Is B2Gold / BTO Halal?
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.
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 — passes
B2Gold acquires, develops and operates gold properties: the Fekola Mine in Mali, the Goose Mine in Canada, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia, plus the Gramalote Project in Colombia. No verified involvement in weapons/defence, gambling, alcohol, tobacco, pork or adult entertainment was found. Gate one: passes.
Gate two: the ratios — pass comfortably
The debt gate passes. As at June 30, 2026 (in US dollars): convertible senior unsecured notes of US$384.741 million plus equipment loans of US$21.955 million plus lease liabilities of US$49.390 million, for total debt of US$456.086 million; the US$800 million revolving credit facility was fully repaid and undrawn. Market cap is about C$9.87 billion (C$7.47 TSX close on September 29, 2026 × 1,321,070,762 shares) — putting total debt at ~6.3% of market cap, far below the ~33% ceiling. The income gate passes. The Q2 2026 income statement has a standalone interest income line of US$3.603 million against gold revenue of US$789.354 million — ~0.46% of revenue, far below the ~5% ceiling. (Interest and financing expense of US$15.387 million is a separate line and is not counted as income.) Gate two: passes.
What other screeners say — a disagreement
Musaffa rates BTO.TO not halal as of September 2026 under its AAOIFI methodology, but its page does not disclose which threshold failed. On the primary-filing math above, debt is ~6.3% and interest income is ~0.46% — both far below the ceilings — so the basis of the disagreement is unclear. Zoya's public BTG page contains contradictory auto-generated sentences (both "halal" and "not halal" on the same page, with blank dates), so no rating can be reported from it. ShariaPortfolio publishes no public per-stock reports. Because a respected third-party screener disagrees, this screener is marked conditional: review both screens and consult a qualified scholar before deciding.
The bottom line
This screener gives B2Gold Corp. (TSX: BTO) a conditional PASS. Gold mining has no verified haram lines, total debt is ~6.3% of market cap, and interest income is ~0.46% of revenue — both far below the ceilings. But Musaffa disagrees, so this is a snapshot dated September 29, 2026 to weigh alongside independent screens, re-checked quarterly after earnings.
The purification angle: even on a PASS, interest income of ~0.46% of revenue means a small non-compliant share — run the purification calculator to estimate it on any dividends or gains.
Frequently asked questions
Is B2Gold stock halal?
This screener gives B2Gold Corp. (TSX: BTO) a conditional PASS. On the primary-filing math the gold miner (Fekola in Mali, Goose in Canada, Masbate in the Philippines, Otjikoto in Namibia) has no verified haram business lines, total debt of US$456.1 million is about 6.3% of the ~C$9.87 billion market cap, and interest income of US$3.603 million is about 0.46% of quarterly revenue. However, Musaffa classifies BTO.TO as not halal as of September 2026 — so treat this screener as conditional and read the third-party section before deciding.
What are B2Gold's debt and market-cap figures?
As at June 30, 2026 (Q2 2026, in US dollars): convertible senior unsecured notes of US$384.741 million plus equipment loans of US$21.955 million plus lease liabilities of US$49.390 million, for total debt of US$456.086 million; the US$800 million revolving credit facility was undrawn. Market cap is about C$9.87 billion (C$7.47 TSX close on September 29, 2026 × 1,321,070,762 shares). The debt-to-market-cap ratio is about 6.3% — far below the ~33% ceiling.
Does B2Gold earn interest income?
A small amount, explicitly disclosed. The Q2 2026 income statement has a standalone interest income line of US$3.603 million against gold revenue of US$789.354 million — about 0.46% of revenue, far below the ~5% ceiling. (Interest and financing expense of US$15.387 million is a separate line and is not counted as income.)
Why does Musaffa say B2Gold is not halal?
Musaffa's public BTO.TO page classifies B2Gold as not halal as of September 2026 under its AAOIFI methodology, but it does not disclose which threshold failed. On the primary-filing math used in this screener, debt is ~6.3% of market cap and interest income is ~0.46% of revenue — both far below the ceilings — so the disagreement's basis is unclear. Because a respected third-party screener disagrees, this screener is marked conditional: review both screens and consult a qualified scholar before deciding.
What could change B2Gold's halal screener?
A large debt-funded acquisition or drawing on the US$800 million revolver could push debt-to-market-cap toward the ~33% ceiling — it sits at ~6.3% today. Interest income rising above roughly 5% of revenue would also change the screen, as would a change in Musaffa's rating. This screener is a snapshot dated September 29, 2026 and is re-checked quarterly after earnings.