Is Mullen Group (MTL) halal?
Mullen Group Ltd. (TSX: MTL) is a trucking and logistics company whose debt and lease liabilities of about 40.6% of market cap — above the ~33% ceiling — mean it fails the debt gate: 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 — no haram lines identified
'The Corporation is recognized as one of the leading suppliers of trucking and logistics services in Canada providing a wide range of service offerings including less-than-truckload, truckload, customs brokerage, warehousing, logistics, transload, oversized and specialized hauling transportation.' It also operates as a third-party logistics provider in the U.S. and Canada, and provides a diverse set of specialized services — water management, fluid hauling, environmental reclamation — related to the energy, mining, forestry, and construction industries in western Canada. Those are logistics-type services to the sector, not fossil-fuel production. No haram business segments are disclosed.
Gate two: the ratios — the debt gate fails
At June 30, 2026 (Q2 2026 Interim Report): private placement debt of C$798.0 million, other long-term debt of C$0.5 million, and lease liabilities of C$247.9 million — about C$1.046 billion in total. With 96,241,057 shares outstanding at C$26.76 (September 29, 2026), market cap is about C$2,575.4 million, so debt-to-market-cap is about 40.6% — above the ~33% ceiling. The income gate passes but is moot: interest income is not shown as a separate line in the income statement (netted inside C$26.8 million of H1 finance costs), but the cash flow statement discloses C$2.269 million of 'interest received' for the first half of 2026 against C$1.157 billion of revenue — about 0.2%, well under ~5%. Cash and cash equivalents were C$171.0 million (~6.6% of market cap).
What other screeners say
None of Zoya, Musaffa, or ShariaPortfolio cover MTL — site-restricted searches of zoya.finance and musaffa.com returned zero results, and no ShariaPortfolio stock page for the ticker was located as of September 29, 2026. There is no third-party rating to cite; this screener rests on Mullen Group's own Q2 2026 filings.
The bottom line
This screener gives Mullen Group Ltd. (TSX: MTL) a FAIL. Debt and lease liabilities of about 40.6% of market cap are over the ~33% ceiling — on verified filing numbers, at any plausible recent share price. No haram business lines are disclosed, and interest income is verifiable and tiny — the failure is debt-driven. Snapshot dated September 29, 2026; re-checked quarterly after earnings.
Sources
Frequently asked questions
Is Mullen Group stock halal?
No — Mullen Group Ltd. (TSX: MTL) fails the debt gate. Interest-bearing debt plus lease liabilities of about C$1.046 billion are about 40.6% of its ~C$2.58 billion market cap — above the ~33% ceiling. No haram business lines are disclosed, and interest income is verifiable and tiny (about 0.2% of revenue) — but the debt failure is decisive. None of Zoya, Musaffa, or ShariaPortfolio cover MTL. Consult a qualified scholar.
What are Mullen Group's debt and market-cap figures?
At June 30, 2026 (Q2 2026 Interim Report): private placement debt of C$798.0 million, other long-term debt of C$0.5 million, and lease liabilities of C$247.9 million — about C$1.046 billion in total. Market cap is about C$2,575.4 million (96,241,057 shares at C$26.76, September 29, 2026). Debt-to-market-cap is about 40.6% — above the ~33% ceiling. Cash and cash equivalents were C$171.0 million (~6.6% of market cap).
How much interest income does Mullen Group earn?
Interest income is not shown as a separate line in the income statement — it is netted inside finance costs (C$26.8 million in H1 2026) — but the cash flow statement discloses C$2.269 million of 'interest received' for the first half of 2026 against C$1.157 billion of revenue, about 0.2%, well under ~5%. The income gate passes, but it is moot given the debt failure.
What does Mullen Group do?
'The Corporation is recognized as one of the leading suppliers of trucking and logistics services in Canada providing a wide range of service offerings including less-than-truckload, truckload, customs brokerage, warehousing, logistics, transload, oversized and specialized hauling transportation.' It also operates as a third-party logistics provider in the U.S. and Canada, and provides specialized services — water management, fluid hauling, environmental reclamation — to the energy, mining, forestry, and construction industries in western Canada. Those are logistics services to the sector, not fossil-fuel production. No haram business lines are disclosed.
What do Zoya, Musaffa, and ShariaPortfolio say about MTL?
None of the three cover MTL: site-restricted searches of zoya.finance and musaffa.com returned zero results, and no ShariaPortfolio stock page for the ticker was located as of September 29, 2026. There is no third-party rating to cite for this stock — this screener rests on Mullen Group's own Q2 2026 filings.