Stock screener · Screened September 29, 2026 · Next check after Q3 2026 results

Is Colliers / CIGI Halal?

Colliers International Group Inc. (TSX: CIGI) is a Toronto-based global professional services and investment management company — commercial real estate services, engineering, and investment management (under the Harrison Street brand, with $109.9 billion of AUM). Real estate services, engineering and investment management clear gate one, but ~54.4% debt-to-market-cap is over the ~33% ceiling — a FAIL on gate two, so it gets 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, 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 — PASS, with flags

Colliers reports three segments: Commercial Real Estate (sales brokerage, leasing, property management, capital markets — Q2 2026 revenue US$997.3 million), Engineering (infrastructure, transportation, water — Q2 2026 revenue US$427.8 million, including the Ayesa acquisition), and Investment Management (real estate, credit, infrastructure and private-wealth strategies — Q2 2026 revenue US$147.2 million). These are permissible activities under AAOIFI-style screens. Two flags, stated factually: Colliers' CRE business runs mortgage warehouse lending — US$189.3 million of mortgage warehouse receivables funded by US$181.1 million of warehouse credit facilities at June 30, 2026, with the income statement recording gains on mortgage servicing rights and loan premiums/origination fees — and its Investment Management arm runs credit strategies. These are interest-bearing activities, but they are not the company's core line, so gate one passes with the flags disclosed. Gate one: PASS, with flags.

Gate two: the ratios — FAIL

Debt-to-market-cap: ~54.4% (ceiling ~33%) — FAIL. Colliers reported total debt of US$2,505.7 million at June 30, 2026 (US$19.2 million current + US$2,486.5 million non-current) — up from US$1,633.5 million at December 31, 2025, the jump driven by acquisitions including the ~US$700 million Ayesa Engineering deal. Against a market cap of roughly US$4.60 billion on September 28, 2026 (US$90.11 NASDAQ close × about 51.1 million shares), the ratio is about 54.4% — over the ~33% ceiling. For context: Colliers' own "total debt" definition excludes the US$181.1 million of mortgage warehouse credit facilities — adding those would make it about 58.4%; additionally including US$625.1 million of operating lease liabilities would make it about 72%. Cash was US$265.2 million.

Non-compliant income: unverifiable from primary filings. Colliers' financial statements disclose no standalone interest-income line — the income statement reports only "Interest expense, net" (US$26.4 million in Q2 2026, US$49.3 million in the first half of 2026), so Colliers is a net payer of financing costs. Secondary sources list US$0 interest income, but that figure cannot be recomputed from the primary statements, so this screener reports the income screen as unverifiable rather than as a pass — consistent with this site's standing rule that unverifiable numbers mean retraction, not publication. The debt gate fails first, so the income screen does not decide this screener. Gate two: FAIL.

What other screeners say

Zoya covers CIGI and rates it as not Shariah-compliant based on its most recent financial reports — in agreement with this screener. One caution: Zoya's page lists revenue of US$5.66 billion against the company's own reported US$5.56 billion, so Zoya's underlying figures are treated cautiously and no rating is invented here. No Musaffa or ShariaPortfolio coverage of Colliers could be verified as of September 2026.

The bottom line

This screener gives Colliers International Group Inc. (TSX: CIGI) a FAIL. The business passes gate one with disclosed flags, but the debt ratio of about 54.4% — US$2.51 billion of debt against a ~US$4.60 billion market cap — is well over the ~33% ceiling, and Zoya independently rates CIGI not Shariah-compliant. Snapshot dated September 29, 2026; re-checked quarterly after earnings (Q3 2026 expected late October 2026) — material debt paydown or a higher market cap could bring it back.

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