Is Killam Apartment REIT (KMP.UN) halal?
Killam Apartment REIT (TSX: KMP.UN) is a residential landlord — a permissible business — but its interest-bearing debt of about C$2,409.3 million is about 115.6% of its market cap, far above the ~33% ceiling: 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 — permissible residential rentals
Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential REITs, owning, operating and developing a $5.6 billion portfolio of apartments and manufactured home communities (about 19,000 rental units). Its core business is residential rental income — no haram core business, so the business gate passes.
Gate two: the ratios — the debt gate fails decisively
At June 30, 2026 (Q2 2026 results, August 5, 2026): total interest-bearing debt of C$2,409.3 million (mortgages plus credit and construction facilities); cash of only C$9.6 million; weighted-average mortgage rate 3.62%. With a market cap of about C$2,083.6 million (Finnhub quote at C$17.25, late September 2026), debt is about 115.6% of market cap — far above the ~33% ceiling. Total debt was 42.8% of total assets with debt at 9.78x normalized EBITDA. Interest income is not separately disclosed as a material line in the release.
What other screeners say
No coverage pages for Killam Apartment REIT (KMP.UN) were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches.
The bottom line
This screener gives Killam Apartment REIT (TSX: KMP.UN) a FAIL. The business is permissible, but debt at about 115.6% of market cap decisively breaches the ceiling. Snapshot dated September 29, 2026; re-checked quarterly after earnings.
Sources
Frequently asked questions
Is Killam Apartment REIT halal?
This screener gives it a FAIL. Killam Apartment REIT (TSX: KMP.UN) is a residential landlord — a permissible business — but its interest-bearing debt of about C$2,409.3 million is about 115.6% of its market cap, far above the ~33% ceiling. Consult a qualified scholar.
Why does Killam fail the Shariah screen?
The debt gate fails decisively. The Q2 2026 results (August 5, 2026) report total interest-bearing debt of C$2,409.3 million (mortgages plus credit and construction facilities) against a market cap of about C$2,083.6 million — about 115.6%, vs the ~33% ceiling. Total debt was 42.8% of total assets with debt at 9.78x normalized EBITDA.
What are Killam's debt and market-cap figures?
At June 30, 2026 (Q2 2026 results): total interest-bearing debt of C$2,409.3 million; cash of only C$9.6 million; weighted-average mortgage rate 3.62%. Market cap is about C$2,083.6 million (Finnhub quote at C$17.25, late September 2026). Debt is about 115.6% of market cap. Interest income is not separately disclosed as a material line in the release.
What does Killam Apartment REIT do?
Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential REITs, owning, operating and developing a $5.6 billion portfolio of apartments and manufactured home communities (about 19,000 rental units). Its core business is residential rental income — no haram core business, so the business gate passes; the debt gate fails.
What do Zoya, Musaffa, and ShariaPortfolio say about KMP.UN?
No coverage pages for Killam Apartment REIT (KMP.UN) were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches.