Canadian Halal Investor.

TSX Shariah screener · September 2026

Is Brookfield Business Partners (BBU.UN) Halal?

FAIL

Brookfield Business Partners LP · TSX: BBU.UN (also NYSE: BBU) · Industrials

The short answer

Brookfield Business Partners (BBU.UN) is a FAIL. The business gate passes: the partnership owns and operates a portfolio of industrial, business-services and infrastructure-services companies - no conventional banking or insurance, no alcohol, gambling, weapons, or other prohibited activity as its core business. The debt gate fails outright: about US$44.8B of consolidated debt at June 30, 2026 (about C$63.4B at US$1 = C$1.414) is roughly 1,560% of the ~C$4.06B September 2026 market cap, against a ~33% ceiling. Because a quantitative fail on any gate is enough, the income gate was not reached. No public Zoya, Musaffa or ShariaPortfolio rating was found for this ticker as of September 2026. 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.

Gate 1 — Business activity: PASS

Brookfield Business Partners is a business-owner and operator, not a conventional lender or insurer. It buys controlling stakes in industrial and business-service companies - areas such as construction, energy services and transportation - then works to improve them and earns from the cash flows those businesses generate. That is an operating-business model, full stop - there is no conventional banking or insurance, no alcohol, gambling, weapons, or other prohibited activity in the company's reported business. Facts only, no fatwa.

Gate 2 — Debt: FAIL

Private equity runs on leverage, and Brookfield Business Partners' consolidated balance sheet shows it. The trailing-twelve-month balance sheet to June 30, 2026 reports long-term debt of US$42.86B plus a current portion of long-term debt of US$1.96B - about US$44.8B in total debt. At US$1 = C$1.414, that is roughly C$63.4B. Against a September 2026 market capitalization of about C$4.06B, the debt-to-market-cap ratio is roughly 1,560% - against a ~33% ceiling. Most of the borrowings sit inside operating subsidiaries and are non-recourse to the holding company (the company's Q2 2025 release split US$43.6B of borrowings into US$1,116M of corporate borrowings and US$42,493M of non-recourse borrowings in subsidiaries), but this screener uses consolidated reported debt for every company - the subsidiaries are controlled and consolidated. Even corporate borrowings alone, converted to Canadian dollars, would be roughly 39% of the market cap, above the ~33% ceiling. Either way, the debt gate fails by a wide margin.

Gate 3 — Non-compliant income: not reached

No separately disclosed interest-income figure was found in the publicly available filings used for this screen, and the income gate was never reached - the screen stops at the debt gate, which fails outright. A quantitative fail on any gate is enough, so this page does not claim an income-gate ratio.

Key figures used

Frequently asked questions

Is Brookfield Business Partners (BBU.UN) halal?

Our September 2026 screen gives Brookfield Business Partners (TSX: BBU.UN) a FAIL. The business gate passes - it owns and operates industrial, business-services and infrastructure-services companies, with no conventional banking, insurance, alcohol, gambling, weapons or other prohibited activity as its core business. But the debt gate fails outright: about US$44.8B of consolidated debt at June 30, 2026 is roughly 1,560% of the ~C$4.06B market capitalization, against a ~33% ceiling. This is a rules-based screening of published figures, not a religious ruling.

Why does BBU.UN fail the debt screen by so much?

Brookfield Business Partners is a private-equity-style owner and operator, and private equity runs on leverage. Its consolidated balance sheet at June 30, 2026 showed long-term debt of US$42.86B plus US$1.96B current portion of long-term debt - about US$44.8B in total, or roughly C$63.4B at US$1 = C$1.414. Against a September 2026 market cap of about C$4.06B, that is roughly 1,560% debt-to-market-cap, versus a ~33% ceiling. The screen uses consolidated reported debt, as it does for every other screener on this site.

Isn't most of BBU's debt non-recourse to the parent? Does that change the result?

Most of the debt does sit inside operating subsidiaries and is non-recourse to the holding company - the company's Q2 2025 release, for example, broke borrowings into US$1,116M of corporate borrowings and US$42,493M of non-recourse borrowings in subsidiaries. This screener, like every other one here, uses consolidated reported debt: the subsidiaries are controlled and consolidated, so their borrowings are the partnership's reported debt. Even corporate borrowings alone, converted at US$1 = C$1.414, would be roughly 39% of the ~C$4.06B market cap - above the ~33% ceiling. The result stands either way.

Does Brookfield Business Partners earn interest or other non-compliant income?

No separately disclosed interest-income figure was found in the publicly available filings used for this screen, and the income gate was never reached: the screen stops at the debt gate, which fails outright. Because a quantitative fail on any gate is enough, the page does not claim an income-gate ratio.

What do Zoya, Musaffa or ShariaPortfolio say about BBU.UN?

No public Zoya, Musaffa or ShariaPortfolio rating for BBU.UN was found as of September 2026, so this screen relies entirely on the company's published figures. Muslim investors who want a second opinion can look at other industrial and owner-operator screeners on this site - CGI (GIB.A) and Stantec (STN) are both PASS, while Onex (ONEX), Brookfield Corporation (BN), Fairfax Financial (FFH) and Power Corporation (POW) screen FAIL for their own reasons.

Sources

Screened September 30, 2026 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.