Is Plaza Retail REIT (PLZ.UN) halal?
Plaza Retail REIT (TSX: PLZ.UN), the open-air retail property owner in Ontario, Quebec and Atlantic Canada, gets a FAIL: total debt of C$665.1M is about 114% of its ~C$582M market cap vs the ~33% ceiling.
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 — PASSED
Plaza Retail REIT (TSX: PLZ.UN) is an unincorporated, open-ended Canadian REIT headquartered in Fredericton, New Brunswick. It develops, owns, and manages retail real estate mainly in Ontario, Quebec, and Atlantic Canada - at June 30, 2026 it held interests in 189 properties totaling about 8.8 million square feet, largely open-air centres and stand-alone small-box retail outlets occupied by national tenants in the essential-needs, value, and convenience segments, plus lands held for development (Q2 2026 condensed interim financial statements, Note 1). No haram business segments are disclosed. None of the standard AAOIFI prohibited business activities (conventional banking and insurance, alcohol, gambling, weapons, pork, tobacco, adult entertainment) are part of Plaza Retail REIT operations, so the business-activity gate passes. Facts only, no fatwa.
Gate two: the ratios — FAILED
The ratios gate fails on debt. The Q2 2026 interim balance sheet (June 30, 2026) shows mortgages payable and other loans of C$548.789M, mortgages on held-for-sale properties of C$10.656M, debentures payable of C$11.329M, mortgage bonds payable of C$2.705M, bank indebtedness of C$27.968M, right-of-use land lease liabilities of C$62.245M, and notes payable of C$1.406M, for total interest-bearing debt of C$665.098M. Against a market capitalization of about C$582.2M (C$5.27 x ~110.47M units, September 29, 2026 market data), that is roughly 114% debt-to-market-cap - decisively over the ~33% ceiling, and still about 103.6% excluding lease liabilities. Cash and equivalents of C$9.604M at June 30, 2026 are about 1.65% of market cap. Income: the company reports an IFRS Investment income line (the closest disclosed proxy for interest income) of C$0.111M on property revenue of C$32.185M in Q2 2026 - about 0.34%, under the ~5% ceiling - and H1 2026 was about 0.54%. The income gate passes but is moot because the debt gate fails. All figures recomputed from the cited sources; Plaza Retail REIT reports in Canadian dollars.
What other screeners say
No public Zoya, Musaffa or ShariaPortfolio coverage was found for Plaza Retail REIT (PLZ.UN) as of September 2026: no public Zoya page is indexed for the ticker, site-scoped Musaffa searches returned nothing, and ShariaPortfolio publishes no public per-stock screening pages for it. The FAIL recorded here rests on the ratios computed from the company own primary filings.
The bottom line
Plaza Retail REIT (PLZ.UN) is a FAIL: the retail real estate business passes the activity gate and investment income is only about 0.34% of Q2 2026 revenue (under the ~5% ceiling), but total interest-bearing debt of C$665.1M at June 30, 2026 is about 114% of the market cap - decisively over the ~33% ceiling, even before leases. No public Zoya, Musaffa or ShariaPortfolio rating was found for this ticker as of September 2026. 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.
Sources
- Plaza Retail REIT Q2 2026 condensed interim financial statements (quotemedia, filed Aug 5, 2026)
- Plaza Retail REIT September 2026 distribution release (prnewswire via tradingview)
- PLZ.UN company profile (barchart)
- PLZ.UN revenue and market data, September 29, 2026 (stockanalysis)
Frequently asked questions
Is Plaza Retail REIT stock halal?
Based on this screener AAOIFI-style checks, Plaza Retail REIT fails: although its retail real estate business clears the activity gate and investment income is only about 0.34% of Q2 2026 revenue, total interest-bearing debt of about C$665.1M is about 114% of its market cap - decisively over the ~33% ceiling. This is a screening result, not investment advice or a religious ruling.
How much debt does Plaza Retail REIT have relative to its market value?
About 114%: C$665.098M of total interest-bearing debt (mortgages and other loans C$548.789M, mortgages on held-for-sale properties C$10.656M, debentures C$11.329M, mortgage bonds C$2.705M, bank indebtedness C$27.968M, land lease liabilities C$62.245M, notes payable C$1.406M) at June 30, 2026, divided by a market cap of about C$582.2M (C$5.27 x ~110.47M units, September 29, 2026) - decisively over the ~33% ceiling this screener uses, even excluding leases (about 103.6%).
Does Plaza Retail REIT earn interest income?
Very little: C$0.111M of investment income on C$32.185M of property revenue in Q2 2026, about 0.34% - under the ~5% ceiling. For H1 2026 it was about 0.54%. The income gate passes but is moot because the debt gate fails.
What does Plaza Retail REIT do?
Plaza Retail REIT (TSX: PLZ.UN), headquartered in Fredericton, New Brunswick, is an open-ended Canadian REIT that develops, owns, and manages retail real estate - mainly open-air centres and small-box retail outlets in Ontario, Quebec, and Atlantic Canada.
Do Zoya, Musaffa, or ShariaPortfolio rate Plaza Retail REIT?
No public coverage was found as of September 2026: no public Zoya page for the ticker, no Musaffa public page, and ShariaPortfolio publishes no public per-stock screening pages for it. The FAIL recorded here rests on the ratios computed from the company own primary filings.