Screener database · Updated September 2026
Halal Stock Screeners
Every stock we've put through Shariah screening — PASS or FAIL, with the ratio math, the screen date, and what could change the answer. Each screener shows its full working: the business-activity check, the three AAOIFI-style financial ratios with sourced figures, and where Zoya's independent screener lands.
Want to turn these screeners into a portfolio? The Halal Portfolio Builder lets you set sector targets, pick from every PASS screener, and model weights, drift, and rebalancing.
| Company | Ticker | Result | Screened | Summary |
|---|---|---|---|---|
| SIR Royalty | SRV.UN · TSX | FAIL | Sept 2026 | Restaurant royalty trust — business gate fails: 6% royalty on food-and-beverage revenue of bar-and-grill concepts (Jack Astor's, Scaddabush, Loose Moose), alcohol inside the royalty base. Interest-income gate also fails: 7.5% C$40M SIR Loan → ~C$3.0M/year, ~24% of income vs ~5% ceiling. No Fund-level debt. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Algoma Steel | ASTL · TSX | FAIL | Sept 2026 | Steel producer — business gate fails: Roshel Algoma Defence Solutions JV (April 2026) with armoured-vehicle defence maker Roshel to develop ballistic steel. Debt gate fails: ~C$917M interest-bearing debt → ~143% of ~C$640M market cap vs ~33% ceiling. Income gate passes (finance income C$0.5M on C$267.5M Q2 revenue = 0.19%) but moot. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Corus Entertainment | CJR.B · TSX | FAIL | Sept 2026 | Broadcaster (Global TV, W Network, YTV) — debt gate fails by an extreme margin: total debt ~C$1.226B ~20,500% of the ~C$6M market cap (~620x the ~33% ceiling). Business gate passes (no non-permissible segments; Adult Swim is an animation block, not adult entertainment). Interest income not separately disclosed — unverifiable, moot. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Stingray | RAY.A · TSX | FAIL | Sept 2026 | Montreal media/broadcast company — debt gate fails decisively: credit facilities ~C$519.7M ~45.2% of the ~C$1.15B market cap (vs ~33%; ~50% at C$1.04B). Acquisition-driven leverage (TuneIn, US$150M term loan) but the gate measures the level. Business gate passes (no non-permissible segments). Finance income not separately disclosed — unverifiable, moot. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Organigram Global | OGI · TSX/Nasdaq | FAIL | Sept 2026 | Licensed cannabis producer — business gate fails: recreational cannabis ~58% of Q3 fiscal 2026 revenue; active British American Tobacco partnership (~48% effective ownership, ~C$410M invested). Debt ~C$31.5M ~14.7% of the ~C$214.3M market cap (vs ~33%; counting BAT prefs as debt would lift it to ~47.8%). Interest income not separately disclosed — unverifiable. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Bragg Gaming | BRAG · TSX/Nasdaq | FAIL | Sept 2026 | Gambling/iGaming is the core and only operating segment — business gate fails (B2B online casino games, content aggregation, player account management; 30+ regulated markets). Ratios would pass but are moot: debt ~EUR6.265M ~16.4% of the ~C$61.2M market cap (vs ~33%); audited FY2025 interest income ~EUR0.032M ~0.03% of revenue (vs ~5%). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Village Farms | VFF · TSX/Nasdaq | FAIL | Sept 2026 | Principally a cannabis company (Pure Sunfarms, Rose LifeScience) — business gate fails: cannabis is ~83.7% of Q2 2026 revenue (~90.4% H1 2026). Ratios would pass but are moot: debt ~US$46.2M ~12.0% of the ~US$385.3M market cap (vs ~33%); interest income ~US$0.343M ~0.54% of Q2 2026 revenue (vs ~5%). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Dream Unlimited | DRM · TSX | FAIL | Sept 2026 | Real estate development and asset management (Toronto) — business gate passes; audited total debt ~C$2.121B ~302% of the ~C$702.1M market cap (vs ~33%; ~9x the ceiling; project-specific debt alone ~231%). Interest income not disclosed by the company (moot). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Galaxy Digital | GLXY · TSX/Nasdaq | FAIL | Sept 2026 | Crypto financial services — business gate fails: interest-based crypto lending is a disclosed core activity (avg loan book ~US$1.44B, rising originations, pre-launched GOFR rate), plus OTC prediction markets, derivatives/shorts/hedges, and a long-short hedge fund. Debt ~US$3.55B ~39% of the ~US$9.03B market cap (vs ~33%). No interest-income line disclosed (moot). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Plaza Retail REIT | PLZ.UN · TSX | FAIL | Sept 2026 | Open-air retail properties (Ontario, Québec, Atlantic Canada) — business gate passes; total interest-bearing debt ~C$665.1M ~114% of the ~C$582.2M market cap (vs ~33%; ~103.6% ex-leases); investment income ~C$0.111M ~0.34% of Q2 2026 revenue (vs ~5%, moot). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Aris Mining | ARIS · TSX (NYSE American: ARMN) | PASS | Sept 2026 | Gold mining in Colombia (Segovia and Marmato mines) — business gate passes; total interest-bearing debt ~US$505.8M ~13.8% of the ~US$3.66B market cap (vs ~33%); finance income ~US$4.2M ~1.26% of Q2 2026 revenue (~1.36% FY2025; vs ~5%). ShariaPortfolio rates it Shariah Compliant under ticker ARMN. No public Zoya/Musaffa coverage found. |
| K92 Mining | KNT · TSX | PASS | Sept 2026 | Gold, copper & silver mining (Kainantu Gold Mine, Papua New Guinea) — business gate passes; total interest-bearing debt ~US$43.7M ~0.8% of the ~US$5.43B market cap (vs ~33%); net-cash balance sheet; audited FY2025 interest income ~US$5.2M ~0.87% of revenue (vs ~5%). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Total Energy Services | TOT · TSX | PASS | Sept 2026 | Oilfield services (contract drilling, rentals, compression) — business gate passes; debt + leases ~C$51.2M ~4.0% of the ~C$1.27B market cap (vs ~33%); net finance income ~C$0.4M ~0.1% of revenue (vs ~5%). Net-cash balance sheet. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Transcontinental | TCL.A · TSX | FAIL | Sept 2026 | Printing, retail services & educational publishing (packaging sold) — business gate passes; debt ~C$344.9M ~79% of the ~C$436.4M market cap (vs ~33%); ~100.9% incl. leases; no interest income disclosed (null). Packaging business discontinued. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Doman Building Materials | DBM · TSX | FAIL | Sept 2026 | Building-materials wholesale distribution (lumber, treated wood, fencing) — business gate passes; net debt ~C$1,081.1M ~110.8% of the ~C$975.6M market cap (vs ~33%); C$535M notes + revolver; no interest income disclosed (null). Q2 2026 sales 84% construction materials. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Cineplex | CGX · TSX | FAIL | Sept 2026 | Film exhibition, amusement & leisure, media — business gate passes (no adult-only theatres; arcade games are skill-based, no casino gambling); total interest-bearing debt ~C$1,772.1M ~217% of the ~C$817.8M market cap (vs ~33%; ~91% ex-leases); negative equity. Income gate moot. Strategic alternatives under review (Sept 2026). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Patriot Battery Metals | PMET · TSX | PASS* | Sept 2026 | *Provisional: pre-revenue lithium developer (renamed PMET Resources Inc. Sept 2025) — business gate passes; debt ~C$0.239M leases ~0.03% of the ~C$872.1M market cap (vs ~33%); interest income C$1.150M Q1 FY2027 disclosed against nil revenue, so the income ratio is unverifiable until revenue begins. |
| Lithium Americas | LAC · TSX | FAIL | Sept 2026 | Lithium developer (Thacker Pass, Nevada; 62/38 JV with GM) — business gate passes; interest-bearing debt ~US$1.104B (DOE loan + Orion convertible notes) ~107% of the ~C$1.42B market cap (vs ~33%); DOE loan alone ~96% of market cap. Pre-revenue; interest is the only income. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| SSR Mining | SSRM · TSX | PASS | Sept 2026 | Precious-metals miner (gold, copper, silver, lead, zinc concentrates; mines Marigold, CC&V, Seabee, Puna) — business gate passes; no long-term debt (~US$1.783B cash) ~0.0% of the ~C$9.78B market cap (vs ~33%); interest income ~US$4.8M ~1.1% of ~US$443.8M Q2 revenue (vs ~5%). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Nexus Industrial REIT | NXR.UN · TSX | FAIL | Sept 2026 | Pure-play Canadian industrial REIT (87 properties, ~12.3M sq ft) — business gate passes; net debt ~C$1,307.3M ~186% of the ~C$703.9M market cap (vs ~33%); own indebtedness ratio 49.2%, net debt/adj. EBITDA 10.7x. Income gate moot; no purification ratio computable. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| BTB REIT | BTB.UN · TSX | FAIL | Sept 2026 | Diversified Montreal REIT (industrial, necessity retail, suburban office; 74 properties) — business gate passes; interest-bearing debt ~C$745.8M ~217% of the ~C$343.2M market cap (vs ~33%); own debt-ratio 58.1% of assets. Income gate moot. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| AutoCanada | ACQ · TSX | FAIL | Sept 2026 | Auto dealership group (new/used sales, parts & service) — business gate passes; F&I income is third-party commissions, not booked interest; total debt ~C$1,953.0M ~370% of the ~C$528.1M market cap (vs ~33%); finance income ~C$0.436M ~0.03% of revenue. U.S. portfolio being divested. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Magellan Aerospace | MAL · TSX | FAIL | Sept 2026 | Aerospace manufacturer — business gate FAILS: produces the M-72 Light Anti-Tank Weapon (Canada's Munitions Supply Program contract, Jul 2026) and CRV7 rocket weapon systems; defence 33.6% of H1 2026 revenue. Ratios moot (debt would pass, income moot). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Ballard Power | BLDP · TSX | FAIL | Sept 2026 | PEM fuel-cell manufacturer (bus, rail, truck, marine, stationary) — business gate passes; debt ~US$19.7M leases ~3% of the ~US$642M market cap (vs ~33%); interest income ~US$4.9M ~23.6% of ~US$20.6M Q2 revenue (vs ~5%), "earned on cash, cash equivalents and short-term investments". No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Canopy Growth | WEED · TSX/Nasdaq | FAIL | Sept 2026 | Cannabis producer — business gate FAILS: adult-use (recreational) cannabis C$78.8M of C$268.9M FY2025 net revenue (~29%); total cannabis C$195.5M (~73%). Intoxicant business under AAOIFI-style screening. Debt principal C$285.4M ~50% of ~C$568.5M market cap (vs ~33%) — also over. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Hut 8 | HUT · TSX/Nasdaq | FAIL* | Sept 2026 | Bitcoin miner / AI data centers — business gate passes (crypto mining not on the standard prohibited list; scholarly debate on crypto disclosed, no fatwa); provisional FAIL on debt: total US$7,638.4M ~64% of ~US$11.93B market cap (vs ~33%). ~US$7.5B is non-recourse project notes; parent reports no general recourse debt. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| South Bow | SOBO · TSX/NYSE | FAIL | Sept 2026 | Keystone crude-oil liquids pipelines (TC Energy spin-off) — business gate passes; debt FAILS: total long-term debt US$5,734M ~57% of ~US$10.12B market cap (vs ~33%). Quarterly dividend US$0.50/share. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Groupe Dynamite | GRGD · TSX | PASS | Sept 2026 | Women's fashion retailer (Dynamite and Garage banners, Canada/US/UK) — IPO Nov 2024 — business gate passes; ratios PASS: total debt ~C$578M (leases C$557.5M + C$20M LT debt) ~10% of ~C$5.66B market cap (vs ~33%); finance income C$5.375M ~0.4% of FY2026 revenue (vs ~5%). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| IMAX | IMAX · NYSE | PASS | Sept 2026 | Large-format entertainment technology (Mississauga; 1,876-system network) — business gate passes; ratios PASS: total debt US$292M ~9% of ~US$3.10B market cap (vs ~33%); cash US$160M ~5%; interest income US$1.119M ~0.6% of H1 2026 revenue (vs ~5%). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| WELL Health Technologies | WELL · TSX | FAIL | Sept 2026 | Digital healthcare company (275 clinics across Canada; CRH Medical, Circle Medical) — business gate passes; ratios FAIL: total loans and borrowings C$628.7M ~54% of ~C$1.155B market cap (vs ~33%); interest income C$0.587M ~0.2% of Q1 2026 revenue (vs ~5%). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Champion Iron | CIA · TSX | FAIL | Sept 2026 | Iron ore producer (Bloom Lake mine, Fermont, Québec; Rana Gruber acquired Apr 2026) — business gate passes; ratios FAIL: total debt C$1.06B ~62% of ~C$1.71B market cap (vs ~33%); interest income C$9.178M ~0.52% of FY2026 revenue (vs ~5%). Musaffa Academy's dated ASX-200 list marked CIA.AX Halal (2/5 stars); no current Zoya/Musaffa/ShariaPortfolio rating found. |
| WildBrain | WILD · TSX | PASS | Sept 2026 | Kids/family entertainment (Teletubbies, Degrassi; ex-Peanuts after Mar 2026 sale) — business gate passes; provisional PASS: interim production financing ~C$51.7M ~19% of ~C$267.5M market cap (vs ~33%; corporate debt fully repaid Mar 2026); interest income C$2.939M ~1.07% of audited FY2025 revenue (vs ~5%); cash ~C$89M ~33% of market cap flagged as watch item. No public Zoya/Musaffa/ShariaPortfolio rating found. |
| Labrador Iron Ore Royalty | LIF · TSX | PASS | Sept 2026 | Iron ore royalty company (15.1% IOC equity, 7% gross overriding royalty) — business gate passes; ratios PASS: debt-free (0.00% of ~C$1.53B market cap); interest and other income C$120k ~0.35% of Q2 2026 revenue (~0.39% FY2025) vs ~5%. No public Zoya/Musaffa/ShariaPortfolio rating found. |
| Altus Group | AIF · TSX | PASS | Sept 2026 | Commercial real estate software and analytics (ARGUS) — business gate passes; ratios PASS: total debt C$272.5M ~18% of ~C$1.51B market cap (vs ~33%); interest income C$0.317M ~0.28% of Q2 2026 revenue (~2.85% FY2025) vs ~5%. Musaffa June 2024 Canadian list rated AIF.TO Halal; no public Zoya/ShariaPortfolio rating found. |
| Sangoma Technologies | STC · TSX | PASS | Sept 2026 | Business communications software (UCaaS/CCaaS/CPaaS) — business gate passes. Debt gate passes: total debt US$27.3M (~C$38M) ~16% of ~C$232M market cap (vs ~33%). Income gate passes on disclosed figures: F26Q3 interim statements report interest income US$332k over nine months (~0.2% of US$200.1M FY2026 revenue), far under ~5% ceiling. No Zoya/Musaffa/ShariaPortfolio coverage found. NOTE: agreed Sept 28, 2026 to be acquired by BRC Group Holdings (delisting on close, targeted early 2027). |
| Polaris Renewable Energy | PIF · TSX | FAIL | Sept 2026 | Renewable power (geothermal/hydro/solar, Latin America & Caribbean) — business gate passes. Debt gate fails decisively: US$216.8M current+long-term debt at June 30, 2026 (~C$303M incl. US$175M 9.5% Green Bond) ~100% of ~C$282-310M market cap (vs ~33%). Income gate passes on disclosed figures: Q2 2026 interest income US$792k ~4.0% of US$19.935M revenue (H1 ~3.7%), under ~5% ceiling; separate tax-equity income line US$366k Q2. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Endeavour Mining | EDV · TSX | PASS | Sept 2026 | West African gold producer (Houndé, Mana, Ity, Lafigué, Sabodala-Massawa) — business gate passes. Debt gate passes: total debt US$987.1M (~C$1.40B) ~6.9% of ~C$20.37B market cap (vs ~33%); net cash US$254M. Income gate passes: interest income US$5.6M ~0.2% of H1 2026 revenue (US$2,569.3M) vs ~5%. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Brookfield Business Partners | BBU.UN · TSX | FAIL | Sept 2026 | Private-equity-style owner/operator of industrial, business-services and infrastructure-services companies — business gate passes. Debt gate fails outright: ~US$44.8B consolidated debt (TTM to Jun 30, 2026; ~C$63.4B) ~1,560% of ~C$4.06B market cap vs ~33%. Most debt is non-recourse inside subsidiaries, but corporate borrowings alone would also exceed the ceiling. Income gate not reached. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Rogers Sugar | RSI · TSX | FAIL | Sept 2026 | Sugar refining/packaging/marketing (Lantic) plus maple syrup and maple products — business gate passes. Debt gate fails: ~C$431.9M total debt at Jun 27, 2026 (revolver C$116.0M, convertible debentures C$161.9M, senior notes C$98.8M, term loans C$29.9M, leases C$25.3M) ~49.8% of ~C$867.7M market cap vs ~33%. Income gate not reached; no separately disclosed interest income. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Ag Growth International | AFN · TSX | FAIL | Sept 2026 | Farm and Commercial grain-handling/storage equipment manufacturing — business gate passes. Debt gate fails catastrophically: ~C$960M interest-bearing debt at Jun 30, 2026 (senior credit facilities C$575.9M + debentures C$387.4M) ~821% of ~C$116.9M market cap (C$6.19/share) vs ~33%. Senior facilities alone ~493% of market cap. Income gate not reached (disclosed H1 interest income C$38k ≈ 0.01% of revenue — moot). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Brookfield Wealth Solutions | BNT · TSX/NYSE | FAIL | Sept 2026 | Insurance/reinsurance arm (annuities, P&C, life — American National, Argo, Just Group) — business gate fails: conventional insurance is the core business. Debt gate fails: ~US$9.63B interest-bearing debt at Jun 30, 2026 (~C$13.6B) ~78% of ~C$17.42B market cap vs ~33%. Income gate fails: net investment income US$3,627M ~62% of US$5,873M H1 2026 revenue vs ~5%. No Zoya/Musaffa/ShariaPortfolio coverage for BNT found. |
| International Petroleum | IPCO · TSX/Nasdaq Stockholm | PASS | Sept 2026 | Pure oil & gas exploration and production (Canada, Malaysia, France) — business gate passes. Debt gate passes: ~US$517.1M interest-bearing debt at Jun 30, 2026 (financial liabilities US$70,247k + bonds US$443,132k + leases US$3,758k) ~18.7% of ~C$3.90B market cap (112,826,752 shares at C$34.61) vs ~33%. Income gate passes: interest income US$221k ~0.12% of US$185,738k Q2 2026 revenue (Note 4, Net Financial Items) vs ~5%. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Slate Grocery REIT | SGR.UN · TSX | FAIL | Sept 2026 | Ontario trust owning US grocery-anchored retail (115 properties, 15.2M sq ft) — business gate passes. Debt gate fails decisively: ~US$1.3B carrying-amount debt at Jun 30, 2026 (revolver + term loans + mortgages; contractual proportionate US$1,406.2M) ~173% of ~US$753M market cap (60.453M units at ~C$17.69, ~1.42 USD/CAD) vs ~33%. Income gate passes: US$81k interest income ~0.14% of US$57,932k Q2 2026 rental revenue vs ~5%. Musaffa rates not halal. Take-private pending: Brixmor/Everview JV agreed ~Sep 28, 2026 to acquire all units at US$13.00 cash; distributions suspended; units may delist on close. |
| Brookfield Renewable Corp | BEPC · TSX | FAIL | Sept 2026 | Corporate share vehicle for Brookfield Renewable's global renewable power + sustainable solutions (Westinghouse, carbon capture, RNG, recycling, eFuels) — business gate passes. Debt gate fails decisively: ~US$15.88B at Jun 30, 2026 (nonrecourse borrowings US$15,420M + borrowings from Brookfield Wealth Solutions US$458M; exchangeable shares excluded as equity-like) ~305% of ~US$5.21B market cap (185.6M shares at C$39.84 close Sep 29, 2026, ~1.42 USD/CAD) vs ~33%. Income gate passes: interest income on deposits less than US$1M vs US$1,076M Q2 2026 revenue (under 0.1%) vs ~5%. Zoya rates not Shariah-compliant. Pending: BEP/BEPC simplification vote Oct 14, 2026, expected close Q4 2026. Sibling BEP.UN screened separately (FAIL, ~438%). |
| Galiano Gold | GAU · TSX | PASS | Sept 2026 | Ghana gold miner (90% of the Asanko Gold Mine) — business gate passes. Debt gate passes: US$74.579M of lease liabilities (no drawn bank debt) at Jun 30, 2026 ~14.5% of ~C$732M market cap (261.4M shares at ~C$2.80) vs ~33%. Income gate passes: US$0.659M recognized finance income ~0.42% of US$156.568M Q2 2026 revenue vs ~5%. Note: Musaffa rates GAU not halal while AAOIFI-certified Muslim Xchange shows it compliant (both reported without endorsement). |
| Tilray Brands | TLRY · TSX | FAIL | Sept 2026 | Cannabis, beverage, and wellness company — business gate fails: FY2026 cannabis revenue US$268.3M (29.3%) plus beverage revenue US$254.0M (27.7%), ~57% combined from prohibited lines vs AAOIFI criteria. Debt would also fail at ~43.6% of ~US$520M market cap (US$226.9M interest-bearing debt). Interest income not separately disclosed. |
| Morguard REIT | MRT.UN · TSX | FAIL | Sept 2026 | Canadian retail, office and industrial property owner — business gate passes. Debt gate fails: ~C$1.232B interest-bearing debt at Jun 30, 2026 (mortgages, convertible debentures, Morguard loan, bank indebtedness) ~312% of ~C$395M market cap vs ~33%. Income gate passes: other income C$59k ~0.05% of C$118,680k revenue. No Zoya, Musaffa or ShariaPortfolio coverage. |
| ADF Group | DRX · TSX | PASS | Sept 2026 | Structural steel design/fabrication/installation for non-residential construction — business gate passes. Debt gate passes: ~C$41.6M total debt ≈ 11% of ~C$384M market cap (net debt −C$21.1M, net-cash). Income gate passes: C$1.871M interest income ≈ 0.7% of C$258.7M FY2026 revenue. Record C$693.7M backlog at Jul 31, 2026. No Zoya, Musaffa or ShariaPortfolio coverage. |
| Paladin Energy | PDN · TSX | PASS | Sept 2026 | Uranium production (Langer Heinrich, Namibia, 75%) and PLS project development — business gate passes. Debt gate passes: ~US$32M drawn ≈ 1% of ~C$4.2B market cap (net cash US$233M). Income gate passes: US$8.247M interest income ≈ 2.7% of US$304.3M FY2026 revenue. No Zoya, Musaffa or ShariaPortfolio coverage. |
| VitalHub | VHI · TSX | PASS | Sept 2026 | Health software (EHR, operational intelligence, workforce automation); 1,300+ clients — business gate passes. Debt gate passes: no debt, C$136.5M cash. Income gate passes: C$676,602 interest income ≈ 2.1% of C$31.7M Q2 2026 revenue. No Zoya, Musaffa or ShariaPortfolio coverage. |
| American Hotel Income Properties | HOT.UN · TSX | FAIL | Sept 2026 | US hotel REIT (Marriott/Hilton/IHG brands) — business gate passes. Debt gate fails: US$155.7M term + portfolio loans >300% of ~C$40.7M market cap (vs ~33%), plus convertible debentures; debt-to-gross-book-value 51.1%. Income gate passes: finance income US$43k ≈ 0.1% of US$31.1M Q2 2026 revenue. No Zoya/Musaffa/ShariaPortfolio coverage. |
| Tantalus Systems | GRID · TSX | PASS | Sept 2026 | Smart-grid hardware + software for electric utilities — business gate passes. Debt gate passes: US$9.4M term loan ≈ 5% of ~C$267M market cap (cash US$29.3M). Income gate passes: US$193k interest income ≈ 1.3% of US$15.4M Q2 2026 revenue. No Zoya/Musaffa/ShariaPortfolio coverage. |
| Pason Systems | PSI · TSX | PASS | Sept 2026 | Drilling-data instrumentation/software for oil & gas plus Energy Toolbase solar/storage software — business gate passes. Debt gate passes: C$0 interest-bearing debt at Jun 30, 2026; lease liabilities C$27.5M ≈ 2.6% of ~C$1.07B market cap (cash C$68.3M, net-cash). Income gate passes: net interest income C$0.491M ≈ 0.1% of C$419.3M FY2025 revenue. Musaffa rates PSI halal; Zoya and ShariaPortfolio do not cover it. |
| Major Drilling | MDI · TSX | PASS | Sept 2026 | World's largest provider of drilling services to the metals & mining industry — business gate passes. Debt gate passes: C$28.0M long-term debt + C$11.5M leases ≈ C$39.5M ≈ 2.8% of ~C$1.4B market cap (cash C$59.3M). Income gate passes: net finance cost C$1.645M ≈ 0.2% of C$889.1M FY2026 revenue (no standalone interest-income line). No Zoya/Musaffa/ShariaPortfolio coverage. |
| Western Forest Products | WEF · TSX | PASS | Sept 2026 | Coastal BC softwood lumber/forestry (specialty lumber, glulam) — business gate passes. Debt gate passes, narrow: C$0.4M bank + C$36.1M long-term debt + C$23.1M leases ≈ C$59.6M ≈ 30.7% of ~C$194M market cap (cash C$4.3M). Income gate passes: interest on export-tax receivable nil in FY2025 (net expense C$8.6M), 0.4% of revenue in FY2024. Musaffa classifies WEF not halal (no ratio named); no Zoya/ShariaPortfolio rating found. |
| Acadian Timber | ADN · TSX | FAIL | Sept 2026 | NB/Maine timberlands (sawlogs, pulpwood, biomass, carbon credits) — business gate passes. Debt gate fails: C$2.4M short-term + C$46.1M current portion + C$68.2M long-term ≈ C$116.7M ≈ 36% of ~C$322M market cap vs ~33% (holds on all market-cap bases; C$45.4M MetLife tranche due Mar 2027 slated for refinance). Income gate passes: net interest expense every period (~0% income). No Zoya/Musaffa/ShariaPortfolio coverage. |
| Richards Group | RIC · TSX | FAIL | Sept 2026 | Healthcare + packaging distribution (Canada/US) — business gate passes. Debt gate fails: C$94.0M revolving/term debt + C$26.2M leases ≈ C$120.3M ≈ 38.9% of ~C$309M market cap vs ~33% (floor; interim omits current lease portion). Income gate passes: no interest-income line disclosed (~0%). Was Richards Packaging Income Fund (RPI.UN), converted to a corporation Dec 19, 2025. No Zoya/Musaffa/ShariaPortfolio coverage. |
| Thinkific Labs | THNC · TSX | PASS | Sept 2026 | Cloud-based learning-commerce SaaS platform — business gate passes. Debt gate passes: US$1.27M leases (≈ CA$1.8M) ≈ 1.2% of ~CA$146M market cap; no bank loans. Income gate passes: finance income US$2.30M ≈ 3.1% of US$73.2M FY2025 revenue (interest received ≈ 2.8%). No Zoya/Musaffa/ShariaPortfolio coverage. |
| Vecima Networks | VCM · TSX | PASS | Sept 2026 | Broadband access equipment + video content-delivery software (Telematics sold Jul 2026) — business gate passes. Debt gate passes: C$13.8M revolver + C$12.8M current portion + C$22.1M long-term + C$5.2M leases ≈ C$53.9M ≈ 16.8% of ~C$320M market cap. Income gate passes: interest income C$17k ≈ 0.01% of C$295.0M FY2026 revenue. No Zoya/Musaffa/ShariaPortfolio coverage. |
| Morguard Corporation | MRC · TSX | FAIL | Sept 2026 | Real estate ownership/management (residential, commercial, hotels; Canada + US) — business gate passes. Debt gate fails: ~C$5.69B mortgages, debentures, loans and leases ≈ 467% of ~C$1.22B market cap. Income gate passes: bundled interest and other income C$9.1M ≈ 1.65% of C$552.7M six-month revenue (interest not separately disclosed). No Zoya/Musaffa/ShariaPortfolio coverage. |
| Quarterhill | QTRH · TSX | PASS | Sept 2026 | Intelligent transportation systems (tolling, commercial vehicle enforcement, traffic data) — business gate passes. Debt gate passes: ~US$70.7M debt/convertible debentures/leases (~C$100.2M) ≈ 23.7% of ~C$422.3M market cap (27.8% on pre-offer share count). Income gate passes: finance income US$49k ≈ 0.06% of US$81.1M six-month revenue. No Zoya/Musaffa/ShariaPortfolio coverage. |
| Guardian Capital Group | GCG.A · TSX | PASS* | Sept 2026 | Investment management (C$166.6B client assets) — business gate passes; small offshore banking subsidiary (3.6% of assets) disclosed as gray area. Debt gate passes: ~C$144.3M bank borrowings ≈ 8.7% of ~C$1.66B market cap. Income gate passes: interest income C$9.2M ≈ 3.3% of C$277.2M nine-month revenue. *Provisional: banking subsidiary + pending Desjardins take-private + Q3 2025 latest filing. No Zoya/Musaffa/ShariaPortfolio coverage. |
| Sherritt International | S · TSX | FAIL | Sept 2026 | Nickel/cobalt mining and refining (Moa JV, Cuba) + Cuban power (Energas) — business gate passes; no prohibited lines. Debt gate fails decisively: ~C$323.2M loans & borrowings (C$248.8M senior notes + C$74.4M credit facility, Note 12) ≈ 164% of ~C$197.1M market cap (C$0.28, Sept 30, 2026). Income gate passes: interest income C$0.3M ≈ 0.51% of C$59.3M Q2 2026 revenue. Going-concern warning; two unclosed recapitalization proposals. No Zoya/Musaffa/ShariaPortfolio coverage. |
| Meren Energy | MER · TSX | PASS* | Sept 2026 | Upstream oil & gas (deepwater Nigeria; exploration in Namibia/South Africa/Equatorial Guinea) — business gate passes; no prohibited lines. Debt gate passes: ~US$290.0M implied interest-bearing debt (net debt US$212.3M + cash US$77.7M, Q2 2026) ≈ C$411.4M ≈ 28.3% of ~C$1.45B market cap. Income gate passes: interest income US$0.4M ≈ 0.35% of US$114.3M Q1 2026 revenue. *Provisional: debt numerator derived from the release's net-debt disclosure; income figure a quarter older. Renamed from Africa Oil (ticker AOI to MER) May 2025. No Zoya/Musaffa/ShariaPortfolio coverage. |
| Vital Infrastructure Property Trust | VITL.UN · TSX | FAIL | Sept 2026 | Healthcare REIT (104 properties, 11.1M sf GLA, 96.4% occupancy) — business gate passes; no prohibited lines. Debt gate fails decisively: ~C$1.41B interest-bearing debt (C$596.0M mortgages/term + C$70.1M credit facility + C$740.7M debentures, Q1 2026) ≈ 108% of ~C$1.30B market cap (C$5.22, Sept 30, 2026). Income gate passes: interest income C$1.964M ≈ 2.46% of C$79.9M Q1 2026 revenue. Renamed from NorthWest Healthcare Properties REIT (ticker NWH.UN to VITL.UN) March 2026. No Zoya/Musaffa/ShariaPortfolio coverage. |
| Source Energy Services | SHLE · TSX | FAIL | Sept 2026 | Frac sand production/distribution + logistics (oil & gas E&P inputs) — business gate passes; no prohibited lines. Debt gate fails decisively: ~C$291.5M interest-bearing debt (C$190.6M long-term debt incl. current + C$100.9M leases, Q2 2026) ≈ 221.5% of ~C$131.6M market cap (C$10.11, Sept 30, 2026). Income gate passes: interest income C$0.181M ≈ 0.06% of C$297.3M H1 2026 revenue. Refinanced Dec 2024 (Silver Point term loan + CIBC ABL). No Zoya/Musaffa/ShariaPortfolio coverage. |
| Lumine Group | LMN · TSXV | PASS* | Sept 2026 | Communications & media vertical-market software (Constellation spin-out) — business gate passes; no prohibited lines (ad-tech holdings sell software, not ad inventory). Debt gate passes: ~US$481.7M bank indebtedness (Q2 2026) ≈ 13.0% of ~US$3.72B market cap (C$20.55, Sept 29, 2026). Income gate passes: interest receipts at most US$0.954M ≈ 0.41% of US$235.1M Q2 revenue (filing's own blended cash line). *Provisional: exact Q2 interest-income note figure not publicly indexed. TSXV-listed, not TSX. Musaffa lists LMN.V as halal (June 2024 list, dated); no Zoya/ShariaPortfolio coverage found. |
| Lightspeed Commerce | LSPD · TSX | PASS | Sept 2026 | Commerce SaaS (POS, payments, ~146k locations) — business gate passes; Lightspeed Capital is a flat-fee merchant cash advance ("No Deadline, No Interest"), ~4.5% of revenue, disclosed as a nuance. Debt gate passes: only ~US$19.9M of lease debt (no bank debt, no bonds; US$372.1M cash) ≈ 1.5% of ~US$1.34B market cap (C$13.88, Sept 29, 2026). Income gate passes: US$4.967M interest income ≈ 1.54% of US$322.7M FQ1 2027 revenue. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Aritzia | ATZ · TSX | PROVISIONAL PASS | Sept 2026 | Women's fashion retailer (143 boutiques + online) — business gate passes. Debt gate passes: ~C$1.08B of lease-only debt at May 31, 2026 (zero bank debt, zero bonds; C$471.9M cash) ≈ 8.0% of ~C$13.5B market cap (C$122.59, Sept 30, 2026). Income gate passes: "Interest and other income" C$(3,797)k ≈ 0.40% of C$951M FQ1 2027 revenue — provisional because interest is bundled in a disclosed line, not isolated (0.40% is the strict upper bound). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Pet Valu | PET · TSX | FAIL | Sept 2026 | Pet food/supplies retail/wholesale (~877 stores) — business gate passes; income gate passes (~0.90% interest income/revenue, FY2025 Note 19). Debt gate FAILS: ~C$806.7M of interest-bearing debt (C$289.2M long-term debt + C$517.4M lease liabilities, Q1 2026 filing) ≈ 68% of ~C$1.19B market cap (C$17.80, Sept 30, 2026) vs ~33% ceiling. FAIL is driven by store lease liabilities, not bank debt. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Supremex | SXP · TSX | FAIL | Sept 2026 | Envelope + paperboard packaging manufacturer — business gate passes; income gate passes (interest received C$nil, Q2 2026). Debt gate FAILS: ~C$155.8M of interest-bearing debt at June 30, 2026 ≈ 187% of ~C$83.5M market cap (C$3.47, Sept 29-30, 2026) vs ~33% ceiling (~52% even excluding leases). Debt spike driven by ~C$34M Goldrich Printpak acquisition (Jun 5, 2026, C$25M term loan + revolver). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Calian Group | CGY · TSX | FAIL | Sept 2026 | Defence & Space mission-critical solutions (Ottawa) — business gate FAILS: ~67% of FY25 revenue ($520.1M of $774.1M) in the Defence & Space segment; Q3 FY26 backlog $1.4B incl. ~$1B defence (military training/simulation, DND healthcare staffing, vetronics). Debt gate passes: ~C$184.5M of interest-bearing debt at June 30, 2026 ≈ 19.9% of ~C$928.8M market cap (C$80.68, Sept 29, 2026) vs ~33% ceiling. Income gate passes (no standalone interest income line ≈ 0.0%). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Medical Facilities | DR · TSX | PROVISIONAL PASS | Sept 2026 | Two US specialty surgical hospitals (Arkansas + Sioux Falls, 51% owned) — business gate passes (pure healthcare services). Debt gate passes but borderline: US$54.68M of total debt at June 30, 2026 ≈ C$77.6M ≈ 31.8% of ~C$243.7M market cap (C$15.03, late Sept 2026) vs ~33% ceiling (FX-sensitive, ~1.2pp margin). Income gate passes: US$2,206K interest income ≈ 0.64% of US$342,176K FY2025 revenue (audited Note 16; Q2 2026 standalone line not publicly indexed — provisional). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Alithya Group | ALYA · TSX | FAIL | Sept 2026 | Montreal IT consulting / digital transformation (US ~48.8%, Canada ~45.8%, International ~5.4% of FY26 revenue) — business gate passes (no haram segments). Debt gate FAILS: C$126.7M of interest-bearing debt at March 31, 2026 ≈ 114.8% of ~C$110.4M market cap (C$1.14, Sept 2026) vs ~33% ceiling (robust: debt exceeds market cap). Income gate passes: C$390K interest income ≈ 0.08% of C$477,388K FY2026 revenue (audited Note 21). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Aurora Cannabis | ACB · TSX | FAIL | Sept 2026 | Global medical cannabis (Canada, Germany, Poland, Australia, NZ) — business gate passes narrowly: medical cannabis ~94.8% of Q1 FY2027 net revenue (C$64,036K of C$67,554K), consumer (recreational) cannabis ~3.1% and being wound down (below 5% tolerance); medical permissibility is a question for a qualified scholar. Cash gate FAILS: C$149.1M cash + restricted cash + short-term investments at June 30, 2026 ≈ 42.1% of ~C$353.8M market cap (C$5.71, Sept 29, 2026) vs ~33% ceiling (~28.3% ex-restricted cash). Debt gate passes: C$22.7M lease liabilities only, no loans — ~6.4% of market cap. Income gate passes: C$1,241K interest and other income ≈ 1.84% of revenue. Musaffa rates ACB.TO not halal (Sept 2026). Material: Curaleaf hostile take-over bid open until Dec 1, 2026. |
| Cronos Group | CRON · TSX | FAIL | Sept 2026 | Global cannabis (Canada, Israel, Germany) — business gate FAILS: adult-use (recreational) cannabis ~54% of Q2 2026 net revenue (Canada ~US$28.7M of US$53,007K, Spinach-led; #1 in Canadian vapes and edibles), far above the 5% tolerance — same basis as Canopy Growth; medical (Israel + Germany) ~46% is a scholar question. Cash gate FAILS: US$827.0M cash + short-term investments + interest-bearing deposits at June 30, 2026 ≈ 66.4% of ~US$1.25B market cap (US$3.38, Sept 29, 2026) vs ~33% ceiling (~64.0% ex-non-current deposits). Income gate FAILS: US$8,816K interest income, net ≈ 16.6% of revenue vs ~5% ceiling. Debt gate passes: no interest-bearing debt (company describes its balance sheet as debt-free). Musaffa rates CRON.TO not halal (Sept 2026). |
| New Found Gold | NFGC · TSX | FAIL | Sept 2026 | Gold mining and exploration (Newfoundland & Labrador: Hammerdown, Queensway) — business gate passes: H1 2026 revenue C$25.6M entirely from gold and silver sales at Hammerdown. Income gate FAILS: Q2 2026 interest income US$1.53M ≈ 13.8% of US$11.07M quarterly revenue vs ~5% ceiling (cash-heavy: C$193.8M cash at June 30, 2026 after C$115.1M bought-deal at C$2.96/share and C$70.0M EdgePoint facility draw). Debt gate passes: C$67.1M loans payable ≈ 7.4% of ~C$916.8M market cap (C$2.36, Sept 30, 2026) vs ~33% ceiling. Cash gate passes: C$193.8M ≈ 21.1% of market cap (~22.2% incl. short-term investments). Graduated TSXV: NFG → TSX: NFGC August 26, 2026; also NYSE American: NFGC. No public Zoya or Musaffa coverage found. |
| Troilus Mining | TLG · TSX | FAIL | Sept 2026 | Gold-copper mine redevelopment (Troilus Project, Quebec) — business gate passes: pre-revenue developer, nil total revenue FY2021-FY2025. Income gate FAILS: Q3 FY2026 (ended April 30, 2026) interest income C$1,168,961 on nil revenue — far above ~5% ceiling (earned on ~C$140.2M cash and short-term investments from equity financings). Debt gate passes: no interest-bearing debt (short-term loan fully extinguished) ≈ 0% of ~C$1,066.1M market cap (C$2.005, Sept 30, 2026) vs ~33% ceiling. Cash gate passes: C$114.7M cash + C$25.5M short-term bank investments = C$140.2M ≈ 13.1% of market cap. Renamed from Troilus Gold Corp. to Troilus Mining Corp. December 2025. Material: US$850M credit-approved debt commitment (KfW IPEX-Bank, Societe Generale) announced September 28, 2026 plus US$150M EDC — not yet drawn. No public Zoya or Musaffa coverage found. |
| Snowline Gold | SGD · TSX | FAIL | Sept 2026 | Gold exploration and development (Valley deposit, Yukon) — business gate passes: pre-revenue explorer, total revenue nil every quarter. Income gate FAILS: interest income C$1.4M on cash and cash equivalents for the six months ended June 30, 2026 (C$50.2M term deposits at up to 3.30%) — far above ~5% ceiling on nil revenue. Debt gate passes: no interest-bearing debt at June 30, 2026 ≈ 0% of ~C$3,256.1M market cap (C$17.20, Sept 30, 2026) vs ~33% ceiling. Cash gate passes: C$85.3M cash ≈ 2.6% of market cap. Graduated TSXV → TSX December 2, 2025 (ticker SGD unchanged; also OTCQB: SNWGF). Material: ~C$236.3M cash at MD&A date (Aug 12, 2026) after subsequent financing; going-concern substantial doubt disclosed; MOU with First Nation of Na-Cho Nyak Dun (Jan 2026). No public Zoya or Musaffa coverage found. |
| Fireweed Metals | FWZ · TSXV | FAIL | Sept 2026 | Critical-minerals exploration and development (Macpass Zn-Pb-Ag, Mactung tungsten, Gayna Zn-Ga-Ge; Yukon/NWT) — business gate passes: pre-revenue explorer, nil revenue. Income gate FAILS: interest income C$602,711 for the six months ended June 30, 2026 (C$447,498 for Q2 2026 alone) — far above ~5% ceiling on nil revenue. Debt gate passes: no bank debt — camp-equipment leases C$122,202 ≈ 0.02% of ~C$676.7M market cap (C$3.00, Sept 30, 2026) vs ~33% ceiling. Cash gate passes: C$74.7M cash ≈ 11.0% of market cap. Material: closed C$61.5M private placement April 2, 2026 (incl. strategic investment from JX Advanced Metals Corporation); Mactung feasibility study commenced March 2026; C$12.9M Government of Canada funding agreement for North Canol road and power planning. No public Zoya or Musaffa coverage found. |
| Solaris Resources | SLS · TSX | FAIL | Sept 2026 | Copper-gold exploration and development (Warintza project, Ecuador; PFS completed 2026) — business gate passes: pre-revenue developer, nil revenue. Income gate FAILS: interest and other income US$567K for the six months ended June 30, 2026 (US$425K for Q2 2026 alone) — far above ~5% ceiling on nil revenue. Debt gate passes: no bank debt — OMF senior loan fully repaid (US$67.3M) May 21, 2025; only lease liabilities US$388K ≈ 0.03% of ~US$1.18B market cap (US$7.08, Sept 30, 2026) vs ~33% ceiling. Cash gate passes: US$54.0M cash ≈ 4.6% of market cap. Material: US$141.3M deferred revenue is non-interest-bearing Royal Gold streaming funding; shareholders' equity is a US$50.3M deficit; Equinox Gold exited its stake (Dec 2025); new CEO joined Jan 2026; office move to Switzerland planned. No public Zoya or Musaffa coverage found. |
| NGEx Minerals | NGEX · TSX | FAIL | Sept 2026 | Copper-gold exploration and development (Lunahuasi, Argentina; Los Helados, Chile; Lundin Group) — business gate passes: pre-revenue, net loss C$64.1M H1 2026. Income gate FAILS: interest income C$4.0M for the six months ended June 30, 2026 (C$1.9M for Q2 2026 alone) on cash and short-term investments — far above ~5% ceiling on nil revenue. Debt gate passes: no bank debt — financial liabilities C$10.4M ≈ 0.2% of ~C$5,339.1M market cap (C$25.11, Sept 30, 2026) vs ~33% ceiling. Cash gate passes: C$81.2M cash + C$133.5M short-term investments (C$214.7M treasury) ≈ 4.0% of market cap. Material: closed upsized C$175M private placement Oct 2025 (7M shares at C$25.00); net working capital C$463.3M incl. C$252.7M of listed LunR Royalties Corp. shares (TSX: LUNR). No public Zoya or Musaffa coverage found. |
| Montage Gold | MAU · TSX | FAIL | Sept 2026 | Gold mining and development (Koné project, Côte d'Ivoire; first gold poured September 26, 2026) — business gate passes: pre-revenue developer, nil revenue, net loss US$39.531M H1 2026. Income gate FAILS: interest income US$740K for the six months ended June 30, 2026 (Note 18; earned on cash balances; US$1.4M more capitalized against borrowing costs) — far above ~5% ceiling on nil revenue. Debt gate passes: interest-bearing debt US$64.501M + lease liabilities US$0.31M ≈ 1.2% of ~US$5.5B market cap (~C$7.8B; C$19.45-C$19.60, September 2026) vs ~33% ceiling. Cash gate passes: US$154.377M cash + US$4.384M marketable securities ≈ 2.9% of market cap. Material: US$744.5M deferred revenue (gold streams) is advance payment for future gold delivery, not interest-bearing debt; graduated TSXV → TSX April 29, 2025. Musaffa rates MAUTF not halal (September 2026); no Zoya or ShariaPortfolio coverage found. |
| Gran Tierra Energy | GTE · TSX / NYSE American / LSE | FAIL | Sept 2026 | Independent oil & gas E&P (Colombia, Ecuador, Canada) — business gate passes: pure upstream, no haram segments. Debt gate FAILS: long-term debt US$551.812M + current portion US$45.717M + lease obligations ~US$47.5M ≈ US$645.0M (≈ C$915.4M) ≈ 190% of ~C$482.24M market cap (C$13.63, September 25, 2026; 35.38M shares) vs ~33% ceiling — fails even on debt alone (~178%). Income gate passes: interest income US$503K on US$187.181M Q2 revenue ≈ 0.27% vs ~5% ceiling. Cash elevated: US$126.7M ≈ 37% of market cap. Material: agreed August 5, 2026 to sell Colombian/Ecuadorian businesses to Maurel & Prom for ~US$1.33B — not closed as of September 30, 2026; company says continuing company would be essentially debt-free with ~US$315M net cash — re-screen after close. No public Zoya rating or Musaffa coverage found. |
| Orion Digital | ORIO · TSX / Nasdaq | FAIL | Sept 2026 | Canadian fintech (formerly Mogo Inc.; renamed December 29, 2025; MOGO defunct; trades TSX/Nasdaq: ORIO) — business gate FAILS: interest revenue from its own consumer loan book was C$6,322K of C$16,855K total revenue in Q2 2026 (37.5%; 38.3% for FY2025) — interest-based lending far above ~5% tolerance. Debt gate FAILS: credit facility C$49.779M + debentures C$31.071M + leases C$0.695M ≈ C$81.5M ≈ 240% of ~C$34.0M market cap (C$1.44, September 28, 2026; 23,781,198 shares) vs ~33% ceiling. Cash gate FAILS: C$23.271M cash + C$4.201M marketable securities ≈ 81% of market cap vs ~33% ceiling. Fails all three gates independently. No Zoya, Musaffa or ShariaPortfolio coverage found. |
| Keel Infrastructure | KEEL · TSX / Nasdaq | FAIL | Sept 2026 | Digital infrastructure + energy for HPC/AI (2.2 GW power pipeline); legacy Bitcoin mining; formerly Bitfarms Ltd. (US-redomiciled April 1, 2026; BITF defunct; KEEL trading since April 6, 2026) — business gate PASSES (crypto scholarly-debate disclosed). Debt gate FAILS: total long-term debt US$1,025,829K ≈ 45% of ~C$3.14B market cap (C$5.09, September 29, 2026; 617,573,212 shares) vs ~33% ceiling. Income gate FAILS: interest income US$2,885K ≈ 9.5% of US$30,430K Q2 2026 revenue vs ~5% ceiling. Cash gate passes: US$715.5M ≈ 32% of market cap. Material: US$590M convertible financing proceeds reported at a September 2026 conference (post-quarter). No Zoya, Musaffa or ShariaPortfolio coverage found. |
| Vizsla Silver | VZLA · TSX / NYSE American | FAIL | Sept 2026 | Silver/gold exploration and development (Panuco, Mexico; production targeted late 2027) — business gate PASSES. Income gate FAILS: interest and finance income US$4,289K was ~100% of total income in the quarter ended July 31, 2026 (nil revenue; pre-production developer) vs ~5% ceiling. Debt gate passes: convertible notes US$240.4M ≈ 18% of ~US$1.33B market cap (US$3.755, September 30, 2026; 354,966,872 shares) vs ~33% ceiling. Cash gate passes: US$410.9M cash + short-term investments ≈ 31% of market cap. Material: still listed on TSX + NYSE American; the company delisted Sept 2026 was Vizsla Royalties Corp. (VROY, TSX-V), a separate royalty company acquired by Elemental Royalty. No Zoya, Musaffa or ShariaPortfolio coverage found. |
| Profound Medical | PRN · TSX / Nasdaq | FAIL | Sept 2026 | Commercial-stage medical devices (TULSA-PRO MRI-guided prostate ablation, FDA-cleared; Sonalleve MRI-guided therapy, FDA HDE) — business gate PASSES. Income gate FAILS: net finance income US$336K (primarily interest income from cash, per MD&A) ≈ 8.3% of US$4,064K total income in the quarter ended June 30, 2026 (revenue US$2,483K + FX gain US$1,245K) vs ~5% ceiling. Debt gate passes: CIBC loan US$4,507K ≈ 2% of ~US$211M market cap (US$211.07M, September 29, 2026; 36,532,594 shares) vs ~33% ceiling. Cash gate passes: US$38.3M ≈ 18% of market cap. Dual-listed TSX + Nasdaq. No Zoya, Musaffa or ShariaPortfolio coverage found. |
| A&W Food Services of Canada Inc. | AW · TSX | FAIL | Sept 2026 | A&W Food Services of Canada (TSX: AW) franchises A&W quick-service restaurants across Canada — and pork products are core menu items: the Bacon & Egger and Sausage & Egger breakfast sandwiches use bacon and sausage from pork, per A&W's own menu descriptions. The business gate fails, so this screener is a FAIL. |
| Aecon Group Inc. | ARE · TSX | FAIL | Sept 2026 | Aecon Group Inc. (TSX: ARE), headquartered in Toronto, is a North American construction and infrastructure-development company (Construction and Concessions segments). The ratios pass — debt of ~C$179 million is ~5% of the ~C$3.59 billion market cap — but Aecon has verified defence exposure: an Aecon-led joint venture is delivering the Arctic Over-the-Horizon Radar Program Stage 1 for Defence Construction Canada, a Department of National Defence NORAD-modernization programme. FAIL. |
| Agnico Eagle | AEM · TSX/NYSE | PASS | Sept 2026 | Agnico Eagle passes Shariah screening as of September 2026. ~0.1% debt-to-market-cap — the company is essentially unlevered, with US$3.3B of net cash. The cleanest balance-sheet screen in our Canadian database. |
| Air Canada | AC · TSX | FAIL | Sept 2026 | Air Canada (TSX: AC) is Canada's flag carrier — scheduled passenger, cargo, and vacation services with a fleet of 357 aircraft and about 37,000 employees. The business clears gate one. The balance sheet fails gate two by a mile. |
| Alamos Gold Inc. | AGI · NYSE/TSX | PASS | Sept 2026 | Alamos Gold Inc. (AGI) is an intermediate gold producer based in Toronto, with operating mines in Canada and Mexico. Mining clears gate one easily, and ~1.5% debt-to-market-cap leaves wide headroom under the ~33% ceiling — a PASS, re-checked every quarter. |
| Alaris Equity Partners Income Trust | AD.UN · TSX | FAIL | Sept 2026 | Alaris Equity Partners Income Trust (TSX: AD.UN) is an alternative-financing trust whose recognized interest income is about 15% of revenue — about three times the ~5% ceiling — so it fails the income gate: FAIL. |
| Algonquin Power & Utilities Corp. | AQN · TSX | FAIL | Sept 2026 | Algonquin Power & Utilities Corp. (TSX/NYSE: AQN), headquartered in Oakville, Ontario, is a regulated electric, natural gas and water utility (through Liberty Utilities) plus retained hydroelectric generation. The business passes — but debt of about US$6.6 billion (~CA$9.4 billion) is roughly 173% of the ~CA$5.4 billion market cap — far above the ~33% ceiling. FAIL. |
| Alimentation Couche-Tard | ATD · TSX | PASS | Sept 2026 | Couche-Tard is Shariah-compliant as of September 2026, with one disclosed asterisk. The core business is fine and the debt ratio (~20%) is comfortable. But tobacco and nicotine products are a real convenience-store category, and scholars differ on that — so this is a personal-conscience pass, not an unconditional one. |
| Allied Properties Real Estate Investment Trust | AP.UN · TSX | FAIL | Sept 2026 | Allied Properties REIT (TSX: AP.UN) is an office landlord — a permissible business — but its debt of about C$4,080.7 million is about 295% of its market cap and its interest income is about 6.0% of revenue, so both financial gates fail: FAIL. |
| AltaGas | ALA · TSX | FAIL | Sept 2026 | AltaGas Ltd. (TSX: ALA) is a Calgary-based energy infrastructure company — regulated gas utilities in the U.S. plus midstream assets including global LPG exports. The business clears gate one; ~61% debt-to-market-cap is the problem. |
| Andrew Peller | ADW.A · TSX | FAIL | Sept 2026 | Andrew Peller Limited (TSX: ADW.A) is one of Canada's leading producers and marketers of quality wines and craft beverage alcohol products. Alcohol is its core, material business — a prohibited segment — so the screener fails at gate one. Separately, ADW.A was delisted from the TSX on or about August 17, 2026 after the Fairfax Financial going-private transaction. FAIL. |
| Apple | AAPL · NASDAQ | PASS | Sept 2026 | Apple passes Shariah screening as of September 2026. Its business (technology: hardware, software, services) is halal, its debt is 1.98% of market cap, and its interest income is effectively zero. Zoya's screener independently rates AAPL Shariah-compliant. Below: the full screening math, the Apple Card question every investor asks, and the caveats that could change the answer. |
| ARC Resources Ltd. | ARX · TSX | PASS | Sept 2026 | ARC Resources Ltd. (TSX: ARX) is a Montney-focused oil and gas producer pumping over 390,000 boe per day. Hydrocarbon production is a permissible business — and ARC's leverage sits comfortably under the screen. |
| Artemis Gold Inc. | ARTG · TSXV | PASS | Sept 2026 | Artemis Gold (TSXV: ARTG) is a gold and silver producer — a permissible business — with total debt of about C$592.7 million, about 6.3% of its ~C$9.37 billion market cap, and finance income of about 0.22% of revenue. This screener is a PASS. |
| ATCO Ltd. | ACO.X · TSX | FAIL | Sept 2026 | ATCO Ltd. (TSX: ACO.X) is a Calgary-based diversified holding company whose business shows no haram segments — but its consolidated debt of about C$12.8 billion is roughly 154% of market cap, a decisive FAIL on the debt gate. |
| AtkinsRéalis | ATRL · TSX | PASS | Sept 2026 | AtkinsRéalis Group Inc. (TSX: ATRL) is a Montreal-based engineering services and nuclear company — consulting, design, procurement, construction management, and the CANDU nuclear technology business. The business is clean and the balance sheet is light: ~5.7% debt-to-market-cap clears gate two comfortably. |
| ATS Corporation | ATS · TSX | FAIL | Sept 2026 | ATS Corporation (TSX: ATS; also NYSE-listed) is a Cambridge, Ontario industrial automation solutions provider — planning, designing, building and servicing automated manufacturing and assembly systems. Its business passes the screen, but total debt of ~CA$1.39 billion is ~53.0% of its ~CA$2.62 billion market cap — a FAIL, re-checked every quarter. |
| Aya Gold & Silver Inc. | AYA · TSX | PASS | Sept 2026 | Aya Gold & Silver (TSX/NASDAQ: AYA) is a pure silver producer with operations in Morocco and no haram business segment. Interest-bearing debt of ~US$86.344 million including leases is about 2.1% of the ~US$4.06 billion market cap (under the ~33% ceiling), and interest income of ~US$1.147 million is about 1.19% of Q2 2026 revenue of US$96.794 million (under the ~5% ceiling). This screener is a PASS. |
| B2Gold | BTO · TSX | PASS* | Sept 2026 | B2Gold Corp. (TSX: BTO) is a Vancouver-based gold producer with four operating mines — Fekola in Mali, Goose in Canada, Masbate in the Philippines, and Otjikoto in Namibia. On our primary-filing math the business has no verified haram lines, total debt of US$456.1 million is ~6.3% of the ~C$9.87 billion market cap, and interest income is just ~0.46% of revenue. Conditional PASS* — Musaffa classifies BTO.TO as not halal as of September 2026, so read the third-party section before deciding. |
| Bank of Montreal | BMO · TSX/NYSE | FAIL | Sept 2026 | BMO fails Shariah screening as of September 2026. Canada's oldest bank is a conventional bank, and conventional banking is a prohibited industry at step one of every major screening methodology. The financial ratios are never reached — the category is the screener. C$5.57B of net interest income in a single quarter tells you why. |
| Barrick Mining | ABX · TSX | PASS | Sept 2026 | Barrick passes Shariah screening as of September 2026. ~6.5% debt-to-market-cap with a net-cash balance sheet, and gold/copper mining is a permissible business. (Barrick renamed itself from Barrick Gold to Barrick Mining; it trades as ABX on the TSX and B on the NYSE.) |
| Bausch Health Companies Inc. | BHC · TSX | FAIL | Sept 2026 | Bausch Health (TSX/NYSE: BHC) makes pharmaceuticals and medical devices — a permissible business — but its interest-bearing debt of about US$20,741 million is roughly 962% of its ~US$2.16 billion market cap, far over the ~33% ceiling. This screener is a FAIL. |
| Baytex Energy | BTE · TSX | PASS | Sept 2026 | Baytex Energy Corp. (TSX: BTE), headquartered in Calgary, is a pure-play oil and natural gas producer — light oil in the Pembina Duvernay and Viking, heavy oil in Peace River/Peavine/Lloydminster in Alberta and Saskatchewan (its US Eagle Ford business was sold in December 2025). The business has no verified haram lines — and total debt of ~C$91.1 million is ~2.0% of the ~C$4.52 billion market cap, with net cash interest income of just ~0.12% of revenue. PASS. |
| BCE | BCE · TSX/NYSE | FAIL | Sept 2026 | BCE fails Shariah screening as of September 2026. Its debt is 150.9% of market cap, nearly five times the 33% ceiling. Zoya independently rates BCE not Shariah-compliant. The Bell Media entertainment business is a gray-area business-screen caveat on top. This isn't a close call — it's the clearest fail in our database. |
| Bird Construction Inc. | BDT · TSX | FAIL | Sept 2026 | Bird Construction Inc. (TSX: BDT), headquartered in Mississauga, Ontario, is a coast-to-coast general contractor for industrial, buildings and institutional/infrastructure markets. The debt gate passes (~9.7% of market cap) — but the company confirms a defence-sector presence: its April 2025 press release says new awards "reinforce" Bird's "defence… portfolios", and the CEO cited Bird's "consistent presence in defence". FAIL. |
| BlackBerry Limited | BB · TSX | PASS | Sept 2026 | BlackBerry Limited (TSX: BB) is the Waterloo, Ontario enterprise-software company built on QNX — embedded software in 275 million+ vehicles — plus Secure Communications and a patent-licensing business. Selling software and services is a permissible business. |
| Boardwalk Real Estate Investment Trust | BEI.UN · TSX | FAIL | Sept 2026 | Boardwalk Real Estate Investment Trust (TSX: BEI.UN) is a residential rental REIT whose mortgage debt and lease liabilities total about 120.2% of market cap — nearly four times the ~33% ceiling — so it fails the debt gate: FAIL. |
| Bombardier Inc. | BBD.B · TSX | PASS | Sept 2026 | Bombardier Inc. (TSX: BBD.B) is the Montreal-based builder of business jets — Global, Challenger and Learjet — plus a fast-growing aftermarket services business. The aircraft business clears gate one, and ~17.4% debt-to-market-cap sits comfortably under the ~33% ceiling — a PASS, re-checked every quarter. |
| Bonterra Energy Corp. | BNE · TSX | FAIL | Sept 2026 | Bonterra Energy Corp. (TSX: BNE) is a Calgary-based oil-and-gas producer whose ~C$171 million of interest-bearing debt runs about 80% of its roughly C$212 million market cap — a decisive debt-gate failure. |
| Boston Pizza Royalties Income Fund | BPF.UN · TSX | FAIL | Sept 2026 | Boston Pizza Royalties Income Fund (TSX: BPF.UN) earns its royalties on 'Franchise Sales' — gross restaurant revenue that, by the Fund's own filings, includes all food sales, and Boston Pizza's menu includes pork-derived products — so it fails at gate one: FAIL. |
| Boyd Group Services Inc. | BYD · TSX | FAIL | Sept 2026 | Boyd Group Services Inc. (TSX: BYD / NYSE: BGSI) is one of North America's largest non-franchised collision repair operators — 1,321 locations trading as Gerber Collision & Glass, Boyd Autobody & Glass, and Assured Automotive, plus retail auto glass, claims administration, and scanning/calibration services. The repair business clears gate one, but ~44.7% debt-to-market-cap (~92.8% with leases) is over the ~33% ceiling — a FAIL on gate two, so it gets re-checked every quarter. |
| Brookfield Asset Management | BAM · TSX | PASS* | Sept 2026 | Brookfield Asset Management passes Shariah screening as of September 2026, with caveats you should read. All three AAOIFI-style ratios clear their ceilings (4.7% debt, 4.34% interest income), but the income ratio sits close to the 5% line, Zoya currently rates BAM non-compliant on undisclosed grounds, and the screener is provisional pending the FY2026 annual report. This is also not Brookfield Corporation (BN) — our BN screener was FAIL. Below: the full screening math, the divergence, and the gray areas. |
| Brookfield Corporation | BN · TSX | FAIL | Sept 2026 | Brookfield fails Shariah screening as of September 2026. Its consolidated debt is about 316% of its market cap — nearly ten times the 33% ceiling — and its conventional insurance arm adds a second, independent problem. Zoya's screener independently rates BN non-compliant. Below: the screening math, the honest caveats, and what to hold instead. |
| Brookfield Renewable Partners L.P. | BEP.UN · TSX | FAIL | Sept 2026 | Brookfield Renewable Partners L.P. (TSX: BEP.UN) is one of the world's largest owners of renewable power — hydro, wind, and solar across four continents. The business is clean. The balance sheet is not: nearly US$37 billion of debt against an ~US$8.4 billion market cap. |
| BRP Inc. | DOO · TSX | FAIL | Sept 2026 | BRP Inc. (TSX: DOO) is the Valcourt, Quebec-based powersports giant — Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft, Can-Am on- and off-road vehicles, Quintrex boats, and Rotax engines. Recreational vehicles are a permissible business, but the debt load fails gate two. |
| CAE Inc. | CAE · TSX | PASS | Sept 2026 | CAE Inc. (TSX: CAE) is the Montreal-based global leader in flight simulators and pilot training, serving civil aviation and defence customers. It is a technology and services business — permissible under the screen — and ~29% debt-to-market-cap clears the ratios. |
| Calfrac Well Services Ltd. | CFW · TSX | PASS* | Sept 2026 | Calfrac Well Services Ltd. (TSX: CFW) is a Calgary-based oilfield-services provider whose ratio math clears both AAOIFI-style ceilings — but Musaffa currently classifies it as not halal, making this a provisional PASS*. |
| Cameco | CCO · TSX | PASS | Sept 2026 | Cameco passes Shariah screening as of September 2026. Uranium mining and nuclear fuel services are a permissible business, debt-to-market-cap is ~2.2% against a 33% ceiling, and finance income is ~1.1% of revenue against the 5% screen. This is a screening result, not a fatwa — screen again quarterly. |
| Canaccord Genuity Group Inc. | CF · TSX | FAIL | Sept 2026 | Canaccord Genuity Group (TSX: CF) is an independent investment dealer, but interest-earning activities are structural and recurring — client cash-balance spreads, margin interest, stock borrowing/lending, and interest-bearing employee loans — putting the business gate itself in question. Both ratio screens fail: interest revenue of ~C$47.9 million is about 8.35% of Q1 FY2027 revenue of C$573.6 million (over the ~5% ceiling), and debt of ~C$824.4 million is about 57.3% of the ~C$1.44 billion market cap (over the ~33% ceiling). This screener is a FAIL. |
| Canada Goose Holdings Inc. | GOOS · TSX | FAIL | Sept 2026 | Canada Goose Holdings Inc. (TSX: GOOS) is the Toronto-based luxury outerwear maker — parkas, lightweight down, rainwear, and apparel sold through its own stores, e-commerce, and wholesale. Making and selling clothes is a permissible business, but the balance sheet fails gate two. |
| Canadian Apartment Properties REIT | CAR.UN · TSX | FAIL | Sept 2026 | Canadian Apartment Properties REIT (TSX: CAR.UN) is Canada's largest residential landlord, owning apartment buildings across the country and internationally. Rental income is a permissible business — but this is one of the most leveraged names in the screener database. |
| Canadian National Railway | CNR · TSX | PASS | Sept 2026 | Canadian National Railway passes Shariah screening as of September 2026. Its business (freight rail) is halal, its debt is 20.8% of market cap, and its interest income is effectively zero. Zoya, Musaffa, and ShariaPortfolio independently agree. Below: the full screening math and the caveats. |
| Canadian Natural Resources | CNQ · TSX/NYSE | PASS | Sept 2026 | Canadian Natural is Shariah-compliant as of September 2026. Oil and gas production is a permissible business, and the balance sheet is one of the cleanest among Canadian large-caps: C$17.1B of gross interest-bearing debt (C$14.5B net of C$2.6B cash) against ~C$138.4B of market cap, a debt-to-market-cap ratio of ~12.4% against a 33% ceiling. |
| Canadian Pacific Kansas City | CP · TSX | PASS | Sept 2026 | Canadian Pacific Kansas City passes Shariah screening as of September 2026. Its business (freight rail) is halal, its debt is 23.2% of market cap, and its interest income is C$0. Zoya rates CP Shariah-compliant. Below: the full screening math and the caveats. |
| Canadian Tire | CTC.A · TSX | FAIL | Sept 2026 | Canadian Tire fails Shariah screening as of September 2026. Debt-to-market-cap is ~53%, above the 33% ceiling — on gross interest-bearing debt including the current portion. The retail business (Canadian Tire, SportChek, Mark's) is permissible, and Q2 2026 earnings were solid, but the balance sheet is too indebted for the screen. |
| Canadian Utilities | CU · TSX | FAIL | Sept 2026 | Canadian Utilities Limited (TSX: CU) is an ATCO-family utility — regulated electricity and natural gas distribution, power generation, energy storage, and natural gas distribution in Australia. The business is clean, but the balance sheet is not: ~87% debt-to-market-cap fails gate two by a wide margin. |
| Canfor Corporation | CFP · TSX | FAIL | Sept 2026 | Canfor Corporation (TSX: CFP) is an integrated forest-products company whose debt and lease liabilities of about 55.1% of market cap — well above the ~33% ceiling — mean it fails the debt gate: FAIL. |
| Capital Power Corporation | CPX · TSX | FAIL | Sept 2026 | Capital Power Corporation (TSX: CPX) is an Edmonton-based power generator with about 12 GW of capacity across Canada and the US. The electricity business clears gate one, but ~71.7% debt-to-market-cap is more than double the ~33% ceiling — a FAIL, re-checked every quarter. |
| Capstone Copper | CS · TSX | PASS | Sept 2026 | Capstone Copper Corp. (TSX: CS) is a copper mining and development company with operations in Chile (Mantos Blancos, a 70% interest in Mantoverde), the United States (Pinto Valley) and Mexico (Cozamin), plus the fully permitted Santo Domingo copper-iron-gold-cobalt project. The business has no verified haram lines, long-term debt of US$976.814 million is about 12.6% of the ~C$10.66 billion market cap, and finance income is just ~0.30% of revenue. PASS. |
| Cargojet Inc. | CJT · TSX | FAIL | Sept 2026 | Cargojet Inc. (TSX: CJT) is Canada's time-sensitive overnight air-cargo carrier, operating a domestic co-load network plus dedicated-aircraft and scheduled international routes. The air-cargo business clears gate one, but ~70% debt-to-market-cap is more than double the ~33% ceiling — a FAIL, re-checked every quarter. |
| Cascades Inc. | CAS · TSX | FAIL | Sept 2026 | Cascades Inc. (TSX: CAS) is a packaging and tissue maker whose interest-bearing debt of about 105.6% of market cap — roughly three times the ~33% ceiling — means it fails the debt gate: FAIL. |
| CCL Industries Inc. | CCL.B · TSX | PASS | Sept 2026 | CCL Industries Inc. (TSX: CCL.B) is the world's largest label company — pressure-sensitive labels, plastic tubes, aluminum aerosols, Avery office products, and Checkpoint RFID tagging, from 214 facilities in 42 countries. Labels and packaging are a permissible business, and the ratio math clears comfortably. |
| Celestica Inc. | CLS · TSX | FAIL | Sept 2026 | Celestica Inc. (TSX: CLS; also NYSE-listed) is a Toronto-headquartered electronics manufacturing services company — design, engineering and manufacture of complex electronics and data-center infrastructure, plus hardware platform solutions for hyperscalers and cloud providers. But its ATS segment includes a verified Aerospace and Defense business — a FAIL at gate one, re-checked every quarter. |
| Cenovus Energy | CVE · TSX/NYSE | PASS | Sept 2026 | Cenovus passes Shariah screening as of September 2026. ~10.5% debt-to-market-cap, net debt slashed by C$2.7B in a single record quarter, and a permissible integrated oil-and-gas business. One of the cleaner Canadian energy screens. |
| Centerra Gold Inc. | CG · TSX | PASS* | Sept 2026 | Centerra Gold Inc. (TSX: CG) is a gold-and-copper miner whose ratio math clears both AAOIFI-style ceilings — but Musaffa currently classifies it as not halal, making this a provisional PASS*. |
| CGI Inc | GIB.A · TSX | PASS | Sept 2026 | CGI passes Shariah screening as of September 2026. ~22% debt-to-market-cap (including leases — the strictest basis), a C$31.79B backlog at 1.9x annual revenue, and a permissible IT-services business. |
| Chartwell Retirement Residences | CSH.UN · TSX | FAIL | Sept 2026 | Chartwell Retirement Residences (TSX: CSH.UN) is a seniors-housing trust whose debt and lease obligations total about 48.5% of market cap — about one and a half times the ~33% ceiling — so it fails the debt gate: FAIL. |
| Chemtrade Logistics | CHE.UN · TSX | FAIL | Sept 2026 | Chemtrade Logistics Income Fund (TSX: CHE.UN) is a diversified specialty-chemicals provider — sulphuric acid, water-treatment coagulants, electrochemicals and industrial services across North America and beyond. The business has no verified haram lines — but long-term debt of C$1,110.8 million is about 75% of the ~C$1.48 billion market cap, decisively over the ~33% ceiling. FAIL. |
| Choice Properties Real Estate Investment Trust | CHP.UN · TSX | FAIL | Sept 2026 | Choice Properties Real Estate Investment Trust (TSX: CHP.UN), anchored by Loblaw, is one of Canada's largest REITs — 699 properties including grocery-anchored retail, industrial, and mixed-use developments. The rental business clears gate one, but ~63.8% debt-to-market-cap is roughly double the ~33% ceiling — a FAIL, so it gets re-checked every quarter. |
| Chorus Aviation Inc. | CHR · TSX | FAIL | Sept 2026 | Chorus Aviation Inc. (TSX: CHR) runs regional air services and aircraft leasing out of Halifax — but its C$308 million of interest-bearing debt is about 45% of market cap, a FAIL on the debt gate. |
| CIBC | CM · TSX/NYSE | FAIL | Sept 2026 | CIBC fails Shariah screening as of September 2026. The Canadian Imperial Bank of Commerce is a conventional bank, and conventional banking is a prohibited industry at step one of every major screening methodology. A 26% jump in adjusted earnings doesn't change the category — it only sharpens the answer. |
| Coeur Mining, Inc. | CDE · other | PASS | Sept 2026 | Coeur Mining, Inc. (CDE) is a Chicago-based gold-and-silver miner whose ratio math clears both AAOIFI-style ceilings by a wide margin — and both Zoya and ShariaPortfolio rate it Shariah-compliant. |
| Cogeco Communications Inc. | CCA · TSX | FAIL | Sept 2026 | Cogeco Communications Inc. (TSX: CCA) provides internet, wireless, video and wireline phone services in Canada (Cogeco, oxio) and the United States (Breezeline) to about 1.6 million subscribers. The telecom business passes — but long-term debt of about C$4.47 billion is roughly 194% of the ~C$2.3 billion market cap — far above the ~33% ceiling. FAIL. |
| Cogeco Inc. | CGO · TSX | FAIL | Sept 2026 | Cogeco Inc. (TSX: CGO) is a telecom and media holding corporation whose debt and lease liabilities of about 973% of market cap — roughly thirty times the ~33% ceiling — mean it fails the debt gate: FAIL. |
| Colliers International Group Inc. | CIGI · TSX | FAIL | Sept 2026 | Colliers International Group Inc. (TSX: CIGI) is a Toronto-based global professional services and investment management company — commercial real estate services, engineering, and investment management (under the Harrison Street brand, with $109.9 billion of AUM). Real estate services, engineering and investment management clear gate one, but ~54.4% debt-to-market-cap is over the ~33% ceiling — a FAIL on gate two, so it gets re-checked every quarter. |
| Computer Modelling Group Ltd. | CMG · TSX | PASS | Sept 2026 | Computer Modelling Group (TSX: CMG) is a Calgary software company selling reservoir simulation software and subsurface solutions to the oil & gas industry — a clean business with no haram segment. Debt of ~C$7.8 million drawn on the credit facility is about 2.5% of the ~C$315 million market cap (about 14.4% including lease liabilities last disclosed at ~C$37.4M), under the ~33% ceiling, and interest income of ~C$0.041 million is about 0.15% of Q1 FY2027 revenue of C$27.845 million (under the ~5% ceiling). This screener is a PASS. |
| Constellation Software | CSU · TSX | PASS | Sept 2026 | Constellation Software passes Shariah screening as of September 2026. Its business (vertical-market software) is halal, its debt is 9.6% of market cap, and its interest income is about 0.4% of revenue. An independent screener rates CSU.TO compliant across 8 standards including AAOIFI. Below: the full screening math and the caveats. |
| Corby Spirit and Wine Limited | CSW.A · TSX | FAIL | Sept 2026 | Corby Spirit and Wine Limited (TSX: CSW.A) is a manufacturer, marketer, and importer of spirits, wines, and ready-to-drink cocktails — beverage alcohol is its entire core business — so it fails the business-activity gate: FAIL. |
| Coveo Solutions Inc. | CVO · TSX | PASS | Sept 2026 | Coveo Solutions (TSX: CVO) sells AI-Relevance SaaS to enterprises, with no haram business segment. Interest-bearing debt of ~US$14.451 million is about 5.1% of the ~C$400.9 million market cap (under the ~33% ceiling), and interest revenue of US$4.273 million is about 2.88% of FY2026 revenue of US$148.339 million (under the ~5% ceiling). Musaffa rates it HALAL as of September 2026. This screener is a PASS. |
| Crombie Real Estate Investment Trust | CRR.UN · TSX | FAIL | Sept 2026 | Crombie Real Estate Investment Trust (TSX: CRR.UN) is a grocery-anchored REIT whose debt and lease liabilities total about 85.9% of market cap — about two and a half times the ~33% ceiling — so it fails the debt gate: FAIL. |
| CT Real Estate Investment Trust | CRT.UN · TSX | FAIL | Sept 2026 | CT Real Estate Investment Trust (TSX: CRT.UN) is a Canadian Tire–anchored retail REIT whose total indebtedness of about 80.5% of market cap — about two and a half times the ~33% ceiling — means it fails the debt gate: FAIL. |
| D2L Inc. | DTOL · TSX | PASS | Sept 2026 | D2L Inc. (TSX: DTOL) is a learning-technology company with zero interest-bearing debt, interest income of about 1.2% of revenue, and no haram business segments — so all three screens pass: PASS. |
| Definity Financial Corporation | DFY · TSX | FAIL | Sept 2026 | Definity Financial Corporation (TSX: DFY) is the Waterloo, Ontario property-and-casualty insurer behind Economical, Sonnet, Family, and Petline — and, since its acquisition closed, Travelers Canada. Selling conventional insurance is a prohibited business activity under AAOIFI standards. |
| Denison Mines Corp. | DML · TSX | FAIL | Sept 2026 | Denison Mines Corp. (TSX: DML) is a development-stage uranium miner whose interest income dwarfs its near-nil revenue — about 170.5% of FY2025 revenue — so it fails the income gate: FAIL. |
| Descartes Systems Group Inc. | DSG · TSX | PASS | Sept 2026 | The Descartes Systems Group Inc. (TSX: DSG; NASDAQ: DSGX) is a Waterloo-based logistics software company — its Global Logistics Network connects shippers, carriers, and freight forwarders with SaaS for trade compliance, customs, and transportation management. Debt-free, cash-rich, and profitable. |
| Discovery Mining Ltd. | DSV · TSX | PASS | Sept 2026 | Discovery Mining Ltd. (TSX: DSV) — formerly Discovery Silver Corp. — is a Canadian precious-and-base-metals miner reporting no debt and lease liabilities of only about US$9 million against a roughly C$9.9 billion market cap. |
| Diversified Royalty Corp. | DIV · TSX | FAIL | Sept 2026 | Diversified Royalty Corp. (TSX: DIV) is a multi-royalty holding company whose total debt is about 88.8% of market cap — about two and two-thirds times the ~33% ceiling — so it fails the debt gate: FAIL. |
| Docebo Inc. | DCBO · TSX | PASS | Sept 2026 | Docebo Inc. (TSX: DCBO) is a Toronto-based cloud learning-management-system (LMS) SaaS provider, dual-listed on the TSX and Nasdaq, earning revenue from SaaS subscriptions and professional services. The software business clears gate one, and ~16.5% debt-and-leases-to-market-cap with ~0.04% interest income clears gate two — a PASS, re-checked every quarter. |
| Dollarama | DOL · TSX | PASS | Sept 2026 | Dollarama passes Shariah screening as of September 2026. Its business (discount retail) is halal, its debt is 6.1% of market cap, and it discloses no interest income. Below: the full screening math and the caveats. |
| DPM Metals | DPM · TSX | PASS* | Sept 2026 | DPM Metals Inc. (TSX: DPM) — formerly Dundee Precious Metals, renamed effective September 2025 — is a Canadian gold miner with operations in Bulgaria (Chelopech and Ada Tepe), Bosnia and Herzegovina (Vareš), Serbia and Ecuador. On our primary-filing math the business has no verified haram lines, total debt of US$0 is 0.00% of the ~C$13.89 billion market cap, and interest income is just ~1.34% of revenue. Conditional PASS* — Musaffa classifies DPM.TO as not halal as of September 2026, so read the third-party section before deciding. |
| Dream Industrial Real Estate Investment Trust | DIR.UN · TSX | FAIL | Sept 2026 | Dream Industrial Real Estate Investment Trust (TSX: DIR.UN) is an industrial-property REIT whose total debt of about 86.6% of market cap — about two and a half times the ~33% ceiling — means it fails the debt gate: FAIL. |
| Dye & Durham Limited | DND · TSX | FAIL | Sept 2026 | Dye & Durham Limited (TSX: DND) is a Toronto-based provider of cloud-based legal-practice management software — electronic filing, land-title and corporate registry services, and transaction workflows for law firms and government agencies. The software business clears gate one, but ~4,080% debt-and-leases-to-market-cap is far over the ~33% ceiling — a FAIL, so it gets re-checked every quarter. |
| Eldorado Gold | ELD · TSX | PASS* | Sept 2026 | Eldorado Gold Corporation (TSX: ELD) is a gold and base-metals producer with four operating mines — Kisladag and Efemcukuru in Türkiye, Lamaque in Québec, and Olympias in Greece — plus the Skouries project in Greece nearing first concentrate. On our primary-filing math the business has no verified haram lines, total debt of US$1,749.9 million is ~17.0% of the ~US$10.27 billion market cap, and interest income is just ~1.11% of revenue. Conditional PASS* — Musaffa classifies ELD as not halal as of September 2026, so read the third-party section before deciding. |
| Element Fleet Management | EFN · TSX | FAIL | Sept 2026 | Element Fleet Management Corp. (TSX: EFN) is the world's largest publicly traded pure-play automotive fleet manager, overseeing 1.56 million vehicles. The problem: it is also a financing company — interest income is its second-largest revenue line. |
| Emera | EMA · TSX | FAIL | Sept 2026 | Emera Inc. (TSX: EMA) is a Halifax-based regulated energy utility — Nova Scotia Power, Tampa Electric, and others. The business is fine. The balance sheet is not: debt-to-market-cap of roughly 106.6% — debt exceeds the entire market value of the company. |
| Empire Company | EMP.A · TSX | FAIL | Sept 2026 | Empire Company Limited (TSX: EMP.A) is the Sobeys parent — Safeway, FreshCo, Foodland, Thrifty Foods, and IGA across Canada. Grocery clears gate one, but the balance sheet fails gate two: about 73% debt-to-market-cap when leases count as debt — the approach this site applies. |
| Enbridge | ENB · TSX | FAIL | Sept 2026 | Enbridge fails Shariah screening as of September 2026. Its business (energy infrastructure) is perfectly fine, but its debt is about 71% of its market cap — more than double the 33% ceiling. Zoya's screener independently rates ENB non-compliant. Below: the screening math, the dividend question every Canadian asks, and what to hold instead. |
| Endeavour Silver Corp. | EDR · TSX | PASS | Sept 2026 | Endeavour Silver (TSX: EDR / NYSE: EXK) is a mid-tier silver-gold producer with no haram business segment. Interest-bearing debt of ~US$248.2 million is about 9.6% of the ~US$2.59 billion market cap (under the ~33% ceiling), and interest income of ~US$2.4 million is about 1.1% of Q2 2026 revenue of US$212.1 million (under the ~5% ceiling). This screener is a PASS. |
| Enerflex Ltd. | EFX · TSX | PASS* | Sept 2026 | Enerflex Ltd. (TSX: EFX) is a Calgary-based energy-infrastructure provider whose ratio math clears both AAOIFI-style ceilings — but Musaffa currently classifies it as not halal, making this a provisional PASS*. |
| Energy Fuels Inc. | EFR · TSX | FAIL | Sept 2026 | Energy Fuels (TSX: EFR / NYSE American: UUUU) mines uranium and produces rare earths, vanadium, and mineral sands — the mining business passes the business gate, with defense-market exposure in rare-earth magnets disclosed as a gray area. But interest income of US$15.148 million is about 24.9% of H1 2026 revenue of US$60.946 million (over the ~5% ceiling; the Q2-only figure is ~44.1%). Debt of ~US$677.7 million is about 24.7% of the ~US$2.75 billion market cap (under the ~33% ceiling). This screener is a FAIL. |
| Enghouse Systems Limited | ENGH · TSX | PASS | Sept 2026 | Enghouse Systems Limited (TSX: ENGH), headquartered in Markham, Ontario, is an enterprise-software vendor — contact-centre and video communications (Interactive Management Group) plus asset- and risk-management software for financial institutions (Asset Management Group). The business passes and both ratios clear comfortably: no external debt (~0.9% of market cap) and finance income ~1.5% of revenue. PASS. |
| Ensign Energy Services Inc. | ESI · TSX | FAIL | Sept 2026 | Ensign Energy Services Inc. (TSX: ESI) is an oilfield-services company whose debt is about 141.2% of market cap — far over the ~33% ceiling — so it fails the debt gate: FAIL. |
| EQB Inc. | EQB · TSX | FAIL | Sept 2026 | EQB Inc. (TSX: EQB) is the holding company for Equitable Bank, a Schedule I Canadian bank (founded 1970; operating the EQ Bank digital "challenger bank" brand) and Canada's seventh-largest bank by assets. Conventional interest-based banking fails gate one — a FAIL, re-checked every quarter. |
| Equinox Gold | EQX · TSX | PASS | Sept 2026 | Equinox Gold Corp. (TSX: EQX) is a Canadian gold producer with about 1.1 Moz of expected annual production from mines in Canada, the US, Mexico and Nicaragua (its Brazil operations were sold in January 2026, and the Orla Mining merger closed July 31, 2026). The business has no verified haram lines — and total debt of US$583.0 million is ~5.9% of the ~US$9.82 billion market cap, with finance income of just ~0.35% of revenue. PASS. |
| Ero Copper | ERO · TSX | PASS | Sept 2026 | Ero Copper Corp. (TSX: ERO) is a Brazil-focused, growth-oriented miner: two copper mines (the Caraíba Operations in Bahia and the Tucumã Operation in Pará) and the Xavantina gold mine in Mato Grosso. The business has no verified haram lines, debt of US$554.434 million is about 14.0% of the ~C$5.48 billion market cap, and finance income is just ~0.51% of revenue. PASS. |
| Evertz Technologies Limited | ET · TSX | PASS | Sept 2026 | Evertz Technologies (TSX: ET) is a Burlington, Ontario company designing video/audio infrastructure for broadcast production and transmission — a clean business with no haram segment. Debt of ~C$18.9 million (lease obligations last disclosed at FY2026; net-cash position with no meaningful bank debt) is about 2.1% of the ~C$911.65 million market cap (under the ~33% ceiling), and finance income of ~C$0.090 million is about 0.08% of Q1 FY2027 revenue of C$118.259 million (under the ~5% ceiling). This screener is a PASS. |
| Exchange Income Corporation | EIF · TSX | FAIL | Sept 2026 | Exchange Income Corporation (TSX: EIF), headquartered in Winnipeg, is an acquisition-oriented conglomerate with Aerospace & Aviation and Manufacturing segments. The company has verified defence exposure: PAL Aerospace is an aerospace and defence company focused on intelligence, surveillance and reconnaissance (ISR), with contracts from the Netherlands Ministry of Defence — and EIC itself issues "EIC ISR & Defence Update" press releases. Debt of ~C$2.33 billion is ~34% of the ~C$6.85 billion market cap — also over the ceiling. FAIL. |
| Extendicare Inc. | EXE · TSX | PASS | Sept 2026 | Extendicare (TSX: EXE) is a senior-care operator — a permissible business — with interest-bearing debt of about C$651.3 million, about 21.9% of its market cap, and interest revenue of C$0.8 million on C$611.0 million of revenue (about 0.13%): PASS. |
| Fairfax Financial | FFH · TSX | FAIL | Sept 2026 | Fairfax fails Shariah screening as of September 2026. Prem Watsa's holding company is a conventional property and casualty insurer, and conventional insurance is a prohibited industry at step one of every major screening methodology. The ratios are never reached — the category is the screener. A 93.1% combined ratio tells you the insurance is not a side business; it is the business. |
| Fiera Capital Corporation | FSZ · TSX | FAIL | Sept 2026 | Fiera Capital Corporation (TSX: FSZ) is an independent asset-management firm with C$163.5 billion in assets under management. The fee-based business passes the activity screen with a disclosed gray area (it manages conventional fixed-income strategies) — but debt of C$765.7 million is about 172% of the ~C$446 million market cap, decisively over the ~33% ceiling. FAIL. |
| Finning International Inc. | FTT · TSX | PASS | Sept 2026 | Finning International Inc. (TSX: FTT) is the world's largest Caterpillar dealer, selling, servicing, and renting heavy equipment across Canada, South America, and the UK & Ireland. It's a straightforward industrial distributor — with ratios to match. |
| First Capital REIT | FCR.UN · TSX | FAIL | Sept 2026 | First Capital REIT (TSX: FCR.UN) owns grocery-anchored shopping centres across Canada — a clean business — but its C$4.12 billion of debt is about 85% of market cap, a decisive FAIL on the debt gate. |
| First Majestic Silver Corp. | AG · TSX | PASS | Sept 2026 | First Majestic Silver (TSX: AG) is a silver and gold miner — a permissible business — with interest-bearing debt of about US$331.2 million, about 3.8% of its market cap, and interest income (bundled with "other" at US$1.7 million) under about 0.41% of revenue: PASS. |
| First Quantum Minerals | FM · TSX | PASS | Sept 2026 | First Quantum Minerals Ltd. (TSX: FM) is a Vancouver-based copper miner with operations in Zambia, Mauritania, Türkiye, and elsewhere — one of the world's largest copper producers. Mining clears gate one, and ~23% debt-to-market-cap with ~1.6% finance income clears gate two. |
| Fortis | FTS · TSX | FAIL | Sept 2026 | Fortis fails Shariah screening as of September 2026. The business (regulated electric and gas utilities) is perfectly fine; the balance sheet is not. Debt is ~94% of market cap against a 33% ceiling — nearly triple the limit — because regulated utilities fund their rate base with debt by design. Zoya independently agrees. Below: the full screening math, the dividend question, and what to hold instead. |
| Fortuna Mining Corp. | FVI · TSX | PASS* | Sept 2026 | Fortuna Mining (TSX: FVI) is a gold and silver miner — a permissible business — with interest-bearing debt of about US$138.9 million, about 4.1% of its ~US$3.35 billion market cap, and interest income of about 1.42% of revenue. But Musaffa rates FSM not Shariah-compliant as of September 2026 (reason undisclosed) — so this screener is a conditional PASS*. |
| Franco-Nevada | FNV · TSX/NYSE | PASS* | Sept 2026 | Franco-Nevada passes the ratio screens as of September 2026. Zero debt (0% debt-to-market-cap), US$1.0B of cash, and only ~0.8% interest income leave huge headroom on every screen — but the royalty/streaming business model is a disclosed gray area, Musaffa classifies FNV as not halal, and it was removed from the S&P/TSX 60 Shariah index in May 2025. This is a conditional PASS, not a fatwa. |
| George Weston | WN · TSX | FAIL | Sept 2026 | George Weston Limited (TSX: WN) is the holding company over Loblaw (grocery and pharmacy) and Choice Properties (real estate). The businesses pass gate one; the consolidated balance sheet fails gate two: ~52% debt-to-market-cap, above the ~33% ceiling even when leases are excluded. |
| GFL Environmental Inc. | GFL · TSX | FAIL | Sept 2026 | GFL Environmental Inc. (TSX: GFL) is a North American waste-management company — solid-waste hauling, landfills, transfer stations and material recycling facilities in Canada and the US. Waste collection and disposal clear gate one, but ~47.8% debt-to-market-cap is over the ~33% ceiling — a FAIL on gate two, so it gets re-checked every quarter. |
| Gibson Energy | GEI · TSX | FAIL | Sept 2026 | Gibson Energy Inc. (TSX: GEI) is a Calgary-based oil-and-gas midstream company — terminals, pipelines, and a marketing segment. The business clears gate one, but ~50% debt-to-market-cap is well above the ~33% AAOIFI ceiling. |
| Gildan Activewear Inc. | GIL · TSX | FAIL | Sept 2026 | Gildan Activewear Inc. (TSX: GIL) is the Montreal-based apparel manufacturer — basic tees, fleece, underwear, and socks under Gildan, American Apparel, Comfort Colors, and (new in 2026) HanesBrands. Making clothes is a permissible business, but the HanesBrands acquisition loaded the balance sheet, and the debt fails gate two. |
| goeasy Ltd. | GSY · TSX | FAIL | Sept 2026 | goeasy Ltd. (TSX: GSY) is one of Canada's leading non-prime consumer lenders, operating under the easyfinancial, easyhome, and LendCare brands. Its core product is interest-bearing installment loans to borrowers with weak credit — and that fails gate one. |
| Granite Real Estate Investment Trust | GRT.UN · TSX | FAIL | Sept 2026 | Granite Real Estate Investment Trust (TSX: GRT.UN) is a conventional Canadian REIT that owns logistics, warehouse and industrial properties across North America and Europe. Its business passes the screen, but leverage of ~60.6% of market cap is far over the ~33% ceiling — a FAIL, re-checked every quarter. |
| Great-West Lifeco | GWO · TSX | FAIL | Sept 2026 | Great-West fails Shariah screening as of September 2026. One of Canada's three big life insurers is a conventional insurer, and conventional insurance is a prohibited industry at step one of every major screening methodology. The ratios are never reached — the category is the screener. C$3.7 trillion in assets under administration tells you the insurance is not a side business; it is the business. |
| H&R Real Estate Investment Trust | HR.UN · TSX | FAIL | Sept 2026 | H&R Real Estate Investment Trust (TSX: HR.UN) is one of Canada's largest REITs — about 20.5 million square feet of residential (Lantower Residential), industrial, and office properties in Canada and the US. The rental business clears gate one, but ~133.5% debt-to-market-cap is about four times the ~33% ceiling — a FAIL. |
| Headwater Exploration Inc. | HWX · TSX | PASS | Sept 2026 | Headwater Exploration Inc. (TSX: HWX) is a Calgary-based oil-and-gas producer with no bank debt and only about C$9 million of interest-bearing obligations against a roughly C$3.2 billion market cap. |
| High Liner Foods | HLF · TSX | FAIL | Sept 2026 | High Liner Foods Incorporated (TSX: HLF) is a leading North American processor and marketer of value-added frozen seafood (High Liner, Fisher Boy, Mirabel, Sea Cuisine, Catch of the Day brands). The business has no verified haram lines — but total debt of US$349.415 million is about 123% of the ~C$393 million market cap, decisively over the ~33% ceiling. FAIL. |
| Hudbay Minerals Inc. | HBM · NYSE/TSX | PASS | Sept 2026 | Hudbay Minerals Inc. (HBM) is a Toronto-based copper, gold and zinc producer with mines in Canada, Peru and the United States. Mining clears gate one, and a net-cash balance sheet keeps debt far under the ~33% ceiling — a PASS, re-checked every quarter. |
| Hydro One | H · TSX | FAIL | Sept 2026 | Hydro One Limited (TSX: H) runs Ontario's biggest electricity grid — a perfectly permissible business. But the balance sheet kills it: roughly 65.5% debt-to-market-cap, nearly double the AAOIFI-style ceiling of ~33%. |
| iA Financial Corporation Inc. | IAG · TSX | FAIL | Sept 2026 | iA Financial Corporation Inc. (TSX: IAG) is one of Canada's largest life and health insurance groups. Conventional insurance fails the business-activity screen outright, so IAG gets a FAIL at gate one — the ratio math never comes into it. |
| IAMGOLD | IMG · TSX | PASS | Sept 2026 | IAMGOLD Corporation (TSX: IMG) is an intermediate gold producer with operating mines — Côté Gold in Ontario (70%, with Sumitomo), Westwood in Quebec, and Essakane in Burkina Faso (85%) — and Q2 2026 attributable production of 188,100 oz. The business has no verified haram lines — and long-term debt of US$449.3 million is ~4.1% of the ~US$11.05 billion market cap, with interest income of just ~0.26% of revenue. PASS. |
| IGM Financial Inc. | IGM · TSX | FAIL | Sept 2026 | IGM Financial Inc. (TSX: IGM) is a wealth and asset manager whose gross interest income on loans runs about 5.2% of revenue — over the ~5% ceiling — so the income gate fails: FAIL. |
| Imperial Oil | IMO · TSX | PASS | Sept 2026 | Imperial Oil passes Shariah screening as of September 2026. Integrated oil and gas is a permissible business, debt-to-market-cap is ~4.7% against a 33% ceiling, and all investment and other income is ~0.4% of revenue against the 5% screen. This is a screening result, not a fatwa — screen again quarterly. |
| InPlay Oil Corp. | IPO · TSX | FAIL | Sept 2026 | InPlay Oil Corp. (TSX: IPO) is an Alberta oil-and-gas producer whose ~C$258 million of interest-bearing debt runs about 56% of its roughly C$461 million market cap — a decisive debt-gate failure. |
| Intact Financial | IFC · TSX | FAIL | Sept 2026 | Intact fails Shariah screening as of September 2026. Canada's largest property-and-casualty insurer fails at step one: conventional insurance is a prohibited business under AAOIFI standards. Ratios are never reached. |
| Interfor Corporation | IFP · TSX | FAIL | Sept 2026 | Interfor (TSX: IFP) is a pure lumber and wood-products producer — the business gate passes. But interest-bearing debt of ~C$894.6 million is about 93.8% of the ~C$954 million market cap (over the ~33% ceiling) — a decisive ratio failure at any recent share price. Interest income of ~C$5.7 million is about 0.71% of Q2 2026 revenue of C$804.4 million (under the ~5% ceiling). This screener is a FAIL. |
| Ivanhoe Mines | IVN · TSX | FAIL | Sept 2026 | Ivanhoe Mines Ltd. (TSX: IVN) is a Canadian copper and zinc miner with tier-one operations in Southern Africa. The mining business is clean, but the income statement is not: ~28% finance income of revenue fails gate two by a wide margin — driven by interest on loans to the Kamoa-Kakula joint venture. |
| Keyera | KEY · TSX | FAIL | Sept 2026 | Keyera Corp. (TSX: KEY) is a Calgary-based midstream energy company — NGL gathering, processing, fractionation, storage, and transportation, plus an NGL marketing business. The business clears gate one; the balance sheet does not: ~51% debt-to-market-cap, far above the ~33% ceiling. |
| Killam Apartment Real Estate Investment Trust | KMP.UN · TSX | FAIL | Sept 2026 | Killam Apartment REIT (TSX: KMP.UN) is a residential landlord — a permissible business — but its interest-bearing debt of about C$2,409.3 million is about 115.6% of its market cap, far above the ~33% ceiling: FAIL. |
| Kinaxis Inc. | KXS · TSX | PASS | Sept 2026 | Kinaxis Inc. (TSX: KXS) is an Ottawa-based supply-chain planning software company — its AI-infused Maestro platform helps enterprises orchestrate planning from multi-year strategy to last-mile delivery. Subscription revenue grew 20% in the latest quarter, and the balance sheet is nearly debt-free. |
| Kinross Gold Corporation | K · TSX | PASS | Sept 2026 | Kinross Gold Corporation (TSX: K) is the Toronto-based senior gold producer with mines in the Americas (including Tasiast in Mauritania and Paracatu in Brazil) and a portfolio of development projects. Mining and selling gold is a permissible business. |
| Knight Therapeutics Inc. | GUD · TSX | PASS | Sept 2026 | Knight Therapeutics (TSX: GUD) is a Montreal specialty pharmaceutical company with no haram business segment. Interest-bearing debt of ~C$34.3 million is about 3.4% of the ~C$1.01 billion market cap (under the ~33% ceiling), and interest income of ~C$0.901 million is about 0.62% of Q2 2026 revenue of C$144.212 million (under the ~5% ceiling). This screener is a PASS. |
| Lassonde Industries Inc. | LAS.A · TSX | FAIL | Sept 2026 | Lassonde Industries Inc. (TSX: LAS.A) is a Rougemont, Quebec agri-food company (founded 1918) making fruit and vegetable juices, specialty foods and fruit snacks — brands include Oasis, Rougemont and Allen's. But its own boilerplate confirms a wines, ciders and alcoholic-beverages line (Arista Wines) — a FAIL at gate one, while debt of ~28.2% passes gate two. Re-checked every quarter. |
| Laurentian Bank of Canada | LB · TSX | FAIL | Sept 2026 | Laurentian Bank of Canada (TSX: LB) is a conventional Schedule I chartered bank — interest-based banking is its entire core business — so it fails the business-activity gate: FAIL. |
| Leon's Furniture Limited | LNF · TSX | PASS | Sept 2026 | Leon's Furniture Limited (TSX: LNF) is Canada's largest furniture and appliance retailer, with debt of about 4.2% of market cap and finance income of about 0.4% of revenue — so all three screens pass: PASS. |
| Linamar Corporation | LNR · TSX | FAIL | Sept 2026 | Linamar Corporation (TSX: LNR) is a Guelph-based manufacturer of auto parts (Mobility segment) and Skyjack aerial work platforms plus agriculture equipment (Industrial segment), with 75 manufacturing locations across 19 countries. Manufacturing clears gate one, but ~37.6% debt-to-market-cap is over the ~33% ceiling — a FAIL on gate two, so it gets re-checked every quarter. |
| Loblaw | L · TSX | PASS* | Sept 2026 | Loblaw passes the AAOIFI-style ratio screens as of September 2026 (grocery/pharmacy business, 8.7% debt ratio, no disclosed interest income from continuing operations). The asterisk matters: Musaffa classifies L.TO as doubtful (August 2026) — a genuine divergence across screeners, laid out in full below. |
| Lundin Gold Inc. | LUG · TSX | PASS | Sept 2026 | Lundin Gold Inc. (TSX: LUG) is a gold miner with zero interest-bearing debt and finance income of about 1.2% of revenue — both AAOIFI-style gates clear: PASS. |
| Lundin Mining Corporation | LUN · TSX | PASS* | Sept 2026 | Lundin Mining Corporation (TSX: LUN) is a Vancouver-based copper producer with three operating mines in Chile and Brazil plus the Vicuña development asset in Argentina. Metals mining is a permissible business — and the balance sheet is nearly debt-free. But one major third-party screener disagrees with us, so this PASS is conditional. |
| Magna International Inc. | MG · TSX | PASS | Sept 2026 | Magna International Inc. (TSX: MG; NYSE: MGA) is one of the world's largest automotive suppliers — body exteriors and structures, power and vision systems, seating, and complete vehicle assembly. Manufacturing clears gate one, and the ratios clear gate two with room to spare. |
| Mainstreet Equity Corp. | MEQ · TSX | FAIL | Sept 2026 | Mainstreet Equity Corp. (TSX: MEQ) is a Western Canadian apartment landlord whose interest-bearing debt is about 117% of market cap — about three and a half times the ~33% ceiling — so it fails the debt gate: FAIL. |
| Manulife | MFC · TSX/NYSE | FAIL | Sept 2026 | Manulife fails Shariah screening as of September 2026. Canada's largest insurer is a conventional insurer, and conventional insurance is a prohibited industry at step one of every major screening methodology. The ratios are never reached — the category is the screener. 21% growth in new insurance sales tells you the insurance is not a side business; it is the business. |
| Maple Leaf Foods Inc. | MFI · TSX | FAIL | Sept 2026 | Maple Leaf Foods Inc. (TSX: MFI) is the Mississauga-based protein company — Prepared Foods (about 60% of sales: deli, bacon, sausage, snack kits) and Poultry (about 40%) under brands like Maple Leaf, Schneiders, and Prime. Food manufacturing is a permissible business, but the debt load fails gate two. |
| Martinrea International Inc. | MRE · TSX | FAIL | Sept 2026 | Martinrea International Inc. (TSX: MRE), headquartered in Vaughan, Ontario, is a global automotive supplier — lightweight structures and propulsion systems for vehicle OEMs. The business passes — but long-term debt of about C$910 million is roughly 127% of the ~C$719 million market cap (~160% including leases) — far above the ~33% ceiling. FAIL. |
| MCAN Mortgage Corporation | MKP · TSX | FAIL | Sept 2026 | MCAN Mortgage (TSX: MKP) is a federally regulated Mortgage Investment Corporation whose core business is conventional interest-based mortgage lending — the business gate fails at step one. Net interest income was about 56.8% of total income in Q2 2026, and its dividends are taxable to shareholders as interest income: FAIL. |
| MDA Space Ltd. | MDA · TSX | PASS | Sept 2026 | MDA Space Ltd. (TSX: MDA) is the Brampton-based space-technology company behind Canadarm3, satellite systems and geointelligence — with a $4.0 billion backlog, a NYSE listing since March 2026, and a net cash balance sheet. Both gates clear — a PASS, re-checked every quarter. |
| Methanex Corporation | MX · TSX | FAIL | Sept 2026 | Methanex Corporation (TSX: MX) is the world's largest producer and supplier of methanol — an industrial chemical building block made at sites across the Americas, Egypt, and New Zealand. The business is clean. The balance sheet is not: US$2.4 billion of debt against a ~US$4.6 billion market cap. |
| Metro Inc | MRU · TSX | PASS | Sept 2026 | Metro passes Shariah screening as of September 2026. Debt-to-market-cap is ~17.1% on gross interest-bearing debt excluding leases (~26.5% including them) — both under the 33% ceiling. The weak quarter (net earnings -34.6% on the Laval labour conflict) is an earnings story, not a screening problem. |
| Molson Coors Canada Inc. | TPX.B · TSX | FAIL | Sept 2026 | Molson Coors Beverage Company (TSX: TPX.B) is a global brewer — alcohol production and sale is the core business, so it fails the Shariah business gate: FAIL. |
| MTY Food Group Inc. | MTY · TSX | FAIL | Sept 2026 | MTY Food Group Inc. (TSX: MTY) franchises and operates over 7,000 restaurants across 80+ banners — but its C$594 million of long-term debt is about 82% of market cap, a decisive FAIL on the debt gate. |
| Mullen Group Ltd. | MTL · TSX | FAIL | Sept 2026 | Mullen Group Ltd. (TSX: MTL) is a trucking and logistics company whose debt and lease liabilities of about 40.6% of market cap — above the ~33% ceiling — mean it fails the debt gate: FAIL. |
| National Bank of Canada | NA · TSX | FAIL | Sept 2026 | National Bank fails Shariah screening as of September 2026. It is a conventional bank, and conventional banking is a prohibited industry at step one of every major screening methodology. The financial ratios are never reached — the category is the screener. Below: the reasoning, the dividend question, and halal alternatives. |
| NexGen Energy Ltd. | NXE · TSX | PASS* | Sept 2026 | NexGen Energy Ltd. (TSX: NXE) is a pre-production uranium explorer whose debt clears the ~33% ceiling comfortably — but with nil revenue, the ~5% non-compliant-income gate cannot be computed, making this a provisional PASS*. |
| NFI Group Inc. | NFI · TSX | FAIL | Sept 2026 | NFI Group Inc. (TSX: NFI), headquartered in Winnipeg, manufactures transit buses and motorcoaches (New Flyer, MCI, Alexander Dennis, ARBOC) and sells aftermarket parts. The business passes — but total debt of about US$1.22 billion (~C$1.7 billion) is roughly 60% of the ~C$2.9 billion market cap — well above the ~33% ceiling. FAIL. (Musaffa independently rates NFI not halal as of September 2026.) |
| North American Construction Group Ltd. | NOA · TSX | FAIL | Sept 2026 | North American Construction Group Ltd. (TSX: NOA) is a mining and heavy-construction contractor whose debt and lease liabilities total about 248% of market cap — about seven and a half times the ~33% ceiling — so it fails the debt gate: FAIL. |
| Northland Power | NPI · TSX | FAIL | Sept 2026 | Northland Power Inc. (TSX: NPI) builds and runs renewable and contracted power plants around the world — a clean business. But the balance sheet carries roughly C$6.64 billion of debt against a ~C$5.78 billion market cap, which fails the ~33% ceiling by a wide margin. |
| Nutrien | NTR · TSX | FAIL | Sept 2026 | Nutrien fails Shariah screening as of September 2026. The business (crop inputs) is perfectly fine; the balance sheet is not. Debt sits at ~33.1% of market cap on a spot basis and ~35–40% on the trailing-average basis the methodologies actually use — against a 33% ceiling. Zoya and Musaffa independently agree. Below: the full screening math, the close-call nuance, and what to hold instead. |
| Obsidian Energy Ltd. | OBE · TSX | FAIL | Sept 2026 | Obsidian Energy (TSX/NYSE American: OBE) is a Calgary intermediate oil & gas producer with no haram business segment. But interest-bearing debt of ~C$354.9 million is about 35.1% of the ~C$1.01 billion market cap, above the ~33% ceiling. This screener is a FAIL on the debt gate. |
| OceanaGold | OGC · TSX | PASS | Sept 2026 | OceanaGold Corporation (TSX: OGC) is a global intermediate gold and copper producer operating four mines — the wholly-owned Haile Gold Mine in the US, Macraes and Waihi in New Zealand, and the 80%-owned Didipio Mine in the Philippines. The business has no verified haram lines — and the company reported no debt at quarter end, 0.0% of the ~C$8.50 billion market cap, with interest income of just ~0.60% of revenue. PASS. |
| Onex Corporation | ONEX · TSX | FAIL | Sept 2026 | Onex Corporation (TSX: ONEX) is a Toronto-based investment firm (formed 1984) that invests its own capital — about US$9.5 billion — alongside client capital in private equity, private credit, and asset management, with ~US$56.2 billion of total AUM. Its single largest investing-capital line is a 62.53% stake in Convex Group, a conventional specialty property & casualty insurer/reinsurer, which contributed US$177 million of the US$194 million total segment income in Q2 2026. Conventional insurance fails the business screen — a FAIL at gate one, so it gets re-checked every quarter. |
| OpenText Corporation | OTEX · TSX | FAIL | Sept 2026 | OpenText Corporation (TSX/NASDAQ: OTEX) is a Waterloo-based enterprise software company. The business clears gate one — information management software is permissible — but the balance sheet is a legacy of the Micro Focus acquisition: more debt than market cap. This screener ends at the first ratio. |
| OR Royalties | OR · TSX | PASS | Sept 2026 | OR Royalties Inc. (TSX: OR) — formerly Osisko Gold Royalties — is a Canadian precious-metals royalty and streaming company with a portfolio of over 200 royalties, streams and similar interests, anchored by a 3-5% royalty on Agnico Eagle's Canadian Malartic Complex. The business has no verified haram lines, debt of US$215.0 million is about 3.3% of the ~C$9.09 billion market cap, and interest income is just ~1.62% of revenue. PASS. |
| Ovintiv Inc. | OVV · TSX | PASS* | Sept 2026 | Ovintiv (TSX: OVV) is an oil and gas producer — a permissible business — with interest-bearing debt of about US$3,695 million, about 22.5% of its market cap. The screener is a provisional PASS*: Zoya rates OVV not Shariah-compliant as of September 2026 — its AAOIFI-based screen flags the financial ratios, not the business activity. |
| Paramount Resources Ltd. | POU · TSX | PASS | Sept 2026 | Paramount Resources (TSX: POU) is an oil and gas producer — a permissible business — with zero drawn debt (0% debt-to-market-cap) and interest income of C$3.9 million on C$260.7 million of revenue (about 1.50%): PASS. |
| Parex Resources Inc. | PXT · TSX | FAIL | Sept 2026 | Parex Resources Inc. (TSX: PXT) is Colombia's largest independent oil-and-gas producer after its June 2026 Frontera acquisition — but that deal left it with US$792 million of debt, about 42% of market cap, a FAIL on the debt gate that Musaffa's not-halal classification echoes. |
| Pembina Pipeline | PPL · TSX | FAIL | Sept 2026 | Pembina Pipeline fails Shariah screening as of September 2026. Debt-to-market-cap is ~38%, above the 33% ceiling. The business itself — fee-based energy transportation and midstream services — passes step one, but the balance sheet carries too much interest-bearing debt, and the ~C$3B of newly sanctioned growth projects will add more before they generate earnings. |
| PHX Energy Services Corp. | PHX · TSX | PASS | Sept 2026 | PHX Energy Services (TSX: PHX) is a Calgary oilfield services company (directional drilling, RSS, motor rentals) with no haram business segment. Interest-bearing debt of ~C$64.5 million is about 11.7% of the ~C$552 million market cap, below the ~33% ceiling, and no interest income is disclosed. This screener is a PASS. |
| Pizza Pizza Royalty Corp. | PZA · TSX | FAIL | Sept 2026 | Pizza Pizza Royalty Corp. (TSX: PZA) earns its entire revenue as royalties on gross restaurant sales that include pork-derived menu items — so it fails the business-activity gate: FAIL. |
| Pollard Banknote Limited | PBL · TSX | FAIL | Sept 2026 | Pollard Banknote Limited (TSX: PBL) is a Winnipeg company — the second-largest producer of instant lottery tickets in the world — providing products and solutions to lottery and charitable gaming industries. The entire business is gambling-related: a FAIL at gate one, re-checked every quarter. |
| Power Corporation | POW · TSX | FAIL | Sept 2026 | Power Corporation of Canada (TSX: POW) is a Montreal-based holding company whose core holdings are Great-West Lifeco — one of Canada's largest conventional life insurers — and IGM Financial, a conventional wealth manager. Insurance fails the business-activity gate, so the ratio math never gets applied. |
| Precision Drilling Corporation | PD · TSX | FAIL | Sept 2026 | Precision Drilling Corporation (TSX: PD) is an oilfield-services company whose debt is about 42.3% of market cap — over the ~33% ceiling — so it fails the debt gate: FAIL. |
| Premium Brands Holdings Corporation | PBH · TSX | FAIL | Sept 2026 | Premium Brands Holdings Corporation (TSX: PBH) is a Richmond, BC-based producer, marketer and distributor of branded specialty food products across Canada and the US. Its own filings disclose a material pork footprint (~9.1% of FY2025 revenue) — a FAIL at gate one, with leverage of ~96.4% failing gate two as well. Re-checked every quarter. |
| Primaris Real Estate Investment Trust | PMZ.UN · TSX | FAIL | Sept 2026 | Primaris REIT (TSX: PMZ.UN) owns enclosed shopping centres — a permissible business — but its total debt of about C$2.166 billion is about 66.3% of its ~C$3.27 billion market cap, over the ~33% ceiling. This screener is a FAIL. |
| Propel Holdings Inc. | PRL · TSX | FAIL | Sept 2026 | Propel Holdings Inc. (TSX: PRL) is a fintech consumer lender whose entire business is conventional interest-based lending — instalment loans and lines of credit with a 117% annualised lending yield. It fails the business gate: FAIL. |
| Quebecor Inc. | QBR.B · TSX | FAIL | Sept 2026 | Quebecor Inc. (TSX: QBR.B) is the Montreal communications company behind Videotron (wireless, internet, cable TV, wireline) and Freedom Mobile, plus a Media segment (TVA network, newspapers) and a Sports and Entertainment segment. Selling connectivity is a permissible business — its debt is not. |
| RB Global Inc. | RBA · TSX | PASS* | Sept 2026 | RB Global Inc. (TSX: RBA) — formerly Ritchie Bros. Auctioneers — is an omnichannel marketplace for used heavy equipment, commercial trucks and vehicles, running online and onsite auctions plus digital marketplaces under the Ritchie Bros., IAA, IronPlanet, Marketplace-E and GovPlanet brands. Equipment auctions and marketplaces clear gate one, ~19.0% debt-to-market-cap is under the ~33% ceiling, and interest income is ~0.25% of revenue — a provisional PASS, re-checked every quarter. |
| Real Matters Inc. | REAL · TSX | PASS | Sept 2026 | Real Matters (TSX: REAL) runs an appraisal and title network-management platform — a permissible services business — with no debt (0% debt-to-market-cap) and interest income of about US$0.3 million on US$51.5 million of revenue (about 0.58%): PASS. |
| Restaurant Brands | QSR · TSX | FAIL | Sept 2026 | Restaurant Brands fails Shariah screening as of September 2026. Debt-to-market-cap is ~53%, far above the 33% ceiling. The quick-service restaurant business (Tim Hortons, Burger King, Popeyes) passes step one, but the balance sheet — a legacy of the debt-funded Burger King merger — carries too much interest-bearing debt. Net leverage did improve to 4.1x in Q2, but it is not close to screen-compliant. |
| RioCan Real Estate Investment Trust | REI.UN · TSX | FAIL | Sept 2026 | RioCan Real Estate Investment Trust (TSX: REI.UN) owns and operates a portfolio of retail-focused, increasingly mixed-use properties, mostly in Ontario — tenants include grocery stores, pharmacies, restaurants, and cinemas. Rental income is a permissible business, but REITs are structurally leveraged, and RioCan's debt load fails gate two. |
| Rogers Communications | RCI.B · TSX | FAIL | Sept 2026 | Rogers fails Shariah screening as of September 2026. The debt is staggering: C$42.3B of interest-bearing debt against roughly C$27.1B of market cap, a debt-to-market-cap ratio of ~156% — nearly five times the 33% ceiling. And that's before the C$4.35B MLSE buyout closes. |
| Roots Corporation | ROOT · TSX | FAIL | Sept 2026 | Roots Corporation (TSX: ROOT) sells apparel, footwear, leather goods, and accessories — no haram business segment, so the business gate passes. But interest-bearing debt of ~C$106.0 million (including lease liabilities) is about 66.1% of the ~C$160.3 million market cap (over the ~33% ceiling). FY2025 interest revenue of ~C$0.252 million is about 0.09% of revenue (under the ~5% ceiling). This screener is a FAIL. |
| Royal Bank of Canada | RY · TSX/NYSE | FAIL | Sept 2026 | RBC fails Shariah screening as of September 2026. Canada's biggest bank is a conventional bank, and conventional banking is a prohibited industry at step one of every major screening methodology. The financial ratios are never reached — the category is the screener. Even a record quarter doesn't change it. |
| Russel Metals Inc. | RUS · TSX | PASS | Sept 2026 | Russel Metals Inc. (TSX: RUS) is a metals distributor whose debt is about 6.3% of market cap and whose interest income is about 0.02% of revenue — both AAOIFI-style gates clear: PASS. |
| Saputo | SAP · TSX | PASS | Sept 2026 | Saputo Inc. (TSX: SAP) is a global dairy processor — cheese, milk, and ingredients across Canada, the United States, Australia, and the United Kingdom. The business clears gate one, and the ratio math clears with plenty of room: ~15.5% debt-to-market-cap, no interest income. |
| Savaria Corporation | SIS · TSX | PASS | Sept 2026 | Savaria Corporation (TSX: SIS), headquartered in Laval, Québec, is a global leader in the accessibility industry — home and commercial elevators, stairlifts, wheelchair lifts and dumbwaiters (~78% of Q2 revenue), plus patient-care equipment (~22%). The business passes and both ratios clear: debt of ~C$203 million is ~9.4% of market cap and interest income of C$67,000 is 0.03% of revenue. PASS. |
| Scotiabank | BNS · TSX/NYSE | FAIL | Sept 2026 | Scotiabank fails Shariah screening as of September 2026. It is a conventional bank, and conventional banking is a prohibited industry at step one of every major screening methodology. The financial ratios are never reached — the category is the screener. C$5.87B of net interest income in a single quarter tells you why. |
| Seabridge Gold Inc. | SEA · TSX | PASS* | Sept 2026 | Seabridge Gold (TSX: SEA) is a gold and copper exploration-and-development company — a permissible business — with secured note obligations of about C$561.1 million, about 12.9% of its ~C$4.34 billion market cap. The company is pre-revenue, so the non-compliant-income ratio is uncomputable and effectively all income is interest on cash — this screener is a provisional PASS*. |
| Shopify | SHOP · TSX | PASS | Sept 2026 | Shopify passes Shariah screening as of September 2026. Its business (e-commerce software) is halal, its debt is effectively zero, and its interest income sits at 2.86% of revenue — under the 5% ceiling. Zoya's screener independently rates SHOP Shariah-compliant. Below: the full screening math, where the numbers come from, and the caveats that could change the answer. |
| Sienna Senior Living Inc. | SIA · TSX | FAIL | Sept 2026 | Sienna Senior Living Inc. (TSX: SIA) runs 93 seniors' residences and long-term-care homes across Canada — a clean business — but its C$1.42 billion of debt is about 63% of market cap, a FAIL on the debt gate that Musaffa's not-halal classification echoes. |
| Silvercorp Metals Inc. | SVM · TSX | PASS | Sept 2026 | Silvercorp Metals (TSX/NYSE American: SVM) is a Vancouver-based silver miner with no haram business segment. Interest-bearing obligations of ~US$164.0 million (including the Traxys stream-financing deposit; ~US$118.4M excluding it) are about 4.6% of the ~US$3.54 billion market cap (under the ~33% ceiling), and finance income of ~US$2.090 million is about 1.51% of Q1 FY2027 revenue of US$138.665 million (under the ~5% ceiling). This screener is a PASS. |
| Skeena Resources Limited | SKE · TSX | PASS* | Sept 2026 | Skeena Resources (TSX: SKE / NYSE: SKE) is a gold-silver development company with no haram business segment. Interest-bearing debt of ~C$1.122 billion is about 20.8% of the ~C$5.39 billion market cap (under the ~33% ceiling). The company is pre-revenue — Eskay Creek is ~49% built with first production targeted for Q2 2027 — so the non-compliant-income ratio is uncomputable (interest income of ~C$1.203M was separately disclosed in Q2 2026). This screener is a provisional PASS. |
| SmartCentres Real Estate Investment Trust | SRU.UN · TSX | FAIL | Sept 2026 | SmartCentres Real Estate Investment Trust (TSX: SRU.UN) owns and manages retail shopping centres and mixed-use developments across Canada, anchored by Walmart and Loblaw. The rental business clears gate one, but ~116.3% debt-to-market-cap is more than three times the ~33% ceiling — a FAIL, so it gets re-checked every quarter. |
| Spartan Delta Corp. | SDE · TSX | PASS* | Sept 2026 | Spartan Delta (TSX: SDE) is a Calgary oil & gas exploration-and-production company with no haram business segment. Interest-bearing debt of ~C$221.9 million is about 8.4% of the ~C$2.655 billion market cap (under the ~33% ceiling), and interest income of ~C$1.085 million is about 0.65% of Q2 2026 revenue of C$166.141 million (under the ~5% ceiling). But Musaffa rates SDE.TO as NOT HALAL as of September 2026 — a genuine conflict with our filing-based math, so this is a conditional PASS. |
| Spin Master Corp. | TOY · TSX | PASS | Sept 2026 | Spin Master Corp. (TSX: TOY) makes Paw Patrol and Rubik's Cube toys plus kids' digital games like Toca Boca. Toys and children's entertainment are permissible businesses — and the debt left over from the Melissa & Doug acquisition is well under the screen. |
| Sprott Inc. | SII · TSX | FAIL | Sept 2026 | Sprott Inc. (TSX/NYSE: SII) runs a documented conventional lending business through its private-strategies segment and its Sprott Resource Lending Corp. subsidiary — a haram business line, so it fails the Shariah business gate: FAIL. |
| Stantec Inc. | STN · TSX | PASS | Sept 2026 | Stantec Inc. (TSX: STN) is a global engineering, architecture, and environmental consulting firm — about 34,000 employees in 450+ locations across six continents. Professional consulting is a permissible business, the ratio math clears comfortably, and both Zoya and Musaffa independently rate it halal. |
| Stella-Jones Inc. | SJ · TSX | FAIL | Sept 2026 | Stella-Jones Inc. (TSX: SJ) is the Montreal manufacturer of pressure-treated wood products — utility poles, railway ties, residential lumber, and industrial timbers. Treating and selling wood is a permissible business — its debt is not. |
| Strathcona Resources Ltd. | SCR · TSX | PASS | Sept 2026 | Strathcona Resources (TSX: SCR) is a heavy-oil producer — a permissible business — with interest-bearing debt of about C$2,010 million, about 20.7% of its market cap, and no interest income disclosed in Q2 2026 (effectively 0% of revenue): PASS. |
| Sun Life | SLF · TSX/NYSE | FAIL | Sept 2026 | Sun Life fails Shariah screening as of September 2026. A conventional insurer is a conventional insurer: interest-bearing reserves, guaranteed contracts, and investment income at the core. That is a prohibited industry at step one of every major screening methodology — before any ratio is ever calculated. |
| Suncor Energy | SU · TSX/NYSE | PASS | Sept 2026 | Suncor Energy passes Shariah screening as of September 2026. Debt-to-market-cap is only ~8.7% — computed on gross interest-bearing debt from the official Q2 2026 filing, not the headline net-debt number. A record quarter (C$5.3B of adjusted funds from operations) leaves the debt screen with enormous headroom. |
| Superior Plus | SPB · TSX | FAIL | Sept 2026 | Superior Plus Corp. (TSX: SPB) is a North American distributor and marketer of propane, compressed natural gas (CNG), hydrogen and related products and services, and transports renewable natural gas from production facilities to distribution networks. The business has no verified haram lines — but net debt of US$1,638.0 million is about 152% of the ~US$1.08 billion market cap, decisively over the ~33% ceiling. FAIL. |
| Tamarack Valley Energy Ltd. | TVE · TSX | PASS | Sept 2026 | Tamarack Valley Energy (TSX: TVE) is a pure-play Clearwater heavy-oil producer — a permissible business — with interest-bearing debt of about C$319.6 million, about 5.1% of its ~C$6.27 billion market cap, and no disclosed interest income. This screener is a PASS. |
| TC Energy | TRP · TSX | FAIL | Sept 2026 | TC Energy fails Shariah screening as of September 2026. The business (natural gas pipelines and power) is perfectly fine; the balance sheet is not. Debt is ~70% of market cap against a 33% ceiling — ~55% even on the most generous reading that excludes hybrid junior notes. Below: the full screening math, the dividend question, and what to hold instead. |
| TD Bank | TD · TSX | FAIL | Sept 2026 | TD Bank fails Shariah screening as of September 2026. It is a conventional bank: interest-based lending is its core business, not an incidental side-line. Conventional banking is excluded at step one of every major screening methodology (AAOIFI, Dow Jones Islamic Market, FTSE, MSCI Islamic) — no ratio threshold can make it acceptable. Below: the reasoning, the dividend question every Canadian asks, and what to hold instead. |
| Teck Resources | TECK.B · TSX | PASS* | Sept 2026 | Teck Resources Limited (TSX: TECK.A / TECK.B, NYSE: TECK) is a Vancouver-based metals miner — copper and zinc, after selling its coal and oil-sands businesses. The business clears gate one, and the ratio math clears with room. But Musaffa rates Teck not halal, so this PASS carries an asterisk. |
| Tecsys Inc. | TCS · TSX | PASS | Sept 2026 | Tecsys Inc. (TSX: TCS), headquartered in Montreal, is a global provider of supply-chain management software — Elite warehouse/distribution software and Omni order-management software, with a healthcare, retail/distribution and e-commerce focus. The business passes and both ratios clear: no long-term debt (~1.0% of market cap) and interest income of C$186,000 is 0.37% of revenue. PASS. |
| Telesat Corporation | TSAT · TSX | FAIL | Sept 2026 | Telesat Corporation (TSX: TSAT) is a satellite operator whose debt is about 364.8% of market cap — about eleven times the ~33% ceiling — so it fails the debt gate: FAIL. |
| Telus | T · TSX | FAIL | Sept 2026 | Telus fails Shariah screening as of September 2026. Debt-to-market-cap is ~164%, nearly five times the 33% ceiling. The July 2026 dividend cut and the 2028 deleveraging plan are the company's own acknowledgment of how heavy the debt load is — but the screen still fails by a wide margin. |
| TerraVest Industries Inc. | TVK · TSX | FAIL | Sept 2026 | TerraVest (TSX: TVK) makes engineered storage tanks, vessels and processing equipment — a clean business with no haram segment, and no separately disclosed interest income. But interest-bearing debt of ~C$1,159.2 million including leases (~C$858.9M excluding leases) is about 48.4% of the ~C$2.40 billion market cap (35.8% excluding leases), above the ~33% ceiling. This screener is a FAIL on the debt gate. |
| TFI International | TFII · TSX | PASS | Sept 2026 | TFI International Inc. (TSX/NYSE: TFII) is a Montreal-based transportation and logistics holding company — less-than-truckload, truckload, package and courier, and logistics services across North America. Freight clears gate one, and ~17.4% debt-to-market-cap with no interest income disclosed clears gate two. |
| The Descartes Systems Group Inc. | DSG · TSX | PASS | Sept 2026 | The Descartes Systems Group Inc. (TSX: DSG) is a logistics SaaS company with no interest-bearing debt, lease liabilities of about 0.11% of market cap, and interest-type income of about 1.65% of revenue — so all three screens pass: PASS. |
| Thomson Reuters | TRI · TSX/NYSE | PASS* | Sept 2026 | Screener: Provisional PASS*. The ratios are genuinely strong — 6.9% debt, 1.4% cash, zero interest income — and the information-services business is clean. But Zoya currently flags TRI as "questionable" on Shariah compliance. That conflict is the whole story of this screener: we report it rather than resolve it. |
| Tidewater Midstream and Infrastructure Ltd. | TWM · TSX | FAIL | Sept 2026 | Tidewater Midstream and Infrastructure Ltd. (TSX: TWM) is a midstream energy company whose debt is roughly 97–100% of market cap — about three times the ~33% ceiling — so it fails the debt gate: FAIL. |
| TMX Group Limited | X · TSX | PASS* | Sept 2026 | TMX Group Limited (TSX: X) runs the Toronto Stock Exchange, the TSX Venture Exchange, the Montréal Exchange derivatives market, and CDS Clearing. It is market infrastructure — tolls on trading, not lending — and the ratio math clears comfortably. But facilitating interest-based securities markets is a genuine gray area, so this PASS is provisional. |
| Topaz Energy | TPZ · TSX | PASS | Sept 2026 | Topaz Energy Corp. (TSX: TPZ) is a royalty and infrastructure energy company — gross overriding royalty interests on ~9 million gross acres plus non-operated interests in 9 natural gas processing and gathering facilities, largely on long-term fixed-fee take-or-pay contracts. The business has no verified haram lines — and total debt of ~C$545.4 million is ~12.2% of the ~C$4.47 billion market cap, with interest income of just ~0.07% of revenue. PASS. |
| Torex Gold Resources Inc. | TXG · TSX | PASS | Sept 2026 | Torex Gold Resources Inc. (TSX: TXG) is a debt-free gold miner with interest income of about 0.5% of revenue — both AAOIFI-style gates clear: PASS. |
| Toromont Industries | TIH · TSX | PASS | Sept 2026 | Toromont Industries Ltd. (TSX: TIH) is the Caterpillar equipment dealer for much of Canada plus the CIMCO industrial refrigeration business. It is also one of the least leveraged companies in this screener database — net cash positive, with ~4% gross debt-to-market-cap. |
| TransAlta Corporation | TA · TSX | FAIL | Sept 2026 | TransAlta Corporation (TSX: TA) is a Calgary-based independent power producer with hydro, wind, solar, and gas-fired generation across Canada, the United States, and Australia. Power generation clears gate one, but ~82.2% debt-and-leases-to-market-cap is far over the ~33% ceiling — a FAIL, so it gets re-checked every quarter. |
| Transat A.T. Inc. | TRZ · TSX | FAIL | Sept 2026 | Transat A.T. Inc. (TSX: TRZ) is a leisure airline whose total debt is about 2,175% of market cap — about sixty-six times the ~33% ceiling — so it fails the debt gate: FAIL. |
| Trekor Metals Limited | TKO · TSX | PASS | Sept 2026 | Trekor Metals Limited (TSX: TKO / NYSE American: TGB), renamed from Taseko Mines Limited on June 25, 2026, is a copper-focused miner with no haram business segment. Debt of ~C$765.3 million is about 16.8% of the ~C$4.55 billion market cap (under the ~33% ceiling), and finance income of ~C$1.058 million is about 0.32% of Q2 2026 revenue of C$330.553 million (under the ~5% ceiling). This screener is a PASS. |
| Trisura Group Ltd. | TSU · TSX | FAIL | Sept 2026 | Trisura Group Ltd. (TSX: TSU) is a specialty insurance provider whose entire business is conventional insurance — Surety, Warranty, Corporate Insurance, Program and Fronting lines. It fails the business gate: FAIL. |
| Trisura Group Ltd. | TSU · TSX | FAIL | Sept 2026 | Trisura Group Ltd. (TSX: TSU) is the Toronto specialty insurer behind Trisura Specialty (Canada) and Trisura US Programs — surety bonds, corporate insurance (directors' and officers', professional liability, cyber), and US fronting/program business. Selling conventional insurance is a prohibited business activity under AAOIFI standards. |
| Vermilion Energy Inc. | VET · TSX | FAIL | Sept 2026 | Vermilion Energy Inc. (TSX: VET), headquartered in Calgary, is an international oil and natural gas producer (Q2 2026 production 125,789 boe/d, 71% natural gas, across Canada, France, the Netherlands, Germany, Ireland and Australia). The business has no verified haram lines — but long-term debt of ~C$1.31 billion is ~52% of the ~C$2.50 billion market cap (~55% including leases), far above the ceiling, and Musaffa independently classifies VET as not halal. FAIL. |
| VersaBank | VBNK · TSX | FAIL | Sept 2026 | VersaBank (TSX: VBNK) is a federally licensed Schedule I bank whose core business is interest-based commercial lending and deposit-taking — the business gate fails at step one. Net interest income was about 94.8% of revenue in Q3 fiscal 2026: FAIL. |
| Wajax Corporation | WJX · TSX | PASS | Sept 2026 | Wajax Corporation (TSX: WJX) is a Canadian industrial distributor whose debt is about 23.9% of market cap (under the ~33% ceiling) with about 0.06% interest income — so it passes both gates: PASS. |
| Waste Connections | WCN · TSX/NYSE | PASS | Sept 2026 | Waste Connections passes Shariah screening as of September 2026. Its business (non-hazardous waste services) is halal, its debt is 23.7% of market cap, and interest income is 0.16% of revenue. Zoya rates it compliant and Musaffa lists it as Halal — independent confirmation on this one. Below: the full screening math. |
| West Fraser Timber | WFG · TSX | PASS | Sept 2026 | West Fraser Timber Co. Ltd. (TSX/NYSE: WFG) is one of the world's largest lumber and OSB producers, grinding through a cyclical downturn. The business is clean and the balance sheet is light — this screener gives it a PASS on both gates. |
| Wheaton Precious Metals | WPM · TSX/NYSE | PASS | Sept 2026 | Wheaton passes the ratio screens as of September 2026. ~2.2% debt-to-market-cap and ~1.6% interest income, both far under their ceilings — but the streaming business model is a disclosed gray area: upfront payments for future mineral delivery (a salam-like contract) is something scholars differ on. This is a conditional PASS, not a fatwa. |
| Whitecap Resources Inc. | WCP · TSX | PASS | Sept 2026 | Whitecap Resources Inc. (TSX: WCP) is a Calgary-based upstream oil and gas producer — light oil, NGLs, and natural gas from the Montney and Duvernay — after its all-share combination with Veren Inc. closed in May 2025. The business clears gate one, and ~12.7% debt-and-leases-to-market-cap with no interest income clears gate two — a PASS, re-checked every quarter. |
| Winpak Ltd. | WPK · TSX | PASS | Sept 2026 | Winpak Ltd. (TSX: WPK) is a Winnipeg-based maker of packaging materials and packaging machinery — flexible packaging, rigid containers and lidding for perishable foods, beverages and healthcare products. The business has no verified haram lines, and the balance sheet is essentially unlevered: no long-term or short-term debt reported as at June 28, 2026, with finance income of about 1.1% of revenue — cleanly under both AAOIFI-style ceilings. PASS. |
| WSP Global | WSP · TSX | FAIL | Sept 2026 | WSP Global Inc. (TSX: WSP) is a Montreal-based engineering, science, and infrastructure consulting firm with about 84,600 employees. Consulting clears gate one, but ~35.8% debt-and-leases-to-market-cap is over the ~33% ceiling — a FAIL on gate two, so it gets re-checked every quarter. |
| HLS Therapeutics | HLS · TSX | FAIL | Sept 2026 | Specialty pharmaceuticals (Vascepa cardiovascular, Clozaril psychiatric, NILEMDO launched April 2026) — business gate PASSES. Debt gate FAILS: term loan principal US$42.2M (~C$58M) ≈ 46% of ~C$128M market cap (~30.9M shares at C$4.13, September 30, 2026) vs ~33% ceiling (National Bank credit agreement, CORRA + 2.25-3.5%, matures Aug 2029; lease obligations US$0.9M and DSUs US$1.6M excluded as non-interest-bearing). Income gate passes: interest income US$12K in Q1 2026 (~0.1% of revenue); Q2 2026 finance line a net US$222K gain including FX gains. Cash gate passes: US$13.7M ≈ 15% of market cap. No Zoya, Musaffa or ShariaPortfolio coverage found. |
| Cipher Pharmaceuticals | CPH · TSX | PASS | Sept 2026 | Specialty pharmaceuticals (Natroba anti-parasitic in the U.S., Epuris isotretinoin in Canada — 47.1% of the Canadian isotretinoin market, plus licensing) — business gate PASSES. Debt gate passes: nil long-term debt (US$5M revolver repaid March 30, 2026); only interest-bearing obligations are lease liabilities of US$367K ≈ 0.1% of ~C$352.7M market cap (25,391,322 shares at C$13.89, September 25, 2026) vs ~33% ceiling. Income gate passes: net interest income US$15K ≈ 0.12% of US$12,067K Q2 2026 revenue vs ~5% ceiling. Cash gate passes: US$9.1M ≈ 3.7% of market cap. Musaffa rates CPH.TO halal (AAOIFI, September 2026); no Zoya or ShariaPortfolio rating pages found. |
| Amerigo Resources | ARG · TSX / OTCQX | PASS | Sept 2026 | Copper and molybdenum producer (MVC operation, Chile; processes tailings from Codelco's El Teniente mine) — business gate PASSES. Debt gate passes: nil borrowings at June 30, 2026 ("debt-free balance sheet") = 0% of ~C$1,409.4M market cap (161,441,765 shares at C$8.73, September 30, 2026) vs ~33% ceiling. Income gate passes: interest income US$0.2M ≈ 0.26% of US$77.374M Q2 2026 revenue (within US$0.1M finance income) vs ~5% ceiling. Cash gate passes: US$50.296M ≈ 5.1% of market cap. No Zoya, Musaffa or ShariaPortfolio coverage found. Also: Cdn$0.04 quarterly dividend declared July 27, 2026; US$41.7M returned to shareholders YTD under Capital Return Strategy. |
| Haivision Systems | HAI · TSX | FAIL | Sept 2026 | Video networking and visual collaboration solutions — business gate FAILS: material defense segment. Haivision MCS, LLC (wholly-owned subsidiary) builds combat visualization and video distribution systems for the U.S. Navy under a US$61.2M (C$82M) production agreement with the Naval Sea Systems Command; consortium with Airbus Defense and Space; Shield AI defense/ISR collaboration; Q1 2026 MD&A noted a higher proportion of revenue under the Naval Sea Systems Command agreement. Financial ratios clear: debt C$19.625M (line of credit C$13.896M + term loans C$1.854M + leases C$3.875M) ≈ 18.4% of ~C$106.9M market cap (27,545,889 shares at C$3.88, September 30, 2026) vs ~33% ceiling; interest income C$58,388 ≈ 0.18% of C$32,535,291 Q2 FY2026 revenue vs ~5% ceiling; cash C$19.727M ≈ 18.5% of market cap. No Zoya, Musaffa or ShariaPortfolio coverage found. |
| Collective Mining | CNL · TSX / Nasdaq | FAIL | Sept 2026 | Gold-silver-copper-tungsten explorer in Colombia (Guayabales flagship, Apollo system; San Antonio) — business gate PASSES (pre-revenue, no prohibited lines). Income gate FAILS: separately disclosed interest income of US$852,476 in Q2 2026 (US$1,866,267 six months) under "Finance income (expense)" against nil revenue (Note 1: exploration stage, no revenue) = undefined ratio vs ~5% ceiling. Debt gate passes: financial liabilities at amortized cost US$40.857M (leases US$3.03M + land/title instalments US$37.83M; bank borrowings US$0) ≈ 3.6% of ~US$1.143B market cap (92,742,707 shares at US$12.32, September 30, 2026) vs ~33% ceiling. Cash gate passes: US$93.727M ≈ 8.2% of market cap. No Zoya, Musaffa or ShariaPortfolio coverage found. U.S. listing transferred NYSE American to Nasdaq August 11, 2026. |
| E3 Lithium | ETL · TSXV | FAIL | Sept 2026 | Pre-revenue lithium brine developer in Alberta (Clearwater Project — battery-grade lithium hydroxide via DLE, 1.29 Mt LHM proven & probable; Garrington District non-core) — business gate PASSES (no prohibited lines; April 2026 TKMS teaming agreement is a strategic framework under Canada's ITB policy, E3 makes no weapons and earns no revenue from it). Income gate FAILS: separately disclosed "Interest income" of C$61K in Q2 2026 (C$139K six months) under "Other Income" against nil revenue (FY2025 FS: no revenues from operations) = undefined ratio vs ~5% ceiling. Debt gate passes: ~C$2.45M (C$1.8M deferred mineral license + ~C$0.65M leases; C$2.0M operating facility undrawn) ≈ 3.4% of ~C$72.5M market cap (100,713,542 shares post–Sept 24, 2026 $11.5M offering at C$0.72, September 30, 2026) vs ~33% ceiling. Cash gate passes: C$7.9M ≈ 10.9% of market cap. No Zoya, Musaffa or ShariaPortfolio coverage found. |
| Hammond Manufacturing | HMM.A · TSX | PASS | Sept 2026 | |
| Northern Graphite | NGC · TSXV | FAIL | Sept 2026 | North America's only flake-graphite producer (LDI mine Quebec, temporarily shut H1 2026; Bissett Creek Ontario; Okanjande Namibia; NGC Battery Materials Germany) — business gate PASSES (no prohibited lines). Debt gate FAILS: interest-bearing debt ~C$54.2M (senior secured loan C$31.79M, royalty financing C$18.91M, other LTD C$0.84M, leases C$0.90M, repayable government contribution C$1.79M) ≈ 408% of ~C$13.28M market cap (166,013,668 shares at C$0.08, September 29, 2026) vs ~33% ceiling (narrowest definition still ~252%). Income gate passes: separately disclosed "Interest income" C$21K vs C$8,906K other revenue (tech transfer fees; revenue line nil while LDI shut) = 0.24% vs ~5% ceiling. Cash gate passes: C$0.24M cash + C$2.01M restricted ≈ 16.9% of market cap. Going-concern warning (shareholders' deficiency C$(47.7)M). April 2026 Sprott Streaming restructuring (~US$22.5M debt/interest removal once closed) flagged for re-screen. No Zoya, Musaffa or ShariaPortfolio coverage found. |
| Kraken Robotics | PNG · TSXV | FAIL | Sept 2026 | Marine-technology company (sonar, subsea batteries, underwater robotics) — business gate FAILS: material defense segment. Q2 2026 interim FS Note 1: principal business is "supplying advanced sonar and optical sensors, batteries, and underwater robotics equipment and services for military and commercial applications". Q2 2026 results: KATFISH sonar delivered "for a Navy customer for its minehunting program"; battery supply agreement for extra-large unmanned underwater vehicles; dedicated Defense Group (VP Bernard Mills now President); ~C$615M acquisition of naval-warfare supplier Covelya Group closed July 2, 2026; CEO cited "the expected increase in defence budgets globally" as the growth outlook. Ratios clear: debt ~C$39.7M (long-term obligations C$25,740K + leases C$13,956K) ≈ 2.5% of ~C$1,593M market cap vs ~33% ceiling; separately disclosed "Interest income" C$605K ≈ 2.21% of C$27,320K Q2 revenue vs ~5% ceiling; cash C$91,266K ≈ 5.7% of market cap. Trades on TSX Venture (TSXV: PNG), not the TSX main board. Zoya app quoted rating Kraken non-compliant (community thread, Dec 2023); no Musaffa or ShariaPortfolio coverage found. |
| PyroGenesis Canada | PYR · TSX | FAIL | Sept 2026 | Plasma-process technology (torches, waste destruction, drosrite aluminum dross recovery, titanium metal powders) — business gate FAILS: material, deliberately-targeted defense segment. Company brands itself a provider to "heavy industry & defense" (Q2 2026 release); Q2 2026 MD&A: C$411,927 (~9.3% of Q2 revenue) from "development and support related to systems supplied to the U.S. Navy" (PAWDS units for four Ford-class carriers); ~C$4.13M torch contract delivered Jan 27, 2026 to a U.S. aeronautics & defense prime contractor with a 20 MW follow-on in engineering; Jan 6, 2026 agreement to jointly pursue 2026-tendered chemical-weapons-destruction contracts in Syria; MD&A Outlook names defense/military a "unique target market". Ratios pass: interest-bearing debt ~C$5.89M incl. leases (term loans C$231K, secured loans C$1,625K, debentures C$406K, leases C$3,626K at Mar 31, 2026) ≈ 8.7% (~3.3% ex-leases) of ~C$67.91M market cap vs ~33% ceiling; interest-like finance income C$0.03M ≈ 0.7% of C$4.42M Q2 revenue vs ~5% ceiling; cash C$1.3M ≈ 2.0% of market cap. Net working capital deficiency C$7.1M (going-concern note, Q1 2026). No Zoya, Musaffa or ShariaPortfolio coverage found. |
| Bausch + Lomb | BLCO · TSX | FAIL | Sept 2026 | Global eye-health company (Vision Care US$784M, Surgical US$256M, Pharmaceuticals US$354M Q2 2026) — business gate PASSES (no prohibited segments). Debt gate FAILS: interest-bearing debt ~US$5,115M (current US$43M + long-term US$5,072M) ≈ 83.6% of ~US$6.12B market cap (357,165,000 shares at US$17.14, September 29, 2026) vs ~33% ceiling (~86% incl. ~US$163M leases). Income gate passes: separately disclosed "Interest income" US$4M ≈ 0.29% of US$1,394M Q2 revenue vs ~5% ceiling. Cash gate passes: US$367M ≈ 6.0% of market cap. Context: January 2026 US$2.8B refinancing (matures 2031); persistent GAAP losses (accumulated deficit ~US$1.016B); Bausch Health holds ~87%, separation reiterated. Zoya rates BLCO not Shariah-compliant; ShariaPortfolio rates not Shariah-compliant (failed financial ratios); no Musaffa coverage found. |
| McEwen Inc. | MUX | Materials | PASS | Sep 30, 2026 |
| Atrium Mortgage Investment Corporation | AI | Financials | FAIL | Sep 30, 2026 |
| E-L Financial Corporation | ELF | Financials | FAIL | Sep 30, 2026 |
| BSR Real Estate Investment Trust | HOM.UN | Real Estate | FAIL | Sep 30, 2026 |
| Morguard North American Residential REIT | MRG.UN | Real Estate | FAIL | Sep 30, 2026 |
| Brookfield Infrastructure Corporation | BIPC | Utilities | FAIL | Sep 30, 2026 |
Screeners are snapshots, not permanent rulings — each is re-screened quarterly after earnings. *BAM, Loblaw, Thomson Reuters, Couche-Tard, Teck Resources, Wheaton Precious Metals, Franco-Nevada, B2Gold, Eldorado Gold, DPM Metals, Lundin Mining, TMX Group, FirstService, Calfrac, Enerflex, RB Global, Ovintiv, NexGen, Seabridge, Fortuna Mining, Skeena Resources, and Spartan Delta are provisional/conditional passes: the ratio math clears on our inputs, but a third-party screener disagrees, a business-activity gray area applies, or the company is pre-revenue. This is screening methodology, not a fatwa.
How the screening works
Two gates, applied in order:
- Business activity. Companies whose core business is in a prohibited industry — conventional banking and insurance, alcohol, gambling, weapons, adult entertainment, non-halal food production — are excluded outright. No ratio can rescue a prohibited business.
- Financial ratios (AAOIFI-style, applied only if gate one passes):
- Total debt ÷ market cap — under 30–33%
- Cash + interest-bearing securities ÷ market cap — under 30–33%
- Non-compliant income ÷ total revenue — under 5%
Both gates must pass. The full methodology walkthrough is in our complete halal investing guide.
What's next in the database
We screen the stocks Canadians ask about most, TSX blue chips first. On the bench: AtkinsRéalis, Ivanhoe Mines, West Fraser Timber, Northland Power, TransAlta, Dye & Durham. Each new screener lands here with its full screening math.
FAQ
How do you screen stocks for Shariah compliance?
Two gates. First, the business-activity screen: companies in prohibited industries (conventional banking and insurance, alcohol, gambling, weapons, adult entertainment, non-halal food) are excluded outright. Second, three AAOIFI-style financial ratios: total debt under 30–33% of market cap, cash plus interest-bearing securities under 30–33%, and non-compliant income under 5% of revenue. Both gates must pass.
How often do you re-screen the screeners?
Quarterly, after earnings. Company financials and market caps move every quarter, so a screener is a snapshot with a screen date — not a permanent ruling. Each screener page shows its screen date and the next scheduled check.
A stock I own failed your screen. What should I do?
The common guidance in screening methodologies is to exit the position. Scholars differ on timing — immediately vs. waiting to avoid a loss — and on how to handle dividends already received. Those are personal-ruling questions for a qualified scholar, not for a website.
Why do different Shariah screeners disagree on the same stock?
Different data vendors, different market-cap averaging (current vs 24-month trailing), and different treatments of line items like cash classifications. A "questionable" flag from one screener doesn't necessarily contradict a "compliant" from another — it usually means different inputs. When in doubt, check two screeners and ask a qualified scholar.
Can I request a stock to be screened?
The database grows every week, prioritizing the stocks Canadians ask about most — TSX blue chips first. Each screener shows its full screening math with sourced figures, so you can also run any stock through a screener like Zoya yourself using the same method.
Affiliate disclosure. This page contains no affiliate links, and the site currently earns no affiliate revenue; commissions never influence our scores or rankings, and every product is Shariah-screened before review. Nothing on this site is financial advice — facts and screening methodology only, no fatwas.