Is D2L (DTOL) halal?
D2L Inc. (TSX: DTOL) is a learning-technology company with zero interest-bearing debt, interest income of about 1.2% of revenue, and no haram business segments — so all three screens pass: 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 — no haram lines identified
D2L Inc. is a Kitchener, Ontario-based learning-technology company founded in 1999. Its products include the Brightspace learning management system, Creator+, H5P, D2L Lumi (its AI offering), and D2L Wave, serving K-12 schools, higher education, associations, and corporate training. About 92% of Q2 fiscal 2027 revenue came from subscription and support, the balance from professional services. No haram business segments are disclosed. (The company holds a legacy related-party loan receivable from associate SkillsWave Corporation, which took a US$4.8 million non-cash fair value loss in the quarter — a legacy position, not a lending business.)
Gate two: the ratios — all three pass, one near the line
At July 31, 2026 (Q2 fiscal 2027), the company states it has no debt — zero interest-bearing borrowings on the balance sheet. Lease liabilities were US$10.75 million (US$1.57 million current plus US$9.18 million non-current). With 52,540,657 shares outstanding at C$10.00 (September 25, 2026), market cap is about C$525.4 million, so debt-to-market-cap is 0% — far under the ~33% ceiling (about 2.8% even if lease liabilities are counted, at recent exchange rates). Interest-type income: the company's 'Interest income' line was US$647,235 for the quarter against US$55.57 million of revenue — about 1.2%, under the ~5% ceiling (interest expense was US$204,939, on lease liabilities rather than borrowings). One watch item: cash and equivalents were US$106.4 million — about 27.9% of market cap at recent exchange rates, near the ~30% threshold, so a share-price dip could push it over. Figures are reported in US dollars; the FX conversion cannot change the debt or income gate outcomes.
What other screeners say
No coverage pages for D2L Inc. (DTOL/DTOL.TO) were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches.
The bottom line
This screener gives D2L Inc. (TSX: DTOL) a PASS. All three screens pass on verified filing numbers: a permissible learning-technology business, zero interest-bearing debt, and interest income well under the ceiling — with cash near but under the ~30% threshold as the item to watch. Snapshot dated September 29, 2026; re-checked quarterly after earnings.
Sources
Frequently asked questions
Is D2L stock halal?
This screener gives it a PASS. D2L Inc. (TSX: DTOL) has a permissible learning-technology business with no haram segments, zero interest-bearing debt (about 0% of market cap, well under the ~33% ceiling), and interest income of about 1.2% of revenue (under ~5%). One watch item: cash and equivalents are about 27.9% of market cap, near the ~30% threshold. Consult a qualified scholar.
What are D2L's debt and market-cap figures?
At July 31, 2026 (Q2 fiscal 2027): the company reports no debt — zero interest-bearing borrowings on the balance sheet. Lease liabilities were US$10.75 million (US$1.57 million current plus US$9.18 million non-current), about 2.8% of market cap if counted. Market cap is about C$525.4 million (52,540,657 shares at C$10.00, September 25, 2026). Cash and equivalents were US$106.4 million — about 27.9% of market cap at recent exchange rates, near the ~30% threshold.
How much interest income does D2L earn?
The company's 'Interest income' line was US$647,235 for Q2 fiscal 2027 (quarter ended July 31, 2026) against US$55.57 million of revenue — about 1.2%, under the ~5% ceiling. Interest expense was US$204,939 in the same quarter (on lease liabilities, not borrowings).
What does D2L do?
D2L Inc. is a Kitchener, Ontario-based learning-technology company founded in 1999. Its products include the Brightspace learning management system, Creator+, H5P, D2L Lumi (AI offering), and D2L Wave, serving K-12, higher education, associations, and corporate training. About 92% of Q2 fiscal 2027 revenue came from subscription and support. No haram business segments are disclosed.
What do Zoya, Musaffa, and ShariaPortfolio say about DTOL?
No coverage pages for D2L Inc. (DTOL/DTOL.TO) were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches.