Canadian Halal Investor.

TSX Shariah screener · September 2026

Is Pason Systems (PSI) Halal?

PASS

Pason Systems Inc. · TSX: PSI · Energy

The short answer

Pason Systems (PSI) is a PASS. The business gate passes: it sells drilling-data instrumentation and software for oil and gas drilling and completions - its Electronic Drilling Recorder and IWS completions-automation products - plus solar and energy-storage software through Energy Toolbase, with no disclosed prohibited lines. The debt gate passes: no interest-bearing debt outstanding at June 30, 2026; lease liabilities of C$27.487M are roughly 2.6% of the ~C$1.07B market cap (C$13.82, September 29–30, 2026), against a ~33% ceiling. The income gate passes: net interest income of C$0.491M in fiscal 2025 is about 0.1% of C$419.3M revenue, under the ~5% ceiling. Musaffa rates PSI halal; Zoya and ShariaPortfolio do not cover it. 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

Pason Systems Inc. is a Calgary-based company that provides drilling-data instrumentation and software for oil and gas drilling and completions - its Electronic Drilling Recorder and IWS completions-automation products - plus Energy Toolbase, which sells solar and energy-storage software. Its shares trade on the Toronto Stock Exchange under the symbol PSI (also over-the-counter as PSYTF), and its fiscal year ends December 31. There are no disclosed alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons or cannabis lines. The business-activity gate passes. Facts only, no fatwa.

Gate 2 — Debt: PASS

Pason reports no interest-bearing debt outstanding at June 30, 2026 - the Q2 2026 MD&A states this explicitly. The only debt-like line is lease liabilities: C$2.991M current plus C$24.496M non-current, totalling C$27.487M, against cash and short-term investments of C$68.271M (a net-cash position). Against a market capitalization of about C$1.07B (C$13.82 on September 29–30, 2026, on 77,640,286 shares outstanding at June 30, 2026), the debt-to-market-cap ratio is roughly 2.6% - against a ~33% ceiling.

Gate 3 — Non-compliant income: PASS

The 2025 Annual Report (Note 18, Other (Income) Expenses) reports net interest income of C$0.491M for the year ended December 31, 2025. This is a disclosed net line that combines interest earned on invested cash with implicit interest expense on lease liabilities; gross interest income is not reported separately. Against fiscal 2025 revenue of C$419.267M, net interest income is about 0.1% of revenue - under the ~5% ceiling. In the most recent interim periods (Q2 2026) the line flipped to a net interest expense, meaning no net interest income at all.

Key figures used

Frequently asked questions

Is Pason Systems (PSI) halal?

Our September 2026 screen gives Pason Systems Inc. (TSX: PSI) a PASS. The business gate passes: it sells drilling-data instrumentation and software for oil and gas drilling and completions, plus solar and energy-storage software through Energy Toolbase, with no disclosed prohibited lines. The debt gate passes: no interest-bearing debt outstanding at June 30, 2026; lease liabilities of C$27.487M are roughly 2.6% of the ~C$1.07B market cap (C$13.82, September 29–30, 2026), against a ~33% ceiling. The income gate passes: net interest income of C$0.491M in fiscal 2025 is about 0.1% of C$419.3M revenue, under the ~5% ceiling. Musaffa rates PSI halal; Zoya and ShariaPortfolio do not cover it. This is a rules-based screening of published figures, not a religious ruling.

What business is Pason Systems in?

Pason Systems Inc. is a Calgary-based company that provides drilling-data instrumentation and software for oil and gas drilling and completions - its Electronic Drilling Recorder and IWS completions-automation products - plus Energy Toolbase, which sells solar and energy-storage software. Its shares trade on the Toronto Stock Exchange under the symbol PSI (also over-the-counter as PSYTF). There are no disclosed alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons or cannabis lines, so the business gate passes under this screen's AAOIFI-style criteria.

How leveraged is Pason Systems on the debt gate?

Pason reports no interest-bearing debt outstanding at June 30, 2026 - the Q2 2026 MD&A states this explicitly. The only debt-like line is lease liabilities: C$2.991M current plus C$24.496M non-current, totalling C$27.487M, against cash and short-term investments of C$68.271M (net cash). Against a market capitalization of about C$1.07B (C$13.82 on September 29–30, 2026 on 77,640,286 shares), the debt-to-market-cap ratio is roughly 2.6% versus a ~33% ceiling.

How much interest income does Pason Systems earn?

The 2025 Annual Report (Note 18, Other (Income) Expenses) reports net interest income of C$0.491M for the year ended December 31, 2025 - a net line that combines interest earned on invested cash with implicit interest expense on lease liabilities; gross interest income is not disclosed separately. Against fiscal 2025 revenue of C$419.267M, net interest income is about 0.1% of revenue - under the ~5% ceiling - so the non-compliant income gate passes. In the most recent interim periods (Q2 2026) the line flipped to a net interest expense, meaning no net interest income at all.

What do Zoya, Musaffa or ShariaPortfolio say about PSI?

Musaffa covers PSI (listed as PSYTF on its site) and rates it halal under its AAOIFI methodology as of September 2026. Zoya does not cover PSI - its stock page returns no rating. No ShariaPortfolio rating for PSI was found, so no rating is invented for either of them. Other Canadian oilfield-services names on this site - PHX Energy Services, Total Energy Services, South Bow and International Petroleum - are screened on the same business, debt and income basis.

Sources

Screened September 30, 2026 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.