TSX Shariah screener · October 2026
Is BMTC Group Inc. (GBT) Halal?
BMTC Group Inc. · TSX: GBT · Consumer Cyclical
The short answer
BMTC Group Inc. (TSX: GBT) is a PASS. The business gate passes: it is a Montréal-based retailer of furniture, household appliances and electronic products (the Tanguay division, including the Brault & Martineau and EconoMax banners), plus a real-estate division (rental residential towers) and an investment division holding a treasury portfolio of interest-bearing liquidities and listed equities — no consumer credit/financing program, no lending book, and no prohibited segments. The debt gate passes: bank debt was C$nil at April 30, 2026 (no overdraft drawn; the credit facility was largely undrawn at July 31, 2026), so debt is 0% of the ~C$409M market cap (31,788,500 shares × C$13.00, October 1, 2026), well under the ~33% ceiling. The income gate passes: separately disclosed interest income of C$1.07M in audited FY2026 is about 0.17% of revenue of C$619.6M (0.15% in Q1 FY2027), well under the ~5% ceiling. Cash and interest-bearing liquidities of C$67.3M are about 16.4% of market cap. No Zoya, Musaffa, or ShariaPortfolio coverage was found. This is a rules-based screen, not a religious ruling.
Gate 1 — Business activity: PASS
BMTC operates three divisions: (1) the Tanguay division — the retail network of furniture, household appliances and electronic products across Québec (the former Brault & Martineau and EconoMax banners were folded into Tanguay); (2) a real-estate division — investment properties and rental residential developments (the Le Corbusier-Concorde project in Laval and the CHAPITRE Bois-Franc joint venture in Saint-Laurent); (3) an investment division — a portfolio of financial assets (mainly interest-bearing liquidities plus common and preferred shares; C$220.7M at July 31, 2026). Importantly, there is no consumer credit or financing program: trade receivables were only C$2.9M at April 30, 2026, and all reported interest income comes from the treasury portfolio, not from customers. It is not a lender — the investment division is treasury activity, not interest-based lending. There are no alcohol, gambling, weapons, tobacco, cannabis, insurance, or pork segments. The business gate passes.
Gate 2 — Debt and cash: PASS
Bank debt was C$nil at April 30, 2026 (Q1 FY2027 interim financial statements: no overdraft, no bank loans), and the Q2 FY2027 press release (September 10, 2026) describes the credit facility as “largely undrawn.” (For reference, the audited FY2026 balance sheet at January 31, 2026 showed only a C$4.9M overdraft, about 1.2% of market cap.) Against a market cap of ~C$409M (31,788,500 shares outstanding × C$13.00, October 1, 2026, TSX), interest-bearing debt is 0% — well under the ~33% ceiling (C$10.8M of lease liabilities are excluded per the screen’s methodology). Cash of C$12.0M plus interest-bearing liquidities of C$55.3M (bearing 2%, per Note 8) total C$67.3M, about 16.4% of market cap — also under the ~33% ceiling. The debt and cash gates pass.
Gate 3 — Non-compliant income: PASS
Interest income is a separately disclosed line (Note 5, “Investment income”), not netted away. In audited FY2026 it was C$1.072M (C$569k on FVTPL assets + C$503k on amortized-cost assets) against revenue of C$619.6M — about 0.17%. In Q1 FY2027 it was C$207k against revenue of C$141.6M — about 0.15%. Both are well under the ~5% ceiling. (Dividends received from conventional equity holdings are disclosed separately too — C$5.1M in FY2026, about 0.83% of revenue — and are not interest income.) The income gate passes.
Key figures used
- PASS — all gates pass (October 2026 screen)
- Business: Montréal retailer of furniture, appliances and electronics (Tanguay division) + rental-residential real estate + treasury investment portfolio; no consumer credit program, no lending book, no prohibited segments — PASS
- Debt: C$nil bank debt/overdraft (Apr 30, 2026 FS; facility largely undrawn at Jul 31, 2026) = 0% of ~C$409M market cap (31,788,500 shares × C$13.00, Oct 1, 2026) vs ~33% ceiling — PASS
- Income: ≈0.17% — audited FY2026 interest income C$1.072M ÷ revenue C$619.6M vs ~5% ceiling (Q1 FY2027: ≈0.15%) — PASS
- Cash: C$12.0M cash + C$55.3M interest-bearing liquidities = C$67.3M ≈ 16.4% of market cap
- Third-party: no Zoya/Musaffa/ShariaPortfolio coverage found
- Material: semiannual eligible dividend C$0.18/share (C$0.36/year, ~2.8% yield); NCIB renewed Apr 2026; acquired 50% of CHAPITRE Bois-Franc JV (Saint-Laurent, ~301 units) for C$12.4M; trades below book value (C$18.47/share vs ~C$13 market)
Frequently asked questions
Is BMTC Group (GBT) halal?
Our October 2026 screen gives BMTC Group Inc. (TSX: GBT) a PASS. The business gate passes (Montréal-based retailer of furniture, household appliances and electronics — the Tanguay division — plus rental-residential real estate and a treasury investment portfolio; no consumer credit program, no lending book, and no prohibited segments). The debt gate passes (bank debt was C$nil at April 30, 2026, so debt is 0% of the ~C$409M market cap, far under the ~33% ceiling). The income gate passes (audited FY2026 interest income of C$1.072M is about 0.17% of revenue of C$619.6M, well under the ~5% ceiling; Q1 FY2027 was 0.15%). Cash and interest-bearing liquidities of C$67.3M are about 16.4% of market cap. No Zoya, Musaffa, or ShariaPortfolio coverage was found. This is a rules-based screen, not a religious ruling.
What does BMTC Group do?
BMTC operates three divisions: (1) the Tanguay division — a retail network of furniture, household appliances and electronic products across Québec (the former Brault & Martineau and EconoMax banners were folded into Tanguay); (2) a real-estate division — investment properties and rental residential developments (the Le Corbusier-Concorde project in Laval and the CHAPITRE Bois-Franc joint venture in Saint-Laurent); and (3) an investment division — a portfolio of financial assets (mainly interest-bearing liquidities plus common and preferred shares; C$220.7M at July 31, 2026). There is no consumer credit or financing program — it is not a lender.
How much debt does BMTC Group have?
Effectively none. Bank debt was C$nil at April 30, 2026 (Q1 FY2027 interim financial statements: no overdraft, no bank loans), and the September 2026 Q2 FY2027 press release describes the credit facility as “largely undrawn.” Against a market cap of ~C$409M (31,788,500 shares outstanding × C$13.00, October 1, 2026, TSX), interest-bearing debt is 0% — far under the ~33% ceiling (C$10.8M of lease liabilities are excluded per the screen’s methodology). For reference, the audited FY2026 balance sheet (January 31, 2026) showed only a C$4.9M overdraft, about 1.2% of market cap.
Is BMTC Group’s income compliant?
Yes. Interest income is a separately disclosed line (Note 5, “Investment income”), not netted away. In audited FY2026 it was C$1.072M against revenue of C$619.6M — about 0.17%; in Q1 FY2027 it was C$207k against revenue of C$141.6M — about 0.15%. Both are well under the ~5% ceiling. (Dividends received from conventional equity holdings are disclosed separately — C$5.1M in FY2026, about 0.83% of revenue — and are not interest income.) The income gate passes.
What do third-party Shariah screeners say about GBT?
No Zoya, Musaffa, or ShariaPortfolio rating was found for GBT in public search — none of the three named providers surfaced coverage, so no rating is claimed here.
Sources
- BMTC Group — FY2026 audited consolidated financial statements (PwC, May 1, 2026; Note 5 investment income C$1.072M; revenue C$619.6M)
- BMTC Group — Q1 FY2027 press release and interim report (June 8, 2026; balance sheet: C$nil bank debt; cash C$12.0M + interest-bearing liquidities C$55.3M)
Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.