The official reference
The Egyptian Exchange has an index of Shariah-compliant companies called EGX33. The exchange publishes and updates its methodology and its list of companies, and the Financial Regulatory Authority also has a page on the index. When someone says "this stock is Shariah-compliant", the reliable way to check is the current official index page and the date of its last update.
The methodology decides
The conditions for a company to enter or leave the index are written in the published methodology, and the methodology itself can be revised over time. Read the conditions from the latest edition on the official index page rather than relying on figures circulating from unofficial sources, which can be outdated or wrong.
Most importantly, the label is tied to a date. The index list is reviewed, and a company in it today can leave at a later review if it no longer meets the conditions, and the other way round.
What FoudaLens shows
The Shariah-compliant stocks page on FoudaLens lists companies according to the index membership data the exchange publishes. FoudaLens is not a religious authority; its role is to present that data in an organized way.
See the Shariah-compliant stocks
The page lists companies according to the exchange's Shariah index membership data.
Check yourself
1. What is the official reference for whether a stock is in the Shariah index?
2. A portfolio of 20 stocks, 15 in the index list. After a review, 3 leave. What is the share now?
Summary
- The EGX33 Shariah index has a published methodology, and the exchange publishes and updates its list.
- The label is tied to a review date, and the list can change.
- Read the conditions from the methodology itself, and compare any shared list with the official one.