Is CGI Inc / GIB.A Halal?
Screener: Yes — CGI passes Shariah screening as of September 2026. ~22% debt-to-market-cap (including leases — the strictest basis), a C$31.79B backlog at 1.9x annual revenue, and a permissible IT-services business.
Screen 1: Business activity — pass
CGI provides IT and business consulting, systems integration, managed services, and intellectual property — end-to-end technology services for governments and enterprises across Canada, the U.S., Europe, and Asia-Pacific. In Q3 Fiscal 2026 (period ended June 30, 2026), revenue was C$4.19B (+2.5%; +1.3% in constant currency), with C$4.20B of bookings (100.1% book-to-bill) and a C$31.79B backlog — 1.9x annual revenue. IT services are not a prohibited industry under any major methodology (AAOIFI, Dow Jones Islamic Market, FTSE, MSCI Islamic).
Screen 2: Financial ratios — pass
- Gross interest-bearing debt: C$4,337.1M of long-term debt and lease liabilities at June 30, 2026; net debt was C$3,684M after C$625.6M of cash (26.6% net-debt-to-capitalization).
- Market cap: ≈ C$19.75B.
- Debt-to-market-cap: (4,337 ÷ 19,747) × 100 ≈ 22.0% — under the 33% ceiling on the strictest basis, since the figure includes lease liabilities (the ex-lease ratio would be lower).
- Cash-to-market-cap: C$625.6M ÷ ≈C$19.75B ≈ 3.2% — under the 33% ceiling.
- Interest income: no separately verifiable Q3 2026 figure was located in public sources. CGI is a net interest payer (net finance costs were C$30.5M in the quarter), and the 5% ceiling on C$4.19B of quarterly revenue would require ≈C$210M of interest income in a single quarter — nothing in the reporting suggests anything near that level.
Screen 3: Purification
CGI's board approved a quarterly cash dividend of C$0.17 per share on July 28, 2026 (C$0.68 annualized), paid September 18, 2026; the company also repurchased C$412.9M of shares in the quarter. Under standard screening treatment, dividends from a compliant company are halal income subject to purification of any small non-compliant income earned — our purification calculator can help estimate the charitable amount. Nothing on this site is a fatwa.
What could change the screener
- A debt-funded acquisition (CGI's historic playbook) large enough to push the debt ratio toward the 33% ceiling — ~11 points of headroom at current prices.
- A share-price collapse shrinking the denominator — the stock is already down ~26% year-to-date.
- Entry into a prohibited business — not the case today.
Halal alternatives and peers
Fellow screened Canadian technology names: Thomson Reuters (conditional PASS, information services). See the full screener database, or the Shariah-compliant ETF route (WSHR, SPUS) in our complete guide.
FAQ
Is CGI halal to invest in?
As of September 2026: yes, under the AAOIFI-style screening we apply. IT consulting and systems integration is a permissible business, and debt-to-market-cap is ≈22% — under the 33% ceiling. This is a screening result, not a religious ruling.
How was the 22% debt ratio calculated?
C$4,337.1M of long-term debt and lease liabilities at June 30, 2026 against a market cap of ≈C$19.75B — (4,337 ÷ 19,747) × 100 ≈ 22.0%, under the 33% ceiling on the strictest basis (including leases; the ex-lease ratio would be lower). Net debt was C$3,684M for a 26.6% net-debt-to-capitalization ratio.
Does CGI pay interest or earn interest income?
CGI is a net interest payer: Q3 Fiscal 2026 net finance costs were C$30.5M. No separately verifiable interest-income figure was located in public sources; the 5% ceiling on C$4.19B of quarterly revenue would require ≈C$210M of interest income in a single quarter. Nothing in the reporting suggests anything near that level.
Are CGI's dividends halal?
CGI's board approved a quarterly dividend of C$0.17 per share on July 28, 2026 (C$0.68 annualized), paid September 18, 2026. Under standard screening treatment, dividends from a compliant company are halal income subject to purification of any non-compliant income earned — our purification calculator can help estimate the charitable amount. Nothing on this site is a fatwa.
What do Zoya, Musaffa, and ShariaPortfolio say?
No verified current third-party verdict on CGI was found in public sources during our September 2026 research — not on Zoya, Musaffa, or ShariaPortfolio. Our PASS result is an independent application of the AAOIFI-style screen; consult a scholar or screener of your choice before investing.