Shariah Compliant Stocks in Pakistan – Complete Guide for Halal Investing
Investing in the stock market is one of the best ways to build wealth over time. However, many Muslim investors want to make sure that their investments follow Islamic principles. This is where Shariah compliant stocks come into play.
In Pakistan, many companies listed on the Pakistan Stock Exchange meet Islamic investment guidelines. These stocks are screened using Shariah principles to ensure that they operate in halal businesses and avoid interest-based financial activities.
This guide explains everything you need to know about Shariah compliant stocks in Pakistan, including screening criteria, benefits, and how to identify halal investment opportunities.
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What Are Shariah Compliant Stocks?
Shariah compliant stocks are shares of companies that follow Islamic financial principles. These companies avoid prohibited activities such as interest-based transactions and businesses related to alcohol, gambling, or other haram industries.
Islamic scholars review companies using specific screening rules. Only those that meet these standards are considered halal for investment.
These screening standards are used by Islamic investment firms such as Al Meezan Investment Management Limited, which offers Shariah compliant mutual funds and investment solutions in Pakistan.
Why Shariah Compliant Investing Is Important
Many Muslim investors want their financial activities to align with Islamic teachings. Shariah compliant investing provides a way to grow wealth while following religious values.
Ethical Business Practices
Islamic investing promotes businesses that operate ethically and responsibly.
Avoidance of Interest (Riba)
Interest-based financial systems are prohibited in Islam. Shariah compliant investments avoid companies that rely heavily on interest.
Transparency and Fairness
Islamic finance encourages transparency and fairness in financial transactions.
Shariah Screening Methodology
Before a stock becomes Shariah compliant, it must pass several screening tests. These tests examine both the business activities and financial structure of a company.
Islamic scholars and financial experts regularly review companies to ensure compliance.
The main screening process includes:
- Business activity screening
- Debt ratio analysis
- Non-compliant income screening
- Asset composition analysis
Let’s explore these rules in detail.
1. Business Activity Screening
The first step in Shariah screening is to evaluate the core business of a company.
Companies involved in the following activities are not allowed:
- Conventional banking and insurance
- Alcohol production or sales
- Tobacco products
- Gambling or casinos
- Adult entertainment
- Pork production or processing
Only companies engaged in halal businesses such as manufacturing, energy, technology, and agriculture can qualify for Shariah compliance.
2. Interest-Based Debt Ratio
Islamic finance discourages excessive borrowing through interest-based loans.
For a company to be Shariah compliant:
Interest-based debt must remain below 37% of total assets.
If a company depends heavily on conventional loans, it will fail the Shariah screening process.
3. Non-Compliant Income Limit
Sometimes companies earn a small portion of their revenue from non-compliant sources such as bank interest.
Islamic rules allow this only within a limited range.
The rule states:
Non-compliant income must be less than 5% of total revenue.
If the percentage exceeds this limit, the company cannot be considered Shariah compliant.
4. Asset Composition Requirement
Islamic investment requires companies to be involved in real economic activity.
To qualify:
At least 25% of the company’s assets must be illiquid assets, such as:
- Buildings
- Machinery
- Equipment
- Inventory
This ensures that companies generate value from real business operations rather than purely financial transactions.
5. Non-Compliant Investments Limit
Companies sometimes hold financial investments that may not meet Shariah standards.
For compliance:
Non-compliant investments must remain below 33% of total assets.
If the company invests heavily in conventional financial instruments, it becomes non-compliant.
Purification Process in Islamic Investing
Even when a company qualifies as Shariah compliant, a small portion of its income may come from non-compliant sources.
In such cases, investors must perform income purification.
This means donating the non-compliant portion of earnings to charity so that their profits remain halal.
Islamic asset managers usually calculate the purification amount for investors.
Benefits of Investing in Shariah Compliant Stocks
Shariah compliant investing offers several advantages for investors.
Ethical Investment Strategy
Islamic investing promotes businesses that avoid harmful industries.
Lower Financial Risk
Companies with lower debt levels often have stronger financial stability.
Long-Term Growth Potential
Many Shariah compliant companies operate in essential sectors such as energy, manufacturing, and technology.
Religious Compliance
Muslim investors can grow their wealth while following Islamic principles.
Popular Shariah Compliant Sectors in Pakistan
Several industries in Pakistan contain many Shariah compliant companies.
Energy Sector
Companies involved in oil, gas, and power generation often meet Shariah criteria.
Cement Industry
Construction companies and cement manufacturers are commonly included in Shariah compliant stock lists.
Technology Sector
Technology companies typically have low debt levels and halal business models.
Manufacturing Sector
Manufacturing firms involved in halal products often qualify for Islamic investment.
Examples of Shariah Compliant Companies in Pakistan
Many companies listed on the Pakistan Stock Exchange meet Islamic investment criteria.
Some well-known examples include:
- Lucky Cement Limited
- Mari Petroleum Company Limited
- Oil and Gas Development Company Limited
- Meezan Bank Limited
These companies operate in sectors such as energy, banking, and manufacturing while meeting Shariah screening standards.
How to Find Shariah Compliant Stocks in Pakistan
Investors can identify halal stocks using several methods.
PSX Shariah Index
The KMI-30 index tracks the top Shariah compliant companies listed on the Pakistan Stock Exchange.
Islamic Mutual Funds
Islamic asset managers provide lists of approved stocks.
Financial Reports
Investors can analyze company financial statements to check debt ratios and revenue sources.
Tips for Investing in Shariah Compliant Stocks
If you want to start halal investing, consider the following tips:
Diversify Your Portfolio
Invest in companies from different sectors to reduce risk.
Focus on Long-Term Growth
Stock markets may fluctuate in the short term, but strong companies usually grow over time.
Monitor Shariah Compliance
Companies may become non-compliant if their financial structure changes.
Follow Market Trends
Economic conditions and government policies can influence stock performance.
Future of Islamic Investing in Pakistan
Islamic finance is growing rapidly in Pakistan. More investors are becoming interested in halal investment opportunities.
Financial institutions are also launching new products such as:
- Islamic mutual funds
- Sukuk (Islamic bonds)
- Islamic ETFs
- Shariah compliant pension funds
This growth indicates that Islamic investing will continue to expand in the coming years.
Final Thoughts
Shariah compliant stocks provide an excellent opportunity for Muslim investors to participate in the stock market while following Islamic financial principles.
By investing in halal companies listed on the Pakistan Stock Exchange, investors can build wealth ethically and responsibly.
Understanding Shariah screening rules, monitoring company performance, and diversifying investments are key steps toward building a successful halal investment portfolio.
As Islamic finance continues to grow, Shariah compliant stocks will likely become an even more important part of Pakistan’s financial system.
Final Recomposition List- Kmi 30 Islamic Index For The Period Ended June.
| No. | Ticker | Company Name | Income Ratio (NCInc/TR < 5%) | Final Shariah Status |
| 1 | ABOT | Abbott Lab (Pakistan) Ltd * | 0.52% | Compliant |
| 2 | AGSML | Abdullah Shah Ghazi Sugar Mills Limited * | 0.00% | Non-Compliant1 |
| 3 | ADAMS | Adam Sugar Mills Ltd * | 0.10% | Compliant1 |
| 4 | AGHA | Agha Steel Ind Limited | 0.31% | Non-Compliant |
| 5 | AGP | AGP Limited * | 0.25% | Compliant |
| 6 | AGIL | Agriauto Industries Ltd | 0.26% | Compliant |
| 7 | AGL | Agritech Limited * | 2.26% | Non-Compliant |
| 8 | AIRLINK | Air Link Communication Limited | 0.23% | Compliant |
| 9 | ASL | Aisha Steel Ltd | 1.31% | Compliant |
| 10 | AKDHL | AKD Hospitality Limited (AKD Capital) | 0.00% | Compliant |
| 11 | AABS | Al-Abbas Sugar Mills Ltd * | 4.52% | Compliant1 |
| 12 | AGTL | Al-Ghazi Tractors Ltd * | 0.33% | Compliant |
| 13 | ALNRS | Al-Noor Sugar Mills Ltd * | 0.00% | Compliant1 |
| 14 | ALTN | Altern Energy Ltd | 7.65% | Non-Compliant |
| 15 | ASTL | Amreli Steels Ltd | 0.89% | Non-Compliant |
| 16 | ARPL | Archroma Pakistan Ltd * | 0.00% | Compliant |
| 17 | ARCTM | Arctic Textile Mills Limited | 0.03% | Compliant |
| 18 | AHCL | Arif Habib Corporation Ltd | 11.79% | Non-Compliant |
| 19 | ADMM | Artistic Denim Mills Ltd | 0.13% | Non-Compliant |
| 20 | ATBA | Atlas Battery Ltd | 0.10% | Compliant |
| 21 | ATLH | Atlas Honda Ltd | 2.67% | Non-Compliant1 |
| 22 | PREMA | At-Tahur Limited | 0.01% | Compliant |
| 23 | ACPL | Attock Cement Pakistan Ltd | 2.33% | Compliant |
| 24 | APL | Attock Petroleum Ltd | 1.49% | Compliant |
| 25 | ATRL | Attock Refinery Ltd | 2.70% | Compliant |
| 26 | AVN | Avanceon Limited * | 0.01% | Compliant |
| 27 | ANL | Azgard Nine Ltd | 0.45% | Compliant |
| 28 | BRRG | B.R.R Guardian Limited | 4.46% | Compliant |
| 29 | BGL | Balochistan Glass Ltd | 0.00% | Non-Compliant |
| 30 | BWHL | Baluchistan Wheels Ltd | 3.63% | Compliant |
| 31 | BNWM | Bannu Woollen Mills Ltd | 0.20% | Compliant |
| 32 | BATA | Bata (Pakistan) Ltd * | 0.23% | Compliant |
| 33 | BECO | Beco Steel Limited (Ravi Textile) | 0.00% | Compliant |
| 34 | BERG | Berger Paints Pakistan Ltd | 0.10% | Compliant |
| 35 | BWCL | Bestway Cement Ltd | 6.48% | Non-Compliant |
| 36 | BFBIO | BF Biosciences Limited | 1.85% | Compliant |
| 37 | BIFO | Biafo Industries Ltd | 0.72% | Compliant |
| 38 | BBFL | Big Bird Foods Limited | 0.05% | Compliant |
| 39 | BTL | Blessed Textiles Ltd | 0.05% | Compliant |
| 40 | BCL | Bolan Castings Ltd | 0.23% | Compliant |
| 41 | BNL | Bunnys Limited | 0.00% | Compliant |
| 42 | BPL | Burshane LPG (Pakistan) Ltd | 0.03% | Compliant |
| 43 | BUXL | Buxly Paints Ltd | 0.00% | Compliant |
| 44 | CASH | CALCORP Limited (Capital Assets Leasing Corporation) | 42.40% | Non-Compliant |
| 45 | CEPB | Century Paper & Board Mills | 0.34% | Compliant |
| 46 | CHAS | Chashma Sugar Mills Ltd * | 1.75% | Non-Compliant1 |
| 47 | CHBL | Chenab Limited | 0.00% | Non-Compliant |
| 48 | CHCC | Cherat Cement Co. Ltd | 1.64% | Compliant |
| 49 | CPPL | Cherat Packaging Ltd | 0.49% | Compliant |
| 50 | CPHL | Citi Pharma Limited | 1.31% | Compliant |
| 51 | CLOV | Clover Pakistan Ltd | 0.00% | Compliant |
| 52 | CNERGY | Cnergyico PK Limited | 0.09% | Compliant |
| 53 | COLG | Colgate Palmolive (Pakistan) | 2.26% | Non-Compliant |
| 54 | CTM | Colony Textile Mills Ltd | 5.31% | Non-Compliant |
| 55 | CLVL | Cordoba Logistics | 93.69% | Non-Compliant |
| 56 | CSAP | Crescent Steel & Allied Products | 1.12% | Compliant |
| 57 | CRTM | Crescent Textile Mills Ltd | 0.14% | Compliant |
| 58 | CYAN | Cyan Limited * | 64.91% | Non-Compliant |
| 59 | DGKC | D.G. Khan Cement Co. Ltd | 3.73% | Compliant |
| 60 | DADX | Dadex Eternit Limited ^ | 0.06% | Compliant |
| 61 | DNCC | Dandot Cement Co. Ltd | 0.00% | Compliant |
| 62 | DAAG | Data Agro Limited | 0.00% | Compliant |
| 63 | DLL | Dawood Lawrencepur Limited | 14.01% | Non-Compliant |
| 64 | DOL | Descon Oxychem Ltd | 1.14% | Compliant |
| 65 | DCL | Dewan Cement Ltd | 0.00% | Compliant |
| 66 | DFSM | Dewan Farooq Spinning Mills Ltd | 0.00% | Compliant |
| 67 | DFML | Dewan Farooque Motors Ltd | 60.38% | Non-Compliant3 |
| 68 | DHPL | DH Partners Limited * | 100.00% | Non-Compliant |
| 69 | DCR | Dolmen City REIT | 0.00% | Compliant |
| 70 | DSIL | DS Industries Ltd | 78.12% | Non-Compliant |
| 71 | DYNO | Dynea Pakistan Ltd | 0.79% | Compliant |
| 72 | ECOP | EcoPack Ltd | 0.06% | Compliant |
| 73 | EMCO | EMCO Industries Ltd | 0.01% | Compliant |
| 74 | EFERT | Engro Fertilizers Ltd * | 0.42% | Compliant |
| 75 | ENGROH | Engro Holdings Limited (Dawood Hercules Corporation) * | 4.44% | Compliant |
| 76 | EPCL | Engro Polymer & Chemicals * | 0.28% | Compliant |
| 77 | EPQL | Engro Powergen Qadirpur Ltd * | 1.33% | Compliant |
| 78 | EXIDE | Exide Pakistan Ltd | 0.00% | Compliant1 |
| 79 | FRSM | Faran Sugar Mills Ltd * | 0.31% | Compliant1 |
| 80 | FCL | Fast Cables Limited | 0.71% | Compliant |
| 81 | FATIMA | Fatima Fertilizer Co. Ltd * | 2.87% | Compliant |
| 82 | FCCL | Fauji Cement Co. Ltd | 0.30% | Compliant |
| 83 | FFC | Fauji Fertilizer Company Ltd * (%) | 8.02% | Compliant |
| 84 | FFL | Fauji Foods Ltd * | 1.35% | Compliant |
| 85 | FZCM | Fazal Cloth Mills Ltd | 0.04% | Compliant |
| 86 | FECTC | Fecto Cement Ltd | 0.32% | Compliant |
| 87 | FML | Feroze1888 Mills Ltd | 0.05% | Compliant |
| 88 | FEROZ | Ferozsons Laboratories Ltd | 0.95% | Compliant |
| 89 | FDPL | First Dawood Properties Limited | 60.70% | Non-Compliant |
| 90 | FLYNG | FlyIng Cement Co. Ltd | 0.00% | Compliant |
| 91 | FCEPL | Frieslandcampins Engro Foods Limited * | 0.12% | Compliant |
| 92 | FRCL | Frontier Ceramics Ltd | 0.05% | Compliant |
| 93 | GADT | Gadoon Textile Mills Ltd | 0.78% | Non-Compliant |
| 94 | GATI | Gatron (Industries) Ltd | 0.12% | Compliant |
| 95 | GAL | Ghandhara Automobiles Limited (Ghandhara Nissan Ltd) | 0.65% | Compliant |
| 96 | GHNI | Ghandhara Industries Ltd | 0.00% | Compliant |
| 97 | GTYR | Ghandhara Tyre & Rubber Co. | 0.01% | Compliant |
| 98 | GCIL | Ghani Chemical Industries Ltd | 2.03% | Compliant |
| 99 | GHGL | Ghani Glass Ltd | 0.00% | Compliant |
| 100 | GGGL | Ghani Global Glass Ltd | 0.00% | Compliant |
| 101 | GGL | Ghani Global Holdings Limited | 0.24% | Compliant |
| 102 | GVGL | Ghani Value Glass Ltd | 0.00% | Compliant |
| 103 | GWLC | Gharibwal Cement Ltd | 1.11% | Compliant |
| 104 | GFIL | Ghazi Fabrics International Ltd ^ | 0.03% | Compliant |
| 105 | GLPL | Gillette Pakistan Ltd | 2.00% | Compliant |
| 106 | GLAXO | GlaxoSmithKline Pakistan * | 0.65% | Compliant |
| 107 | GOC | GOC (Pakistan) Limited | 0.68% | Compliant |
| 108 | GATM | Gul Ahmed Textile Mills Ltd | 0.10% | Compliant |
| 109 | HRPL | Habib Rice Products Ltd | 0.69% | Compliant |
| 110 | HABSM | Habib Sugar Mills Ltd * | 2.63% | Compliant1 |
| 111 | HAEL | Hala Enterprises Ltd | 0.15% | Compliant |
| 112 | HALEON | Haleon Pakistan Limited (Glaxo SmithKline Consumer Healthcare) * | 1.76% | Compliant |
| 113 | HINOON | Highnoon Laboratories Ltd * | 1.28% | Compliant |
| 114 | HINO | Hinopak Motors Ltd | 0.09% | Compliant1 |
| 115 | HTL | Hi-Tech Lubricants Ltd | 0.10% | Compliant |
| 116 | HPL | Hoechst Pakistan Limited (Sanofi Aventis) * | 0.35% | Compliant |
| 117 | HCAR | Honda Atlas Cars (Pakistan) Ltd | 0.22% | Compliant1 |
| 118 | HUBC | Hub Power Company Ltd # | 7.25% | Compliant |
| 119 | IBLHL | IBL HealthCare Ltd | 0.00% | Compliant |
| 120 | IBFL | Ibrahim Fibres Ltd * | 0.01% | Compliant |
| 121 | ICCI | ICC Industries Limited | 0.00% | Compliant |
| 122 | IDRT | Idrees Textile Mills Ltd | 0.43% | Compliant |
| 123 | IMAGE | Image Pakistan Limited | 0.01% | Compliant |
| 124 | IDYM | Indus Dyeing & Mfg Co. Ltd | 0.22% | Non-Compliant |
| 125 | INDU | Indus Motor Company Ltd | 3.07% | Non-Compliant |
| 126 | ILP | Interloop Limited | 0.22% | Compliant |
| 127 | INIL | International Industries Ltd | 0.37% | Compliant |
| 128 | INKL | International Knitwear Ltd | 0.56% | Non-Compliant |
| 129 | IPAK | International Packaging Films Limited | 0.00% | Compliant |
| 130 | ISL | International Steels Ltd | 0.36% | Compliant |
| 131 | ISIL | Ismail Industries Ltd | 1.45% | Compliant |
| 132 | ITTEFAQ | Ittefaq Iron Industries | 0.59% | Compliant |
| 133 | ICL | Ittehad Chemicals Ltd | 0.00% | Compliant |
| 134 | JDMT | Janana De Malucho Textile | 0.50% | Compliant |
| 135 | JSML | Jauharabad Sugar Mills Ltd * | 0.03% | Compliant1 |
| 136 | JVDC | Javedan Corporation Ltd | 0.20% | Compliant |
| 137 | JDWS | JDW Sugar Mills Ltd * | 0.99% | Compliant1 |
| 138 | KSBP | K.S.B.Pumps Company Ltd * | 0.14% | Compliant |
| 139 | KEL | K-Electric Ltd * | 0.74% | Compliant3 |
| 140 | KPUS | Khairpur Sugar Mills Ltd * | 0.04% | Compliant1 |
| 141 | KOHC | Kohat Cement Co. Ltd (%) | 6.31% | Compliant |
| 142 | KOHTM | Kohat Textile Mills Limited | 0.33% | Compliant |
| 143 | KOHE | Kohinoor Energy Ltd | 4.01% | Compliant |
| 144 | KOIL | Kohinoor Industries Ltd | 20.86% | Non-Compliant |
| 145 | KML | Kohinoor Mills Ltd | 0.22% | Compliant |
| 146 | KOHP | Kohinoor Power Company | 16.01% | Non-Compliant |
| 147 | KOSM | Kohinoor Spinning Mills Ltd | 0.01% | Non-Compliant |
| 148 | KTML | Kohinoor Textile Mills Ltd | 3.00% | Compliant |
| 149 | KAPCO | Kot Addu Power Company | 25.30% | Non-Compliant |
| 150 | LPL | Lalpir Power Ltd * | 76.86% | Non-Compliant |
| 151 | LEUL | Leather-Up Limited | 0.00% | Compliant |
| 152 | LPGL | Leiner Pak Gelatine Ltd | 0.00% | Compliant |
| 153 | LIVEN | Liven Pharma Limited * | 0.00% | Compliant3 |
| 154 | LOADS | Loads Limited | 0.02% | Compliant |
| 155 | LOTCHEM | Lotte Chemical Pakistan Ltd * | 0.71% | Compliant |
| 156 | LSECL | LSE Capital Limited | 25.30% | Non-Compliant |
| 157 | LUCK | Lucky Cement Ltd | 0.42% | Compliant |
| 158 | LCI | Lucky Core Industries Limited (ICI Pakistan) | 0.05% | Compliant |
| 159 | MACFL | MACPAC Films Ltd | 0.00% | Compliant |
| 160 | MACTER | Macter International Ltd | 0.00% | Compliant |
| 161 | MWMP | Mandviwala Mauser Plastic Industries | 0.00% | Compliant |
| 162 | MLCF | Maple Leaf Cement Factory | 1.02% | Compliant |
| 163 | MARI | Mari Energies Ltd | 4.52% | Compliant |
| 164 | MSOT | Masood Textile Mills | 0.05% | Non-Compliant |
| 165 | MFL | Matco Foods Ltd | 0.05% | Compliant |
| 166 | MEHT | Mehmood Textile Mills Ltd | 0.08% | Compliant |
| 167 | MRNS | Mehran Sugar Mills Ltd * | 0.21% | Non-Compliant1 |
| 168 | MERIT | Merit Packaging Ltd | 0.02% | Compliant |
| 169 | MSCL | Metropolitan Steel Corporation | 0.06% | Compliant |
| 170 | MTL | Millat Tractors Ltd | 0.36% | Compliant |
| 171 | MIRKS | Mirpurkhas Sugar Mills Ltd * | 0.29% | Non-Compliant1 |
| 172 | MFFL | Mitchell’s Fruit Farms Ltd | 0.03% | Compliant |
| 173 | MUGHAL | Mughal Iron & Steel Industries | 0.01% | Compliant |
| 174 | NATF | National Foods Ltd | 0.14% | Compliant |
| 175 | NRL | National Refinery Ltd | 0.09% | Compliant |
| 176 | NESTLE | Nestle Pakistan Ltd * | 0.06% | Compliant |
| 177 | NETSOL | Netsol Technologies Ltd ## | 0.00% | Compliant |
| 178 | NICL | Nimir Industrial Chemicals Ltd | 0.02% | Non-Compliant |
| 179 | NRSL | Nimir Resins Ltd | 0.01% | Compliant |
| 180 | NCL | Nishat (Chunian) Ltd | 0.10% | Non-Compliant |
| 181 | NCPL | Nishat Chunian Power Ltd | 19.59% | Non-Compliant |
| 182 | NML | Nishat Mills Ltd | 2.09% | Compliant |
| 183 | NPL | Nishat Power Limited | 14.55% | Non-Compliant |
| 184 | NONS | Noon Sugar Mills Ltd * | 2.66% | Non-Compliant1 |
| 185 | OCTOPUS | Octopus Digital Limited * | 3.88% | Compliant |
| 186 | OGDC | Oil & Gas Development Co. Ltd ^^^ | 10.69% | Compliant |
| 187 | OBOY | Oilboy Energy Limited (Drekkar Kingsway Ltd) * | 2.92% | Compliant3 |
| 188 | OML | Olympia Mills Ltd | 1.66% | Compliant |
| 189 | OTSU | Otsuka Pakistan Ltd | 0.19% | Non-Compliant |
| 190 | PACE | Pace (Pakistan) Ltd | 1.30% | Non-Compliant |
| 191 | PKGS | Packages Limited * | 0.07% | Compliant |
| 192 | PAKD | Pak DataCom Ltd ## | 2.14% | Compliant |
| 193 | PAEL | Pak Elektron Ltd * | 0.01% | Compliant |
| 194 | PKGP | Pakgen Power Ltd * | 25.56% | Non-Compliant |
| 195 | PABC | Pakistan Aluminium Beverages * | 5.88% | Non-Compliant |
| 196 | PCAL | Pakistan Cables Ltd | 0.02% | Non-Compliant |
| 197 | PIBTL | Pakistan International Bulk Terminal Ltd | 3.20% | Compliant |
| 198 | PICT | Pakistan International Container Terminal * | 0.00% | Non-Compliant |
| 199 | PNSC | Pakistan National Shipping Corporation | 14.00% | Non-Compliant |
| 200 | POL | Pakistan Oilfields Ltd | 16.11% | Non-Compliant |
| 201 | PAKOXY | Pakistan Oxygen Limited * | 0.00% | Compliant |
| 202 | PPP | Pakistan paper products Ltd | 0.00% | Compliant |
| 203 | PPL | Pakistan Petroleum Limited (^) (^^^) | 5.66% | Compliant |
| 204 | PRL | Pakistan Refinery Ltd | 0.53% | Compliant |
| 205 | PSEL | Pakistan Services Ltd * | 1.24% | Compliant3 |
| 206 | PSO | Pakistan State Oil Co. Ltd | 0.42% | Compliant |
| 207 | PSX | Pakistan Stock Exchange Ltd | 40.24% | Non-Compliant |
| 208 | PSYL | Pakistan Synthetics Ltd | 0.01% | Compliant |
| 209 | PTC | Pakistan Telecommunication (PTCL) * | 3.81% | Non-Compliant |
| 210 | PTL | Panthar Tyres Limited | 0.03% | Compliant |
| 211 | PIOC | Pioneer Cement Ltd | 0.26% | Compliant |
| 212 | POWER | Power Cement Ltd | 0.01% | Compliant |
| 213 | PRET | Premium Textile Mills Ltd | 0.00% | Non-Compliant |
| 214 | PRWM | Prosperity Weaving Mills Ltd | 0.11% | Non-Compliant |
| 215 | POML | Punjab Oil Mills Ltd | 0.41% | Compliant |
| 216 | QUICE | Quice Food Industries Ltd | 0.17% | Compliant |
| 217 | RMPL | Rafhan Maize Products * | 1.34% | Compliant |
| 218 | REDCO | Redco Textiles Ltd | 0.22% | Compliant |
| 219 | RCML | Reliance Cotton Spinning | 2.49% | Compliant |
| 220 | RPL | Roshan Packages Ltd | 0.31% | Compliant |
| 221 | RUPL | Rupali Polyester Ltd | 0.14% | Compliant |
| 222 | SSOM | S.S. Oil Mills Ltd | 0.14% | Compliant |
| 223 | SMCPL | Safe Mix Concrete Ltd | 0.14% | Compliant |
| 224 | SPWL | Saif Power Ltd * | 0.07% | Compliant |
| 225 | SAIF | Saif Textile Mills Ltd ^ | 0.00% | Compliant |
| 226 | SNAI | Sana Industries Ltd | 0.10% | Compliant |
| 227 | SANSM | Sanghar Sugar Mills Ltd * | 0.00% | Compliant1 |
| 228 | SFL | Sapphire Fibres Ltd | 0.96% | Non-Compliant |
| 229 | SAPT | Sapphire Textile Mills | 1.34% | Compliant |
| 230 | SARC | Sardar Chemical Industries | 0.31% | Compliant |
| 231 | SAZEW | Sazgar Engineering Works | 0.00% | Compliant |
| 232 | SEARL | Searle Company Ltd | 0.61% | Compliant |
| 233 | SLGL | Secure Logistics Group Limited * | 0.20% | Compliant |
| 234 | SEPL | Security Papers Ltd | 8.71% | Non-Compliant |
| 235 | SGF | Service Global Footwear Limited * | 0.87% | Compliant |
| 236 | SRVI | Service Industries Ltd * | 0.12% | Non-Compliant |
| 237 | SERT | Service Industries Textiles Limited | 0.00% | Compliant |
| 238 | SGPL | SG Power Ltd | 0.00% | Compliant |
| 239 | STCL | Shabbir Tiles & Ceramics Ltd | 0.43% | Compliant |
| 240 | SHDT | Shadab Textile Mills Ltd | 0.03% | Compliant |
| 241 | SHSML | Shahmurad Sugar Mills Ltd * | 0.02% | Compliant1 |
| 242 | SHJS | Shahtaj Sugar Mills Ltd * | 0.19% | Non-Compliant1 |
| 243 | SHEZ | Shezan International Ltd | 0.01% | Compliant |
| 244 | SCL | Shield Corporation Ltd | 0.00% | Compliant |
| 245 | SHFA | Shifa International Hospitals | 0.24% | Compliant |
| 246 | SIEM | Siemens (Pakistan) Engineering Co Limited * ^ | 3.29% | Compliant1 |
| 247 | SASML | Sindh Abadgar’s Sugar Mills Ltd * | 0.47% | Non-Compliant1 |
| 248 | SITC | Sitara Chemical Industries Ltd | 0.00% | Compliant |
| 249 | STYLERS | Stylers International Limited (AEL Textile Limited) | 0.00% | Compliant |
| 250 | SNGP | Sui Northern Gas Pipelines Ltd ^ | 1.11% | Compliant |
| 251 | SSGC | Sui Southern Gas Co. Ltd ^ | 1.02% | Compliant |
| 252 | SUTM | Sunrays Textile Mills Ltd | 0.93% | Non-Compliant |
| 253 | STL | Supernet Technologies Limited | 0.00% | Compliant |
| 254 | SYM | Symmetry Group Limited | 1.43% | Compliant |
| 255 | SPEL | Synthetic Products Ltd | 0.59% | Compliant |
| 256 | SYS | Systems Limited * (##) | 0.39% | Compliant |
| 257 | TCORP | Tariq Corporation Ltd * | 0.03% | Compliant |
| 258 | TGL | Tariq Glass Industries Ltd | 0.17% | Compliant |
| 259 | TATM | TATA Textile Mills Ltd | 2.97% | Compliant |
| 260 | TELE | Telecard Limited ## | 0.07% | Compliant |
| 261 | THALL | Thal Limited | 12.66% | Non-Compliant |
| 262 | THCCL | Thatta Cement Company | 6.38% | Non-Compliant |
| 263 | TOMCL | The Organic Meat Company | 0.18% | Compliant |
| 264 | TOWL | Towellers Limited | 0.58% | Compliant |
| 265 | TPL | TPL Corporation * | 20.81% | Non-Compliant3 |
| 266 | TPLP | TPL Properties Ltd * | 3.64% | Compliant3 |
| 267 | TPLRF1 | TPL REIT Fund 1 * | 0.00% | Compliant3 |
| 268 | TPLT | TPL Trakker Ltd | 2.53% | Compliant |
| 269 | TBL | Treet Battery Limited | 0.92% | Compliant |
| 270 | TREET | Treet Corporation Ltd | 0.46% | Compliant |
| 271 | TRG | TRG Pakistan Ltd | 100.00% | Non-Compliant |
| 272 | TRIPF | Tri-Pack Films Ltd * | 0.11% | Non-Compliant |
| 273 | TSPL | Tri-Star Power Ltd | 92.84% | Non-Compliant |
| 274 | UDLI | UDL International Limited | 3.44% | Compliant |
| 275 | UBDL | United Brands Limited | 0.12% | Compliant |
| 276 | UDPL | United Distributors (Pakistan) Ltd | 0.24% | Compliant |
| 277 | UNITY | Unity Foods Ltd | 0.57% | Non-Compliant |
| 278 | WAFI | Wafi Energy Pakistan Limited (SHELL PAKISTAN LIMITED) * | 0.19% | Compliant |
| 279 | WAHN | Wah-Noble Chemicals Ltd | 0.09% | Compliant |
| 280 | WAVES | Waves Corporation Limited * | 0.12% | Compliant |
| 281 | WAVESAPP | Waves Home Appliances Limited * | 0.68% | Non-Compliant |
| 282 | WTL | WorldCall Telecom Ltd * | 1.05% | Non-Compliant |
| 283 | YOUW | Yousaf Weaving Mills Ltd | 0.00% | Compliant |
| 284 | ZIL | ZIL Limited | 0.10% | Compliant |
| 285 | BFMOD | B.F. Modaraba ** | N/A | Compliant |
| 286 | BIPL | BankIslami Pakistan Ltd ** | N/A | Compliant |
| 287 | FABL | Faysal Bank Ltd ** | N/A | Compliant |
| 288 | FECM | First Elite Capital Modaraba ** | N/A | Compliant |
| 289 | FEM | First Equity Modaraba ** | N/A | Compliant3 |
| 290 | FFLM | First Fidelity Leasing Modaraba ** | N/A | Compliant |
| 291 | FHAM | First Habib Modaraba ** | N/A | Compliant |
| 300 | FPRM | First Paramount Modaraba ** ^ | N/A | Compliant |
| 293 | FPJM | First Punjab Modaraba ** ^ | N/A | Compliant |
| 294 | FTMM | First Treet Manufacturing Modaraba ** ^ | N/A | Compliant |
| 295 | FTSM | First Tri-Star Modaraba ** | N/A | Compliant |
| 296 | MEBL | Meezan Bank Ltd ** | N/A | Compliant |
| 297 | OLPM | OLP Modaraba (Orix Modaraba) ** | N/A | Compliant |
| 298 | ORM | Orient Rental Modaraba ** | N/A | Compliant |
| 299 | PIM | Popular Islamic Modaraba ** | N/A | Compliant |
| 300 | SINDM | Sindh Modaraba ** | N/A | Compliant |
| 301 | TRSM | Trust Modaraba ** | N/A | Compliant |
| 302 | UCAPM | Unicap Modaraba ** | N/A | Compliant3 |
| 303 | WASL | Wasl Mobility Modaraba (First Prudential Modaraba) ** | N/A | Compliant |
| 304 | 786 | 786 Investments Ltd | N/A | NC by Nature |
| 305 | AICL | Adamjee Insurance Co. Ltd | N/A | NC by Nature |
| 306 | ALIFE | Adamjee Life Assurance Company Limited | N/A | NC by Nature |
| 307 | AKDSL | AKD Securituies Limited | N/A | NC by Nature |
| 308 | ABL | Allied Bank Ltd | N/A | NC by Nature |
| 309 | AMBL | Apna Microfinance Bank Ltd | N/A | NC by Nature |
| 310 | AHL | Arif Habib Ltd | N/A | NC by Nature |
| 311 | AKBL | Askari Bank Ltd | N/A | NC by Nature |
| 312 | AGIC | Askari General Insurance Company Limited | N/A | NC by Nature |
| 313 | ALAC | Askari Life Assurance Company Limited | N/A | NC by Nature |
| 314 | ATIL | Atlas insurance Ltd | N/A | NC by Nature |
| 315 | BAHL | Bank Al Habib Ltd | N/A | NC by Nature |
| 316 | BAFL | Bank Alfalah Ltd | N/A | NC by Nature |
| 317 | BML | Bank Makramah Limited | N/A | NC by Nature |
| 318 | BOK | Bank of Khyber | N/A | NC by Nature |
| 319 | BOP | Bank of Punjab | N/A | NC by Nature |
| 320 | CENI | Century Insurance Co. Ltd | N/A | NC by Nature |
| 321 | CSIL | Crescent Star Insurance Ltd | N/A | NC by Nature |
| 322 | DEL | Dawood Equities Ltd | N/A | NC by Nature |
| 323 | EFUG | EFU General Insurance Ltd | N/A | NC by Nature |
| 324 | EFUL | EFU Life Assurance Ltd | N/A | NC by Nature |
| 325 | EPCLPS | Engro Poly(Pref) | N/A | NC by Nature |
| 326 | ESBL | Escorts Investment Bank Ltd | N/A | NC by Nature |
| 327 | FCSC | First Capital Securities Corp. Ltd | N/A | NC by Nature |
| 328 | FCIBL | First Credit & investment Bank Ltd | N/A | NC by Nature |
| 329 | FNEL | First National Equities Ltd | N/A | NC by Nature |
| 330 | GRR | Globe Residency Reit | N/A | NC by Nature |
| 331 | GRYL | Grays Leasing Ltd | N/A | NC by Nature |
| 332 | HBL | Habib Bank Ltd | N/A | NC by Nature |
| 333 | HICL | Habib Insurance Co. Ltd | N/A | NC by Nature |
| 334 | HMB | Habib Metropolitan Bank Ltd | N/A | NC by Nature |
| 335 | HUMNL | Hum Network Ltd | N/A | NC by Nature |
| 336 | IGIHL | IGI Holdings Ltd | N/A | NC by Nature |
| 337 | IGIL | IGI Life Insurance Ltd | N/A | NC by Nature |
| 338 | IML | Imperial Limited | N/A | NC by Nature |
| 339 | IMS | Intermarket Securities Limited | N/A | NC by Nature |
| 340 | ICIBL | Invest Capital Investment Bank Limited | N/A | NC by Nature |
| 341 | JSCL | Jahangir Siddiqui & Co. Ltd | N/A | NC by Nature |
| 342 | JSBL | JS Bank Ltd | N/A | NC by Nature |
| 343 | JSGCL | JS Global Capital Ltd | N/A | NC by Nature |
| 344 | JSIL | JS Investments Ltd | N/A | NC by Nature |
| 345 | JGICL | Jubilee General insurance Co. | N/A | NC by Nature |
| 346 | JLICL | Jubilee Life Insurance Co. | N/A | NC by Nature |
| 347 | KHTC | Khyber Tobacco Company Limited | N/A | NC by Nature |
| 348 | LSEFSL | LSE Financial Service Limited | N/A | NC by Nature |
| 349 | LSEVL | LSE Ventures ltd | N/A | NC by Nature |
| 350 | MCB | MCB Bank Ltd | N/A | NC by Nature |
| 351 | MCBIM | MCB Investment Management Limited | N/A | NC by Nature |
| 352 | MDTL | Media Times Limited | N/A | NC by Nature |
| 353 | MUREB | Murree Brewery Company | N/A | NC by Nature |
| 354 | NBP | National Bank of Pakistan | N/A | NC by Nature |
| 355 | NEXT | Next Capital Limited | N/A | NC by Nature |
| 356 | OLPL | OLP Financial Services private Limited | N/A | NC by Nature |
| 357 | PGLC | Pak- Gulf Leasing Company | N/A | NC by Nature |
| 358 | PAKRI | Pakistan Reinsurance Co. Ltd | N/A | NC by Nature |
| 359 | PINL | Premier Insurance Ltd | N/A | NC by Nature |
| 360 | RICL | Reliance Insurance Co Ltd | N/A | NC by Nature |
| 361 | SBL | Samba Bank Ltd | N/A | NC by Nature |
| 362 | SIBL | Security Investment Bank Ltd | N/A | NC by Nature |
| 363 | SHNI | Shaheen Insurance Co. Ltd | N/A | NC by Nature |
| 364 | SNBL | Soneri Bank Ltd | N/A | NC by Nature |
| 365 | SCBPL | Standard Chartered Bank Ltd | N/A | NC by Nature |
| 366 | PKGI | The Pakistan General Insurance Co. Ltd. | N/A | NC by Nature |
| 367 | UNIC | The United Insurance Company | N/A | NC by Nature |
| 368 | UVIC | The Universal Insurance Company Limited | N/A | NC by Nature |
| 369 | TPLI | TPL Insurance Ltd | N/A | NC by Nature |
| 370 | UBL | United Bank Ltd | N/A | NC by Nature |
Best Shariah Compliant Stocks in Pakistan for 2026 – Top Halal Investments
Note: The above criteria of KMI Index is approved by Sharia’h Supervisory Board of KMI Index Partner, MBL.
NC= Non – Compliant
N/A = Not Applicable
* These are provisional rates for dividend purification, which are subject to final adjustment upon announcement of respective companies’ annual accounts for the year 2024/2025
** Only illiquid Assets to Total Assets and Net Liquid Asset ratios calculated of all Islamic Financial Institutions
*** ENGROH came into existence after merger of ENGRO and DAWH which impacted the screening ratios however,ratios are compliant as of March 2025 financia. Therefore, exception is granted on Income and net liquid asset ratios.
# Due to circular debt the share of profit from associates (CPHGC and ThalNova) has been adjusted upto the extent of non-compliant income ratio of these associated companies and late payment interest (LPI) earned has also been adjusted with LPI paid by HUBC. However, due to high circular debt income ratio is exceeding the approved threshold of NC income ratio. therefore exception is given over income non compliant income ratio.
% Due to settlement of circular debt with conventional instruments causing higher interest income which is affecting the approved threshold of NC income ratio in OGDC and PPL. therefore exception is given over income non compliant income ratio.
## As these are from service based sector and their fixed assets are not significant in value therefore, these are considered as Compliant and relaxation provided over Illiquid assets to Total Assets ratio and / or Net Liquid Asset per share.
^ These are considered as Compliant and relaxation is provided over illiquid assets to Total Assets ratio and/or Net Liquid Asset per share as per the guidance available in AAOIFI’s Shariah standard no. 59, Sale of Debt.
^^ As shariah screening ratio(s) is / are exceeding slightly therefore considered as Compliant.
- Based on March-2025 accounts
- As per last available annual / half-yearly accounts
