Home / Shariah Guidelines

Shariah Guidelines

Musharaka is committed to providing investment solutions that comply with the principles of Islamic Sharia by applying Sharia guidelines in its investment and equity trading activities. The company has appointed a specialized Sharia supervisory authority to determine the permissibility of trading in the shares of listed companies.

Sharia Classification of Companies

The company’s core business activities are fully permissible under Sharia principles, with no involvement in prohibited financial transactions such as interest-based loans or usurious deposits.
The company’s core activities are prohibited under Sharia, such as conventional banks that rely on interest, or companies engaged in producing content that contradicts Islamic values.
The company’s core business activities are permissible; however, it has limited involvement in non-compliant financial transactions, such as interest-based loans or usurious investments, within defined thresholds.

List of Sharia Compliant and Non-Compliant Companies for Q3-2025

2100

Wafrah for Industry and Development Company SJSC

1213

نسيج

1320

أنابيب السعودية ( Purification change: 2.60%)

1830

لجام للرياضة ( Purification change: 0.03%)

1320

أنابيب السعودية ( Purification change: 2.60%)

1830

لجام للرياضة ( Purification change: 0.03%)

1213

نسيج

1211

Saudi Arabian Mining Company SJSC ( Purification change: 3.72%)

2382

ADES Holding Company Listed JSC

2380

Rabigh Refining and Petrochemical Company SJSC

4083

United International Holding Company SJSC

4050

Saudi Automotive Services Co SJSC

4338

SNB Capital Fund of REITs Fund

3091

Al Jouf Cement Company SJSC

1833

Al Mawarid Manpower Company SCJSC

1810

Seera Holding Group SJSC

8160

Arabia Insurance Cooperative Company SJSC

2281

Tanmiah Food Company SJSC

1835

Tamkeen Human Resources Co

3007

Zahrat Al Waha for Trading Company SJSC

2290

Yanbu National Petrochemical Company Yansab Sjsc

3003

City Cement Company CJSC

6002

Herfy Food Services Company SJSC

6040

Tabuk Agricultural Development Co SJSC

2320

البابطين

2300

Saudi Paper Manufacturing Company SJSC

4146

Gas Arabian Services Company SJSC

2320

البابطين

4310

Knowledge Economic City Company SJSC

6090

Jazan Development and Investment Company SJSC

4021

Canadian General Medical Center

4031

Saudi Ground Services Company SJSC ( Purification change: 4.69%)

7201

Arab Sea Information Systems Company SJSC

4291

National Company for Learning and Education SJSC ( Purification change: 0.00%)

1214

Al Hassan Ghazi Ibrahim Shaker Company SJSC

4270

Saudi Printing and Packaging Company SJSC

1831

Maharah for Human Resources Company SJSC

2190

Sustained Infrastructure Holding Company SJSC

4016

Middle East Pharmaceutical Industries Company SJSC

4323

Sumou Real Estate Company SJSC

1182

Amlak International Finance Company SJSC

4350

Alistithmar AREIC Diversified REIT Fund

2230

Saudi Chemical Holding Company SJSC

6014

Alamar Foods Company SJSC

4004

Dallah Healthcare Company SJSC

4140

Saudi Industrial Export Company SJSC

4170

Tourism Enterprise Company (Shams) SJSC ( Purification change: 6.89%)

4345

Alinma Retail REIT Fund

1322

Al Masane Al Kobra Mining Company CJSC

2130

Saudi Industrial Development Company SJSC

6016

Shatirah House Restaurant Co

2270

Saudia Dairy & Foodstuff Company SJSC

4164

Al Nahdi Medical Company SJSC

4014

Scientific and Medical Equipment House Company CJSC ( Purification change: 0.58%)

1183

SHL Finance Company SJSC

4230

Red Sea International Company SJSC

2060

National Industrialization Company SJSC

4003

United Electronics Company JSC

4320

Al-Andalus Property Company SJSC

2080

National Gas and Industrialization Company SJSC

4100

Makkah Construction and Development Company SJSC ( Purification change: 6.36%)

4292

Ataa Educational Company SJSC ( Purification change: 0.76%)

4163

Al-Dawaa Medical Services Co

4017

Dr Soliman Abdel Kader Fakeeh Hospital Company SCJSC

8313

Rasan Information Technology Company SCJSC

4260

United International Transportation Company SJSC

4261

Theeb Rent a Car Company SJSC

2180

Filing and Packing Materials Manufacturing Co SJSC

3010

Arabian Cement Company SJSC

3004

Northern Region Cement Company SJSC

4143

Al Taiseer Group TALCO Industrial Company SCJSC

6010

National Agricultural Development Company SJSC

3050

Southern Province Cement Company SJSC

1202

Middle East Company for Manufacturing and Producing Paper SJSC

2370

Middle East Specialized Cables Company SJSC

1834

Saudi Manpower Solutions Company SCJSC

4300

Dar Al Arkan Real Estate Development Company SJSC

7204

Perfect Presentation for Commercial Services Company SJSC

1210

Basic Chemical Industries Company SJSC

2285

Arabian Mills for Food Products Company SCJSC

2340

ARTEX Industrial Investment Co

7030

Mobile Telecommunications Company Saudi Arabia SJSC

3005

Umm Al Qura Cement Company SJSC

4008

Saudi Company for Hardware SJSC

4001

Abdullah Al-Othaim Markets Company SJSC

2287

Arabian Company for Agricultural and Industrial Investment SCJSC

2284

Modern Mills Company SJSC

4263

SAL Saudi Logistics Services Company SJSC

2240

Zamil Industrial Investment Company SJSC

8210

Bupa Arabia for Cooperative Insurance Company SJSC

4290

Al Khaleej Training and Education Company SJSC

4018

الموسى ( Purification change: 2.48%)

2020

SABIC ( Purification change: 32.79%)

4321

Arabian Centres Company SJSC ( Purification change: 1.75%)

6017

Jahez International Company for Information Systems Technology SCJSC

4018

الموسى ( Purification change: 2.48%)

3092

أسمنت الرياض ( Purification change: 0.90%)

1321

East Pipes Integrated Company for Industry CJSC

2050

Savola Group Company SJSC

4145

Obeikan Glass Company SJSC

4322

Retal Urban Development Company SJSC

3092

أسمنت الرياض ( Purification change: 0.90%)

2170

Alujain Corp

4019

Specialized Medical Company SCJSC

2282

Naqi Water Co

2220

National Metal Manufacturing and Casting MAADANIYYAT SJSC Co

4210

Saudi Research and Media Group SJSC

4015

Jamjoom Pharmaceuticals Factory Company SJSC

8010

Company for Cooperative Insurance SJSC

4018

Almoosa Health Company CJSC ( Purification change: 2.48%)

4165

Al Majed for Oud Company SJSC

4030

National Shipping Company of Saudi Arabia SJSC

4012

Thob Al Aseel Company SJSC

3092

Riyadh Cement Company SJSC ( Purification change: 0.90%)

4005

National Medical Care Company SJSC

4084

Derayah Financial CJSC

2001

Methanol Chemicals Company SJSC

1820

BAAN Holding Group Company SJSC

4061

Anaam International Holding Group Company SJSC

4161

BinDawood Holding Company SJSC

4141

العمران

2223

Saudi Aramco Base Oil Company - Luberef SJSC

4220

Emaar The Economic City SJSC

6013

Development Works Food Co CJSC

3008

Al Kathiri Holding Company SJSC ( Purification change: 0.00%)

8240

CHUBB Arabia Cooperative Insurance Company SJSC

4141

العمران

8150

Allied Cooperative Insurance Group SJSC

8180

Al Sagr Cooperative Insurance Company Sjsc

2360

Saudi Vitrified Clay Pipes Company SJSC

4141

Al-Omran Industrial and Trading Co CJSC

6012

Raydan Food Company SJSC

4070

Tihama for Advertising Public Relations and Marketing Company SJSC

4337

SICO Saudi REIT Fund

8200

Saudi Reinsurance Company SJSC

8250

Gulf Insurance Group SJSC

8040

Mutakamela Insurance Co

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

4330

Riyad REIT

8120

Gulf Union Alahlia Cooperative Insurance Company SJSC ( Purification change: 18.21%)

8030

Mediterranean and Gulf Cooperative Insurance and Reinsurance Company SJSC

4110

Batic Investments and Logistics Comapny SJSC

8280

Liva Insurance Company SJSC

8100

Saudi Arabian Cooperative Insurance Company SJSC

4336

MULKIA REIT

8020

Malath Cooperative Insurance Company Sjsc

8260

GULF GENERAL

4040

Saudi Public Transport Company SJSC

4160

Thimar Development Holding Company SJSC

4100

مكة ( Purification change: 6.36%)

8180

Al Sagr Cooperative Insurance Company Sjsc

2360

Saudi Vitrified Clay Pipes Company SJSC

4141

Al-Omran Industrial and Trading Co CJSC

6012

Raydan Food Company SJSC

8311

Saudi Enaya Cooperative Insurance Company SJSC

4703

SEDCO Capital Multi Asset Traded Fund

4100

مكة ( Purification change: 6.36%)

4340

Al Rajhi REIT Fund

8060

Walaa Cooperative Insurance Company SJSC

4150

Arriyadh Development Company SJSC

4342

Jadwa REIT Saudi Fund

4347

Bonyan REIT Fund

4081

Nayifat Finance Co

4344

SEDCO Capital REIT Fund

1213

Naseej International Trading Company SJSC

4082

Morabaha Marina Financing Company SCJSC ( Purification change: 0.88%)

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

8050

Salama Cooperative Insurance Company SJSC

4332

Jadwa REIT Al Haramain Fund

4346

MEFIC REIT Fund

4337

SICO Saudi REIT Fund

8200

Saudi Reinsurance Company SJSC

6040

تبوك الزراعية

6040

تبوك الزراعية

8250

Gulf Insurance Group SJSC

8040

Mutakamela Insurance Co

8270

Buruj Cooperative Insurance Co SJSC

8280

Liva Insurance Company SJSC

8100

Saudi Arabian Cooperative Insurance Company SJSC

8190

United Cooperative Assurance Company SJSC

4330

Riyad REIT

8120

Gulf Union Alahlia Cooperative Insurance Company SJSC ( Purification change: 18.21%)

8280

Liva Insurance Company SJSC

9510

NBM

9513

WATANI STEEL

9514

ALNAQOOL

9515

FESH FASH

9516

NGDC

9517

MOBI INDUSTRY

9521

INMAR

9522

ALHASOOB

9523

GROUP FIVE

9524

AICTEC

9525

ALWASAIL INDUSTRIAL

9545

ALDAWLIAH

9546

NABA ALSAHA

9547

RAWASI

9548

APICO

9549

ALBABTAIN FOOD

9550

SURE

9551

KNOWLEDGE TOWER

9552

SAUDI TOP

9553

MOLAN

9555

LEEN ALKHAIR

9556

NOFOTH

9557

EDARAT

9558

ALQEMAM

9559

BALADY

9560

WAJA

9561

KNOWLEDGENET

9562

FOOD GATE

9563

BENA

9564

HORIZON FOOD

9565

MEYAR

9566

LIME INDUSTRIES

9567

GHIDA ALSULTAN

9568

MAYAR

9569

ALMUNEEF

9570

TAM DEVELOPMENT

9571

MUNAWLA

9572

ALRAZI

9574

PRO MEDEX

9575

MARBLE DESIGN

9576

PAPER HOME

9577

DAR ALMARKABAH

9578

ATLAS ELEVATORS

9579

IOUD

9580

ALRASHID INDUSTRIAL

9581

CLEAN LIFE

9583

UNITED MINING

9584

RIYAL

9585

MULKIA

9587

LANA

9588

RIYADH STEEL

9589

FAD

9590

ARMAH

9591

VIEW

9592

ALMUJTAMA MEDICAL

9593

PAN GULF

9594

ALMODAWAT

9595

WSM

9596

QUARA

9597

LEAF

9598

ALMOHAFAZA FOR EDUCATION

9599

TAQAT

9600

QOMEL

9601

ALRASHEED

9603

HORIZON EDUCATIONAL

9604

MIRAL

9605

NEFT ALSHARQ

9606

THARWAH

9607

ASG

9608

ALASHGHAL ALMOYSRA

9609

NAAS PETROL ( Purification change: 2.32%)

9610

FIRST AVENUE

9611

UFG

9612

SAMA WATER

9613

SHALFA

9614

PURITY

9615

MUFEED

9616

JANA

9617

ARABICA STAR

9618

ALFAKHERA

9619

MULTI BUSINESS

9620

BALSM MEDICAL

9621

DRC

9622

SMC

9623

ALBATTAL FACTORY

9624

ALSHEHILI METAL

9625

ITMAM

9626

SMILE CARE

9627

TMC

9628

LAMASAT

9630

RATIO

9631

HKC

9632

FUTURE VISION

9633

SERVICE EQUIPMENT

9634

ADEER

9635

ADEER

9530

TIBBIYAH

9637

AXELERATED SOLUTIONS

9639

ANMAT

9640

ASAS MAKEEN

9641

HAWYIA

9642

TIME

9644

NAF

9539

AQASEEM

9647

WAJD LIFE

9648

HAMAD BIN SAEDAN REAL ESTATE

9649

JAMJOOM FASHION

9650

SAHAT ALMAJD

9651

ALTWIJRI

9644

NAF

9645

SIGN WORLD

9647

WAJD LIFE

9648

HAMAD BIN SAEDAN REAL ESTATE

9649

JAMJOOM FASHION

9650

SAHAT ALMAJD

9651

ALTWIJRI

9400

YAQEEN 30 ETF

9401

YAQEEN PETROCHEMICAL ETF

9403

ALBILAD SOVEREIGN SUKUK ETF

9404

ALINMA GOVERNMENT SUKUK ETF

9405

ALBILAD GOLD ETF

9409

YAQEEN ESG ETF

9410

ALBILAD HONG KONG CHINA ETF

9412

ALBILAD SAUDI EQUITY ETF

4700

ALKHABEER INCOME

4701

ALKHABEER GROWTH AND INCOME

4702

ALKHABEER INCOME 2030

4703

SEDCO MULTI ASSET

1010

Riyad Bank

1030

SAIB

1050

BSF

1060

SAB

1080

ANB

1180

SNB

4072

MBC Group

4280

Kingdom

9402

SABI Quant ETF

9411

SABI HK ETF

9586

Osool and Bakheet

9602

Yaqeen

  • Companies whose accumulated losses exceed 50% of their paid-up capital are highlighted in red, based on the disclosures issued by the listed companies. Trading in these companies is restricted for financing clients only—including margin trading and Murabaha clients—in addition to companies that are non-Sharia-compliant.