PSX Shariah Compliant Stocks List 2026 (KMI List + KMI-30)

A client asked us something recently that stuck with us: “My broker sent me a ‘Shariah stocks’ list on WhatsApp. How do I know it’s actually right?” Fair question — and here’s the honest answer: you don’t have to trust a broker’s forward, a blog’s list, or even ours. PSX itself publishes this. Every company on the exchange is screened, the results are announced publicly, and anyone can check them directly. This article walks you through exactly what the PSX Shariah Compliant Stocks List 2026 is, how it’s built, and — because there are actually two separate things most articles quietly merge into one — what the difference is between the full list of Shariah-compliant companies and the much smaller KMI-30 index.

What is PSX Shariah Compliant Stocks List 2026

There isn’t one single “halal stocks list” — there are two, and they answer two different questions. The PSX KMI All Share Islamic Index answers “which companies on PSX are Shariah-compliant?” — currently 309 of them. The KMI-30 answers a narrower question: “which 30 of those compliant companies are the most liquid and easiest to trade?” A company can be 100% Shariah-compliant and simply not be one of the 30 — that doesn’t make it a lesser investment, it just means it wasn’t ranked into that specific top-30 subset. Understanding that difference is the whole point of this article.

The two lists, side by side

Part 1: The full Shariah-compliant universe — how a company gets on the list

This is the list that actually answers “Is this company halal stocks PSX list to invest in?” PSX’s partner Shariah Advisor, Al Meezan, tests every listed company against six criteria — not five. Most summaries you’ll find online only mention the five ratios and skip the first, qualitative one, which changes the picture more than people realize. Here’s the full test, sourced directly from PSX’s own KMI-30 Index Methodology brochure:

A company has to clear all six — the qualitative business test and all five ratios — at the same time. That’s why, out of PSX’s 500+ listed companies, only a few hundred pass, and dozens of household-name banks and insurers are excluded automatically because their core business itself is non-compliant, before a single ratio is even calculated. PSX’s own screening sheet marks these as “NC by Nature” rather than testing them at all — names like HBL, UBL, MCB, Bank Alfalah, and every conventional insurer fall into this category.

The latest recomposition — what actually changed

PSX Notice PSX/N-659, dated May 29, 2026, is the most recent recomposition of the full Islamic index. Based on financial accounts as of December 31, 2025:

• The index now consists of 309 companies in total.
• 42 companies were added — including names like Al-Abid Silk Mills, Colgate-Palmolive (Pakistan), Chashma Sugar Mills, and Unity Foods.
• 19 companies were removed, mostly marked as excluded due to Shariah non-compliance — including Attock Petroleum, Kohinoor Mills, National Foods, TPL Properties, and Treet Battery.
• The changes took effect Friday, June 5, 2026.

Worth knowing before you rely on any of this: PSX subsequently published a corrigendum to this same recomposition notice on July 15, 2026, and separately issued a notice titled “Revision of KMI Indices Shariah Screening Methodology” on February 26, 2026 — both visible on PSX’s own announcements portal. We’re not going to speculate on what those specific changes were without reading the notices directly, and neither should you. But their existence makes the point on its own: even PSX corrects itself. Treat any Shariah-compliance list — including this one — as something to verify against the live source before you trade, not a document to bookmark and forget.

One more caveat, straight from PSX’s own disclaimer: the ratios behind the PSX Shariah Compliant Stocks List 2026 are marked as provisional, pending each company’s final 2025/26 annual accounts. A company sitting close to a threshold today could shift status once final numbers land.

Where to check this yourself

You don’t need us, a broker, or any third-party blog to verify the shariah compliant stocks in pakistan 2026 status. PSX publishes every recomposition notice directly on its own data portal:

dps.psx.com.pk/announcements/companies

Here’s exactly how to find it, step by step:

• Open the announcements page and set Announcement Type to “PSX Notices.”
• In the Keyword field, type something like “kmi all” for the full Islamic index, or “kmi-30” / “kse-meezan” for the smaller index.
• Optionally narrow by month/year if you’re looking for a specific recomposition.
• Each result is a downloadable PDF, dated and numbered (like PSX/N-659), signed by PSX’s Head of Strategy, Products & Data Science.

This is the exact same portal we pulled this article’s source documents from. Bookmark it — it’s the single most reliable place to confirm any Shariah-compliance claim you read anywhere, including here.

Part 2: KMI-30 — a separate facility built for a different purpose

Here’s where most articles get sloppy, so let’s be precise: KMI-30 isn’t “the 30 best halal stocks.” It’s a free-float index — the same construction method used by MSCI, FTSE, S&P, and the STOXX indices — built specifically to track the performance of Shariah-compliant equities as a group, the way the KSE-100 tracks the broader market.

How a company gets into KMI-30

A company has to clear two separate gates:

Gate 1 — Already Shariah-compliant. It must pass all six criteria above. No exceptions.

Gate 2 — Technical/liquidity filters. On top of being compliant, it must also:

• Not be on the Defaulters’ Counter or suspended/Non-Tradable in the preceding 6 months
• Be available in the Central Depository System (CDS)
• Have a formal listing history of at least 2 months on PSX
• Have at least 1 full financial year of operational track record
• Have a minimum free float of 5% of total outstanding shares
• Have traded on at least 75% of total trading days

Mutual funds are ineligible entirely, regardless of compliance status.

How the final 30 are ranked

From the pool of companies that clear both gates, PSX ranks candidates using a 50/50 weighting: 50% weight to free-float market capitalization (how much of the company’s shares are actually available for public trading) and 50% weight to impact cost (roughly, how expensive it is to actually trade the stock without moving its price). The top 30 by this combined ranking make the index. No single constituent’s free-float weight can exceed 12% of the index at the time of recomposition — if one would, the surplus is redistributed across the other constituents.

How often it’s reviewed

KMI-30 is recomposed semi-annually, on a fixed schedule tied to Al Meezan’s Shariah-compliant list:

• 30 June basis → revised 15 November
• 31 December basis → revised 15 May

These recompositions are announced separately from the full Islamic index recompositions — look for notices titled “Re-composition of KSE-Meezan 30 Index (KMI-30)” on the same PSX announcements portal.

The official KMI 30 list (30 companies)

These are the companies most recently reflected in PSX’s KMI-30 index data, grouped loosely by sector for readability. Treat this as a snapshot, not a permanent roster — per everything above, confirm current constituents directly on PSX’s data portal before trading on this basis.

• Energy — Refineries & Exploration: Pakistan Refinery Ltd (PRL), National Refinery Ltd (NRL), Attock Refinery Ltd (ATRL), Pakistan Petroleum Limited (PPL), Oil & Gas Development Co. Ltd (OGDC), Mari Energies Ltd (MARI), Pakistan State Oil Co. Ltd (PSO)
• Gas & Power: Sui Southern Gas Co. Ltd (SSGC), Sui Northern Gas Pipelines Ltd (SNGP), Hub Power Company Ltd (HUBC)
• Cement: Maple Leaf Cement Factory (MLCF), D.G. Khan Cement Co. Ltd (DGKC), Fauji Cement Co. Ltd (FCCL), Lucky Cement Ltd (LUCK)
• Fertilizer & Chemicals: Fauji Fertilizer Company Ltd (FFC), Engro Fertilizers Ltd (EFERT), Engro Holdings Limited (ENGROH)
• Automobiles: Honda Atlas Cars (Pakistan) Ltd (HCAR), Ghandhara Automobiles Limited (GAL), Ghandhara Industries Ltd (GHNI), Sazgar Engineering Works (SAZEW)
• Banking (Islamic): Meezan Bank Ltd (MEBL)
• Technology & Electrical: Systems Limited (SYS), Air Link Communication Limited (AIRLINK), Pak Elektron Ltd (PAEL)
• Pharmaceuticals: Searle Company Ltd (SEARL), Citi Pharma Limited (CPHL)
• Textiles, Food & Consumer: Nishat Mills Ltd (NML), Fauji Foods Ltd (FFL), Treet Corporation Ltd (TREET)

(Sector groupings are Hawks Global’s own classification for readability — not an official PSX weighting.)

The one myth worth killing

If you take away one thing from this article: not being in KMI-30 does not mean a company isn’t Shariah-compliant. There are 309 compliant companies and only 30 index slots. A company could be perfectly compliant and simply have lower free float, higher trading cost, or a shorter listing history — none of which are moral or religious judgments, just liquidity mechanics. KMI-30 is a convenience tool for building a diversified, easily-tradable Shariah portfolio in one shot. It is not a ranking of “best” companies, and the other 279 compliant names deserve a look too, especially with professional guidance on which ones actually fit your goals.

What Hawks Global would flag

• Two different lists, two different purposes. Confusing “Shariah-compliant” with “in KMI-30” is the single most common mistake we see — now you know the difference.
• PSX revises its own methodology. A “Revision of KMI Indices Shariah Screening Methodology” notice was published in February 2026 — the rules themselves aren’t static.
• Corrigendums happen. PSX issued a corrigendum to its own May 2026 recomposition notice in July 2026. Even the official source gets amended after publication.
• Provisional ratios. All the ratios behind both lists are provisional pending final 2025/26 annual accounts.
• Compliance ≠ investment quality. Passing the Shariah screen tells you nothing about whether a company is well-run, growing, or fairly priced.
• This is informational, not advice. Nothing in this article is a recommendation to buy any specific stock.

For the fundamentals of Shariah investing beyond this list, our complete guide to Shariah-compliant investing on PSX is a good next stop, and our 2026 PSX investing guide covers account opening and placing your first trade.

Glossary

• PSX-KMI All Share Islamic Index — the full list of every Shariah-compliant company on PSX (309 as of the latest recomposition).
• KMI-30 (KSE-Meezan 30 Index) — a curated 30-company index, selected from the compliant universe by free-float and trading liquidity.
• Free float — the portion of a company’s shares actually available for public trading, excluding sponsor/government/locked-in holdings.
• Impact cost — roughly, how much a trade moves a stock’s price; lower impact cost means it’s cheaper and easier to trade.
• Shariah screening — the 6-part test (1 qualitative + 5 financial ratios) every company must pass to be classified compliant.
• Purification — donating the small non-compliant portion of a company’s income (within the 5% threshold) to charity rather than keeping it as personal profit.

Ready to go beyond the list?

Knowing which 309 companies are compliant — and which 30 made the liquidity index — is the starting point, not the strategy. We track PSX’s announcements, quarterly results, and index recompositions as they happen, which is exactly how this article was put together. If you want to know the PSX Shariah Compliant Stocks List 2026 that actually fit your goals — inside or outside KMI-30 — book a free consultation with Hawks Global, and we’ll walk through it with you. Once your core holdings are in place, our guide on building monthly passive income from PSX dividend stocks is a natural next read.

FAQ

What’s the difference between the PSX-KMI All Share Islamic Index and KMI-30? The All Share Islamic Index is the complete list of every Shariah-compliant company on PSX — 309 as of the latest recomposition. KMI-30 is a much smaller, separate index of just 30 companies, selected from that list based on free-float and trading liquidity, not compliance alone.

If a stock isn’t in KMI-30, does that mean it’s not Shariah-compliant? No. It likely just means the company didn’t rank in the top 30 by free-float market cap and impact cost — a liquidity ranking, not a compliance judgment. It could still be fully Shariah-compliant.

How often are these lists updated? The All Share Islamic Index is recomposed periodically as company financials change (the most recent being May 2026, effective June 2026). KMI-30