Is Computer Modelling Group (CMG) halal?

Computer Modelling Group (TSX: CMG) is a Calgary software company selling reservoir simulation software and subsurface solutions to the oil & gas industry — a clean business with no haram segment. Debt of ~C$7.8 million drawn on the credit facility is about 2.5% of the ~C$315 million market cap (about 14.4% including lease liabilities last disclosed at ~C$37.4M), under the ~33% ceiling, and interest income of ~C$0.041 million is about 0.15% of Q1 FY2027 revenue of C$27.845 million (under the ~5% ceiling). This screener is a PASS.

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

Computer Modelling Group Ltd. is a Calgary-based software company selling reservoir simulation software and subsurface solutions to the oil & gas industry. Revenue lines (Q1 FY2027): annuity/maintenance licenses, annuity license fees, perpetual licenses, and professional services. Key products include its reservoir simulation suites and CoFlow; a multi-year simulation-software licensing agreement including CoFlow was signed with Shell on November 10, 2025. Recent acquisitions: Bluware-Headwave Ventures (September 2023), SeisWare International (completed July 31, 2025 — a Calgary geoscience software firm with ~US$3.4M/year of all-recurring revenue, bought for ~US$6.6M), and Rose & Associates (FY2026). No haram segments were found — pure software and consulting. The business gate passes.

Gate two: the ratios — both pass

Q1 FY2027 (quarter ended June 30, 2026, reported August 11, 2026, all CAD): interest income of C$0.041 million (separately disclosed in the Adjusted EBITDA reconciliation) is about 0.15% of revenue of C$27.845 million (software licenses C$20.786M + professional services C$7.059M) — under the ~5% ceiling. Debt: a credit-line drawdown of ~C$7.8 million against the C$100M facility closed November 7, 2025; lease liabilities were last disclosed in the Q3 FY2025 interim balance sheet (filed February 11, 2025) at ~C$37.4 million total, so the current lease balance is unverified. Cash was C$17.7M. With ~78.0 million shares outstanding at ~C$4.04 (September 29, 2026), the market cap is about C$315 million — debt is about 2.5% of market cap excluding leases (about 14.4% including last-disclosed leases), well under the ~33% ceiling. One caveat: the substantial issuer bid of up to C$20M (announced August 11, 2026, expired September 21, completed late September 2026) was funded from the credit facility, so drawn debt will be higher than the Q1 figure — still well below the ceiling even at full draw. Both ratios pass.

What other screeners say

No coverage pages for CMG/CMG.TO were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches as of September 2026. Separately, MuslimXchange (not one of the three) rates CMG.TO as Shariah compliant as of April 2026. This screener is based on CMG's Q1 FY2027 financials.

The bottom line

This screener gives Computer Modelling Group Ltd. (TSX: CMG) a PASS. A pure software business with debt at about 2.5–14.4% of market cap and interest income at about 0.15% of revenue. 2026 events to watch: the Shell multi-year licensing agreement including CoFlow (November 2025), the dividend cut to C$0.01/share quarterly, the NCIB announced November 2025, and the SIB-funded credit-facility draw. Consult a qualified scholar. Snapshot dated September 29, 2026; re-checked quarterly after earnings.

Sources

Frequently asked questions

Is Computer Modelling Group halal?

This screener gives it a PASS. Computer Modelling Group Ltd. (TSX: CMG) is a Calgary software company selling reservoir simulation software and subsurface solutions to the oil & gas industry — a clean business with no haram segment. Debt of ~C$7.8 million drawn on the credit facility is about 2.5% of the ~C$315 million market cap (about 14.4% including lease liabilities last disclosed at ~C$37.4M), under the ~33% ceiling, and interest income of ~C$0.041 million is about 0.15% of Q1 FY2027 revenue of C$27.845 million (under the ~5% ceiling). Note: the September 2026 substantial issuer bid was funded from the credit facility, so drawn debt will be higher than the Q1 figure. No coverage was found from Zoya, Musaffa, or ShariaPortfolio. Consult a qualified scholar.

What does Computer Modelling Group do?

What are Computer Modelling Group's debt and market-cap figures?

Q1 FY2027 (quarter ended June 30, 2026, reported August 11, 2026, all CAD): interest-bearing debt was a credit-line drawdown of ~C$7.8 million against the C$100M facility closed November 7, 2025; lease liabilities were last disclosed in the Q3 FY2025 interim balance sheet (filed February 11, 2025) at ~C$37.4 million total, so the current lease balance is UNVERIFIED. Cash was C$17.7M. With ~78.0 million shares outstanding at ~C$4.04 (September 29, 2026), the market cap is about C$315 million — debt is about 2.5% of market cap excluding leases (about 14.4% including last-disclosed leases), well under the ~33% ceiling. Interest expense was C$205k. Watch: the substantial issuer bid of up to C$20M (announced August 11, 2026, expired September 21, completed late September 2026) was funded from the credit facility, so drawn debt will be higher than the Q1 figure.

What do Zoya, Musaffa, and ShariaPortfolio say about CMG?

No coverage pages for CMG/CMG.TO were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches as of September 2026. Separately, MuslimXchange (not one of the three) rates CMG.TO as Shariah compliant as of April 2026. This screener is based on CMG's Q1 FY2027 financials, not on a third-party rating.

What is the purification amount for Computer Modelling Group's dividend?

CMG pays a quarterly dividend of C$0.01 per share (the November 2025 cut from the prior level; last paid September 15, 2026). Use the purification calculator with the Q1 FY2027 interest-income figure of ~C$0.041 million as the non-compliant-income input — roughly 0.15% of revenue, a very small purification amount.