Is Clarke Inc. (CKI) halal?
Clarke Inc. (TSX: CKI), the Beechville, Nova Scotia real estate and hospitality investment company, gets a FAIL: long-term financial liabilities of about C$902.4M against a market cap of about C$351.7M - about 257%, roughly 8 times the ~33% ceiling, after its Q2 2026 acquisition of Ravelin Properties REIT.
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 — PASSED
Clarke Inc. (TSX: CKI) is a real estate company engaged in the development, ownership, and management of a diversified portfolio of commercial, hospitality, residential, and mixed-use properties. It reports in two reportable segments - Investment (investment properties and a car and passenger ferry operating in Quebec) and Hospitality (ownership, management and operation of hotels, via its significant subsidiary Holloway Lodging Corporation) - with a third commercial segment emerging after the Q2 2026 acquisition of Ravelin Properties REIT, which added 54 commercial properties (6.5 million square feet), one 250-room hotel (the Delta Brunswick in Saint John, NB) and one 15-unit residential building. Q2 2026 revenue: rental and hotel revenue C$34.9M, provision of services revenue C$2.5M. No non-permissible segments are disclosed anywhere in the filings reviewed - no alcohol, cannabis, gambling, conventional banking or insurance, weapons, pork, tobacco, or adult-entertainment activities. Real estate, hotel operations and a ferry service are not flagged activities under standard AAOIFI-style screens. The business gate passes. Facts only, no fatwa.
Gate two: the ratios — FAILED
The debt gate fails decisively. The Q2 2026 results show long-term financial liabilities of C$902.4M at June 30, 2026, versus C$170.7M a year earlier - the Ravelin acquisition was funded with substantial assumed debt, and total liabilities jumped from C$305.2M to C$1,470.4M. Against a market capitalization of about C$351.7M (Finnhub, October 1, 2026, at a TSX price of C$23.28), that is about 257% - roughly 8 times the ~33% ceiling, and the result is not sensitive to any reasonable variation in market cap quotes (the June 30, 2026 share price of C$22.32 implied a slightly lower market cap). Long-term financial liabilities is the company own reported leverage measure, comprising the mortgages, debentures and credit facilities on its properties - it excludes non-interest items such as deferred revenue, so it is not a conservative overstatement. Income: interest income on the finance lease receivable was C$0.2M in the first half of 2026, against total revenue of C$56.4M (C$53.4M rental and hotel revenue plus C$2.8M provision of services plus C$0.2M interest income) - about 0.35%, well under the ~5% ceiling; it passes, but is moot given the decisive debt FAIL. All figures recomputed from the cited sources; Clarke reports in Canadian dollars.
What other screeners say
No public Zoya, Musaffa or ShariaPortfolio coverage was found for Clarke Inc. (CKI) as of October 2026: no public Zoya page is indexed for the ticker, site-scoped Musaffa searches returned nothing, and ShariaPortfolio publishes no public per-stock screening pages for it. The FAIL recorded here rests on the company own disclosures.
The bottom line
Clarke Inc. (CKI) is a FAIL: the debt gate fails decisively. Long-term financial liabilities of about C$902.4M at June 30, 2026 (versus C$170.7M a year earlier, after the debt-funded acquisition of Ravelin Properties REIT) against a market capitalization of about C$351.7M (October 2026) is about 257% - roughly 8 times the ~33% ceiling. The business gate passes: real estate, hotels and a ferry service, with no non-permissible segments disclosed. The interest-income ratio passes at about 0.35% (C$0.2M against C$56.4M of revenue in the first half of 2026) - well under the ~5% ceiling, but moot. No public Zoya, Musaffa or ShariaPortfolio rating was found for this ticker as of October 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.
Sources
- Clarke Inc. reports 2026 second quarter results (Aug 13, 2026; Ravelin acquisition, long-term financial liabilities C$902.4M, revenue lines)
- Clarke Inc. company profile (Canadian Insider; two segments: Investment and Hospitality)
- Clarke Inc. annual MD&A and financial statements 2025 (clarkeinc.com; segment reporting, revolving credit facilities)
- CKI market cap (~C$351.7M) and price, October 1, 2026 (finnhub)
Frequently asked questions
Is Clarke Inc. stock halal?
Based on this screener AAOIFI-style checks, Clarke fails: long-term financial liabilities of about C$902.4M against a market cap of about C$351.7M is about 257% - roughly 8 times the ~33% debt ceiling - after the Q2 2026 acquisition of Ravelin Properties REIT. The interest-income ratio passes but is moot given the decisive debt FAIL. This is a screening result, not investment advice or a religious ruling.
How bad is Clarke Inc. debt ratio?
The debt-to-market-cap ratio is about 257%: C$902.4M of long-term financial liabilities at June 30, 2026 against a market cap of about C$351.7M in October 2026 (TSX price C$23.28). Total liabilities were C$1,470.4M at June 30, 2026, up from C$305.2M a year earlier, driven by the Ravelin Properties REIT acquisition.
Does Clarke Inc. have any haram business segments?
No flagged segments are disclosed: Clarke operates in investment (investment properties and a Quebec ferry business), hospitality (ownership, management and operation of hotels, via Holloway), plus commercial and residential real estate after the Ravelin acquisition. No alcohol, cannabis, gambling, conventional banking or insurance, weapons, pork, tobacco, or adult-entertainment activities are disclosed in the filings reviewed, so the business gate passes.
What is Clarke Inc. interest income to revenue ratio?
About 0.35% - well under the ~5% ceiling: C$0.2M of interest income on the finance lease receivable in the first half of 2026 against C$56.4M of total revenue (C$53.4M rental and hotel revenue plus C$2.8M provision of services plus C$0.2M interest income). This passes, but is moot given the decisive debt FAIL.
Do Zoya, Musaffa, or ShariaPortfolio rate Clarke Inc.?
No public coverage was found as of October 2026: no public Zoya page for the CKI ticker, no Musaffa public page, and ShariaPortfolio publishes no public per-stock screening pages for it. The FAIL recorded here rests on the company own disclosures.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).