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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
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