Canadian Halal Investor

TSX Shariah screener · September 2026

Is Orion Digital (ORIO) Halal?

FAIL

Orion Digital · TSX: ORIO / Nasdaq: ORIO · Financials

The short answer

Orion Digital Corp. (TSX: ORIO; Nasdaq: ORIO) - formerly Mogo Inc., renamed December 29, 2025 (the MOGO ticker is defunct) - is a FAIL. The business gate fails: interest revenue from its consumer loan book was C$6,322K of C$16,855K total revenue in Q2 2026 (37.5%; 38.3% for full-year 2025) - interest-based lending far above the ~5% tolerance. The debt gate fails: debt of about C$81.5M (credit facility C$49.779M, debentures C$31.071M, lease liabilities C$0.695M) is about 240% of the ~C$34.0M market cap (C$1.44, September 28, 2026) - far above the ~33% ceiling. The cash gate fails: cash of C$23.271M plus marketable securities of C$4.201M are about 81% of market cap - far above the ~33% ceiling. It fails all three gates independently; any one suffices. No Zoya, Musaffa or ShariaPortfolio coverage was found. 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: FAIL

Orion Digital Corp. - formerly Mogo Inc., renamed December 29, 2025 (the MOGO ticker is defunct; it trades as TSX: ORIO and Nasdaq: ORIO since January 2, 2026) - is a Canadian fintech with three engines per its Q2 2026 results: Mogo lending (online personal loans; gross loans receivable about C$75.4M at June 30, 2026), Intelligent Investing (commission-free wealth platform; AUM C$545.3M) and Carta Worldwide (European payments infrastructure; over C$11B annual payment volume), plus a Bitcoin treasury strategy. The decisive issue is the lending engine: interest revenue on its own loan book was C$6,322K of C$16,855K total revenue in Q2 2026 (37.5%) - interest-based lending, a haram business segment under AAOIFI-style screening, far above the ~5% tolerance. The business gate fails. Facts only, no fatwa.

Gate 2 — Debt and cash: FAIL

The debt component fails. At June 30, 2026 the company carried a credit facility of C$49.779M, debentures of C$31.071M and lease liabilities of C$0.695M - total debt about C$81.5M - against a market cap of about C$34.0M (C$1.44, September 28, 2026; 23,781,198 shares outstanding per a September 15, 2026 disclosure), or about 240% of market cap - far above the ~33% ceiling. The cash component fails. Cash and cash equivalents of C$23.271M plus marketable securities of C$4.201M (C$27.472M; restricted cash and the investment portfolio excluded) are about 81% of market cap - far above the ~33% ceiling. This is the same kind of debt-gate failure as this site's Rogers, Telus, Hydro One and Gran Tierra Energy screens.

Gate 3 — Non-compliant income: FAIL

The C$6.3M-per-quarter interest revenue is operating revenue from the company's own loan book - a lender's core business - so it counts under the business gate, not the income gate. Non-operating items are disclosed separately (revaluation gains of C$509K and other non-operating expense of C$293K in Q2 2026); no separately disclosed non-operating interest or investment income line exists, so the standalone income gate is unverifiable. It is moot: Orion already fails the business, debt and cash gates independently - any one suffices. Note the company also runs a Bitcoin treasury strategy (scholars differ on crypto; not the decisive issue here).

Key figures used

Frequently asked questions

Is Orion Digital (ORIO) halal?

Our September 2026 screen gives Orion Digital Corp. (TSX: ORIO; Nasdaq: ORIO) a FAIL. The business gate fails: interest revenue from its consumer loan book was C$6,322K of C$16,855K total revenue in Q2 2026 (37.5%; 37.5% for the first half; 38.3% for full-year 2025) - interest-based lending far above the ~5% tolerance. The debt gate fails: debt of about C$81.5M (credit facility C$49.779M, debentures C$31.071M, lease liabilities C$0.695M) is about 240% of the ~C$34.0M market cap (C$1.44, September 28, 2026; 23,781,198 shares) - far above the ~33% ceiling. The cash gate fails: cash of C$23.271M plus marketable securities of C$4.201M (C$27.472M) are about 81% of market cap - far above the ~33% ceiling. The company fails all three gates independently; any one suffices. It was known as Mogo Inc. (TSX: MOGO) until the December 29, 2025 rename. No Zoya, Musaffa or ShariaPortfolio coverage for ORIO was found. This is a rules-based screening of published figures, not a religious ruling.

What business is Orion Digital in?

Orion Digital Corp. - formerly Mogo Inc., renamed December 29, 2025 (MOGO is defunct; it trades as TSX: ORIO and Nasdaq: ORIO since January 2, 2026) - is a Canadian fintech operating three engines per its Q2 2026 results: Mogo lending (online personal loans; gross loans receivable about C$75.4M at June 30, 2026), Intelligent Investing (commission-free wealth platform; AUM C$545.3M at June 30, 2026) and Carta Worldwide (European payments infrastructure; over C$11B annual payment volume), plus a Bitcoin treasury strategy. The decisive issue is the lending engine: interest revenue on its own loan book was 37.5% of total revenue in Q2 2026 (C$6,322K of C$16,855K) - interest-based lending is a haram business segment under AAOIFI-style screening, so the business gate fails.

Why does Orion Digital fail the business gate?

In Q2 2026, Orion reported interest revenue of C$6,322K against total revenue of C$16,855K - 37.5% (the first half of 2026 was also 37.5%: C$12,642K of C$33,712K; full-year 2025 was 38.3%: C$26,287K of C$68,617K, with wealth C$14,542K, payments C$9,906K and other subscription/services C$17,882K). This interest revenue is operating revenue from the company's own consumer loan book - i.e. interest-based lending, a haram segment - not treasury interest. Under AAOIFI-style screening, non-compliant business revenue above the ~5% tolerance fails the business gate; at ~37-38%, Orion fails decisively. Facts only, no fatwa.

Why does Orion Digital fail the debt and cash gates?

Two more gates fail independently. Debt: at June 30, 2026 the company carried a credit facility of C$49.779M, debentures of C$31.071M and lease liabilities of C$0.695M - total debt about C$81.5M - against a market cap of about C$34.0M (C$1.44, September 28, 2026; 23,781,198 shares outstanding per a September 15, 2026 disclosure), or about 240% of market cap - far above the ~33% ceiling. Cash: cash and cash equivalents of C$23.271M plus marketable securities of C$4.201M (C$27.472M; restricted cash and the investment portfolio excluded) are about 81% of market cap - far above the ~33% ceiling. Non-operating interest income is not separately disclosed (revaluation gains and other non-operating items only), so the separate income gate is unverifiable - moot, since the company already fails all three other gates.

What do Zoya, Musaffa or ShariaPortfolio say about ORIO?

No Zoya rating, no Musaffa stock page and no ShariaPortfolio coverage for Orion Digital (ORIO) - or for its former ticker MOGO - was found via web search, consistent with a ~C$34M micro-cap outside the screeners' coverage universe. The figures behind this screen's result come from the company's Q2 2026 interim financial statements (quarter ended June 30, 2026), the September 15, 2026 early-warning disclosure (23,781,198 shares outstanding) and market data as of September 28, 2026.

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.