Is Martinrea / MRE Halal?
Martinrea International Inc. (TSX: MRE), headquartered in Vaughan, Ontario, is a global automotive supplier — lightweight structures and propulsion systems for vehicle OEMs. The business passes — but long-term debt of about C$910 million is roughly 127% of the ~C$719 million market cap (~160% including leases) — 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 — passes
Martinrea describes itself as a diversified global automotive supplier engaged in the design, development and manufacturing of highly engineered lightweight structures and propulsion systems — complex assemblies, body-in-white, chassis, brake lines, powertrain solutions, e-mobility products and more, serving vehicle OEMs across North America, Europe and the rest of the world (~16,000 employees). No verified involvement in weapons/defence manufacturing, gambling, alcohol, tobacco, pork or adult entertainment was found. Gate one: passes.
Gate two: the ratios — debt fails decisively
The debt gate fails. As at June 30, 2026 (in Canadian dollars): current long-term debt C$9.9 million + non-current long-term debt C$900.5 million = total long-term debt about C$910.4 million; lease liabilities C$60.6 million current + C$177.4 million non-current = about C$237.9 million; total debt including leases about C$1.15 billion. Market cap is about C$719 million (C$10.27 on September 29, 2026 × about 70.0 million shares) — putting long-term debt alone at ~127% of market cap (~160% including leases), far above the ~33% ceiling. Interest income is not disclosed as a standalone line — the statements report finance-expense components and a net FX-driven "Other finance income (expense)" line (C$637,000 in Q2) — so no interest-income figure is published here; the FAIL rests independently on debt. Gate two: fails on debt.
What other screeners say
No Musaffa, Zoya or ShariaPortfolio rating for MRE could be verified as of September 2026. This screener is independent.
The bottom line
This screener gives Martinrea International Inc. (TSX: MRE) a FAIL. The auto-parts business is permissible, but long-term debt of ~C$910 million is roughly 127% of the ~C$719 million market cap (~160% including leases) — far above the ~33% ceiling. Snapshot dated September 29, 2026; re-checked quarterly after earnings.
The purification angle: if you hold MRE anyway, run the purification calculator to estimate any non-compliant share of dividends or gains.
Frequently asked questions
Is Martinrea stock halal?
This screener gives Martinrea International Inc. (TSX: MRE) a FAIL. The auto-parts business itself is permissible — lightweight structures and propulsion systems for vehicle OEMs, with essentially all ~C$4.7B of revenue from auto parts — and no verified weapons, gambling, alcohol, tobacco, pork or adult-entertainment exposure was found. But long-term debt of about C$910 million is roughly 127% of the ~C$719 million market cap (about 160% including lease liabilities) — far above the ~33% debt ceiling.
What are Martinrea's debt and market-cap figures?
As at June 30, 2026 (Q2 2026, in Canadian dollars): current long-term debt C$9.9 million + non-current long-term debt C$900.5 million = total long-term debt about C$910.4 million; lease liabilities C$60.6 million current + C$177.4 million non-current = about C$237.9 million; total debt including leases about C$1.15 billion. Market cap is about C$719 million (C$10.27 on September 29, 2026 × about 70.0 million shares). Long-term debt alone is about 127% of market cap; about 160% including leases — far above the ~33% ceiling.
Does Martinrea earn interest income?
Interest income is not disclosed as a standalone line. Note 12 of the Q2 2026 statements reports finance expense components (debt interest C$13.2 million, lease interest C$2.8 million, capitalised interest C$1.7 million) and a net 'Other finance income (expense)' line (C$637,000 in Q2, mainly a foreign-exchange gain) — no interest-income figure exists, so none is published here. The FAIL rests independently on the debt gate.
Do any third-party screeners cover Martinrea?
No Musaffa, Zoya or ShariaPortfolio rating for MRE could be verified as of September 2026. This screener is independent.
What could change Martinrea's halal screener?
Sustained deleveraging — or a substantially higher share price — that brings debt below roughly a third of market cap would change the debt gate. The company repurchased about 2.0 million shares under its normal-course issuer bid in the first half of 2026. This screener is a snapshot dated September 29, 2026 and is re-checked quarterly after earnings.