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 150
  • Filter of activities and the structure of income is satisfactory for 122 companies (81%)
  • Filter of interest-bearing financial liabilities is satisfactory for 110 companies (73%)
  • Total number of companies who met all criteria is 83 (55% of the total number of analysed companies)

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 83 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 VOGOŠĆA
  2. BH TELECOM D.D. SARAJEVO
  3. BIMAL D.D. BRČKO
  4. BINAS D.D. BUGOJNO
  5. BIRA D.D. BIHAĆ
  6. BITUMENKA DD SARAJEVO
  7. BNT HOLDING DD NOVI TRAVNIK
  8. BORAC EXPORT-IMPORT D.D. TRAVNIK
  9. BOSNALIJEK D.D. SARAJEVO
  10. CENTROTRANS D.D.
  11. CENTROTRANS-TRANSPORT ROBE DD SARAJEVO
  12. CENTROTRANS-TRANZIT DD SARAJEVO
  13. CESTE DD MOSTAR
  14. CITY PARK DD SARAJEVO
  15. CROATIA - REMONT DD ČAPLJINA
  16. DOBOJPUTEVI DD DOBOJ JUG
  17. ELEKTROREMONT D.D. BANOVIĆI
  18. ENERGETIKA D.D. BUGOJNO
  19. ENERGOINVEST - SUE D.D. SARAJEVO
  20. ENERGOINVEST DD SARAJEVO
  21. ENERGOPETROL D.D. SARAJEVO
  22. ENKER DD TEŠANJ
  23. FAMOS DD SARAJEVO
  24. GIK OKO DD SARAJEVO
  25. GIPS DD TUZLA
  26. GLOBUS-KONFEKCIJA D.D. KISELJAK
  27. GP ŽGP D.D. SARAJEVO
  28. GPD DRINA DD GORAŽDE
  29. GRANITMONT DD JABLANICA
  30. GU UNIVERZAL DD ZENICA
  31. HERCEGOVINA-AUTO DD MOSTAR
  32. HETIG D.D. SARAJEVO
  33. IGMAN DD KONJIC
  34. INGRAM D.D. SREBRENIK
  35. INTEREUROPA RTC DD SARAJEVO
  36. INTERŠPED TUZLA DD TUZLA
  37. IP SVJETLOST DD SARAJEVO
  38. JKP VODOVOD I KANALIZACIJA D.D. KONJIC
  39. JP ELEKTROPRIVREDA BIH DD SARAJEVO
  40. JP ELEKTROPRIVREDA HZ HB D.D. MOSTAR
  41. JP HT D.D. MOSTAR
  42. JP VODOVOD I KANALIZACIJA DD SREBRENIK
  43. KLIMAVENT D.D. SARAJEVO
  44. LIVNICA DD VISOKO
  45. MAGROS-VELETRGOVINA D.D. SARAJEVO
  46. MANN+HUMMEL BA D.D. TEŠANJ
  47. METALOTEHNA DD TUZLA
  48. MLINPEK D.D. BUGOJNO
  49. MLINPEK-ŽITAR D.D. JAJCE
  50. PLIN SARAJEVO D.D. SARAJEVO
  51. POBJEDA - RUDET D.D. GORAŽDE
  52. POBJEDA D.D. TEŠANJ
  53. POLJOPROMET DD ZENICA
  54. PPM DD TUZLA
  55. PREHRANA-PROMET D.D. TUZLA
  56. PREVOZ RADNIKA KREKA DD TUZLA
  57. PTG D.D. GORAŽDE
  58. RK TUZLANKA D.D. TUZLA
  59. RMK PROMET ZENICA D.D. ZENICA
  60. RMU BANOVIĆI DD BANOVIĆI
  61. RUDNICI BOKSITA JAJCE D.D. JAJCE
  62. RUDNIK SOLI TUZLA DD TUZLA
  63. SANITEKS DD VELIKA KLADUŠA
  64. SARAJEVOPUTEVI DD SARAJEVO
  65. SARAJEVSKA BERZA – BURZA VRIJEDNOSNIH PAPIRA
  66. SNAGA DD VAREŠ
  67. STANDARD NEKRETNINE D.D. SARAJEVO
  68. ŠIPAD - ERC DD SARAJEVO
  69. ŠUMARSTVO PRENJ DD
  70. TIP DEKORATIVA DD PROZOR
  71. TRANSTURIST DD TUZLA
  72. TRGOVINA BORAC DD TRAVNIK
  73. TRZ HADŽIĆI DD
  74. TVORNICA CEMENTA KAKANJ D.D. KAKANJ
  75. UNEVIT DD KONJIC
  76. UNIGRADNJA D.D. SARAJEVO
  77. UNIONINVEST D.D. SARAJEVO
  78. UNIS D.D. SARAJEVO
  79. UNIS KOMERC D.D. SARAJEVO
  80. UNIS-MATIC D.D. BUGOJNO
  81. VEMAL DD TEŠANJ
  82. ZAVOD ZA VODOPRIVREDU D.D. SARAJEVO
  83. ZRAK DD 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.