Shariah Compliant Stocks on the PSX — the Full KMI-Screened List

Shariah screening on the Pakistan Stock Exchange is done against criteria set with Meezan Bank, and it has two halves. The first is the business itself: interest-based banking, conventional insurance, leasing, alcohol, tobacco, gambling, pork and adult entertainment all fail outright, no matter how the accounts look. The second half is financial, and it is the half that catches companies whose business is perfectly permissible — limits on interest-bearing debt against total assets, on illiquid assets against total assets, on net liquid assets against the share price, and on the proportion of revenue arriving from non-compliant sources.

That second test is why this page cannot be a screen we run ourselves. We hold prices, indicators and headline fundamentals; we do not hold each company's interest-bearing debt or its non-compliant income, so any list we generated would be a guess dressed as a ruling. The list above is the exchange's own constituent record, read from its published market data — the same source the KMI indices are built from.

Two indices carry it. The KMI All Share covers every screened listing and is the honest answer to "which PSX stocks are Shariah-compliant". The KMI-30 holds only the largest thirty of them by free float and is what most Islamic funds benchmark against. A company can be entirely compliant and absent from the KMI-30 purely on size.

Compliance is reviewed periodically, not continuously. A company whose debt ratio broke mid-period stays in the index until the next recomposition, and one that repaired its balance sheet waits the same amount of time to come back. Purification of any non-compliant income remains the shareholder's responsibility either way — index membership is a screening outcome, not a fatwa, and it is not a substitute for your own scholar's guidance.

For Shariah-compliant funds rather than direct shares, our mutual fund coverage flags every Islamic category reported to MUFAP, including Islamic income, Islamic equity and Islamic pension schemes.