Is IGM Financial (IGM) halal?
IGM Financial Inc. (TSX: IGM) is a wealth and asset manager whose gross interest income on loans runs about 5.2% of revenue — over the ~5% ceiling — so the income gate fails: FAIL.
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 — haram lines disclosed
IGM Financial Inc. is a Winnipeg-based wealth and asset management company controlled by Power Corporation of Canada, operating through IG Wealth Management (IGWM) and Mackenzie Investments. Wealth and asset management itself is a fee business, but the company's own filings state that 'Other financial planning revenues include insurance, banking products and services, and mortgage lending activities,' and it carries a C$5,183.3 million residential-mortgage loan book (matched by C$4,707.3 million of ring-fenced, non-recourse securitization obligations). These disclosed interest-based and insurance lines are flagged alongside the ratio result below.
Gate two: the ratios — income gate fails at ~5.2%
For the six months ended June 30, 2026: Note 6 discloses 'Total interest income on loans was $107.0 million' against total revenue of C$2,065.0 million — about 5.2%, over the ~5% ceiling. (Interest expense on the securitization obligations was C$87.9 million, leaving a net mortgage-banking spread of C$19.1 million, about 0.9% of revenue — but this screener uses the gross AAOIFI-basis figure, consistent with the other screeners on this site.) The debt gate passes: long-term debt (debentures) of C$2,800.0 million plus lease obligations of C$169.2 million, against a market cap of about C$19.75 billion (231,514,950 shares at C$85.32, September 25, 2026) — about 15.0% of market cap, under the ~33% ceiling. Cash and equivalents were C$1,515.5 million (~7.7% of market cap).
What other screeners say
No coverage pages for IGM Financial Inc. (IGM/IGM.TO) were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches.
The bottom line
This screener gives IGM Financial Inc. (TSX: IGM) a FAIL. Gross interest income on its loan book is about 5.2% of revenue — over the ~5% ceiling — and its filings disclose insurance, banking, and mortgage-lending activities. The debt ratio passes comfortably. Snapshot dated September 29, 2026; re-checked quarterly after earnings.
Sources
Frequently asked questions
Is IGM Financial stock halal?
This screener gives it a FAIL. IGM Financial Inc. (TSX: IGM) reported gross interest income on loans of C$107.0 million for the first half of 2026 — about 5.2% of total revenue, over the ~5% ceiling. Its debt ratio (~15.0% of market cap) passes, but the income gate fails, and its filings disclose insurance, banking products, and mortgage lending activities. Consult a qualified scholar.
What are IGM Financial's debt and market-cap figures?
At June 30, 2026 (Q2 2026): long-term debt (debentures) of C$2,800.0 million plus lease obligations of C$169.2 million. Market cap is about C$19.75 billion (231,514,950 shares at C$85.32, September 25, 2026). Debt plus leases is about 15.0% of market cap — under the ~33% ceiling. Cash and equivalents were C$1,515.5 million (~7.7% of market cap). Ring-fenced securitization obligations of C$4,707.3 million (matched to the mortgage book, non-recourse) are excluded.
How much interest income does IGM Financial earn?
Note 6 to the Q2 2026 interim statements discloses 'Total interest income on loans was $107.0 million' for the six months ended June 30, 2026, against total revenue of C$2,065.0 million — about 5.2%, over the ~5% ceiling. Interest expense on securitization obligations was C$87.9 million, leaving a net mortgage-banking spread of C$19.1 million (~0.9% of revenue); this screener uses the gross AAOIFI-basis figure, consistent with other screeners on this site.
What does IGM Financial do?
IGM Financial Inc. is a Winnipeg-based wealth and asset management company controlled by Power Corporation of Canada, operating through IG Wealth Management (IGWM) and Mackenzie Investments. Its filings state that 'Other financial planning revenues include insurance, banking products and services, and mortgage lending activities,' and it carries a C$5,183.3 million residential-mortgage loan book.
What do Zoya, Musaffa, and ShariaPortfolio say about IGM?
No coverage pages for IGM Financial Inc. (IGM/IGM.TO) were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches.