economic City Company SJSC

3050

Southern Province Cement Company SJSC

7200

Al Moammar Information Systems Company SJSC

4162

Almunajem Foods Company SJSC ( Purification change: 0.11%)

2084

Miahona Co SCJSC

4193

Nice One Beauty Digital Marketing Company SCJSC

3092

Riyadh Cement Company SJSC ( Purification change: 2.30%)

1321

East Pipes Integrated Company for Industry CJSC

7204

Perfect Presentation for Commercial Services Company SJSC

4165

Al Majed for Oud Company SJSC

7040

Etihad Atheeb Telecommunication Company SJSC

2320

Al-Babtain Power and Telecommunication Company SJSC

3060

Yanbu Cement Company SJSC

2070

Saudi Pharmaceutical Industries and Medical Appliances Corp SPIMACO ADDWAEIH SJSC

2283

First Milling Company SJSC ( Purification change: 13.80%)

2040

Saudi Ceramic Company SJSC

1320

Saudi Steel Pipes Company SJSC ( Purification change: 1.46%)

1302

Bawan Company SJSC

9590

Armah Sports Co SCJSC

2284

Modern Mills Company SJSC

2240

Zamil Industrial Investment Company SJSC

3080

Eastern Province Cement Company SJSC

4292

Ataa Educational Company SJSC

2170

Alujain Corp

2300

Saudi Paper Manufacturing Company SJSC

3003

City Cement Company CJSC

1834

Saudi Manpower Solutions Company SCJSC

4192

Al-Saif Stores for Development & Investment Company SJSC

1202

Middle East Company for Manufacturing and Producing Paper SJSC

4016

Middle East Pharmaceutical Industries Company SJSC

9528

Gas Arabian Services Company SJSC

1831

Maharah for Human Resources Company SJSC

2190

Sustained Infrastructure Holding Company SJSC

3010

Arabian Cement Company SJSC

2285

Arabian Mills for Food Products Company SCJSC

9510

National Building and Marketing Company CJSC

4323

Sumou Real Estate Company SJSC

2286

Fourth Milling Company SJSC

4320

Al-Andalus Property Company SJSC

1833

Al Mawarid Manpower Company SCJSC

2281

Tanmiah Food Company SJSC

4240

Fawaz Abdulaziz Al Hokair & Company SJSC

9534

Saudi Azm for Communication and Information Technology Company SJSC

4143

Al Taiseer Group TALCO Industrial Company SCJSC

9610

First Avenue for Real Estate Development Company SJSC

9535

Ladun Investment Company SJSC

6001

Halwani Brothers Co SJSC

4012

Thob Al Aseel Company SJSC

4290

Al Khaleej Training and Education Company SJSC

6014

Alamar Foods Company SJSC

9544

Future Care Trading Compnay SJSC

1304

Al Yamamah Steel Industries Company CJSC

2120

Saudi Advanced Industries Company SJSC

1214

Al Hassan Ghazi Ibrahim Shaker Company SJSC

2150

National Company for Glass Industries Sjsc

3004

Northern Region Cement Company SJSC

6002

Herfy Food Services Company SJSC

9557

Edarat Communication and Information Technology Co

1835

Tamkeen Human Resources Co

2287

Arabian Company for Agricultural and Industrial Investment SCJSC

6070

Al Jouf Agricultural Development Company SJSC

3002

Najran Cement Company SJSC

2140

AYYAN Investment Co SJSC

4080

Sinad Holding Company SJSC

9601

Mohammed Hadi Al-Rashid and Partners Company SJSC

2200

Arabian Pipes Company SJSC ( Purification change: 0.77%)

8070

Arabian Shield Cooperative Insurance Company SJSC

2370

Middle East Specialized Cables Company SJSC

4230

Red Sea International Company SJSC

4014

Scientific and Medical Equipment House Company CJSC

9559

Balady Poultry Trading Company SJSC

9556

Nofoth Food Products Co

1182

Amlak International Finance Company SJSC

4008

Saudi Company for Hardware SJSC

2282

Naqi Water Co

2340

ARTEX Industrial Investment Co

2030

Saudi Arabian Refineries Company SJSC

2160

Saudi Arabian Amiantit Company SJSC

4180

Fitaihi Holding Group Company SJSC

3090

Tabuk Cement Company SJSC

9521

Enma Al-Rawabi Co

9531

Obeikan Glass Company SJSC

4324

Banan Real Estate Company SJSC

3005

Umm Al Qura Cement Company SJSC

3091

Al Jouf Cement Company SJSC

4170

Tourism Enterprise Company (Shams) SJSC ( Purification change: 0.334%)

2110

Saudi Cable Company SJSC

4144

Raoom Trading Company SJSC

9540

National Environmental Recycling Co

4130

Saudi Darb Investment Co

4349

Alinma Hospitality Reit Fund

4191

Abdullah Saad Mohammed Abo Moati for Bookstores Company SJSC

9541

Academy of Learning Co

9525

Alwasail Industrial Company SJSC

1210

Basic Chemical Industries Company SJSC

2001

Methanol Chemicals Company SJSC

9627

Twareat Medical Care Company SCJSC

9527

AME Company for Medical Supplies

4011

L'azurde Company for Jewelry SJSC

6050

Saudi Fisheries Company SJSC

9611

Arabian United Float Glass Company SJSC

8300

Wataniya Insurance Company SJSC

9546

Naba Alsaha Medical Services Company SCJSC

2100

Wafrah for Industry and Development Company SJSC

4270

Saudi Printing and Packaging Company SJSC

8170

Al Etihad Cooperative Insurance Company SJSC

1301

United Wire Factories Company JSC

9517

MOBI Industry Company SJSC

2210

Nama Chemicals Company SJSC

1820

BAAN Holding Group Company SJSC

9550

Sure Global Tech Company SJSC

8160

Arabia Insurance Cooperative Company SJSC

2090

National Gypsum Company SJSC

9530

Arabian International Healthcare Holding Commpany SJSC

9570

Tam Development Company SCJSC

3007

Zahrat Al Waha for Trading Company SJSC

4051

Baazeem Trading Company SJSC

9628

Lamasat Company SCJSC

6016

Shatirah House Restaurant Co

6090

Jazan Development and Investment Company SJSC

7201

Arab Sea Information Systems Company SJSC

9583

United Mining Industries Company SJSC

9596

Quara Finance Company CJSC

9518

Canadian General Medical Centers Complex Company CJSC

6020

Al Gassim Investment Holding Company SJSC

4061

Anaam International Holding Group Company SJSC

6060

Ash-Sharqiyah Development Company SJSC

1832

Sadr Logistics Company SJSC

9560

Waja Company SJSC

2220

National Metal Manufacturing and Casting MAADANIYYAT SJSC Co

4350

Alistithmar AREIC Diversified REIT Fund

3008

Al Kathiri Holding Company SJSC ( Purification change: 0.10%)

9597

Leaf Global Environmental Services CJSC

9542

Keir International Co

2360

Saudi Vitrified Clay Pipes Company SJSC

4140

Saudi Industrial Export Company SJSC ( Purification change: 0.07%)

6040

Tabuk Agricultural Development Co SJSC

9404

Alinma Saudi Gov Sukuk ETF - Short Maturity

9607

ASG Plastic Factory Comapny SCJSC

2180

Filing and Packing Materials Manufacturing Co SJSC

9594

Al-Modawat Specialized Medical Co SJSC

9543

Saudi Networkers Services Co

9575

Marble Design Factory Company SCJSC

8180

Al Sagr Cooperative Insurance Company Sjsc

9580

Al Rashid Industrial CoS JSC

8150

Allied Cooperative Insurance Group SJSC

9615

Mufeed Ltd Co

9513

Watani Iron Steel Company SJSC

4141

Al-Omran Industrial and Trading Co CJSC

2130

Saudi Industrial Development Company SJSC

9600

Qomel Co

9631

Hedab Alkhaleej Trading Company SCJSC

9568

Mayar Holding Company SCJSC

6013

Development Works Food Co CJSC

9625

ITMAM Consulting Co

9574

Professional Medical Expertise Company SJSC

9592

Almujtama Alraida Medical Co SJSC

9613

Shalfa Facilities Management Co SCJSC

9545

International Human Resources Co

9614

Purity for Information Technology Co SJSC

9552

Saudi Top for Trading Company SCJSC

9548

Arabian Plastic Industrial Company SJSC

9585

Mulkia Investment Company SCJSC

9576

Paper Home Co

9558

Alqamam for Computers & Systems Company SJSC

9551

Knowledge Tower Trading Co SJSC

9566

Saudi Lime Industries Company SCJSC

9564

Horizon Foods Co SCJSC

9538

Naseej for Technology Company SJSC

4160

Thimar Development Holding Company SJSC

9569

Al Muneef Co for Trade Industry Agriculture & Contracting Company SJSC

9563

Bena Steel Industries Company SJSC

6012

Raydan Food Company SJSC

9619

Multi Business Group for projects Company SJSC

9516

Natural Gas Distribution Company CJSC

9591

View United Real Estate Development Company SCJSC

9537

Amwaj International Company SJSC

8311

Saudi Enaya Cooperative Insurance Company SJSC

9606

Tharwah Human Resources Company CJSC

9604

Miral Dental Clinics Company SCJSC

9547

Rawasi Albina Investment Co SJSC

9635

Dkhoun National Trading Company SCJSC

9539

Agaseem Factory for Chemicals and Plastics Comany SJSC

9584

Riyal for Investment and Development Company SJSC

9524

Advance International Communication & Information Technology

9618

Al-Fakhera Men Tailoring Company SCJSC

9630

Ratio Specialty Company CJSC

9603

Horizon Educational Co SJSC

9624

Al-Shehili Metal Industries Company SJSC

4703

SEDCO Capital Multi Asset Traded Fund

9598

Al Mohafaza Company for Education Company SCJSC

9609

Naas Petrol Factory Company CJSC

9555

Leen Alkhair Trading Company SCJSC

9593

Pan Gulf Marketing Company CJSC

9532

Al-Jouf Mineral Water bottling Co SCJSC

9587

Lana Medical Company CJSC

9633

Service Equipment Co SCJSC

9581

Clean Life Co SJSC

9567

Ghida Alsultan for Fast Food Company CJSC

9623

Al Battal Factory for Chemical Industries Company SJSC

9533

Saudi Parts Center Company SJSC

9522

Alhasoob Co

9612

Sama Healthy Water Factory Co SJSC

9608

Al Ashghal Al Moysra Co

9562

Food Gate Trading Company CJSC

9599

Taqat Mineral Trading Company SCJSC

9515

Fesh Fash Snack Food Production Co

9577

Dar Almarkabah for Renting Cars Co SJSC

9588

Riyadh Steel Company SJSC

9622

Shmoh Al-Madi Ltd

9549

Abdulaziz & Mansour Ibrahim Albabtin Co PJSC

9403

Albilad Saudi Sovereign Sukuk ETF

9561

Knowledge Net Co

9571

Munawla Cargo Company SCJSC

9626

Basma Adeem Medical Company SCJSC

9578

Atlas Elevators General Trading & Contracting Co

9514

Mohammed Hasan AlNaqool Sons Co SCJSC

9605

Neft Alsharq for Chemical Industries SCJSC Co

9536

Arabian Food & Dairy Factories Company

9621

Digital Research Co

9589

Fad International Co SJSC

9620

Balsm Alofoq Medical Company CJSC

9565

Meyar Co

9579

Intelligent Oud for Trading SJSC Co

9617

Arabica Star Co SJSC

9553

Malen Iron Company PJSC

9595

WSM for Information Technology Company SCJSC

9405

Albilad Gold ETF

9632

Future Vision for Health Training Company SCJSC

9572

Al-Razi Medical Company SJSC

9616

Jana Medical Company SJSC

9409

Yaqeen S&P ESG MENA ETF Fund

9401

Falcom Petrochemical Etf

9410

Albilad CSOP MSCI Hong Kong China Equity ETF

9400

Yaqeen Saudi Equity ETF

2382

ADES Holding Company Listed JSC

2380

Rabigh Refining and Petrochemical Company SJSC

4262

Lumi Rental Co

4261

Theeb Rent a Car Company SJSC

4006

Saudi Marketing Company (Farm Superstores) SJSC

9523

Group Five Pipe Saudi Company SJSC

1201

Takween Advanced Industries SJSC

1120

Al Rajhi Banking and Investment Corporation SJSC

1150

Alinma Bank SJSC

1140

Bank Albilad SJSC

4100

Makkah Construction and Development Company SJSC ( Purification change: 3.49%)

1020

Bank Aljazira SJSC

4002

Mouwasat Medical Services Company SJSC

8230

Al Rajhi Company for Cooperative Insurance SJSC

4090

Taiba Investment Company SJSC

4150

Arriyadh Development Company SJSC

4083

United International Holding Company SJSC

4050

Saudi Automotive Services Co SJSC

8060

Walaa Cooperative Insurance Company SJSC

4340

Al Rajhi REIT Fund

8030

Mediterranean and Gulf Cooperative Insurance and Reinsurance Company SJSC

1183

SHL Finance Company SJSC

4342

Jadwa REIT Saudi Fund

4040

Saudi Public Transport Company SJSC ( Purification change: 2.40%)

4347

Bonyan REIT Fund

4081

Nayifat Finance Co

4110

Batic Investments and Logistics Comapny SJSC

4344

SEDCO Capital REIT Fund

4330

Riyad REIT

4338

SNB Capital Fund of REITs Fund

1213

Naseej International Trading Company SJSC

8012

Aljazira Takaful Taawuni Company SJSC

4348

Alkhabeer REIT Fund

4082

Morabaha Marina Financing Company SCJSC ( Purification change: 2.90%)

8020

Malath Cooperative Insurance Company Sjsc

4701

Alkhabeer Growth & Income Traded Fund

4070

Tihama for Advertising Public Relations and Marketing Company SJSC

4339

Derayah REIT Fund

4334

Al Maather REIT Fund

4345

Alinma Retail REIT Fund

4333

Taleem REIT Fund

4336

Mulkia Gulf Real Estate Reit Fund

8050

Salama Cooperative Insurance Company SJSC

4332

Jadwa REIT Al Haramain Fund

4335

Musharaka REIT

4346

MEFIC REIT Fund

4337

SICO Saudi REIT Fund

4331

AlJazira REIT

8200

Saudi Reinsurance Company SJSC

8250

Gulf Insurance Group SJSC

8240

CHUBB Arabia Cooperative Insurance Company SJSC

8040

Mutakamela Insurance Co

8120

Gulf Union Alahlia Cooperative Insurance Company SJSC ( Purification change: 17.08%)

8270

Buruj Cooperative Insurance Co SJSC

8280

Liva Insurance Company SJSC

8100

Saudi Arabian Cooperative Insurance Company SJSC

8310

Amana Cooperative Insurance Company SJSC

8190

United Cooperative Assurance Company SJSC

8260

Gulf General Cooperative Insurance Company SJSC

4072

MBC Group CJSC

1180

Saudi National Bank SJSC

1030

Saudi Investment Bank SJSC

1010

Riyad Bank SJSC

1060

Alawwal Invest MSCI Tadawul 30 Saudi ETF

4280

Kingdom Holding Company SJSC

1050

Banque Saudi Fransi SJSC

1080

Arab National Bank SJSC

9411

SAB Invest Hang Seng Hong Kong ETF

9586

Osool & Bakheet Investment Company SCJSC

9602

Yaqeen Financial Yaqeen Capital Company SJSC

9402

Alawwal Invest MSCI Tadawul 30 Saudi ETF

To view the list of Parallel Market (Nomu) Sharia Compliant and Non-Compliant companies Q4-2024

9300

ALWAHA REIT

9513

WATANI STEEL

9515

FESH FASH

9517

MOBI

9521

ENMA ALRAWABI

9523

GROUP FIVE

9525

ALWASAIL

9528

GAS

9531

OBEIKAN GLASS

9533

SPC

9535

LADUN

9537

AMWAJ INTERNATIONAL

9539

AQASEEM

9541

ACADEMY OF LEARNING

9543

NETWORKERS

9545

ALDAWLIAH

9547

RAWASI

9549

ALBABTAIN FOOD

9551

KNOWLEDGE TOWER

9553

MOLAN

9556

NOFOTH

9558

ALQEMAM

9560

WAJA

9562

FOOD GATE

9400

YAQEEN 30

9403

ALBILAD SUKUK

9405

ALBILAD GOLD

9407

ALBILAD US TECH

9401

YAQEEN PETROCHEMICAL

9404

ALINMA SUKUK

9406

ALBILAD MSCI

9408

ALBILAD SAUDI GROWTH

4700

ALKHABEER INCOME

4702

ALKHABEER INCOME 2030

4701

ALKHABEER GROWTH AND INCOME

4703

SEDCO MULTI ASSET