TSX Shariah screener · September 2026
Is Firm Capital Mortgage Investment Corp. (FC) Halal?
Firm Capital Mortgage Investment Corp. · TSX: FC · Financials
The short answer
Firm Capital Mortgage Investment Corp. (TSX: FC) is a FAIL. The business gate fails: it is a mortgage investment corporation whose core activity is lending at interest (riba) through residential and commercial mortgage financing. Its Q2 2026 revenue of $13.56M is interest income on a $605.8M mortgage portfolio — essentially ~100% of revenue, far over the ~5% non-compliant-income guideline. Debt of ≈$135.4M (≈32.2% of the ~C$420M market cap) is within the ~33% guideline, but the FAIL is decided at gates 1 and 3.
Gate 1 — Business activity: FAIL
Firm Capital Mortgage Investment Corporation is an investor in mortgages through Firm Capital Corporation, a non-bank lender providing residential home and commercial short-term bridge and conventional real estate financing. At June 30, 2026 its investment portfolio was $605.8M across 231 investments at an average rate of 9.13%. Lending at interest (riba) is a prohibited core activity — no amount of permissible revenue offsets it. Gate 1 fails.
Gate 2 — Debt and cash: PASS
At March 31, 2026 (latest published balance sheet): credit facility $17.56M + convertible debentures $117.85M = ≈$135.4M total debt → ≈32.2% of the ~C$420.3M market cap (C$11.43, September 30, 2026). That is within the ~33% guideline. Cash figures for Q2 2026 are not separately highlighted in the release. Gate 2 passes — but the screen already fails at gate 1.
Gate 3 — Non-compliant income: FAIL
Essentially ~100% of revenue is interest income. Q2 2026 revenue was $13.56M (down 13.8% on a smaller average portfolio and lower yields) — the corporation’s revenue line is interest on its mortgage investments. That is far over the ~5% guideline. Gate 3 fails decisively.
Key figures used
- Q2 2026 revenue $13.56M (down 13.8%); net income $8.64M (down 10.7%) (reported Aug 13, 2026).
- Investment portfolio $605.8M at June 30, 2026 (231 investments, average face rate 9.13%).
- Credit facility $17.56M + convertible debentures $117.85M = ≈$135.4M debt (Mar 31, 2026).
- Market cap ≈C$420.3M (C$11.43 per share, September 30, 2026).
- Debt ≈ 32.2% of market cap ($135.4M ÷ C$420.3M) — within the ~33% guideline.
- Interest income ≈ 100% of revenue — far over the ~5% guideline.
Frequently asked questions
Is Firm Capital Mortgage Investment (FC) halal?
Our September 2026 screen gives Firm Capital Mortgage Investment Corp. (FC) a FAIL. It is a mortgage investment corporation: its core business is lending at interest through residential and commercial mortgage financing, so gate 1 fails on riba (interest). Its Q2 2026 revenue of $13.56M is interest income on its $605.8M mortgage portfolio - essentially ~100% non-compliant income, far over the ~5% guideline. Debt is about $135.4M (~32.2% of the ~C$420M market cap).
What business is Firm Capital Mortgage Investment in?
Firm Capital Mortgage Investment Corporation is an investor in mortgages through Firm Capital Corporation, a non-bank lender providing residential home and commercial short-term bridge and conventional real estate financing. As of June 30, 2026 its investment portfolio was $605.8M across 231 investments at an average rate of 9.13%. Because its core activity is lending at interest (riba), gate 1 fails regardless of the financial ratios.
How much interest income does Firm Capital Mortgage Investment earn?
Essentially 100% of revenue is interest income. Q2 2026 revenue was $13.56M (down 13.8%), driven by a smaller average investment portfolio and lower portfolio yields - the corporation's revenue line is interest on its mortgage investments. That is far over the ~5% guideline for non-compliant income, so gate 3 fails decisively.
How much debt does Firm Capital Mortgage Investment carry?
At March 31, 2026 (the latest published balance sheet), the corporation carried a credit facility of $17.56M and convertible debentures of $117.85M - total debt of about $135.4M. Against a market cap of about C$420.3M (C$11.43 per share, September 30, 2026), that is roughly 32.2% - within the ~33% guideline. But the FAIL result rests on gate 1 (riba-based business) and gate 3 (~100% interest income), not on debt.
What do Musaffa, Zoya or ShariaPortfolio say about Firm Capital Mortgage Investment?
No Musaffa page was found for FC or FC.TO, no public Zoya rating was found, and ShariaPortfolio does not publish per-stock screening pages. This page's FAIL result is based on the corporation's own Q1/Q2 2026 financial statements.
Sources
- Firm Capital Q2 2026 results (reported Aug 13, 2026; revenue $13.56M; portfolio $605.8M)
- Firm Capital Q1 2026 financial statements (debt: credit facility $17.56M; convertibles $117.85M)
- Finnhub FC.TO quote, September 30, 2026 (C$11.43, ~C$420.3M market cap)
Screened 2026-09-30 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.