Screened September 29, 2026 · TSX: CHR · Q2 2026 filings

Is Chorus Aviation (CHR) halal?

Chorus Aviation Inc. (TSX: CHR) runs regional air services and aircraft leasing out of Halifax — but its C$308 million of interest-bearing debt is about 45% of market cap, a FAIL on the debt gate.

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 — no haram revenue line disclosed

Chorus Aviation is a regional aviation holding company based in Halifax (Q2 2026 MD&A). Its four business areas are: contract flying — Jazz Aviation operates regional air services under the Air Canada Express brand under a capacity purchase agreement with Air Canada, while Voyageur Aviation provides specialty charter (medical, logistical, and humanitarian flights); aircraft leasing — Jazz earns leasing revenue under the Air Canada agreement and Voyageur leases aircraft to third parties; aviation services — maintenance, repair and overhaul, parts distribution and component repair (KADEX Aero Supply, acquired April 1, 2026), aircraft modification, engineering and certification, and defence and agency services; and pilot training through Cygnet Aviation Academy. The filings disclose no alcohol, gambling, pork, or interest-based finance revenue lines. The defence and agency services line is reported factually here; scholars differ on conventional-defence exposure, and no fatwa is given. Note: the Regional Aircraft Leasing segment (Falko) was sold in December 2024 and is not part of the current business.

Gate two: the ratios — the debt ceiling fails

At June 30, 2026 (unaudited Q2 2026 interim statements, C$ thousands): long-term debt of C$177,534 thousand plus a current portion of C$115,004 thousand, and lease liabilities of C$15,326 thousand (C$3,110 thousand current, C$12,216 thousand non-current) — about C$307.9 million of interest-bearing debt in total. (Consideration payable of C$9.5 million for the KADEX acquisition is not interest-bearing and is excluded.) Cash was C$26.8 million. With about 22.7 million shares at the September 28–29, 2026 quote of C$30.29, market cap is about C$688 million, so debt-to-market-cap is about 45% — over the ~33% ceiling across every quoted market cap (the range runs 44–49%). To pass at current debt, the market cap would need to be about C$933 million (~C$41 per share, above the 52-week high of C$31.20). On the income gate, 'Interest revenue' of C$361,000 against C$349.4 million of operating revenue is about 0.10% (H1 2026: about 0.12%), well under the ~5% ceiling. The debt ratio alone determines this screener's outcome.

What other screeners say

We could not verify any public CHR.TO rating from the three screeners this page tracks: targeted searches found no Zoya stock page for the ticker (its stock-page URL pattern returned a 404), no Musaffa page for Chorus, and ShariaPortfolio's public screener indexes US tickers only. No third-party rating is claimed for CHR here.

The bottom line

This screener gives Chorus Aviation Inc. (TSX: CHR) a FAIL. The business has no haram revenue line disclosed, but about C$308 million of interest-bearing debt is roughly 45% of the ~C$688 million market cap — over the ~33% ceiling. Substantial debt paydown or a much higher market cap would be needed to change this. Snapshot dated September 29, 2026; re-checked quarterly after earnings.

Sources

• Q2 2026 interim financial statements (Chorus Aviation, Aug 4, 2026)
• Q2 2026 results and MD&A (Chorus Aviation)

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