TSXV Shariah screener · September 2026

Is Lumine Group (LMN) Halal?

PASS*

Lumine Group Inc. · TSXV: LMN · Technology

The short answer

Lumine Group (LMN) is a provisional PASS. The business gate passes: it is a buy-and-hold acquirer of communications and media vertical-market software businesses (a Constellation Software spin-out), with no gambling, alcohol, tobacco, adult-entertainment or conventional-finance software lines disclosed - its ad-tech holdings sell software to broadcasters, not ad inventory. The debt gate passes: about US$481.7M of bank indebtedness at June 30, 2026 is roughly 13.0% of the ~US$3.72B market cap (C$20.55, September 29, 2026), against a ~33% ceiling. The income gate passes: the filing's own blended cash line implies interest receipts of at most US$0.954M in Q2 2026 - about 0.41% of US$235.1M revenue - under the ~5% ceiling. The PASS is provisional because no exact Q2 interest-income note figure is publicly indexed (third-party quarterly aggregation reports US$1.2M, about 0.51%). One listing note: LMN trades on the TSX Venture Exchange (TSXV), not the TSX main board. Musaffa lists Lumine Group (LMN.V) as halal in its dated June 2024 '40 Halal Stocks in Canada by Market Cap' list; no Zoya or ShariaPortfolio coverage was found. As with every screener here, this is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.

Gate 1 — Business activity: PASS

Lumine Group Inc. acquires, strengthens and grows communications and media vertical-market software businesses - development, installation, customization, professional services and support - in a Constellation-style buy-and-hold-forever model. It was spun out of Constellation Software (IPO March 24, 2023), is headquartered in Mississauga, Ontario, and employs about 2,300 people; its portfolio includes Axyom.Core, Motive, Openwave, Titan.ium, WideOrbit, Wiztivi, TOMIA, Incognito, MDS Global, Ubersmith, Lifecycle Software, Telepin, Netadmin, Sicap, Kansys, Aleyant, Symbrio, Synchronoss, Quortex and Imagine Communications. No filing or release discloses gambling, alcohol, tobacco, adult-entertainment or conventional-finance software businesses. One nuance: it owns ad-tech businesses (WideOrbit; Imagine Communications' Landmark AI-enabled ad-sales platform), but these sell software to broadcasters rather than ad inventory. The business-activity gate passes. Facts only, no fatwa.

Gate 2 — Debt: PASS

The Q2 2026 balance sheet (quarter ended June 30, 2026) shows US$481.697M of total bank indebtedness (US$5.5M current + US$476.197M non-current) plus US$17.963M of lease obligations (US$9.525M + US$8.438M); there are no redeemable preferred or special securities outstanding. Against a market capitalization of about US$3.72B (256,620,389 shares at C$20.55, September 29, 2026, converted at 1.4187), the debt-to-market-cap ratio is roughly 13.0% - about 13.4% including leases - against a ~33% ceiling. In April 2026 the Lumine Facility's maturity was extended to June 30, 2029; capital deployed on acquisitions in 2026 exceeds US$500M.

Gate 3 — Non-compliant income: PASS (provisional)

The Q2 2026 income statement has no separate interest-income line - only net "Finance costs and other expenses" of US$10.847M - so the gate is assessed on an upper bound from the filing's own cash-flow line, "Interest, dividends and other proceeds received": US$0.954M in Q2 2026 against revenue of US$235.059M - at most about 0.41% - under the ~5% ceiling. Third-party quarterly aggregation (twelvedata.com) reports Q2 interest income of US$1.2M - about 0.51%. The Q1 2026 interim statements (Note 11) separately disclose "Interest earned on cash" of US$1.271M, and FY2025 interest of US$4.41M against revenue of US$765.7M is about 0.58%. Every measured figure is far under the ceiling, so the gate passes; it is provisional only because the exact Q2 note figure is not publicly indexed.

Key figures used

Business: communications & media vertical-market software (Constellation Software spin-out, ~2,300 employees) — no prohibited lines; ad-tech holdings sell software, not ad inventory — PASS
Total debt: ~US$481.7M at June 30, 2026 (bank indebtedness; leases US$18.0M; no preferred/special securities outstanding)
Market cap: ~US$3.72B (C$20.55, September 29, 2026, on 256,620,389 shares)
Debt ÷ market cap: ~13.0% vs ~33% ceiling (~13.4% incl. leases) — PASS
Interest income ÷ revenue: at most ~US$0.954M ÷ US$235.1M ≈ 0.41% (Q2 2026, filing's own blended cash line; aggregator US$1.2M ≈ 0.51%) vs ~5% ceiling — PASS (provisional)
Material context: listed on the TSX Venture Exchange (TSXV), not the TSX main board; Synchronoss acquisition closed Feb 2026 (~US$258.4M EV); Quortex + Imagine Communications acquired Jul 2026 (US$233.7M); 2026 capital deployed >US$500M; TSXV: LMN; Musaffa lists LMN.V as halal in its June 2024 '40 Halal Stocks in Canada by Market Cap' (dated); no Zoya or ShariaPortfolio coverage found

Frequently asked questions

Is Lumine Group (LMN) halal?

Our September 2026 screen gives Lumine Group Inc. (TSXV: LMN) a provisional PASS. The business gate passes: it is a buy-and-hold acquirer of communications and media vertical-market software businesses (a Constellation Software spin-out), with no gambling, alcohol, tobacco, adult-entertainment or conventional-finance software lines disclosed. The debt gate passes: about US$481.7M of bank indebtedness at June 30, 2026 is roughly 13.0% of the ~US$3.72B market cap (C$20.55, September 29, 2026), against a ~33% ceiling. The income gate passes: the filing's own blended cash line implies interest receipts of at most US$0.954M in Q2 2026 - about 0.41% of US$235.1M revenue - under the ~5% ceiling. The PASS is provisional because no exact Q2 interest-income note figure is publicly indexed. One listing note: LMN trades on the TSX Venture Exchange (TSXV), not the TSX main board. Musaffa lists Lumine Group (LMN.V) as halal in its dated June 2024 list; no Zoya or ShariaPortfolio coverage was found. This is a rules-based screening of published figures, not a religious ruling.

What business is Lumine Group in?

How leveraged is Lumine Group on the debt gate?

Lightly. The Q2 2026 balance sheet (June 30, 2026) shows US$481.697M of total bank indebtedness (US$5.5M current + US$476.197M non-current) plus US$17.963M of lease obligations, with no redeemable preferred or special securities outstanding. Against a market cap of about US$3.72B (256,620,389 shares at C$20.55, September 29, 2026, converted at 1.4187), the debt-to-market-cap ratio is roughly 13.0% - about 13.4% including leases - versus a ~33% ceiling.

How much interest income does Lumine Group earn?

Very little, but the figure comes with a caveat. The Q2 2026 income statement has no separate interest-income line - only net "Finance costs and other expenses" of US$10.847M - so the gate is assessed on an upper bound from the filing's own cash-flow line, "Interest, dividends and other proceeds received": US$0.954M in Q2 2026 against revenue of US$235.059M - at most about 0.41% - under the ~5% ceiling. Third-party quarterly aggregation reports Q2 interest income of US$1.2M (about 0.51%), and FY2025 interest of US$4.41M against revenue of US$765.7M is about 0.58%. Every measured figure is far under the ceiling, so the gate passes; it is provisional only because the exact Q2 note figure is not publicly indexed.

What do Zoya, Musaffa or ShariaPortfolio say about LMN?

Musaffa covers Lumine Group: its June 2024 '40 Halal Stocks in Canada by Market Cap' list (academy.musaffa.com) lists Lumine Group (LMN.V) as halal - dated, but a real Musaffa verdict. No public Zoya rating for LMN was found as of September 2026 (Zoya's coverage is app-based; LMN is not indexed), and no ShariaPortfolio rating was found. Other Canadian technology names on this site - Constellation Software, Shopify, Kinaxis, CGI, BlackBerry and others - are screened on the same business, debt and income basis.

Sources

Screened 2026-09-30 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.