KMI-30 vs KSE-100: What's the Difference?
The KSE-100 is Pakistan's headline index, but it is not Sharia-compliant. Halal investors follow the KMI indices instead.
KSE-100
The KSE-100 tracks 100 of the largest, most liquid companies on the PSX across all sectors, including conventional banks and other businesses that fail Sharia screens. It's a good gauge of the overall market, but you cannot treat it as halal.
KMI All-Share & KMI-30
The KMI (KSE-Meezan Index) family only includes Sharia-compliant companies. The KMI All-Share is the broad compliant universe; the KMI-30 is the 30 largest, most liquid compliant names, weighted by free float. Both apply the business-activity and financial-ratio screens described in What makes a stock halal?
Which should a halal investor follow?
Use the KMI-30 to gauge the ‘halal market’ and the KMI All-Share list to pick individual stocks. Ignore the KSE-100 for compliance purposes, it's a market barometer, not a halal screen.
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