Is Caldwell Partners / CWL Halal?
Caldwell Partners International Inc. (TSX: CWL) is a Toronto-based talent acquisition firm — retained executive search under the Caldwell brand and on-demand talent acquisition under IQTalent. The business clears gate one, and ~21% debt-and-leases-to-market-cap with ~0.4% non-compliant income clears gate two — a PASS, re-checked every quarter.
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, 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 — PASS
Caldwell describes itself as a technology-powered talent acquisition firm specializing in recruitment at all levels, operating through two brands — Caldwell (retained executive search) and IQTalent (on-demand talent acquisition). Services run from candidate research and sourcing through full recruitment at the professional, executive, and board levels, plus talent strategy and assessment tools. Recruitment services are a permissible business activity under AAOIFI-style screens, and no haram revenue segment is disclosed in the company's filings. Gate one: PASS.
Gate two: the ratios — PASS
Debt-and-leases-to-market-cap: ~21.0% (ceiling ~33%) — PASS. At February 28, 2026, Caldwell reported no interest-bearing conventional debt — its liabilities were payables, compensation, deferred revenue, and lease obligations. Lease liabilities totaled CA$1.793 million current plus CA$4.706 million non-current — about CA$6.5 million in total. Against a market cap of roughly CA$31.0 million in early October 2026 (C$1.04 TSX close), the ratio is about 21.0% — under the ~33% ceiling, measured with leases included, consistent with the other screeners on this site. The company also held about CA$10.8 million of cash and cash equivalents and CA$1.5 million of investments.
Non-compliant income: ~0.4% (ceiling ~5%) — PASS. For the six months ended February 28, 2026, Caldwell reported CA$205,000 of investment income against CA$56.6 million of revenue — about 0.4%, far under the ~5% screen. The quarterly CA$105,000 interest expense on lease liabilities is a cost, not income. Gate two: PASS.
What other screeners say
No verified current rating was found for Caldwell Partners (CWL) on Zoya, Musaffa, or ShariaPortfolio as of October 2026 — the company is a small cap (about CA$31 million market cap) that the major third-party screeners do not currently appear to cover. This screener's PASS rests on the company's own filings, not on a third-party rating.
The bottom line
This screener gives Caldwell Partners International Inc. (TSX: CWL) a PASS. Q2 fiscal 2026 brought CA$27.3 million of quarterly revenue and a return to operating profit (CA$771,000); no interest-bearing debt with lease liabilities of about CA$6.5 million against a ~CA$31 million market cap keeps the ratio screen clean. Snapshot dated October 1, 2026; re-checked quarterly after earnings — new borrowing or a lower market cap could change the answer.
The purification angle: Caldwell reported about CA$0.2 million of investment income in the first half of fiscal 2026, so dividend purification math is small — but if you want to run the numbers on any dividend, the purification calculator is here.
Frequently asked questions
Is Caldwell Partners stock halal?
This screener gives Caldwell Partners International Inc. (TSX: CWL) a PASS. Executive search and talent acquisition — the Caldwell and IQTalent brands — clears the business-activity screen, and the ratio math passes: no interest-bearing debt and about CA$6.5 million of lease liabilities at February 28, 2026 against a market cap of about CA$31.0 million — roughly 21.0% debt-and-leases-to-market-cap, under the ~33% ceiling. Non-compliant investment income was about CA$0.2 million against CA$56.6 million of six-month revenue (~0.4%), well under the ~5% screen.
What are Caldwell Partners' debt and market-cap figures?
Caldwell reported no interest-bearing conventional debt at February 28, 2026, per its Q2 2026 unaudited interim financial statements. Lease liabilities totaled about CA$6.5 million (CA$1.8 million current + CA$4.7 million non-current). Against a market cap of roughly CA$31.0 million in early October 2026 (Finnhub quote: C$1.04 close), the debt-and-leases-to-market-cap ratio is about 21.0% — under the ~33% AAOIFI ceiling, measured with leases included, consistent with the other screeners on this site. The company also held about CA$10.8 million of cash and cash equivalents and CA$1.5 million of investments.
Does Caldwell Partners earn interest income?
Minimal. Caldwell reported CA$205,000 of investment income for the six months ended February 28, 2026, against CA$56.6 million of revenue — about 0.4%, far under the ~5% screen. A CA$105,000 quarterly interest expense on lease liabilities is an expense, not income.
Do any third-party screeners agree with this screener?
No verified current rating was found for Caldwell Partners (CWL) on Zoya, Musaffa, or ShariaPortfolio as of October 2026 — the company is a small cap (about CA$31 million market cap) that the major third-party screeners do not currently appear to cover. This screener's PASS rests on the company's own filings, not on a third-party rating.
What could change Caldwell Partners' halal screener?
The debt-and-leases ratio sits at ~21.0% — under the ~33% ceiling — but the company is thinly capitalized with about CA$31 million of market cap, so new borrowing or a lower share price could push the ratio up. The cash and securities position (about CA$12.3 million) is also large relative to market cap and worth watching. This screener is a snapshot dated October 1, 2026 and is re-checked quarterly after earnings.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).