Karachi: The National Clearing Company of Pakistan Limited (NCCPL) has announced changes to the securities eligible for Murabaha Share Financing (MSF) as part of its routine eligibility review. The review, conducted in accordance with clause 7E.2.1.1 of the NCCPL Regulations, 2015, aligns with the selection criteria of the PSX-KMI All Share Islamic Index of Pakistan.
According to a notice issued by the Pakistan Stock Exchange (PSX) on June 2, 2025, the re-composition of the PSX-KMI All Share Islamic Index will see several securities added and removed from the list of MSF-eligible securities. These changes will take effect on June 11, 2025, for newly included securities, while the exclusions will be effective from August 4, 2025.
The securities that will become MSF eligible include Aisha Steel Mills Limited (ASL), Beco Steel Limited (BECO), Dawood Lawrencepur Limited (DLL), Ecopack Limited (ECOP), Ghani Chemical Industries Limited (GCIL), Gillette Pakistan Limited (GLPL), ICC Industries Limited (ICCI), Idrees Textile Mills Limited (IDRT), Liven Pharma Limited (LIVEN), Mirpurkhas Sugar Mills Limited (MIRKS), Sitara Energy Limited (SEL), S.G. Power Limited (SGPL), Saif Power Limited (SPWL), Supernet Technologies Limited (STL), and The Thal Industries Corporation Limited (TICL).
Conversely, the securities that will be excluded from the MSF list include Attock Cement Pakistan Limited (ACPL), Air Link Communication Limited (AIRLINK), Amreli Steels Limited (ASTL), Asim Textile Mills Limited (ASTM), Atlas Honda Limited (ATLH), Crescent Steel & Allied Products Limited (CSAP), Diamond Industries Limited (DIIL), Dandot Cement Company Limited (DNCC), Gammon Pakistan Limited (GAMON), Kohat Cement Company Limited (KOHC), Kohinoor Textile Mills Limited (KTML), Lalpir Power Limited (LPL), Nadeem Textile Mills Limited (NATM), National Refinery Limited (NRL), Pakistan Aluminium Beverage Cans Limited (PABC), Panther Tyres Ltd. (PTL), Reliance Weaving Mills Limited (REWM), Sunrays Textile Mills Limited (SUTM), Thatta Cement Company Limited (THCCL), Waves Corporation Limited (WAVES), Waves Home Appliances Limited (WAVESAPP), and Zarea Limited (ZAL).
According to information available from the Pakistan Stock Exchange (PSX), during this adjustment period, no fresh purchases of the outgoing MSF-eligible securities will be permitted. This move affects the designated market category of MSF securities and is part of ongoing efforts to ensure compliance with Islamic financial principles as outlined by the PSX-KMI All Share Islamic Index.
The changes reflect the Pakistan Stock Exchange’s commitment to maintaining a robust and dynamic market environment, ensuring that the composition of the MSF-eligible securities aligns with current market conditions and regulatory requirements.