TSX Shariah screener · October 2026
Is Fairfax India Holdings Corp. (FIH.U) Halal?
Fairfax India Holdings Corp. · TSX: FIH.U · Financials
The short answer
Provisionally, yes — Fairfax India (FIH.U) passes this Shariah stock screen. It is an investment holding company focused on India (not itself a bank or insurer); borrowings of US$498.9M are about 26.6% of its market cap — under the ~33% ceiling but borderline; and FY2025 interest income of US$7.5M was about 1.24% of total income. Flags: the portfolio includes CSB Bank and IIFL Finance (financial-sector names) and Govt of India bond interest. This screen is marked provisional — consult a qualified scholar for personal guidance. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.
Gate 1 — Business activity: PASS
Fairfax India Holdings Corp. (TSX:FIH.U) is an investment holding company that invests in public and private equity securities and debt instruments in India and Indian businesses. It is not itself a bank or insurer, and no alcohol, pork, gambling, tobacco, cannabis, weapons, or adult-entertainment operating lines were disclosed — gate 1 passes. Two disclosures for the reader: the portfolio includes financial-sector names (CSB Bank, a conventional commercial bank, and IIFL Finance, an NBFC lender), and the FY2025 release discloses US$6.0M of interest from Government of India bonds. Facts only.
Gate 2 — Debt and cash: PASS
Borrowings at December 31, 2025 (audited) were US$498,870 thousand. Against a market capitalization of roughly US$1,874.9M (104,218,804 subordinate voting shares at US$17.99, October 1, 2026), debt ÷ market cap is about 26.6% — under the ~33% ceiling but borderline (about 30.3% on Finnhub's US$1,646.7M market-cap figure). Cash plus bonds of US$72,922 thousand are about 3.9–4.4% of market cap. Gate 2 passes, flagged as borderline. Facts only.
Gate 3 — Non-compliant income: PASS
For FY2025 (audited, US$ thousands), interest income was US$7,545 thousand against total income of US$608,853 thousand (dividends US$48,185k; net realized gains US$53,493k; net unrealized gains US$527,593k) — about 1.24%, under the ~5% ceiling. Gate 3 passes. Facts only.
Key figures used
- Borrowings at Dec 31, 2025 (audited): US$498,870 thousand
- Market cap: ~US$1,874.9M (104,218,804 shares × US$17.99, Oct 1, 2026); debt ÷ market cap ≈ 26.6% (~30.3% on Finnhub's US$1,646.7M figure) — borderline vs ~33% ceiling
- Cash + bonds: US$72,922 thousand ≈ 3.9–4.4% of market cap
- FY2025 (US$k, audited): interest income 7,545; total income 608,853 → interest ≈ 1.24%
- Portfolio includes CSB Bank (conventional commercial bank) and IIFL Finance (NBFC lender); US$6.0M interest from Govt of India bonds (FY2025)
- Provisional: borderline debt ratio + financial-sector portfolio names — disclosed, not hidden
Frequently asked questions
Is Fairfax India (FIH.U) halal?
Provisionally, yes — Fairfax India passes this Shariah stock screen. It is an investment holding company focused on India (not itself a bank or insurer); borrowings of US$498.9M are about 26.6% of its market cap — under the ~33% ceiling but borderline; and FY2025 interest income of US$7.5M was about 1.24% of total income. Flags: the portfolio includes CSB Bank and IIFL Finance (financial-sector names) and Govt of India bond interest. This screen is marked provisional — consult a qualified scholar for personal guidance.
What is Fairfax India's debt-to-market-cap ratio?
About 26.6% — borderline. Borrowings at December 31, 2025 (audited) were US$498,870 thousand, against a market cap of roughly US$1,874.9M (104,218,804 subordinate voting shares at US$17.99, October 1, 2026) — under the ~33% ceiling but close to it (about 30.3% on Finnhub's US$1,646.7M market-cap figure).
What does Fairfax India do?
Fairfax India Holdings Corp. (TSX:FIH.U) is an investment holding company that invests in public and private equity securities and debt instruments in India and Indian businesses. It is not itself a bank or insurer, though its portfolio includes financial-sector names (CSB Bank, IIFL Finance).
How much interest income does Fairfax India earn relative to income?
For FY2025 (audited, US$ thousands), interest income was US$7,545 thousand against total income of US$608,853 thousand — about 1.24%, under the ~5% ceiling. The FY2025 release also discloses US$6.0M of interest from Government of India bonds.
Where can I find more financials stock screeners?
See halal-stock-verdicts.html for the full list of stock screeners, including the other financials-sector entries.
Sources
- Fairfax India — FY2025 financial results (US$498,870k borrowings; US$7,545k interest income; US$608,853k total income)
- Fairfax India — FY2025 highlights (portfolio names; Govt of India bond interest US$6.0M)
- GlobeNewswire via TradingView — Fairfax India NCIB announcement (104,218,804 shares, Sep 2026)
- Finnhub — FIH.U quote (US$17.99, Oct 1, 2026)
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.