Is Cogeco Communications / CCA Halal?
Cogeco Communications Inc. (TSX: CCA) provides internet, wireless, video and wireline phone services in Canada (Cogeco, oxio) and the United States (Breezeline) to about 1.6 million subscribers. The telecom business passes — but long-term debt of about C$4.47 billion is roughly 194% of the ~C$2.3 billion market cap — far above the ~33% ceiling. FAIL.
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 — passes
Cogeco Communications is a telecommunications corporation — broadband internet, wireless, video and wireline phone services for residential and business customers, reported in Canadian and American telecommunications segments. No verified involvement in weapons/defence, gambling, alcohol, tobacco, pork or adult entertainment was found. Gate one: passes.
Gate two: the ratios — debt fails decisively
The debt gate fails. As at May 31, 2026 (Q3 fiscal 2026, in Canadian dollars): current long-term debt C$268.1 million + non-current long-term debt C$4,199.0 million = total long-term debt about C$4.47 billion (lease liabilities are not broken out separately in the MD&A summary; interest on lease liabilities was C$823K in Q3, so including leases would not change the picture). Market cap is about C$2.30 billion (C$51.83 TSX close on September 28, 2026 × about 42.0 million shares) — putting long-term debt at ~194% of market cap, far above the ~33% ceiling. Interest income is not disclosed as a standalone line — the MD&A reports a blended "Interest and other income" line (C$6.1 million in Q3, about 0.87% of revenue; C$8.6 million for nine months, about 0.41%) — so no standalone interest-income figure is published here; the FAIL rests independently on debt. Gate two: fails on debt.
What other screeners say
No Musaffa, Zoya or ShariaPortfolio rating for CCA could be verified as of September 2026. This screener is independent.
The bottom line
This screener gives Cogeco Communications Inc. (TSX: CCA) a FAIL. The telecom business is permissible, but long-term debt of ~C$4.47 billion is roughly 194% of the ~C$2.3 billion market cap — far above the ~33% ceiling. (Q3 fiscal 2026 also carried a non-cash ~C$2.2 billion impairment against the US segment, though the business stayed cash-flow positive.) Snapshot dated September 29, 2026; re-checked quarterly after earnings.
The purification angle: if you hold CCA anyway, run the purification calculator to estimate any non-compliant share of dividends or gains.
Frequently asked questions
Is Cogeco Communications stock halal?
This screener gives Cogeco Communications Inc. (TSX: CCA) a FAIL. The telecom business itself is permissible — internet, wireless, video and wireline phone services in Canada (Cogeco, oxio) and the US (Breezeline) for about 1.6 million subscribers — but long-term debt of about C$4.47 billion is roughly 194% of the ~C$2.3 billion market cap, far above the ~33% debt ceiling.
What are Cogeco Communications' debt and market-cap figures?
As at May 31, 2026 (Q3 fiscal 2026, in Canadian dollars): current long-term debt C$268.1 million + non-current long-term debt C$4,199.0 million = total long-term debt about C$4.47 billion (lease liabilities are not broken out separately). Market cap is about C$2.30 billion (C$51.83 TSX close on September 28, 2026 × about 42.0 million shares). The ratio is about 194% — far above the ~33% ceiling.
Does Cogeco Communications earn interest income?
Interest income is not disclosed as a standalone line. The Q3 fiscal 2026 MD&A reports a blended 'Interest and other income' line — C$6.1 million of income in Q3 (about 0.87% of Q3 revenue) and C$8.6 million for the nine months (about 0.41% of nine-month revenue) — which blends interest with other income, so no standalone interest-income figure can be isolated and none is published here. The FAIL rests independently on the debt gate.
Do any third-party screeners cover Cogeco Communications?
No Musaffa, Zoya or ShariaPortfolio rating for CCA could be verified as of September 2026. This screener is independent.
What could change Cogeco Communications' halal screener?
Sustained deleveraging — or a substantially higher share price — that brings debt below roughly a third of market cap would change the debt gate. Note that Q3 fiscal 2026 reported results included a non-cash ~C$2.2 billion impairment against the American telecommunications segment; the underlying business stayed cash-flow positive. This screener is a snapshot dated September 29, 2026 and is re-checked quarterly after earnings.