TSX Shariah screener · October 2026

Is Economic Investment Trust Limited (EVT) Halal?

PASS

Economic Investment Trust Limited · TSX: EVT · Financials

The short answer

Yes — Economic Investment Trust (EVT) passes this Shariah stock screen. Its business is a closed-end investment corporation owning common shares of publicly traded companies (E-L Financial, Algoma, Bank of Nova Scotia, plus a Neuberger Berman–managed global equity portfolio) — no prohibited lines. It carries C$0 of interest-bearing debt (its C$30M credit facility was undrawn at September 30, 2025), so debt ÷ market cap is 0.0% against a ~C$1.27B market cap (54,210,970 shares at C$23.45, Oct 1, 2026). Interest and securities lending income of C$694,000 was about 0.20% of total income of C$347,960,000 for the nine months ended September 30, 2025 — far below the 5% non-compliant income limit. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.

Gate 1 — Business activity: PASS

Economic Investment Trust Limited (TSX: EVT) is a closed-end investment corporation — an investment vehicle for long-term growth through investments in common equities, a business it has operated since 1927. At September 30, 2025, about 54.2% of its investment portfolio was held in long-term investments (primarily E-L Financial Corporation Limited at 45.7% of equity investments, Algoma Central Corporation at 3.0%, and The Bank of Nova Scotia at 4.9%), and about 45.8% was a global equity portfolio managed by external investment manager Neuberger Berman Canada ULC. None of the disclosed business lines — owning common shares of publicly traded companies — are prohibited lines. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

Interest-bearing debt at September 30, 2025 was C$0: the company's C$30,000,000 operating credit facility with a Canadian chartered bank had no funds drawn, and the balance sheet carries no loans or borrowings — total liabilities of C$153,658,000 consist only of accrued expenses (C$390,000), income taxes payable (C$3,580,000), and deferred tax liabilities (C$149,688,000). The 2025 OSC participation fee form likewise reports the fair value of outstanding debt securities as C$0.00. Debt ÷ market cap is 0.0% against a market capitalization of roughly C$1.27B (54,210,970 shares at C$23.45, Oct 1, 2026), far below the ~33% ceiling. Cash and cash equivalents of C$5.2M are about 0.4% of market cap, within the ~33% guideline. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Interest and securities lending income was C$694,000 for the nine months ended September 30, 2025, per the interim statements of comprehensive income — about 0.20% of total income of C$347,960,000 (dividends C$98,102,000 plus other net fair value changes in investments C$249,164,000), far below the 5% non-compliant income limit. Gate 3 passes. Facts only.

Key figures used

Business: closed-end investment corporation since 1927 — long-term growth through common equities; at Sep 30, 2025 ~54.2% long-term investments (E-L Financial 45.7%, Algoma 3.0%, Bank of Nova Scotia 4.9% of equity investments) and ~45.8% global equity portfolio managed by Neuberger Berman Canada ULC
Interest-bearing debt: C$0 at Sep 30, 2025 — C$30M credit facility undrawn; liabilities only accrued expenses, taxes payable, deferred tax; debt securities C$0.00 (2025 OSC participation fee form); debt ÷ market cap 0.0% — far under the ~33% ceiling
Market cap: ~C$1.27B (54,210,970 shares × C$23.45, Oct 1, 2026); cash C$5.2M ≈ 0.4% of market cap; net assets C$1,479.6M at Sep 30, 2025 (C$1,519.2M at Dec 31, 2025 per evt.ca); NAV per share C$27.29 vs share price C$23.45 (~14% closed-end discount)
Interest income: C$694,000 interest & securities lending income vs C$347,960,000 total income (9 months ended Sep 30, 2025) — ~0.20%, far under the 5% non-compliant income limit
No Zoya, Musaffa, or ShariaPortfolio coverage found for EVT — reported as absent, not invented
Filing note: the Q2 2026 interim report exists but no verifiable readable copy was found; figures above are from the most recent verifiable filing — the Q3 2025 interim report (filed Nov 4, 2025)

Frequently asked questions

What does Economic Investment Trust do?

Economic Investment Trust Limited (TSX: EVT) is a closed-end investment corporation that has invested for long-term growth through common equities since 1927. Its portfolio has two parts: long-term investments in Canadian companies — at September 30, 2025, E-L Financial Corporation Limited was 45.7% of equity investments, Algoma Central Corporation 3.0%, and The Bank of Nova Scotia 4.9% (about 54.2% of the portfolio) — and a global equity portfolio (about 45.8%) managed by external investment manager Neuberger Berman Canada ULC. None of the disclosed business lines — owning common shares of publicly traded companies — are prohibited lines, so the business gate passes.

Why does Economic Investment Trust pass this Shariah stock screen?

Economic Investment Trust passes all three gates of this screen. Its business is owning common shares of publicly traded companies — no prohibited lines. It carries C$0 of interest-bearing debt: its C$30M operating credit facility was undrawn at September 30, 2025, and its balance sheet liabilities are only accrued expenses, taxes payable, and deferred taxes. Against a market capitalization of roughly C$1.27B (54,210,970 shares at C$23.45 on Oct 1, 2026), debt is 0.0%, well under the ~33% ceiling. Interest and securities lending income of C$694,000 was about 0.20% of total income of C$347,960,000 for the nine months ended September 30, 2025 — far below the 5% non-compliant income limit. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Economic Investment Trust's interest-bearing debt ratio?

Economic Investment Trust reported no interest-bearing debt at September 30, 2025: its C$30,000,000 operating credit facility with a Canadian chartered bank had no funds drawn, and the balance sheet shows no loans or borrowings — only accrued expenses (C$390,000), income taxes payable (C$3,580,000), and deferred tax liabilities (C$149,688,000). The company's 2025 OSC participation fee form likewise reports the fair value of outstanding debt securities as C$0.00. Against a market cap of roughly C$1.27B (54,210,970 shares × C$23.45, Oct 1, 2026), debt ÷ market cap is 0.0% — far below the ~33% ceiling. Cash of C$5.2M is about 0.4% of market cap, within the ~33% guideline.

What is Economic Investment Trust's non-compliant income ratio?

For the nine months ended September 30, 2025, Economic Investment Trust reported interest and securities lending income of C$694,000 against total income of C$347,960,000 (dividends C$98.1M plus net fair value changes in investments C$249.2M) — about 0.20% of total income, far below the 5% non-compliant income limit. The income gate passes.

Do Zoya, Musaffa, or ShariaPortfolio cover Economic Investment Trust?

No rating or coverage of Economic Investment Trust (TSX: EVT) was found on Zoya, Musaffa, or ShariaPortfolio — honestly reported as absent, not invented. This page applies the screen directly from the company's filings: the Q3 2025 interim report (filed November 4, 2025, the most recent filing with verifiable figures) and the 2025 OSC participation fee form (filed February 2026).

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).