Interested in making investments in Belgium that reflect your ethical values? Halal stocks might be the key to aligning your financial strategy with Islamic principles.
This guide explores the world of Sharia-compliant investments in Belgium, showcasing how these opportunities adhere to Islamic standards while aiming for promising financial returns. Discover how you can achieve your investment goals while staying true to your ethical commitments.
List of 20 Halal Stocks in Belgium by Market Cap
| Company Name | Ticker | Market Cap | Shariah-Compliance Status | Halal Ranking |
| Ucb SA | UCB.BR | € 20.62B | Halal | ★ ★ ★ ★ ★ |
| D’Ieteren Group NV | DIE.BR | € 9.90B | Halal | ★ ☆ ☆ ☆ ☆ |
| Syensqo SA | SYENS.BR | € 8.27B | Halal | ★ ★ ☆ ☆ ☆ |
| DEME Group NV | DEME.BR | € 3.55B | Halal | ★ ☆ ☆ ☆ ☆ |
| Melexis NV | MELE.BR | € 3.25B | Halal | ★ ★ ★ ★ ★ |
| Solvay SA | SOLB.BR | € 2.43B | Halal | ★ ☆ ☆ ☆ ☆ |
| Tessenderlo Group NV | TESB.BR | € 2.10B | Halal | ★ ★ ★ ★ ☆ |
| Barco NV | BAR.BR | € 1.43B | Halal | ★ ★ ★ ★ ★ |
| Recticel NV | REC.BR | € 948.87M | Halal | ★ ★ ☆ ☆ ☆ |
| Societe de Services de Participations, de Direction et d’Elaboration SA | SPA.BR | € 626.70M | Halal | ★ ★ ☆ ☆ ☆ |
| Sipef NV | SIP.BR | € 552.22M | Halal | ★ ★ ★ ★ ★ |
| EVS Broadcast Equipment SA | EVS.BR | € 443.60M | Halal | ★ ★ ★ ☆ ☆ |
| Van de Velde NV | VAN.BR | € 430.31M | Halal | ★ ★ ★ ★ ☆ |
| Jensen-Group NV | JEN.BR | € 339.03M | Halal | ★ ☆ ☆ ☆ ☆ |
| Ion Beam Applications SA | IBAB.BR | € 292.56M | Halal | ★ ★ ★ ☆ ☆ |
| Ekopak NV | EKOP.BR | € 260.17M | Halal | ★ ☆ ☆ ☆ ☆ |
| Texaf SA | TEXF.BR | € 121.73M | Halal | ★ ★ ★ ★ ★ |
| Campine NV | CAMB.BR | € 111.00M | Halal | ★ ★ ☆ ☆ ☆ |
| Smartphoto Group NV | SMAR.BR | € 103.68M | Halal | ★ ★ ★ ☆ ☆ |
| Hybrid Software Group PLC | HYSG.BR | € 99.82M | Halal | ★ ★ ★ ★ ☆ |
Development of Islamic Finance in Belgium
Islamic finance has the potential for growth in Belgium, with a large pool of potential clients. However, the demand remains low, possibly due to limited awareness and the lack of success in Islamic investment products like Islamic funds.
Regulatory and Tax Framework
The regulatory framework for Islamic finance in Belgium is aligned with European banking laws, with no specific provisions for Islamic institutions. Islamic banking services must comply with Belgium’s general legal framework, and there are no specific tax regulations for Islamic finance.
Main Shari’a-compliant Products
A Belgian bank introduced made-to-order investment funds for Muslims, following Islamic sharia law. Despite this initiative, the fund saw limited success due to possibly low demand or market unfamiliarity.
Sukuk and Insolvency
Belgium does not have a regulatory framework for sukuk instruments, and no sukuk instruments are currently available. Therefore, how sukuk holders’ claims would be treated in insolvency is a theoretical issue, with classification depending on the specific form of the sukuk.
Source: Bankinglaw.com
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