Is Onex / ONEX Halal?
Onex Corporation (TSX: ONEX) is a Toronto-based investment firm (formed 1984) that invests its own capital — about US$9.5 billion — alongside client capital in private equity, private credit, and asset management, with ~US$56.2 billion of total AUM. Its single largest investing-capital line is a 62.53% stake in Convex Group, a conventional specialty property & casualty insurer/reinsurer, which contributed US$177 million of the US$194 million total segment income in Q2 2026. Conventional insurance fails the business screen — a FAIL at gate one, so it gets re-checked every quarter.
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 — FAIL
Onex's largest investing-capital position is Convex Group — a conventional specialty property & casualty insurance and reinsurance business (operations in London, Bermuda, Europe and the US), acquired in February 2026. Onex owns 62.53% of it, carried at US$4.156 billion of the US$9.524 billion total investing capital at June 30, 2026 — about 44%. In Q2 2026, the Convex segment contributed US$177 million of the US$194 million total segment income — the dominant income line. Conventional insurance fails gate one under the same AAOIFI-style business screen this site applies to Fairfax, Intact, Manulife and the other insurers. A second gray area, stated factually: Onex's private-credit strategies invest "primarily" in non-investment-grade debt in collateralized loan obligations (CLOs) plus structured, opportunistic, liquid and direct-lending strategies; Onex states its own exposure to direct lending is under 1% of investing capital. The asset-management arm (management and advisory fees, carried interest) is fee income and does not rescue the insurance line. Gate one: FAIL.
Gate two: the ratios — PASS
Debt-to-market-cap: ~8.9% (ceiling ~33%) — PASS. Onex reported US$506 million of drawn debt at June 30, 2026 (senior credit facility; debt was nil at December 31, 2025). In July 2026 it repaid US$280 million of principal, leaving a US$220 million balance plus a US$600 million undrawn revolver. Against a market cap of roughly CA$8.09 billion on September 28, 2026 (CA$105.30 TSX close × 76.8 million fully diluted shares — about US$5.70 billion at the 1.4196 FX rate implied by Onex's own per-share figures), the ratio is about 8.9% — under the ~33% ceiling, measured in US dollars consistent with Onex's reporting currency. Cash and near-cash (investing-capital measure) was US$287 million.
Non-compliant income: ~3.2% (ceiling ~5%) — PASS. A standalone interest-income figure for Q2 2026 could not be verified from Onex's disclosures — the Q2 2026 press release combines it into 'realized gain (loss) on corporate investments and interest income' of negative US$12 million. The Q1 2026 interim report (note 8) discloses standalone interest income of US$6 million — income from credit investments recognized at fair value through earnings — against US$187 million of total income, about 3.2%, under the ~5% screen. Gate two: PASS.
What other screeners say
No verified current third-party rating was found for Onex on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The FAIL rating here rests on this site's own screening methodology, not on a third-party endorsement.
The bottom line
This screener gives Onex Corporation (TSX: ONEX) a FAIL. The ratios clear comfortably — US$506 million of drawn debt is about 8.9% of the ~CA$8.09 billion market cap, and interest income is about 3.2% of total income — but the business screen fails first: conventional P&C insurance via the 62.53%-owned Convex Group is Onex's largest investing-capital line and dominated Q2 2026 segment income. Snapshot dated September 29, 2026; re-checked quarterly after earnings (Q3 2026 expected mid-November 2026) — a sale or material reduction of the Convex stake would change this gate.
The purification angle: Onex's interest income is non-zero (US$6 million on US$187 million of Q1 2026 total income, ~3.2%) — if you want to run dividend purification math, the purification calculator is here.
Frequently asked questions
Is Onex stock halal?
This screener gives Onex Corporation (TSX: ONEX) a FAIL. Onex's own Q2 2026 disclosures show its largest investing-capital line is Convex Group — a conventional specialty property & casualty insurance and reinsurance business in which Onex owns 62.53% — contributing US$177 million of the US$194 million total segment income in Q2 2026. Conventional insurance fails the business-activity screen, so the debt ratio (~8.9%, under the ~33% ceiling) and interest-income ratio (~3.2%, under the ~5% screen) do not rescue it.
What are Onex's debt and market-cap figures?
Onex reported US$506 million of drawn debt at June 30, 2026 (senior credit facility; nil at December 31, 2025). In July 2026 it repaid US$280 million of principal, leaving a US$220 million balance plus a US$600 million undrawn revolver. Against a market cap of roughly CA$8.09 billion (CA$105.30 close on September 28, 2026 × 76.8 million fully diluted shares — about US$5.70 billion at the 1.4196 FX rate implied by Onex's own per-share figures), the debt-to-market-cap ratio is about 8.9% — under the ~33% AAOIFI ceiling, measured in US dollars consistent with the reporting currency.
Does Onex earn interest income?
A standalone interest-income figure for Q2 2026 could not be verified — Onex's Q2 2026 press release combines it into 'realized gain (loss) on corporate investments and interest income' of negative US$12 million. The Q1 2026 interim report (note 8) discloses standalone interest income of US$6 million — income from credit investments recognized at fair value through earnings — against US$187 million of total income, about 3.2%, under the ~5% screen. Onex states its direct-lending exposure is under 1% of its investing capital, though its private-credit strategies invest in non-investment-grade debt such as CLOs.
Do any third-party screeners agree with this screener?
No verified current third-party rating was found for Onex on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The FAIL rating here rests on this site's own screening methodology, not on a third-party endorsement.
What could change Onex's halal screener?
The FAIL is driven by the business screen, not the ratios: Onex's 62.53% stake in Convex Group, a conventional P&C insurer/reinsurer, is its single largest investing-capital line and dominated Q2 2026 segment income. A sale or material reduction of that stake — or a shift that shrinks insurance to a non-material share of income — would change this gate. This screener is a snapshot dated September 29, 2026 and is re-checked quarterly after earnings.