The demand for Sharia-compliant investment options in Singapore continues to increase as investors seek out ways to align their financial activities with their religious values.
This guide offers an overview of the Halal stock market in Singapore, focusing on how to identify compliant investments and the sectors that offer the most promise. Here, investors will find a blend of ethical considerations and economic opportunities, making it possible to achieve profitable outcomes without compromising on religious principles.
List of 20 Halal Stocks in Singapore by Market Cap
| Company Name | Ticker | Market Cap | Shariah-Compliance Status | Halal Ranking |
| Venture Corporation Ltd | V03.SI | SGD4.02B | Halal | ★ ★ ☆ ☆ ☆ |
| NetLink NBN Trust | CJLU.SI | SGD3.27B | Halal | ★ ★ ☆ ☆ ☆ |
| Comfortdelgro Corporation Ltd | C52.SI | SGD3.23B | Halal | ★ ☆ ☆ ☆ ☆ |
| First Resources Ltd | EB5.SI | SGD2.28B | Halal | ★ ★ ★ ☆ ☆ |
| Bumitama Agri Ltd | P8Z.SI | SGD1.31B | Halal | ★ ★ ★ ★ ☆ |
| UMS Holdings Ltd | 558.SI | SGD799.48M | Halal | ★ ★ ★ ★ ★ |
| Talkmed Group Ltd | 5G3.SI | SGD590.37M | Halal | ★ ★ ★ ☆ ☆ |
| PropNex Ltd | OYY.SI | SGD584.60M | Halal | ★ ★ ★ ☆ ☆ |
| Frencken Group Ltd | E28.SI | SGD563.76M | Halal | ★ ☆ ☆ ☆ ☆ |
| Nanofilm Technologies International Ltd | MZH.SI | SGD560.61M | Halal | ★ ★ ★ ★ ☆ |
| Food Empire Holdings Ltd | F03.SI | SGD541.57M | Halal | ★ ★ ☆ ☆ ☆ |
| Delfi Ltd | P34.SI | SGD528.65M | Halal | ★ ★ ★ ☆ ☆ |
| Cortina Holdings Ltd | C41.SI | SGD498.39M | Halal | ★ ☆ ☆ ☆ ☆ |
| Vicom Ltd | WJP.SI | SGD478.67M | Halal | ★ ★ ★ ★ ☆ |
| AEM Holdings Ltd | AWX.SI | SGD440.25M | Halal | ★ ★ ★ ★ ☆ |
| Pan-United Corporation Ltd | P52.SI | SGD367.38M | Halal | ★ ☆ ☆ ☆ ☆ |
| Azeus Systems Holdings Ltd | BBW.SI | SGD309.00M | Halal | ★ ★ ★ ★ ☆ |
| Q & M Dental Group (Singapore) Ltd | QC7.SI | SGD258.35M | Halal | ★ ★ ★ ☆ ☆ |
| Micro-Mechanics (Holdings) Ltd | 5DD.SI | SGD229.40M | Halal | ★ ★ ★ ★ ★ |
| ISEC Healthcare Ltd | 40T.SI | SGD224.17M | Halal | ★ ★ ★ ★ ★ |
Islamic Finance Development in Singapore
Islamic finance in Singapore has seen significant redevelopment as the nation positions itself as a hub for Sharia-compliant financial services. The Monetary Authority of Singapore (MAS) has supported this growth by creating a favorable regulatory framework and offering incentives to promote Islamic finance. This has attracted both Muslim and non-Muslim investors seeking ethical and sustainable investment opportunities.
Key developments include the introduction of Sharia-compliant banking products like sukuk (Islamic bonds), Islamic mutual funds, and takaful (Islamic insurance). Financial institutions such as Maybank Islamic and CIMB Islamic have expanded their offerings, making halal investments more accessible and contributing to the growth of the sector within Singapore’s financial ecosystem.
Singapore has also embraced the integration of Islamic finance with sustainable initiatives, such as green sukuk. This combination aligns Islamic finance’s ethical principles with green finance, offering investors opportunities to support environmentally responsible projects. The country’s ongoing innovation in this space strengthens its position as a leader in Islamic finance.
Islamic Finance Singapore (IFSG)
IFSG Ltd has quickly established itself as a key player in Singapore’s Islamic finance landscape, celebrating its inaugural year with ambitious expansion plans. Among its initiatives is RizqX, a cutting-edge platform that enables investments aligned with Islamic principles. Additionally, the company has launched Halal 2.0, an innovative ranking system that evaluates stocks based on their Shariah compliance and ESG (Environmental, Social, and Governance) criteria, providing investors with a comprehensive ethical framework. Furthermore, IFSG’s ZakatX service streamlines the collection and distribution of Zakat, amplifying the socio-economic impact of charitable giving within the Muslim community.
CGS-CIMB – Brokerage
CGS-CIMB made a notable breakthrough with the launch of iCash, Singapore’s first Shariah-compliant trading account, offering socially responsible and Islamic investors access to ethical investment options. This innovation underscores the firm’s dedication to providing diverse financial solutions. In recognition of its commitment to excellence, CGS-CIMB has been honored with prestigious awards, including ‘Best Broker’ by FinanceAsia and Alpha SEA.
Maybank Singapore – Banking
Maybank Singapore remains a leader in Islamic finance, earning the title of Islamic Bank of the Year for the seventh consecutive year in 2023. The bank continues to drive innovation in the sector, notably structuring the city-state’s first Islamic Sustainability-Linked financing for a data center. In addition, Maybank has streamlined the banking experience for Islamic SMEs with user-friendly online applications, making Islamic financial services more accessible and efficient.
Source: Singapore’s Islamic finance industry — 2023 overview.
Summary
Singapore is establishing itself as a critical center for Halal stocks, providing investors with substantial opportunities to engage in Sharia-compliant markets. As more institutions adopt and promote ethical investment standards, the potential for growth in this sector looks increasingly promising. This trend not only supports the financial goals of Muslim investors but also contributes to the broader movement towards responsible and ethical investing globally.
Disclaimer: The content is for informational purposes only and does not constitute financial advice. It is important to conduct your own research or consult with a financial or investment advisor. All logos or brands are referenced for identification purposes only and do not constitute an endorsement of any kind. This information is accurate as of the date of publication and may not reflect recent changes. Access our comprehensive legal disclaimers at musaffa.com/disclaimer.
