Is Dye & Durham / DND Halal?
Dye & Durham Limited (TSX: DND) is a Toronto-based provider of cloud-based legal-practice management software — electronic filing, land-title and corporate registry services, and transaction workflows for law firms and government agencies. The software business clears gate one, but ~4,080% debt-and-leases-to-market-cap is far over the ~33% ceiling — a FAIL, 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, 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
Dye & Durham sells cloud-based software and integrated services for legal, real estate, and corporate professionals — practice management, document handling, regulatory workflows, and registry services across Canada, the UK, Ireland, and Australia. Software is a permissible business activity under AAOIFI-style screens, and no haram revenue segment is disclosed. Gate one: PASS.
Gate two: the ratios — FAIL
Debt-and-leases-to-market-cap: ~4,080% (ceiling ~33%) — FAIL. At March 31, 2026, Dye & Durham reported loans and borrowings of CA$1,143.3 million plus a current portion of CA$26.6 million, convertible debentures of CA$131.3 million, and lease liabilities of CA$9.8 million plus CA$5.4 million current — about CA$1,316 million in total when leases are included, consistent with the other screeners on this site. Against a market cap of roughly CA$32.25 million at the CA$0.48 close on September 25, 2026, the ratio is about 4,080% — far over the ~33% ceiling.
Non-compliant income: ~1.7% (ceiling ~5%) — PASS. Q3 fiscal 2026 interest income was CA$1.5 million on revenue of CA$91.2 million — about 1.7%, under the screen. Net finance costs of CA$42.3 million in the quarter confirm the company is a net payer of interest. Gate two: FAIL (debt).
What other screeners say
No verified current third-party rating was found for Dye & Durham on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The FAIL screener here rests on this site's own screening methodology, not on a third-party endorsement.
The bottom line
This screener gives Dye & Durham Limited (TSX: DND) a FAIL. Q3 fiscal 2026 (ended March 31, 2026) delivered revenue of CA$91.2 million and net income of CA$66.0 million — the profit driven by the CA$81.5 million gain on the Credas divestiture to SmartSearch (~£77.8 million / ~C$146.3 million, proceeds earmarked to repay senior secured debt), with adjusted EBITDA of CA$42.9 million. The company is running a strategic review under interim CEO Todd Schulte (from August 31, 2026), and the shares — removed from the S&P Global BMI Index on September 20, 2026 — closed at CA$0.475 on September 28, 2026, down roughly 94% from a year earlier. Snapshot dated September 28, 2026; re-checked quarterly after earnings — the debt gate stays firmly closed unless leverage falls or the market cap recovers dramatically.
The purification angle: Dye & Durham's interest income is small (CA$1.5 million on CA$91.2 million of quarterly revenue), so dividend purification math is minimal — but if you want to run the numbers on any dividend, the purification calculator is here.
Frequently asked questions
Is Dye & Durham stock halal?
This screener gives Dye & Durham Limited (TSX: DND) a FAIL. Legal-practice software clears the business-activity screen, but the ratio math fails by a wide margin: about CA$1,316 million of debt, convertible debentures, and lease liabilities at March 31, 2026 (CA$1,143.3M loans and borrowings + CA$26.6M current portion + CA$131.3M convertible debentures + CA$9.8M leases + CA$5.4M current leases) against a market cap of about CA$32.25 million — roughly 4,080%, far over the ~33% ceiling. Interest income of CA$1.5 million on CA$91.2 million of quarterly revenue is ~1.7%, under the ~5% screen, but the debt gate fails first.
What are Dye & Durham's debt and market-cap figures?
Dye & Durham reported loans and borrowings of CA$1,143.3 million plus a current portion of CA$26.6 million, convertible debentures of CA$131.3 million, and lease liabilities of CA$9.8 million plus CA$5.4 million current, at March 31, 2026 — about CA$1,316 million in total with leases included. Against a market cap of roughly CA$32.25 million at the CA$0.48 close on September 25, 2026, the debt-and-leases-to-market-cap ratio is about 4,080% — far over the ~33% AAOIFI ceiling, measured with leases included, consistent with the other screeners on this site.
Does Dye & Durham earn interest income?
Dye & Durham disclosed interest income of CA$1.5 million in Q3 fiscal 2026 against revenue of CA$91.2 million — about 1.7%, under the ~5% screen. Net finance costs were CA$42.3 million in the quarter, so the company is a net payer of interest. The income gate is not the binding constraint here — the debt gate fails first.
Do any third-party screeners agree with this screener?
No verified current third-party rating was found for Dye & Durham on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The FAIL screener here rests on this site's own screening methodology, not on a third-party endorsement.
What could change Dye & Durham's halal screener?
The debt ratio sits at ~4,080% — far over the ~33% ceiling — so Dye & Durham would need deep deleveraging, a much higher market cap, or both. The company is running a strategic review (interim CEO Todd Schulte from August 31, 2026) and used the ~C$146 million Credas divestiture proceeds to repay senior secured debt. This screener is a snapshot dated September 28, 2026 and is re-checked quarterly after earnings.