STOCK SCREENING is not a common term for a layman unless that person is a Muslim dan memang invest in a stock market. Tapi ada je yang 'langgar' sebab tak tau kewujudan Stock Screening. To be honest, I dont even know about this until I took "Islamic Financial Planning" subject mase zaman belajar dulu and it became my favourite topic. So here are some common FAQ regarding Stock Screening.
What is Stock Screening?
Its a screening of stocks in the stock market to 'screen' which stock is a Shariah compliant and which one is not.
Why Stock Screening important?
Screening ni penting untuk orang Islam sebab we do not want to invest in stocks that operates in a Shariah non-compliant activities eg in gambling or liquor company.
Who screen the stocks?
Ada banyak organization yang buat Screening and don't be surprise, ada banyak cara screening dibuat and till now belum ada 1 universal screening. Kat Msia, kite ada SC nyer SAC yang bertanggungjawab dalam hal2 screening ni. We also have Dow Jones, S&P and FTSE Screening among others.
If the screening is to exclude shariah non-compliant stocks, kenapa ada byk pencanggahan pendapat?
As I mentioned before, everybody is unique and have their own pendapat. In this case, same jek cume kite tertanya-tanye gak cz halal and haram mmg dah termaktub. Takde sape leh halalkan yang haram and vice versa. Cume in Islamc finance takde yang betul2 putih (halal) dan hitam (haram)...Banyak grey area yang membuatkan Shariah Committee berbeza pendapat. They may have their own resolution but not all agree with it. So penting untuk kite 'explore' sendiri dan cari our own conclusion (which side nak ikut). tapi kite dah ada Shariah Council yang pikirkan/ buat research untuk kite). Cume if still was-was..carilah jawapan dengan buat research sendiri.
So, how's the screening process?
As kite smua Malaysian, I give our SC's Stock Screening. SC dah set-up SAC untuk check whether a stock comply tak dgn Shariah and the List of Stocks/ Securities will be publish in SC's website. This list would be updated twice a year.
The process can be found in SC's website, look for List of Shariah Compliant Securities by SAC (List). This is a summary of the Screening.
The List also have the List of Stocks that used to be Shariah compliant but no longer Shariah compliant. This may due to change of business activities etc.
Shariah compliant stocks which subsequently jadi Shariah non-compliant.
Ada je kes dimana stock tuh Shariah compliant (patuh Shariah) tapi ada la aktiviti yang diorg buat yang disqualify kan diri mereka dari tergolong dalam stock patuh shariah...pe nak buat?nak jual terus?tapi kalau still rugi cmner?tak kan nak tanggung kerugian??
Dalam 'List' tuh ada cara2 yang dicadangkan cmner nak buat dgn stock tuh..ni agak technical cz maybe Islamic Fund Manager jek yang apply benda2 nih..Tp pe salahnyer as individual kite blaja gak kan?Summary nyer as follows:
(semangat tak pic2 nih..nampak tak betapa fav nyer topic nih?hehe)
What is Purification?
Ni agak lagi 'up' nyer discussion and kat Malaysia tak apply benda nih. Basically, purification ialah kite meng'pufiry'kan income kite yang kite dapat dari saham/unit trust yang mempunyai mixed activities. Caranye senang jek, kite agak2 brape % activity yang tak comply, use that %, dan kite bagi charity that part..
Agak complicated tapi I try to give the illustration.Eg, invest in unit trust that have mixed stocks that comply and non-compliance with Shariah. 80% comply and 20% tak comply. So, the income from that unit trust (capital gain or/and dividend) takleh la kite amik 100%. The 20% yang tak comply tuh kene di'charity' kan..Kat ner tuh persoalan lain dan sama2 lah kite fikirkan kpd sape kite leh charitykan duit tuh cz itu consider duit yang 'kotor'.
Nape takleh invest kat stocks yang shariah non-compliant?
The main reason cz activiti2 yang tak patuh shariah ni some of it memang dah sah2 haram..eg, takkan kite nak beli saham stok Guiness lak kan..Dah la jual arak, benda haram..nak ada 'share' lak kat company camtuh. Sebab tuh SC adakan initiatif buat List tuh so that as a Muslim, kite ada guidance. Nak check sendiri satu-satu stock akan mengambil mase yang lame dan maybe tak kan dapat smua info dengan tepat. So, ikut je lah short cut yang dah diberikan.
Pe beza SC nye Screening dgn yang lain?
Ada few perbezaan antaranye Qualitative Screening tuh ada yg include Military/Weapon (meaning takleh invest kat comp yang buat weapon)
Then part qualitative lak, Dow Jones tgk kat Balance Sheet tp SC tgk revenue etc..Perbezaan nyer more towards how they think what can make a company considered as "Islamic" ie the activity in accordance with Shariah.
Limitation of the List
Nothing is perfect and I would say SC's initiative to have the List is very helpful to Muslim investors. But there are room for improvement. What area? (This is only my opinion/suggestion on what they can improve)
1) Since the List updated twice a year (while Financial Statement (FS) are reviewed quarterly), there might be some changes in between quarters that already disqualify the stock to be Shariah compliant. Eg, Company A's FYE is on September. Normally by November they would have audited FS, wheres SC would 'check' their quarter June's FS if the latest FS is not ready. Even the transparency on which quarter also not stated in the List.
2) IPO Listing. For IPOs that would be listed, investors have to read the Prospectus to know whether the Stock is Shariah compliant or not. And if u missed the Prospectus, u have to wait till next issue of the List to know the status. Eg, Comp B listed on June and thatinvestor wanted to buy the stock somewhere in August. If an investors cannot find the Prospectus of the stock, there are limited avenue the investor can check the status. I'm sure not many individuals have Bloomberg at home.
Recommendation
Apart from the above,
1- Even berbeza pendapat, bagus gak if in future leh adakan 1 jek screening. (Mmg ssh la nak jadi ni tp pe salahnyer hope for it)
2- Try to make it transparent for the benefit of Muslim investors, i.e., if a company nak sipi2 jek exceed the benchmark, maybe can make some soft 'warning' to the investors untuk berjaga-jaga in case the stock may disqualify next quarter. As mention above, quarterly result may not be the same every company and it may be too late to wait for the List. If la terjadi sebegini, banyak keje Fund Manager nak charity kan income from that investment. Obviously big boss ngamuk.And even if tak sampai tahap untuk charitykan this stock due to inability to sell the stock (underwater), would the u be confortable to have a shariah non-compliance stock in your portfolio??
3- Adakan info on whether or not a company even apply for the Shariah compliant status. Is it an option or its a compulsory accessment to ALL STOCKS in the stock exchange?
Apart from that, I think SC had done superb job in this area. Keep up the good work!!
All information above are available in SC's website @
http://www.sc.com.my/paper.asp?pageid=877&menuid=774&newsid=&year=2012
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