BBI Bank and the Sarajevo Stock Exchange have joined forces to create a List and Index of companies whose shares are traded on the SASE, and whose operations are in accordance with the principles of Islamic economics. We hope that this project will stimulate additional investments and interest in companies and the capital market in Bosnia and Herzegovina. These materials are created on the basis of the most up-to-date information about companies whose shares are traded on SASE. Please click here for more information on the Index itself created by SASE.
In response to the growing demand for investment products that are in accordance with the principles of Islamic economics, BBI Bank, in cooperation with the Sarajevo Stock Exchange, creates and updates a special list that includes companies with SASE whose operations are in accordance with the principles of Islamic economics.
“BBI list of companies – in cooperation with SASE” is a list of companies that are listed on SASE and whose operations are compatible with the principles of Islamic economy. A part of the companies from the List is part of the Islamic index on the Sarajevo Stock Exchange. The list is publicly published and investors can consult it when making investment decisions. From the aspect of promotion, as well as finding new investors and business partners, it is important for every company to be on this list.
Basic statistics:
The total number of analyzed companies is 150
122 companies (81%) met the filter of activity and income structure.
110 companies (73%) met the financial filters
The total number of companies that met all criteria is 83 (55% of the total number of analyzed companies)
A company must prove the compliance of its operations with the principles of Islamic economics in order to be on the List. The company testing process is overseen by the Shariah Board of BBI Bank.
Companies whose main activity is one of the following activities will be considered incompatible with the principles of Islamic economics:
Conventional finance – conventional banking and insurance
Production, packaging, processing, sale, distribution, marketing or any other activity related to alcohol
Production, packaging, processing, sale, distribution, marketing or any other activities related to pork and production of other non-halal food
The entertainment industry (casino, gambling, cinema, music, pornography), and hotels that do not have a halal certificate
Production or sale of tobacco
This list of activities is not definitive and serves only as a basic guide for filtering the activities of companies.
Companies must also meet certain financial criteria:
Financial liabilities on 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 the company’s cash and receivables must be less than 50% of its total assets
Income from activities that are prohibited in 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 that are listed on the Sarajevo Stock Exchange/Stock Exchange and whose operations comply with the specified criteria. The list is updated at least once a year.
These criteria apply only to companies listed on SASE, for the purpose of creating a list of companies that are in line with the principles of Islamic economics. These criteria cannot be considered as general criteria for compliance of any company’s operations with the principles of Islamic economy.
Below is a list of 83 companies with SASE that currently meet the business and financial criteria of the Islamic economy. The list is updated in accordance with new information collected from the companies’ financial reports, as well as information on the activities and income structure of the companies.
BAGS ENERGOTEHNIKA DD VOGOŠĆA
BH TELECOM D.D. SARAJEVO
BIMAL D.D. BRČKO
BINAS D.D. BUGOYNO
BIRA D.D. BIHAĆ
BITUMENKA DD SARAJEVO
BNT HOLDING DD NOVI TRAVNIK
BORAC EXPORT-IMPORT D.D. LAWN
BOSNALIJEK D.D. SARAJEVO
CENTROTRANS D.D.
CENTROTRANS-TRANSPORT ROBE DD SARAJEVO
CENTROTRANS-TRANZIT DD SARAJEVO
ROADS DD MOSTAR
CITY PARK DD SARAJEVO
CROATIA – REMONT DD CAPLJINA
DOBOJPUTEVI DD DOBOJ JUG
ELECTRICAL REPAIR D.D. BANOVICI
ENERGETICS D.D. BUGOYNO
ENERGOINVEST – SUE D.D. SARAJEVO
ENERGOINVEST DD SARAJEVO
ENERGOPETROL D.D. SARAJEVO
ENKER DD TEŠANJ
FAMOS DD SARAJEVO
GIK OKO DD SARAJEVO
GIPS DD TUZLA
GLOBUS-CONFECTION D.D. SORREL
GP ŽGP D.D. SARAJEVO
GPD DRINA DD GORAŽDE
GRANITMONT DD JABLANICA
GU UNIVERSAL DD ZENICA
HERCEGOVINA-AUTO DD MOSTAR
HETIG D.D. SARAJEVO
IGMAN DD KONJIC
INGRAM D.D. SREBRENIK
INTEREUROPA RTC DD SARAJEVO
INTERŠPED TUZLA DD TUZLA
IP SVJETLOST DD SARAJEVO
JKP VODOVOD I KANALIZACIJA D.D. KONJIC
JP ELEKTROPRIVREDA BIH DD SARAJEVO
JP ELEKTROPRIVREDA HZ HB D.D. MOSTAR
JP HT D.D. MOSTAR
JP VODOVOD I KANALIZACIJA DD SREBRENIK
KLIMAVENT D.D. SARAJEVO
LIVNICA DD VISOKO
MAGROS-VELETRGOVINA D.D. SARAJEVO
MANN+HUMMEL BA D.D. TEŠANJ
METALOTEHNA DD TUZLA
MLINPEK D.D. BUGOJNO
MLINPEK-ŽITAR D.D. JAJCE
PLIN SARAJEVO D.D. SARAJEVO
POBJEDA – RUDET D.D. GORAŽDE
POBJEDA D.D. TEŠANJ
POLJOPROMET DD ZENICA
PPM DD TUZLA
PREHRANA-PROMET D.D. TUZLA
PREVOZ RADNIKA KREKA DD TUZLA
PTG D.D. GORAŽDE
RK TUZLANKA D.D. TUZLA
RMK PROMET ZENICA D.D. ZENICA
RMU BANOVIĆI DD BANOVIĆI
RUDNICI BOKSITA JAJCE D.D. JAJCE
RUDNIK SOLI TUZLA DD TUZLA
SANITEKS DD VELIKA KLADUŠA
SARAJEVOPUTEVI DD SARAJEVO
SARAJEVSKA BERZA – BURZA VRIJEDNOSNIH PAPIRA
SNAGA DD VAREŠ
STANDARD NEKRETNINE D.D. SARAJEVO
ŠIPAD – ERC DD SARAJEVO
ŠUMARSTVO PRENJ DD
TIP DEKORATIVA DD PROZOR
TRANSTURIST DD TUZLA
TRGOVINA BORAC DD TRAVNIK
TRZ HADŽIĆI DD
TVORNICA CEMENTA KAKANJ D.D. KAKANJ
UNEVIT DD KONJIC
UNIGRADNJA D.D. SARAJEVO
UNIONINVEST D.D. SARAJEVO
UNIS D.D. SARAJEVO
UNIS KOMERC D.D. SARAJEVO
UNIS-MATIC D.D. BUGOJNO
VEMAL DD TEŠANJ
ZAVOD ZA VODOPRIVREDU D.D. SARAJEVO
ZRAK DD SARAJEVO
In the case that the company has a certain part of haram income that is less than 5% of the total income, the adopted methodology requires that the earnings on such shares must go through the process of purification – cleaning. For that, it is necessary to know what percentage of the company’s income is not from permitted activities. When the owner of the shares knows how much of the company’s income is haram, he can purify his earnings from haram by donating to charity at least the percentage of his share income equal to the percentage of the illicit income in the company’s total income.
An investor who seeks to harmonize his investments with the principles of Islamic economics should express his opposition to practices in the company that are prohibited by Islam at the shareholders’ meeting. If such a shareholder is outvoted at the shareholders’ meeting, he cannot be considered to have given his consent for the company to be involved in illegal activities, and he should not be held responsible for the same.
Example:
The investor has shares in company X, which during the previous year generated 3% of its income from illegal activities. The company decided to distribute dividends and the investor received income from dividends in the amount of 1,000 KM. The investor must share 3% of the income, that is 30 KM, for charitable purposes, and this is not considered sadaqah or zakat, but rather the cleansing of property. It is a renunciation of income that should not have existed. The shareholder is obliged at every opportunity to express his opposition to activities in the company that are not in accordance with the principles of Islamic economics.
We appreciate your opinion
About us
Useful links
Customer support
