Is Goldmoney Inc. (XAU) halal?

Goldmoney Inc. (TSX: XAU) runs an online platform for buying, selling and custodying physical precious metals for clients in 100+ countries (~C$3.8B of client assets), a UK commercial-property portfolio (16 properties, ~£6.5M contracted annual rental income), and holds a ~36% stake in Menē Inc. (24-karat jewelry e-commerce). The core business is halal in nature, with non-permissible activities flagged below. Interest-bearing mortgages of ~C$83.2M at June 30, 2026 are ~47.6% of a ~C$175.4M market cap, over the ~33% AAOIFI ceiling. Interest income of ~C$858k is ~3.7% of revenue (passes); cash and securities are ~21.6% of market cap (passes). Result: FAIL on the debt gate. Data from Q1 FY2027 results (three months ended June 30, 2026), screened October 1, 2026.

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 — passes, with flags

Goldmoney reports three segments (Q1 FY2027): Goldmoney.com (precious-metal revenue C$19.9M), Goldmoney Properties (property rental C$3.3M), and Corporate. Total revenue C$23.2M. The core business is halal in nature. Honest flags:

Lend & Borrow Trust Company Ltd. — a still-consolidated UK subsidiary, FCA-regulated to operate an electronic peer-to-peer lending system where lenders and borrowers auction interest rates on metal-secured loans. Historically it earned 2.75–4.69% p.a. interest income on these loans. Current-period lending volume is not quantified in the interim statements — a data gap.
Interest rate swaps with Barclays, fixing 3.89% on £37.6M of floating-rate debt.
Bonds held in marketable securities: C$2.79M (including a 0.625% fixed-rate bond maturing 2050).
The company retains interest earned on client cash balances (it states it is "not permitted to pass on any interest it may receive on client cash balances").
Goldmoney announced "Compliance with Shariah Standard" on its gold products in January 2017 — a company marketing claim, not an independent scholarly ruling; treat it accordingly.

The business gate passes on the core business; strict readers may weigh the flagged activities differently.

Gate two: the ratios — debt fails

Interest-bearing debt: about C$83.2M — mortgages payable net of deferred finance costs at June 30, 2026 (current C$2.6M + non-current C$80.6M; Barclays facility at SONIA + 1.8%, 5-year, non-recourse, covenants met). No other interest-bearing debt: accounts payable, deferred revenue and the client-cash liability are non-interest-bearing, and no leases are shown.
Market cap: about C$175.4M (12,502,362 shares outstanding + 490,766 dilutive instruments = 12,993,128 fully diluted × C$13.50, October 1, 2026; Finnhub quotes C$170.8M — same conclusion either way).
Debt ÷ market cap: C$83.2M ÷ C$175.4M = ~47.6% — over the ~33% AAOIFI ceiling (fails). The mortgages alone breach the ceiling.
Interest income ÷ revenue: C$858,111 ÷ C$23,154,809 = ~3.7% — under the ~5% ceiling (passes). Interest income is a separately disclosed line (Goldmoney.com C$845,051; Properties C$13,060); its source composition is not detailed in the interim notes.
Cash + securities ÷ market cap: C$34.1M cash + C$3.5M marketable securities (public equities C$0.7M + bonds C$2.8M) = C$37.6M, about 21.6% of market cap — under the ~33% ceiling (passes).

The FAIL comes from the debt gate alone; the other gates pass.

What other screeners say

Zoya: no public rating found for XAU as of October 1, 2026. Musaffa: no public rating found. ShariaPortfolio: no coverage found. None of the three verifiably covers the ticker — do not cite their names as ratings for this stock. The only public Shariah mention is Goldmoney's own 2017 press release (a company claim, not a scholarly ruling). Our screener reports its own figure-by-figure analysis above.

The bottom line

This screener gives Goldmoney Inc. (TSX: XAU) a FAIL. The precious-metals business passes the business gate (interest-based lending subsidiary, swaps, bonds and retained client-cash interest flagged), interest income (~3.7% of revenue) and cash (~21.6% of market cap) both pass — but interest-bearing mortgages of ~C$83.2M are ~47.6% of a ~C$175.4M market cap, over the ~33% ceiling. Snapshot dated October 1, 2026; re-checked quarterly after earnings.

Sources

Goldmoney Inc. Q1 FY2027 unaudited interim consolidated financial statements (three months ended June 30, 2026, filed August 6, 2026) — mortgages payable C$83,209,246 (note 15); interest income C$858,111; revenue C$23,154,809; cash C$34,108,167; marketable securities C$3,537,626; swaps disclosure; interest on client cash balances (note 2); Lend & Borrow Trust subsidiary disclosure.
Goldmoney Inc. Q1 FY2027 results press release (Newsfile, August 6, 2026).
TSX new-company listing notice for Goldmoney Inc.
Lend & Borrow Trust lending FAQ (goldmoney.com/research) — metal-secured peer-to-peer lending at auctioned interest rates.
Goldmoney Inc. "Announces Compliance with Shariah Standard on Gold" press release (GlobeNewswire, January 23, 2017) — company claim only.
Market data: TSX:XAU C$13.50, 12,993,128 fully diluted shares — market cap ~C$175.4M on October 1, 2026 (Finnhub; Stockopedia cross-check).
Third-party coverage checks (October 1, 2026): no public Zoya, Musaffa, or ShariaPortfolio rating found for XAU.

Related screeners

Frequently asked questions

Is Goldmoney (XAU) halal?

Our screener gives Goldmoney Inc. a FAIL screening result. The core business — buying, selling and custodying physical precious metals plus UK commercial property — passes the business gate, though several non-permissible activities are flagged (below). The decisive factor is the debt gate: interest-bearing mortgages of ~C$83.2M are ~47.6% of a ~C$175.4M market cap (June 30, 2026), over the ~33% AAOIFI ceiling. Interest income of ~C$858k is ~3.7% of revenue, under the ~5% ceiling (passes).

Why does Goldmoney fail the debt screen?

Goldmoney's UK property segment is financed with Barclays mortgages: ~C$83.2M net of deferred finance costs at June 30, 2026 (SONIA + 1.8%, 5-year, non-recourse). Against ~12,993,128 fully diluted shares at C$13.50 (~C$175.4M market cap, October 1, 2026), that is ~47.6%. It has no other interest-bearing debt — accounts payable, deferred revenue and the client-cash liability are non-interest-bearing, and no leases are shown — but the mortgages alone breach the ~33% ceiling.

What are the Shariah concerns in Goldmoney's business?

The core precious-metals business is halal in nature, but honest flags: (1) Lend & Borrow Trust Company Ltd., a still-consolidated UK subsidiary, is FCA-regulated to run an electronic peer-to-peer lending system where lenders and borrowers auction interest rates on metal-secured loans — historically earning 2.75–4.69% p.a. interest; current-period lending volume is not quantified in the interim statements; (2) interest rate swaps with Barclays fixing 3.89% on £37.6M of floating-rate debt; (3) C$2.79M of bonds in marketable securities (including a 0.625% fixed-rate bond maturing 2050); (4) the company retains interest earned on client cash balances (it states it is not permitted to pass interest on to clients). Its 2017 “Compliance with Shariah Standard on Gold” press release is a company marketing claim, not an independent scholarly ruling.

What do Zoya, Musaffa and ShariaPortfolio say about Goldmoney?

As of October 1, 2026 we found no public Zoya rating, no Musaffa rating, and no ShariaPortfolio coverage for XAU — none of the three verifiably covers the ticker. Do not cite their names as ratings for this stock. Our screener reports its own figure-by-figure analysis above.

Could Goldmoney become halal?

Only the debt gate fails, so paying down the Barclays mortgages — or enough share-price appreciation against a ~C$175.4M market cap — could bring debt under roughly a third of market cap. The interest-based lending subsidiary would remain a business-side question for strict readers regardless of ratios. Re-screen quarterly after earnings.

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