Is Altus Group (AIF) halal?
Altus Group (TSX: AIF), the commercial real estate software and analytics company, gets a PASS: total debt of C$272.5M is about 18% of its ~C$1.51B market cap vs the ~33% ceiling, and interest income is ~0.28% of Q2 2026 revenue.
The two-gate Shariah screen
Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, weapons manufacturing, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).
Gate one: the business — PASSED
Altus Group Limited (TSX: AIF) is a Toronto-based provider of commercial real estate intelligence, anchored by ARGUS - the industry standard software for valuation and performance analytics. As of Q2 2026 the company reports one operating segment, broken into revenue streams: Software (C$52.9M in Q2 2026), Valuation Management Solutions (C$45.6M), Data (C$10.85M) and Services (C$3.37M). The company sold its global Property Tax business to Ryan, LLC (January 2025) and its Canadian Appraisals business to Newmark (March 2026), with its Development Advisory business held for sale under a June 2026 definitive agreement - continuing operations are now software, valuation management, data and advisory (company Q2 2026 interim financial statements). None of the standard AAOIFI prohibited business activities (conventional banking and insurance, alcohol, gambling, weapons, pork, tobacco, adult entertainment) are part of Altus Group operations, so the business-activity gate passes. Facts only, no fatwa.
Gate two: the ratios — PASSED
The ratios gate passes on all three checks from the Q2 2026 interim financial statements (quarter ended June 30, 2026). Debt: borrowings of C$246.533M plus lease liabilities of C$9.233M (current) and C$16.717M (non-current) total C$272.483M. Against a market capitalization of about C$1.513B (C$44.22 x ~34.22M shares outstanding, September 29, 2026 market data), that is roughly 18.0% debt-to-market-cap - well under the ~33% ceiling. Cash of C$61.922M at June 30, 2026 is about 4.1% of market cap. Income: interest income was C$0.317M on revenue of C$112.666M in Q2 2026 - about 0.28%, under the ~5% ceiling. H1 2026 was C$1.995M on C$220.901M (~0.90%), and FY2025 was C$14.319M on C$502.889M (~2.85%, elevated by one-time interest earned on the ~C$674M Property Tax sale proceeds held in cash during 2025). All figures recomputed from the cited sources; Altus Group reports in Canadian dollars.
What other screeners say
Third-party coverage is mixed in recency: Musaffa Academy June 2024 list of 40 halal stocks in Canada by market cap rated Altus Group Ltd (AIF.TO) Halal - a dated rating, not a current one, and no dedicated current Musaffa stock-page rating was found. No public Zoya rating was found for Altus Group (searched twice; nothing indexed), and ShariaPortfolio publishes no public per-stock screening pages, so no coverage exists there. The PASS recorded here rests on the ratios computed from the company's own primary filings.
The bottom line
Altus Group (AIF) is a PASS: the commercial real estate software and analytics business clears the activity gate, total debt of C$272.5M at June 30, 2026 is about 18% of market cap - well under the ~33% ceiling - and interest income is about 0.28% of Q2 2026 revenue (~2.85% for FY2025), under the ~5% ceiling. Musaffa June 2024 Canadian halal-stocks list rated Altus Group Halal. As with every screener here, this is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.
Sources
- Altus Group Q2 2026 interim financial statements (quartr mirror)
- Altus Group Q4/FY2025 financial results press release (GlobeNewswire, Feb 19, 2026)
- Altus Group FY2025 consolidated financial statements (Note 8, interest income)
- AIF.TO share price and market cap, September 29, 2026 (stockanalysis)
- Musaffa Academy — 40 halal stocks in Canada by market cap (AIF.TO listed Halal, June 2024)
Frequently asked questions
Is Altus Group stock halal?
Based on this screener AAOIFI-style checks, Altus Group passes: its commercial real estate software and analytics business clears the activity gate, total debt of C$272.5M is about 18% of market cap, and interest income is about 0.28% of Q2 2026 revenue. This is a screening result, not investment advice or a religious ruling.
How much debt does Altus Group have relative to its market value?
About 18%: borrowings of C$246.5M plus lease liabilities of C$26.0M at June 30, 2026, divided by a market cap of about C$1.513B (C$44.22 x ~34.22M shares, September 2026) - well under the ~33% ceiling this screener uses.
Does Altus Group earn interest income?
A small amount: C$0.317M of interest income on C$112.666M of revenue in Q2 2026, about 0.28% - under the ~5% ceiling. For H1 2026 it was 0.90%, and for FY2025 it was 2.85% (elevated by one-time interest on the ~C$674M Property Tax sale proceeds held in cash in 2025).
What does Altus Group do?
Altus Group Limited (TSX: AIF), headquartered in Toronto, provides commercial real estate intelligence anchored by ARGUS, the industry standard software for valuation and performance analytics. Its revenue streams are software, Valuation Management Solutions, data, and advisory services.
Do Zoya, Musaffa, or ShariaPortfolio rate Altus Group?
Musaffa Academy June 2024 list of halal stocks in Canada by market cap rated Altus Group Ltd (AIF.TO) Halal - a dated rating, not a current one. No public Zoya rating and no ShariaPortfolio coverage were found as of September 2026.