If you want to invest in the Pakistan Stock Exchange without compromising your faith, the simplest starting point is the KMI-30 index. It lists 30 of the largest Shariah-compliant companies on the PSX, and it is the benchmark Islamic mutual funds in Pakistan are measured against.
Below you will find the full KMI-30 member list as of 1 October 2026, how a company qualifies as Shariah-compliant, and how to build an Islamic portfolio yourself.
What the KMI-30 index is
The KMI-30 (Karachi Meezan Index) is run by the PSX together with Meezan Bank's Shariah advisers. It was launched in 2008 to give investors a benchmark of Shariah-compliant shares.
- Members: the 30 largest and most liquid stocks that pass Shariah screening.
- Weighting: by free-float market capitalisation, so bigger companies with more tradable shares have more influence.
- Changes: the list is reviewed and recomposed periodically, typically twice a year. A stock can drop out if it fails screening or becomes too small or illiquid.
A wider list, the KMI All Share Index, includes every listed company that passes the Shariah screens, not just the top 30. If a stock is in either index, it is treated as Shariah-compliant by the PSX's methodology.
On 1 October 2026 the KMI-30 closed at 241,515.75, down 0.86% on the day, while the KMI All Share closed at 66,137.02. Live levels are on our market page.
How a stock becomes Shariah-compliant
A company has to pass two kinds of test. The main ones used for the KMI indices are:
1. Business test. The core business must be permissible. Conventional banks, insurers, leasing companies, alcohol, tobacco, gambling and similar businesses are excluded.
2. Financial tests. The company's balance sheet and income are checked against limits, broadly:
| Test | Limit |
|---|---|
| Interest-bearing debt ÷ total assets | Less than 37% |
| Non-compliant investments ÷ total assets | Less than 33% |
| Non-compliant income ÷ total revenue | Less than 5% |
| Illiquid assets ÷ total assets | At least 25% |
| Share price vs net liquid assets per share | Price must be at least equal |
These limits are a summary. The exact rules are in the PSX's KMI index methodology, which you should check before relying on them.
Because of the business test, most of the big conventional banks such as UBL, HBL and MCB are not in the KMI-30. MEBL, an Islamic bank, is.
The full KMI-30 list (as of 1 October 2026)
Sorted by market capitalisation. Prices are closing prices on 1 October 2026, and the 1-year change is price only, excluding dividends. Click a symbol for the full stock page.
| # | Symbol | Company | Sector | Price | 1-year change | Market cap |
|---|---|---|---|---|---|---|
| 1 | OGDC | Oil & Gas Development Company Limited | Oil and gas exploration | Rs 313.39 | +13.3% | Rs 1,348bn |
| 2 | MEBL | Meezan Bank Limited | Islamic bank | Rs 553.65 | +24.2% | Rs 1,000bn |
| 3 | FFC | Fauji Fertilizer Company Limited | Fertiliser | Rs 538.46 | +15.9% | Rs 775bn |
| 4 | MARI | Mari Energies Limited | Oil and gas exploration | Rs 628.35 | −19.1% | Rs 754bn |
| 5 | LUCK | Lucky Cement Limited | Cement | Rs 413.04 | −13.8% | Rs 605bn |
| 6 | PPL | Pakistan Petroleum Limited | Oil and gas exploration | Rs 221.36 | +8.1% | Rs 602bn |
| 7 | ENGROH | Engro Holdings Limited | Holding company | Rs 262.71 | +3.1% | Rs 316bn |
| 8 | EFERT | Engro Fertilizers Limited | Fertiliser | Rs 194.31 | −13.2% | Rs 259bn |
| 9 | HUBC | The Hub Power Company Limited | Power | Rs 198.96 | −15.3% | Rs 258bn |
| 10 | SYS | Systems Limited | Technology | Rs 118.34 | −22.2% | Rs 174bn |
| 11 | PSO | Pakistan State Oil Company Limited | Fuel marketing | Rs 347.73 | −26.0% | Rs 163bn |
| 12 | FCCL | Fauji Cement Company Limited | Cement | Rs 51.65 | −15.1% | Rs 127bn |
| 13 | ATRL | Attock Refinery Limited | Refinery | Rs 1,187.48 | +73.8% | Rs 127bn |
| 14 | SAZEW | Sazgar Engineering Works Limited | Autos | Rs 1,698.96 | −10.0% | Rs 103bn |
| 15 | MLCF | Maple Leaf Cement Factory Limited | Cement | Rs 91.23 | −16.0% | Rs 96bn |
| 16 | DGKC | D.G. Khan Cement Company Limited | Cement | Rs 187.22 | −28.0% | Rs 82bn |
| 17 | SNGP | Sui Northern Gas Pipelines Limited | Gas distribution | Rs 90.87 | −33.2% | Rs 58bn |
| 18 | PRL | Pakistan Refinery Limited | Refinery | Rs 91.22 | +154.2% | Rs 57bn |
| 19 | NRL | National Refinery Limited | Refinery | Rs 601.51 | +63.3% | Rs 48bn |
| 20 | AIRLINK | Air Link Communication Limited | Technology | Rs 120.94 | −28.9% | Rs 48bn |
| 21 | SEARL | The Searle Company Limited | Pharmaceuticals | Rs 79.40 | −31.7% | Rs 47bn |
| 22 | NML | Nishat Mills Limited | Textiles | Rs 130.09 | −20.1% | Rs 46bn |
| 23 | GHNI | Ghandhara Industries Limited | Autos | Rs 1,041.62 | +27.3% | Rs 44bn |
| 24 | FFL | Fauji Foods Limited | Food | Rs 14.49 | −33.3% | Rs 37bn |
| 25 | PAEL | Pak Elektron Limited | Electrical goods | Rs 35.24 | −40.6% | Rs 33bn |
| 26 | GAL | Ghandhara Automobiles Limited | Autos | Rs 539.06 | −8.7% | Rs 31bn |
| 27 | HCAR | Honda Atlas Cars (Pakistan) Limited | Autos | Rs 214.42 | −26.3% | Rs 31bn |
| 28 | SSGC | Sui Southern Gas Company Limited | Gas distribution | Rs 23.30 | −45.1% | Rs 21bn |
| 29 | CPHL | Citi Pharma Limited | Pharmaceuticals | Rs 72.16 | −27.3% | Rs 16bn |
| 30 | TREET | Treet Corporation Limited | Consumer goods | Rs 21.73 | −26.8% | Rs 8bn |
Market cap here is total market value (all shares × price), not the free-float figure the index uses for weighting. Three of the stocks (LUCK, FCCL and SAZEW) were trading ex-dividend on 1 October.
This list changes. The PSX recomposes the KMI-30 periodically, and a company can lose Shariah status if its finances change. Always check the latest list on the PSX website before buying.
What the list tells you
- Energy is the backbone. Oil and gas exploration (OGDC, PPL, MARI), refineries, fuel marketing and gas distribution make up 9 of the 30 members.
- Refineries have been the big winners. PRL is up 154%, ATRL 74% and NRL 63% over the year, helped by high oil and expected upgrade deals. Gains of that size can reverse quickly.
- Most members are down over the year. Rate-sensitive sectors such as cement, autos and electrical goods have suffered with the policy rate at 11.5%.
- Only one bank. MEBL is the only bank in the index and one of the best performers, up 24%.
Shariah-compliant dividend stocks
Many Islamic investors want income as well as growth. These KMI-30 members have a record of paying dividends every year over the past five years, based on our review of PSX payout data. Yields are trailing dividends ÷ the 1 October price.
| Stock | Trailing dividend per share | Yield |
|---|---|---|
| EFERT | Rs 15 | 7.7% |
| FFC | Rs 37 | 6.9% |
| MARI | Rs 37.4 | 6.0% |
| MEBL | Rs 32 | 5.8% |
| OGDC | Rs 17 | 5.4% |
| PPL | Rs 12 | 5.4% |
HUBC yields more, about 10.1% on Rs 20 of dividends, but it does not have an unbroken five-year record in our data. Outside the KMI-30 but in the KMI All Share index, consumer companies such as NESTLE, COLG and UPFL are also steady payers. More on yields in our dividend guide.
Dividend purification
Even a compliant company may earn a small share of income (under 5%) from non-compliant sources, such as interest on bank deposits. Many scholars advise "purifying" your dividends by giving that proportion to charity. Islamic funds do this for you; if you hold shares directly, you need to do it yourself.
Islamic mutual funds vs buying stocks yourself
| Islamic equity fund | Buying KMI stocks yourself | |
|---|---|---|
| Shariah oversight | A Shariah board screens and purifies for you | You check the list and purify yourself |
| Diversification | Instant, across many stocks | You build it; 8 to 15 stocks is a reasonable spread |
| Cost | Annual management fee | Broker commission and charges per trade |
| Control | The fund manager decides | You decide what and when |
| Minimum | Often small | The price of the shares plus any broker minimum |
Funds such as Al Ameen Shariah Stock Fund and Meezan's Islamic equity funds benchmark themselves against the KMI-30. Check each fund's fact sheet for fees and performance. If you are just starting, a fund can be a simple first step; direct investing gives you more control.
How to invest in Shariah-compliant stocks
- Open an account with a licensed PSX broker. Any licensed broker lets you buy KMI stocks. Some offer an Islamic account option that restricts you to compliant shares and avoids interest-based margin. See our broker rankings.
- Avoid interest-based leverage. Margin financing is conventional borrowing; avoid it.
- Stick to the KMI lists. Buy only stocks in the KMI-30 or KMI All Share index, and re-check after each recomposition.
- Spread your money across sectors rather than holding just one or two names.
- Purify dividends where needed.
- Review twice a year. If a stock drops out of the index, consider selling it in a reasonable time.
New to investing? Start with our step-by-step guide and the learn section. For our current views on the market, see signals.
Frequently asked questions
Is investing in the PSX halal? Buying shares in a Shariah-compliant company is widely accepted by scholars as permissible. The KMI indices exist to identify those companies.
Are bank shares halal? Conventional bank shares are excluded from the KMI indices. Islamic banks such as Meezan Bank are included.
Where can I find the official list? On the PSX website, under the KMI-30 and KMI All Share index constituents. Our table above mirrors the KMI-30 as of 1 October 2026.
Not financial or religious advice. This guide explains the PSX's Shariah index methodology for education. Consult a qualified Shariah scholar and a licensed financial adviser for your situation.
Sources
- PSX data portal (dps.psx.com.pk): KMI-30 constituents, index levels and closing prices, 1 Oct 2026
- Pakistan Stock Exchange: KMI-30 and KMI All Share index methodology
- PSX payout records and our dividend screen (trailing dividends per share, Sep 2026)