Canadian Halal Investor.

TSX Shariah screener · September 2026

Is Medical Facilities (DR) Halal?

PASS

Medical Facilities Corporation · TSX: DR · Healthcare

The short answer

Medical Facilities Corporation (TSX: DR) is a provisional PASS. The business gate passes: it owns a 51% controlling interest (physician partners hold the rest) in two specialty surgical hospitals - Arkansas Surgical Hospital (North Little Rock, Arkansas) and Sioux Falls Specialty Hospital (Sioux Falls, South Dakota). 100% of revenue is facility service revenue from scheduled surgical, imaging, diagnostic, pain management and urgent-care services - pure healthcare with no gambling, alcohol, tobacco, adult-entertainment or conventional-banking segments. The debt gate passes but is borderline: total debt of US$54.68M at June 30, 2026 is about C$77.6M (USD/CAD 1.4183), roughly 31.8% of the ~C$243.7M market cap (C$15.03, late September 2026) - only about 1.2 percentage points of margin under the ~33% ceiling. The income gate passes: audited FY2025 Note 16 discloses interest income of US$2,206K - about 0.64% of US$342,176K revenue, under the ~5% ceiling. Provisional because the exact Q2 2026 standalone interest-income figure is not publicly indexed, so the income ratio uses the most recent verifiable audited figure rather than the most recent quarter. No public Zoya, Musaffa or ShariaPortfolio rating for DR was found as of September 2026. 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

Medical Facilities Corporation is a Toronto-based owner of specialty surgical hospitals in the United States. It holds a 51% controlling interest (physician partners hold 49%) in Arkansas Surgical Hospital (North Little Rock, Arkansas) and Sioux Falls Specialty Hospital (Sioux Falls, South Dakota). The hospitals perform scheduled surgical, imaging, diagnostic and other procedures - orthopedics, neurosurgery, pain management, plus primary and urgent care. The company reports a single operating segment, and 100% of revenue is facility service revenue from healthcare services. The 2026 divestitures (Oklahoma Spine Hospital sold January 30, 2026 for net US$45.7M; Surgery Center of Newport Coast sold December 31, 2025 for US$1.5M) leave only these two hospitals. No filing discloses gambling, alcohol, tobacco, pork, adult-entertainment, conventional banking or weapons segments. The business-activity gate passes. Facts only, no fatwa.

Gate 2 — Debt: PASS (borderline)

The June 30, 2026 balance sheet shows total interest-bearing debt of US$54.68M - long-term debt plus lease liabilities and current portions (verified against the company's own published balance sheets at December 2025 and March 2026). At USD/CAD 1.4183 (September 30, 2026), that is about C$77.6M. Against a market capitalization of about C$243.7M (C$15.03, late September 2026, on 16,212,749 shares), the debt-to-market-cap ratio is roughly 31.8% - under the ~33% ceiling, but with only about 1.2 percentage points of margin. The ratio is sensitive to the exchange rate: at USD/CAD 1.47 it would reach the ceiling. Consolidated cash was US$64.1M at June 30, 2026. The debt gate passes, but this ratio deserves a fresh check every quarter.

Gate 3 — Non-compliant income: PASS

The most recent verifiable standalone interest-income figure is from the audited FY2025 consolidated statements (Note 16): US$2,206K (US$249K facility level + US$1,957K corporate level) against FY2025 revenue of US$342,176K - about 0.64%, under the ~5% ceiling. Q2 2025 interim statements corroborate at about 0.77%. The exact Q2 2026 standalone figure is not publicly indexed - the Q2 2026 income statement carries only the net "Interest expense, net of interest income" line (US$263K) - so this gate uses the audited FY2025 figure, which is why the screen is provisional. The figure is verifiable from the filing, not estimated. The income gate passes.

Key figures used

Frequently asked questions

Is Medical Facilities (DR) halal?

Our September 2026 screen gives Medical Facilities Corporation (TSX: DR) a provisional PASS. The business gate passes: it owns a 51% controlling interest in two specialty surgical hospitals (Arkansas Surgical Hospital and Sioux Falls Specialty Hospital) - pure healthcare services with no gambling, alcohol, tobacco, adult-entertainment or conventional banking segments. The debt gate passes but is borderline: total debt of US$54.68M at June 30, 2026 converts to about C$77.6M, roughly 31.8% of the ~C$243.7M market cap (C$15.03, late September 2026), against a ~33% ceiling. The income gate passes: audited FY2025 Note 16 discloses interest income of US$2,206K - about 0.64% of US$342,176K revenue, under the ~5% ceiling. Provisional because the exact Q2 2026 standalone interest-income figure is not publicly indexed, so the income ratio uses the most recent verifiable audited figure. No public Zoya, Musaffa or ShariaPortfolio rating for DR was found as of September 2026. This is a rules-based screening of published figures, not a religious ruling.

What business is Medical Facilities in?

Medical Facilities Corporation is a Toronto-based owner of specialty surgical hospitals in the United States. It holds a 51% controlling interest (physician partners hold 49%) in Arkansas Surgical Hospital (North Little Rock, Arkansas) and Sioux Falls Specialty Hospital (Sioux Falls, South Dakota). The hospitals perform scheduled surgical, imaging, diagnostic and other procedures - orthopedics, neurosurgery, pain management, primary and urgent care. The company reports a single operating segment, and 100% of revenue is facility service revenue from healthcare services.

Why is the PASS provisional?

Two reasons. First, the debt gate is borderline: US$54.68M of total debt at June 30, 2026 is about 31.8% of the ~C$243.7M market cap - only about 1.2 percentage points of margin under the ~33% ceiling, and sensitive to the USD/CAD exchange rate. Second, the income gate uses the most recent verifiable audited figure (FY2025: interest income US$2,206K, about 0.64% of revenue) rather than the most recent quarter, because the exact Q2 2026 standalone interest-income figure is not publicly indexed - the Q2 2026 income statement carries only the net "Interest expense, net of interest income" line. The audited figure is verified, not estimated, but the period mismatch makes this a provisional screen.

How leveraged is Medical Facilities on the debt gate?

Borderline but passing. The June 30, 2026 balance sheet shows total interest-bearing debt of US$54.68M (long-term debt plus lease liabilities and current portions - verified against the company's own published balance sheets). At USD/CAD 1.4183 (September 30, 2026) that is about C$77.6M. Against a market cap of about C$243.7M (C$15.03, late September 2026, on 16,212,749 shares), the debt-to-market-cap ratio is roughly 31.8% versus a ~33% ceiling - about 1.2 percentage points of margin. A weaker Canadian dollar would narrow that margin further, so this ratio deserves a fresh check each quarter.

What do Zoya, Musaffa or ShariaPortfolio say about DR?

No public Zoya, Musaffa or ShariaPortfolio rating for Medical Facilities Corporation (DR) was found as of September 2026 - Zoya and Musaffa have no DR stock pages, and ShariaPortfolio publishes no per-stock screening tool. So this screen relies entirely on the company's published financial statements and disclosures. Other healthcare names on this site - Extendicare, Sienna Senior Living and Bausch Health - 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.