Canadian Halal Investor

TSX Shariah screener · September 2026

Is Brookfield Wealth Solutions (BNT) Halal?

FAIL

Brookfield Wealth Solutions Ltd. · TSX / NYSE: BNT · Financial Services

The short answer

Brookfield Wealth Solutions (BNT) is a FAIL - on all three gates. The business gate fails: BNT is an insurance and reinsurance company, selling annuities, life insurance and property-and-casualty insurance through subsidiaries like American National and Argo, and conventional insurance is a prohibited business activity under this screen. The debt gate fails too: about US$9.63B of interest-bearing debt at June 30, 2026 is roughly 78% of the ~US$12.32B market cap (about C$13.6B of debt vs ~C$17.42B market cap on the TSX), against a ~33% ceiling. And the income gate fails as well: net investment income of US$3,627M was about 62% of US$5,873M of total revenue for the first half of 2026, against a ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating was found for BNT itself 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: FAIL

Brookfield Wealth Solutions - Brookfield's insurance and wealth-solutions arm, formerly Brookfield Reinsurance - describes itself as focused on retirement services, wealth protection products and capital solutions. Its reporting segments are Annuities, P&C (property and casualty), Life Insurance and Corporate and Other, and the majority of revenue comes from Annuities. Its subsidiaries include American National Insurance, American National Life Insurance Company of NY, ANPAC, Farm Family Casualty, AEILIC, Argo in property-and-casualty, and the UK pension and annuity provider Just Group, acquired in 2026. Conventional insurance and reinsurance underwriting - where the company's income depends on premiums and on investing the float at interest - is the core business, and that fails the business-activity gate outright under this screen's AAOIFI-style criteria. Facts only, no fatwa.

Gate 2 — Debt: FAIL

The Q2 2026 consolidated balance sheet at June 30, 2026 reports corporate borrowings of US$2,652M and non-recourse borrowings of US$6,978M - total interest-bearing debt of about US$9.63B. At US$1 = C$1.414, that is roughly C$13.6B. Against a September 2026 market capitalization of about C$17.42B on the TSX (US$12.32B on the NYSE), the debt-to-market-cap ratio is roughly 78% - against a ~33% ceiling. The ratio is the same in either currency since both numerator and denominator convert. Note corporate borrowings alone (US$2,652M, about 22% of the US market cap) would pass the ceiling, but this screener uses consolidated reported debt for every company - the non-recourse subsidiary borrowings are on the consolidated balance sheet. The gate fails either way.

Gate 3 — Non-compliant income: FAIL

For the six months to June 30, 2026, the company reported net investment income, including funds withheld, of US$3,627M against total revenue of US$5,873M - a ratio of roughly 62%, against a ~5% ceiling. In Q2 2026 alone it was US$2,156M against US$4,217M of revenue, about 51%. This is the profile of an insurer: investment returns - overwhelmingly interest and dividends earned on the policyholder float - are the economic engine, while net premiums and other policy revenue make up the rest. The income gate fails by a wide margin.

Key figures used

Frequently asked questions

Is Brookfield Wealth Solutions (BNT) halal?

Our September 2026 screen gives Brookfield Wealth Solutions (TSX/NYSE: BNT) a FAIL on all three gates. The business gate fails: conventional insurance and reinsurance - annuities, life insurance and property-and-casualty - is the core business. The debt gate fails: about US$9.63B of interest-bearing debt at June 30, 2026 is roughly 78% of the market cap, against a ~33% ceiling. The income gate fails: net investment income of US$3,627M was about 62% of US$5,873M of first-half 2026 revenue, against a ~5% ceiling. This is a rules-based screening of published figures, not a religious ruling.

Why does conventional insurance fail the business-activity gate?

The screen's gate one excludes companies whose core business is prohibited, and conventional insurance and reinsurance - selling annuities, life and property-and-casualty policies and investing the premiums at interest - is on the prohibited list used by AAOIFI-style screens. BNT's own reporting segments are Annuities, P&C, Life Insurance and Corporate and Other, with annuities the majority of revenue; subsidiaries include American National, Argo and the UK's Just Group. When the core business itself is excluded, the ratios do not matter.

How leveraged is BNT on the debt gate?

The Q2 2026 balance sheet shows about US$9.63B of interest-bearing debt - US$2,652M of corporate borrowings plus US$6,978M of non-recourse borrowings - against a market cap of about US$12.32B (roughly C$13.6B of debt vs ~C$17.42B of market cap on the TSX), for a debt-to-market-cap ratio of roughly 78% versus a ~33% ceiling. Corporate borrowings alone would pass, but the screen uses consolidated reported debt for every company.

How much of BNT's revenue is investment income?

For the six months to June 30, 2026, net investment income including funds withheld was US$3,627M against US$5,873M of total revenue - about 62%, against a ~5% ceiling. That is the profile of an insurer: the economic engine is interest and dividend income earned on the policyholder float, not premiums alone.

What do Zoya, Musaffa or ShariaPortfolio say about BNT?

No public Zoya, Musaffa or ShariaPortfolio rating for BNT itself was found as of September 2026, so this screen relies entirely on the company's published figures. Zoya does rate sibling Brookfield tickers - BN, BAM, BEPC, BIP and BIPC - and shows all of them as not Shariah-compliant. Other insurance and financial screeners on this site - Manulife (MFC), Intact Financial (IFC), Fairfax Financial (FFH) and Power Corporation (POW) - all 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.