Diversification of Islamic Financial Insturments
75
Table 31. KSE Meezan Index (KMI - 30) Composition
No. Company Name Industry
1 Oil and Gas Development Company Limited Oil and Gas
2 Pakistan Petroleum Limited Oil and Gas
3 Pakistan Oilfields Limited Oil and Gas
4 Mari Petroleum Company Limited Oil and Gas
5 Pakistan Telecommunication Company Limited Technology & Communication
6 K-Electric Limited Power Generation and Distribution
7 Hub Power Company Limited Power Generation and Distribution
8 Fatima Fertilizer Company Limited Fertilizers
9 Engro Fertilizers Limited Fertilizers
10 Engro Corporation Limited Fertilizers
11 Dawood Hercules Corporation Limited Fertilizers
12 Fauji Cement Company Limited Cement
13 Maple Leaf Cement Factory Limited Cement
14 Lucky Cement Limited Cement
15 Pioneer Cement Limited Cement
16 Cherat Cement Company Limited Cement
17 Sui Southern Gas Company Limited Oil and Gas Marketing Companies
18 Sui Northern Gas Pipelines Limited Oil and Gas Marketing Companies
19 Hascol Petroleum Limited Oil and Gas Marketing Companies
20 Engro Foods Limited Foods industry
21 Pak Elektron Limited Electrical Appliances Manufacturing
22 GlaxoSmithKline (Pakistan) Limited Pharmaceuticals
23 The Searle Company Limited Pharmaceuticals
24 Packages Limited Paper and Board
25 Honda Atlas Cars (Pakistan) Limited Automobile Assembler
26 Pak Suzuki Motor Company Limited Automobile Assembler
27 Ghandara Nissan Limited Automobile Assembler
28 Ghandhara Industries Limited Automobile Assembler
29 Attock Refinery Limited Refinery
30 National Refinery Limited Refinery
Source: KSE Stocks website, May 2017
Mudarabah Companies
In addition to the different Shariah compliant funds, equity indices and Sukuk, the SECP also
regulates a total of 28 Mudarabah companies in Pakistan (titled ‘Modarabas’), as shown in the
table below.
In the early 1980s attempt of ‘Islamization’ of the Pakistan economy, the Modaraba Companies
and Modaraba Ordinance 1980 and Modaraba Rules 1981 were formed. 61 These, along with
the Companies Ordinance of 1984 provide the rules relating to registration of Modaraba
companies, and the flotation, management and regulation of the twenty-eight active
Modarabas.
61 Securities and Exchange Commission of Pakistan website