TSX Shariah screener · September 2026

Is Olympia Financial Group Inc. (OLY) Halal?

FAIL

Olympia Financial Group Inc. · OLY · TSX · Financials

The short answer

FAIL under the standard AAOIFI-style screen used on this site. Olympia Financial Group is a trust and transfer-agency services business — the company states it is not a money lender — and its debt (~4.2% of market cap) is within the standard ceiling. But its trust income, interest earned on client funds held in trust at Canadian financial institutions, was C$18.99 million for the six months ended June 30, 2026 — about 43.7% of C$43.49 million total revenue, far above the ~5% non-compliant-income ceiling. Because the income gate fails, the company does not pass the screen. This page states screening facts only and is not a religious ruling.

Gate 1 — Business activity: PASS

Olympia Financial Group Inc. (TSX: OLY) conducts most of its business through its subsidiary Olympia Trust Company, a non-deposit-taking trust company licensed across nine provinces. Its divisions administer self-directed registered plan accounts (RRSPs, RRIFs, LIRAs, LIFs, TFSAs) focused on exempt-market securities, provide corporate trust and transfer-agency/registrar services to issuers, market private health-services plans through Olympia Benefits Inc., and supply IT services to capital-market dealers through the Raisr division. The company states in its Q2 2026 report: 'Olympia is not a money lender, nor does it guarantee or participate in loans or mortgages of any type, except in its capacity as trustee of mortgages held on behalf of its clients.' No alcohol, gambling, weapons, or other prohibited business segments are disclosed. The business-activity gate passes. Note, however, that a large share of the company's revenue comes from interest earned on client funds held in trust — measured under the income gate below.

Gate 2 — Debt and cash: PASS

The Q2 2026 balance sheet (June 30, 2026, unaudited, in Canadian dollars) reports no bank debt: the C$15.0 million credit facility with National Bank of Canada was undrawn. The only interest-bearing obligations are lease liabilities of $926,649 (current) and $9,173,873 (non-current), for total interest-bearing debt of $10,100,522 (~C$10.1 million). With 2,406,336 common shares issued and outstanding (August 12, 2026) and a share price of about C$101.10 (late September 2026), market capitalization is roughly C$243.3 million. Debt ÷ market cap ≈ 4.2% — under the ~33% ceiling, so the debt gate passes. Cash and cash equivalents of $29,501,432 are about 12.1% of market cap, within the ~33% cash ceiling; no marketable securities are reported. All figures recomputed from the cited sources.

Gate 3 — Non-compliant income: FAILED

Olympia separately discloses 'trust income' — and the MD&A ties it directly to interest. For the six months ended June 30, 2026, the Investment Account Services division 'earned trust income from the cash portion of the assets held in trust of $18.99 million' (June 30, 2025: $24.12 million). The notes describe interest receivable (C$20.05 million at June 30, 2026) as 'comprised largely of interest receivable on client funds held in trust at Canadian financial institutions,' and the MD&A attributes the 21% decline in 'trust, interest, and other income' to 'a decrease in interest rates on funds held in trust.' Trust income of C$18.99 million against total revenue of C$43.49 million is about 43.7% — far above the ~5% non-compliant-income ceiling, so this gate fails. (The Q1 2026 income statement shows the same pattern: trust income C$9,911,549 of C$22,056,287 total revenue, ~44.9%, plus 'interest & other income' of C$272,551.) Because the income gate fails, the company does not pass the screen.

Key figures used

Total interest-bearing debt: ~C$10.1 million at June 30, 2026 = lease liabilities C$0.93M (current) + C$9.17M (non-current); C$15.0M credit facility undrawn (Q2 2026 balance sheet, unaudited).
Market capitalization: ~C$243.3 million = 2,406,336 shares outstanding × ~C$101.10 (late September 2026).
Debt ÷ market cap: ~4.2% vs the ~33% ceiling — this gate passes.
Cash and cash equivalents: C$29.5 million (~12.1% of market cap); no marketable securities disclosed — within the ~33% cash ceiling.
Trust income (interest on client funds held in trust): C$18.99 million for the six months ended June 30, 2026 = ~43.7% of C$43.49 million total revenue — vs the ~5% ceiling — this gate fails.
Business: non-deposit-taking trust company — self-directed registered plans, corporate trust, transfer agency, health benefits plans, IT services; company states it 'is not a money lender.'

Frequently asked questions

Is Olympia Financial Group (OLY) halal?

FAIL under the standard AAOIFI-style screen used on this site. Olympia's business is trust administration and transfer-agency services — the company states it is not a money lender — and its debt (~4.2% of market cap) is within the standard ceiling. But its trust income, which is interest earned on client funds held in trust at Canadian financial institutions, was C$18.99 million for the six months ended June 30, 2026 against total revenue of C$43.49 million — about 43.7%, far above the ~5% non-compliant-income ceiling. Figures are from the company's Q2 2026 report; this is an educational screen, not a religious ruling.

Why does Olympia fail the non-compliant-income gate?

Because of trust income — interest the company earns on client funds held in trust. Olympia's Q2 2026 MD&A states its Investment Account Services division 'earned trust income from the cash portion of the assets held in trust of $18.99 million for the six months ended June 30, 2026.' The balance-sheet notes describe interest receivable as 'comprised largely of interest receivable on client funds held in trust at Canadian financial institutions,' and the MD&A attributes movements in this income line to changes in interest rates on funds held in trust. At ~43.7% of total revenue, it exceeds the ~5% ceiling used in the standard screen.

Is Olympia a lender?

No. Olympia's Q2 2026 report states: 'Olympia is not a money lender, nor does it guarantee or participate in loans or mortgages of any type, except in its capacity as trustee of mortgages held on behalf of its clients.' Its business is administering self-directed registered plans (RRSPs, RRIFs, TFSAs and others), corporate trust, transfer-agency and registrar services, private health-services plans, and IT services for capital-market dealers. The business-activity gate passes; the screen fails on the interest-income ratio.

What is Olympia Financial Group's debt-to-market-cap ratio?

About 4.2%: total interest-bearing debt of ~C$10.1 million — lease liabilities of C$0.93 million (current) plus C$9.17 million (non-current) at June 30, 2026; its C$15.0 million credit facility was undrawn — divided by a market capitalization of about C$243.3 million (2,406,336 shares outstanding × ~C$101.10, late September 2026). The AAOIFI-style ceiling used here is ~33%, so this gate passes. Cash and cash equivalents of C$29.5 million are about 12.1% of market cap, within the ~33% cash ceiling.

Do Zoya, Musaffa, or ShariaPortfolio rate Olympia Financial Group?

At screening time (September 30, 2026), no public Shariah rating page for Olympia Financial Group (OLY) was found on Zoya, Musaffa, or ShariaPortfolio — reported as absent rather than invented. The FAIL result here rests on the company's own disclosed trust-income figures, not on any third-party rating.

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.