Is Boston Pizza Royalties (BPF.UN) halal?
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.
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 — pork products in the royalty base
'The Fund was established to indirectly, through Royalties LP, acquire the trademarks and trade names owned by BPI including 'Boston Pizza' and other similar related items, logos and designs... used in connection with the operation of Boston Pizza restaurants in Canada.' It is a limited-purpose open-ended trust that owns the Canadian Boston Pizza trademarks and earns royalty income of 4% of Franchise Sales plus distribution income of 1.5% of Franchise Sales (less BPI's retained portion) from 372 Boston Pizza restaurants in its royalty pool. 'Franchise Sales' is defined in the Fund's filings as gross restaurant revenue after deducting revenue from the sale of liquor, beer, and wine — alcohol is explicitly carved out of the royalty base — but all food revenue is included, and Boston Pizza's menu features pork-derived products: pepperoni, bacon, smoked ham, spicy Italian sausage, and Genoa salami (for example the 'Loaded Pepperoni & Bacon Pizza' and the 'Meateor' with smoked ham, pepperoni, and Italian sausage). Because the entire royalty stream is tied to gross sales that include pork-derived products, the Fund fails the business-activity gate.
Gate two: the ratios — both pass, both moot
Drawn credit facilities were C$86.6 million (Q1 2026 interim balance sheet; facilities renewed June 30, 2026 to a July 1, 2029 maturity) against a market cap of about C$435.4 million (21,278,563 units at C$20.46, September 29, 2026) — about 19.9%, under the ~33% ceiling. Interest income was C$26,000 in Q2 2026 against C$13.649 million of revenue — about 0.19%, well under ~5%. Cash and cash equivalents were C$4.0 million (~0.9% of market cap). Both ratios pass — and both are moot, because the business-activity failure at gate one is decisive.
What other screeners say
None of Zoya, Musaffa, or ShariaPortfolio cover BPF.UN — no coverage pages or ratings were found on zoya.finance or musaffa.com, and no ShariaPortfolio stock page for the ticker was located as of September 29, 2026. There is no third-party rating to cite; this screener rests on the Fund's own Q2 2026 filings.
The bottom line
This screener gives Boston Pizza Royalties Income Fund (TSX: BPF.UN) a FAIL. The royalties are calculated on gross restaurant sales that include pork-derived products by the Fund's own definition — a decisive business-activity failure, on the same basis as the Pizza Pizza (PZA) screener. Debt and interest-income ratios both pass on verified filing numbers, but they cannot offset the gate-one failure. Snapshot dated September 29, 2026; re-checked quarterly after earnings.
Sources
Frequently asked questions
Is Boston Pizza Royalties stock halal?
No — Boston Pizza Royalties Income Fund (TSX: BPF.UN) fails at gate one. The Fund's entire royalty stream is calculated on 'Franchise Sales' — gross restaurant revenue that, by the Fund's own filings, includes all food sales; Boston Pizza's menu includes pork-derived products (pepperoni, bacon, smoked ham, spicy Italian sausage). Debt (~19.9% of market cap) and interest income (~0.19% of revenue) both pass and are moot. Alcohol is explicitly deducted from the royalty base, so it is not part of the fail. None of Zoya, Musaffa, or ShariaPortfolio cover BPF.UN. Consult a qualified scholar.
What does Boston Pizza Royalties Income Fund do?
'The Fund was established to indirectly, through Royalties LP, acquire the trademarks and trade names owned by BPI including 'Boston Pizza' and other similar related items, logos and designs... used in connection with the operation of Boston Pizza restaurants in Canada.' It is a limited-purpose open-ended trust that owns the Canadian Boston Pizza trademarks and earns royalty income of 4% of Franchise Sales plus distribution income of 1.5% of Franchise Sales (less BPI's retained portion) from 372 Boston Pizza restaurants in its royalty pool (Q2 2026).
Is alcohol included in the royalties?
No. The Fund's filings define 'Franchise Sales' as gross restaurant revenue after deducting revenue from the sale of liquor, beer, and wine (plus approved national discounts/promotions and taxes). Alcohol revenue is explicitly carved out of the royalty base — the fail rests on pork-derived food products, not alcohol.
How much interest income and debt does the Fund have?
Interest income was C$26,000 in Q2 2026 — about 0.19% of revenue, well under ~5%. Drawn credit facilities were C$86.6 million (Q1 2026 interim balance sheet; facilities renewed June 30, 2026 to a July 1, 2029 maturity) — about 19.9% of the ~C$435.4 million market cap, under the ~33% ceiling. Cash and cash equivalents were C$4.0 million (~0.9% of market cap). Both ratios pass; they are moot given the business-activity fail.
What do Zoya, Musaffa, and ShariaPortfolio say about BPF.UN?
None of the three cover BPF.UN: no coverage pages or ratings were found on zoya.finance or musaffa.com, and no ShariaPortfolio stock page for the ticker was located as of September 29, 2026. There is no third-party rating to cite for this stock — this screener rests on the Fund's own Q2 2026 filings.