Is First Majestic Silver (AG) halal?
First Majestic Silver (TSX: AG) is a silver and gold miner — a permissible business — with interest-bearing debt of about US$331.2 million, about 3.8% of its market cap, and interest income (bundled with "other" at US$1.7 million) under about 0.41% of revenue: 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 — permissible precious-metals mining
First Majestic Silver, based in Vancouver, British Columbia, is a precious-metals miner focused on silver and gold production in Mexico and the US, operating the San Dimas, Santa Elena, La Encantada, and Los Gatos mines. By-product metals include gold, lead, and zinc. Revenue comes from selling metal concentrates, doré bars, and refined precious-metal products. Mining is a permissible activity with no haram business segments, so the business gate passes.
Gate two: the ratios — both gates clear
At June 30, 2026 (Q2 2026 results): debt facilities carrying value of US$302.8 million (senior convertible debentures US$302.4 million plus US$0.3 million drawn on the US$175 million revolver) plus lease liabilities of US$28.4 million — gross interest-bearing debt of about US$331.2 million. With a market cap of about US$8.8 billion (NYSE: AG at US$17.93, September 29, 2026; 492.7 million shares), debt is about 3.8% of market cap — under the ~33% ceiling, and the company is in a net-cash position with US$1,093.3 million of cash. Interest income is not separately disclosed, but the bundled "interest income and other" line of US$1.7 million against revenue of US$415.5 million puts it under about 0.41% — under the ~5% ceiling. (Cash plus marketable securities of US$1,248.4 million is about 14.1% of market cap, under the ~33% ceiling.)
What other screeners say
No coverage pages for First Majestic Silver (AG) were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches.
The bottom line
This screener gives First Majestic Silver (TSX: AG) a PASS. A permissible mining business, debt at about 3.8% of market cap, and interest income under about 0.41% of revenue — both ratio gates clear with margin. Snapshot dated September 29, 2026; re-checked quarterly after earnings.
Sources
Frequently asked questions
Is First Majestic Silver halal?
This screener gives it a PASS. First Majestic Silver (TSX: AG) is a silver and gold miner — a permissible business — with interest-bearing debt of about US$331.2 million, about 3.8% of its market cap (under the ~33% ceiling), and interest income (bundled as "interest income and other" of US$1.7 million) under about 0.41% of US$415.5 million of revenue (under the ~5% ceiling). Consult a qualified scholar.
Why does First Majestic pass the Shariah screen?
Both gates clear. The business — silver and gold mining in Mexico and the US — has no haram core. The Q2 2026 figures report gross interest-bearing debt of about US$331.2 million (senior convertible debentures plus leases) against a market cap of about US$8.8 billion (about 3.8%, vs the ~33% ceiling); the company is in a net-cash position with US$1,093.3 million of cash. Interest income is not separately disclosed, but the bundled "interest income and other" line of US$1.7 million is under about 0.41% of revenue.
What are First Majestic's debt and market-cap figures?
At June 30, 2026 (Q2 2026 results): debt facilities carrying value of US$302.8 million (senior convertible debentures US$302.4 million plus US$0.3 million drawn on the US$175 million revolver) plus lease liabilities of US$28.4 million — gross interest-bearing debt of about US$331.2 million. Market cap is about US$8.8 billion (NYSE: AG at US$17.93, September 29, 2026; 492.7 million shares). Debt is about 3.8% of market cap. Cash and cash equivalents were US$1,093.3 million; cash plus marketable securities of US$1,248.4 million is about 14.1% of market cap, under the ~33% ceiling.
What does First Majestic Silver do?
First Majestic Silver, based in Vancouver, British Columbia, is a precious-metals miner focused on silver and gold production in Mexico and the US, operating the San Dimas, Santa Elena, La Encantada, and Los Gatos mines. By-product metals include gold, lead, and zinc. Revenue comes from selling metal concentrates, doré bars, and refined precious-metal products. Mining is a permissible activity with no haram business segments, so the business gate passes.
What do Zoya, Musaffa, and ShariaPortfolio say about AG?
No coverage pages for First Majestic Silver (AG) were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches.