BBI-SASE list of companies | Bosna Bank International

BBI-SASE list of companies

BBI Bank and the Sarajevo Stock Exchange (SASE) joined together for the purpose of creating a List and Index of companies whose shares are being traded on SASE, and whose business activities are compliant with principles of the Islamic Economy. We hope that this project would encourage additional investments and interests for companies and capital market in Bosnia and Herzegovina.

These materials have been created based on up-to-date information on companies whose shares are being traded on SASE. For more information on the Index created by SASE, please click here.

As a response to the increasing search for investment products that are compliant with principles of the Islamic Economy, BBI Bank, in cooperation with the Sarajevo Stock Exchange (SASE), creates and updates a special list of companies from SASE whose business activities are compliant with principles of the Islamic Economy.

"BBI List of companies - in cooperation with SASE" is a List of companies traded on SASE and whose business activities are compatible with the principles of the Islamic Economy. Some companies from the List belong to the Islamic index at the Sarajevo Stock Exchange (SASE). The List is available to the public and investor can consult it when making investment decisions. In terms of promotion and finding of new investors and business partners, it is important for each company to be registered on this List.

Primary statistics:

  • Total number of analysed companies 175
  • Filter of activities and the structure of income is satisfactory for 147 companies (84%)
  • Filter of interest-bearing financial liabilities is satisfactory for 147 companies (84%)
  • Filter cash + interest-bearing items in assets is satisfactory for 163 companies (93%)
  • Total number of companies who met all criteria is 108 (62% of the total number of analysed companies)
  • Two companies were removed from the List in January 2018 due to conversion to a limited liability company

Primary criteria

The company must prove the compliance of its business with principles of the Islamic Economy in order to be registered on the List. The Sharia'h Board of BBI Bank is supervising the testing process for companies.

Companies whose primary activity include some of the following activities shall be considered incompatible with principles of the Islamic Economy:

  • Conventional finances - conventional banking and insurance
  • Production, packaging, processing, sale, distribution, marketing or any other alcohol-related activities
  • Production, packaging, processing, sale, distribution, marketing or any other activities related to pork and production of other non-halal food
  • Entertainment industry (casino, gambling, cinema, music, pornography), as well as hotels not having Halal Certification
  • Production or sale of tobacco

This list of activities is not definite and it shall serve only as a primary guide for filtering activities of companies.

Companies must also meet particular financial criteria:

  • Financial liabilities to which the company pays interest must be less than 33.333% of total assets
  • The sum of cash and interest-bearing items in the company's assets must be less than 33.333% of total assets
  • The sum of company's cash and receivables must be less than 50% of total assets
  • Income from activities prohibited according to the Islamic Economy must be less than 5% of the company's total income

"BBI List of companies - in cooperation with SASE" is a List of companies traded on the Sarajevo Stock Exchange and whose business activities are compatible with the aforementioned criteria. The List is updated at least once a year. 

These criteria are applied only to companies traded on SASE, for the purpose of creating the List of companies compliant with principles of the Islamic Economy. These criteria cannot be considered general business compliance criteria of any company with principles of the Islamic Economy.

List of companies

The List of 108 companies with SASE who currently meet business and financial criteria of the Islamic Economy is presented below. The List is updated in accordance with new information collected from financial reports of companies, as well as information on activities and the structure of their income.

  1. BAGS ENERGOTEHNIKA DD VOGOŠCA
  2. BAZNA HEMIJA DD VITKOVIĆI
  3. BH TELECOM D.D. SARAJEVO
  4. BIRA D.D. BIHAĆ
  5. BITUMENKA DD SARAJEVO
  6. BJELAŠNICA D.D. HADŽIĆI
  7. BNT HOLDING DD NOVI TRAVNIK
  8. BOSNALIJEK D.D. SARAJEVO
  9. BOSNAPLAST DD BOSANSKI PETROVAC
  10. BUGOJNOPROMET DD BUGOJNO
  11. CENTROTRANS-EUROLINES D.D. SARAJEVO
  12. CENTROTRANS-TRANZIT DD SARAJEVO
  13. CITY PARK DD SARAJEVO
  14. CROATIA - REMONT DD ČAPLJINA
  15. DC TEŠANJ KRAŠEVO DD
  16. DD RUDNIK MANGANA BUŽIM
  17. DOBOJPUTEVI DD DOBOJ JUG
  18. DUKA & BOSNA DD BRCKO
  19. ELEKTROREMONT D.D. BANOVIĆI
  20. ENERGETIKA DD BUGOJNO
  21. ENERGOINVEST D.D. SARAJEVO
  22. ENERGOINVEST DVI D.D. SARAJEVO
  23. ENERGONOVA DD SARAJEVO
  24. ENKER DD TEŠANJ
  25. FAMOS DD SARAJEVO
  26. FAMOS GRADNJA DD SARAJEVO
  27. FCL D.D. LUKAVAC
  28. FEROELEKTRO DD SARAJEVO
  29. GIK OKO DD SARAJEVO-ILIDŽA
  30. GIPS DD TUZLA
  31. GLOBUS KONFEKCIJA D.D. KISELJAK
  32. GORAŽDE PUTEVI D.D. GORAŽDE
  33. GP ŽGP D.D. SARAJEVO
  34. GPD DRINA DD GORAŽDE
  35. GRANITMONT DD JABLANICA
  36. GRUPEX D.D.
  37. HELIOS DD BANOVIĆI
  38. HERCEGOVINA-AUTO DD MOSTAR
  39. IGMAN DD KONJIC
  40. INGRAM DD SREBRENIK
  41. INTEREUROPA RTC DD SARAJEVO
  42. INTERŠPED TUZLA DD TUZLA
  43. IP SVJETLOST DD SARAJEVO
  44. J.P. 9. SEPTEMBAR D.D. SREBRENIK
  45. JKP VODOVOD I KANALIZACIJA D.D. KONJIC
  46. JP ELEKTROPRIVREDA BIH DD SARAJEVO
  47. JP ELEKTROPRIVREDA HZ HB D.D. MOSTAR
  48. JP HT DD MOSTAR
  49. JP UBORAK DD MOSTAR - u stečaju
  50. LASTA DD ČAPLJINA
  51. LEDA D.D. ŠIROKI BRIJEG
  52. LITVATRANS D.D. BANOVIĆI
  53. LIVNICA DD VISOKO
  54. MAGROS-VELETRGOVINA D.D. SARAJEVO
  55. MAJEVICA DD SREBRENIK
  56. MEDIKOMERC D.D. SARAJEVO
  57. METALOTEHNA D.D. TUZLA
  58. MILKOS DD SARAJEVO
  59. MLINPEK D.D. BUGOJNO
  60. MLINPEK-ŽITAR D.D. JAJCE
  61. MPI MLIN D.D. USTIKOLINA
  62. MS & WOOD DD SARAJEVO
  63. PETROLINVEST D.D. SARAJEVO
  64. PLIN SARAJEVO D.D. SARAJEVO
  65. POBJEDA - RUDET D.D. GORAŽDE
  66. POBJEDA DD TEŠANJ
  67. POSLOVNI SISTEM RMK DD ZENICA
  68. PPM DD TUZLA
  69. PROMET D.D. SARAJEVO
  70. PTG D.D. GORAŽDE
  71. RK TUZLANKA D.D. TUZLA
  72. RMK PROMET ZENICA D.D. ZENICA
  73. RMU BANOVIĆI DD BANOVIĆI
  74. RUDARSKI INSTITUT DD TUZLA
  75. RUDNICI BOKSITA JAJCE D.D. JAJCE
  76. RUDNIK SOLI TUZLA DD TUZLA
  77. SANITEKS DD VELIKA KLADUŠA
  78. SARAJEVO - PUBLISHING DD
  79. SARAJEVOPUTEVI DD SARAJEVO
  80. SNAGA DD VAREŠ
  81. SOLANA DD TUZLA
  82. STANDARD FURNITURE FACTORY D.D.
  83. STANDARD NEKRETNINE D.D. SARAJEVO
  84. SVJETLOSTKOMERC DD SARAJEVO
  85. ŠIPAD KOMERC D.D. SARAJEVO
  86. ŠTAMPARIJA D.D. KLJUČ
  87. ŠUMAPROJEKT DD
  88. ŠUMARSTVO PRENJ DD
  89. ŠUME TK DD KLADANJ
  90. TRGOVINA BORAC DD TRAVNIK
  91. TRZ HADŽIĆI DD
  92. TUZLA-REMONT DD TUZLA
  93. TVORNICA CARAPA KLJUC D.D.
  94. TVORNICA CEMENTA KAKANJ D.D. KAKANJ
  95. UNEVIT DD KONJIC
  96. UNIONINVEST D.D. SARAJEVO
  97. UNIONIZGRADNJA-SIP D.D. SARAJEVO
  98. UNIS D.D. SARAJEVO
  99. UNIS KOMERC DD SARAJEVO
  100. UNIS-MATIC D.D. BUGOJNO
  101. UNIS-PRETIS NIS DD VOGOŠCA
  102. USORA DD JELAH
  103. VEMAL DD TEŠANJ
  104. ZAVOD ZA VODOPRIVREDU D.D. SARAJEVO
  105. ZIM DD ZENICA
  106. ZRAK D.D. SARAJEVO

Purification of wealth

If the company has a certain part of haram income less than 5% of the total income, adopted methodology requires that income from such shares must go through the purification - cleaning process. In order to perform the aforementioned, it is necessary to know the percentage of the company's income that does not come from allowed activities. When the shareholder knows the percentage of the company's income that is haram, the shareholder can clean its profit from haram in the manner to give at least the percentage of its profit from shares, corresponding to the percentage of disallowed income in the company's total income, for charitable purposes.

The investor who tries to reconcile its investments with the principles of the Islamic Economy should express its resistance to company's practices that are prohibited in the Islam at the General Assembly. If such shareholder was outvoted at the General Assembly, it cannot be considered that the shareholder gave its consent for the company to be involved in disallowed activities and it should not be responsible for the aforementioned.   

Example:
The investor has shares of the X company which achieved 3% of income from disallowed activities during the past year. The company decided to split dividends and the investor achieved income from dividend in the amount of 1,000 BAM. The Investor must divide 3% of income, that is, 30 BAM, for charity and this is not considered a sadaqah or zakat but purification of wealth. This presents the abandonment of wealth that should not have existed. The shareholder is obliged to declare its resistance to activities in the company that are not in compliance with the principles of the Islamic Economy at any occasion.