Halal Stock Verdicts
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 verdict shows its full working: the business-activity check, the three AAOIFI-style financial ratios with sourced figures, and where Zoya's independent screener lands.
| Company | Ticker | Verdict | Screened | The short version |
|---|---|---|---|---|
| Shopify | SHOP · TSX/NASDAQ | PASS | Sept 2026 | Halal business, ~0% debt ratio, 2.86% interest income — clears all three screens. |
| Apple | AAPL · NASDAQ | PASS | Sept 2026 | Halal business (Apple Card is co-branded, not Apple lending), 1.98% debt, ~0% interest income. |
| Constellation Software | CSU · TSX | PASS | Sept 2026 | Clean software business, 9.6% debt ratio, ~0.4% interest income — clears all three screens. |
| TD Bank | TD · TSX/NYSE | FAIL | Sept 2026 | Conventional banking — excluded at step one of every major methodology. |
| Enbridge | ENB · TSX/NYSE | FAIL | Sept 2026 | Clean business, but 71% debt ratio vs the 33% ceiling — leverage is the whole story. |
| Brookfield | BN · TSX/NYSE | FAIL | Sept 2026 | ~316% consolidated debt ratio vs the 33% ceiling, plus a conventional insurance arm. |
Verdicts are snapshots, not permanent rulings — each is re-screened quarterly after earnings. 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: Canadian National Railway, Nutrien, TC Energy, Fortis, Brookfield Asset Management. Each new verdict 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 verdicts?
Quarterly, after earnings. Company financials and market caps move every quarter, so a verdict is a snapshot with a screen date — not a permanent ruling. Each verdict 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 verdict 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.