Is Haivision Systems Inc. (HAI) halal?
Haivision Systems Inc. (TSX: HAI) makes mission-critical real-time video networking and visual collaboration solutions — but its wholly-owned Haivision MCS subsidiary builds combat visualization and video distribution systems for the U.S. Navy. That material defense segment fails the business gate, even though the financial ratios clear (debt ~18.4% of market cap, interest income ~0.18% of revenue). This screener gives HAI a FAIL. Data from Q3 FY2026 results, screened September 30, 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 — FAIL on a material defense segment
Haivision Systems (TSX: HAI; also OTC: HAIVF), based in Montreal, Quebec, develops real-time video networking and visual collaboration solutions across one reportable segment. Its civilian video products are a permissible business. But Haivision operates a material defense/government segment: Haivision MCS, LLC, a wholly-owned subsidiary, supplies next-generation combat visualization and video distribution systems to the U.S. Navy under a US$61.2M (about C$82M) production agreement with the Naval Sea Systems Command (announced 2024). The company also participates in a consortium with Airbus Defense and Space and collaborates with Shield AI on defense and ISR (intelligence, surveillance, reconnaissance) applications. Its Q1 2026 MD&A noted that "a higher proportion of revenue was generated under Haivision's production agreement with the Naval Sea Systems Command." Because the site's business gate excludes defense segments, Haivision fails the business gate — regardless of its ratios.
Gate two: the ratios — clear, but the business gate already fails
- Interest-bearing debt: C$19.625M at July 31, 2026 — a C$13.896M line of credit, C$1.854M of term loans (C$479K current + C$1,375K non-current), and C$3.875M of lease liabilities (C$1,513K current + C$2,362K non-current).
- Market cap: 27,545,889 shares × C$3.88 (TSX price, September 30, 2026) = about C$106.9M.
- Debt ÷ market cap: C$19.625M ÷ C$106.9M = about 18.4% — under the ~33% AAOIFI ceiling (passes).
- Interest income: C$58,388 (disclosed in Note 11 "Financial expenses (income)" of the Q2 FY2026 interim statements) ÷ Q2 FY2026 revenue of C$32,535,291 = about 0.18% — under the ~5% AAOIFI ceiling (passes).
- Cash: C$19.727M of cash at July 31, 2026 — about 18.5% of market cap, under the ~33% cash-plus-securities ceiling (passes).
The financial ratios all clear. The FAIL comes from the business gate alone.
What other screeners say
- Zoya: no public rating page found for HAI (direct check returned a not-found result, September 30, 2026). Musaffa: no public rating page found for HAI (same check). ShariaPortfolio: publishes no per-stock screening tool — no coverage found.
The bottom line
This screener gives Haivision Systems Inc. (TSX: HAI) a FAIL. The debt ratio (~18.4%) and interest income (~0.18% of revenue) both clear, but the company has a material defense segment — combat visualization systems for the U.S. Navy — so it fails the business gate. Snapshot dated September 30, 2026; re-checked quarterly after earnings.
Sources
- Haivision Q3 FY2026 press release (September 9, 2026) — revenue C$34,537K, balance sheet at July 31, 2026, 27,545,889 shares outstanding.
- Haivision Q2 FY2026 interim statements, Note 11 "Financial expenses (income)" — interest income C$58,388 (three months ended April 30, 2026), revenue C$32,535,291.
- Haivision Q1 2026 MD&A — higher proportion of revenue under the Naval Sea Systems Command production agreement.
- Haivision announcement (2024): US$61.2M (about C$82M) production agreement with the U.S. Navy Naval Sea Systems Command via Haivision MCS, LLC; Airbus Defense and Space consortium; Shield AI defense/ISR collaboration.
- Market data: TSX:HAI C$3.88 on September 30, 2026.
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Frequently asked questions
Is Haivision Systems (HAI) halal?
Our screener gives Haivision Systems Inc. a FAIL screening result. Although its financial ratios clear — debt ~18.4% of market cap and interest income ~0.18% of revenue — the company fails the business gate: its wholly-owned Haivision MCS subsidiary builds next-generation combat visualization and video distribution systems for the U.S. Navy under a US$61.2M (C$82M) production agreement with the Naval Sea Systems Command.
Why does Haivision fail the business gate?
Haivision has a material defense/government segment. Haivision MCS, LLC — a wholly-owned subsidiary — supplies combat visualization and video distribution systems to the U.S. Navy under a US$61.2M production agreement with the Naval Sea Systems Command (announced 2024); the company also participates in a consortium with Airbus Defense and Space and collaborates with Shield AI on defense and ISR applications. Its Q1 2026 MD&A noted a higher proportion of revenue was generated under the Naval Sea Systems Command agreement. The site's business gate excludes defense segments, so this is a FAIL regardless of the ratios.
How much debt does Haivision have?
Total interest-bearing debt was C$19.625M at July 31, 2026: a C$13.896M line of credit, C$1.854M of term loans (current and non-current), and C$3.875M of lease liabilities. Against a market cap of about C$106.9M (27,545,889 shares at C$3.88, September 30, 2026), the debt ratio is about 18.4% — under the ~33% AAOIFI ceiling. Cash of C$19.727M is about 18.5% of market cap, also under the ceiling.
What do Zoya, Musaffa and ShariaPortfolio say about Haivision Systems?
As of September 30, 2026 we found no rating pages for HAI on Zoya or Musaffa (direct checks of zoya.finance and musaffa.com for the ticker returned not-found results), and ShariaPortfolio publishes no per-stock screening tool — none of the three covers the ticker. Our screener reports its own figure-by-figure analysis above.
What could change this screener's answer?
A divestiture or wind-down of the defense/government business (Haivision MCS) so that the company no longer serves combat and ISR applications would clear the business gate — the financial ratios already pass. Conversely, if the defense segment grows as a share of revenue, the FAIL is further entrenched. Re-screen after material portfolio changes or earnings.