TSX Shariah screener · September 2026
Is Rogers Sugar (RSI) Halal?
FAIL
Rogers Sugar Inc. · TSX: RSI · Consumer Staples
The short answer
Rogers Sugar (RSI) is a FAIL. The business gate passes: the company refines, packages and markets sugar through its Lantic subsidiary (cane refineries in Montreal and Vancouver, a sugar beet facility in Taber, Alberta) and packages, markets and distributes maple syrup and maple products - no conventional banking or insurance, no alcohol, gambling, weapons, or other prohibited activity in its reported business. The debt gate fails: about C$431.9M of total debt at June 27, 2026 is roughly 49.8% of the ~C$867.7M September 2026 market cap, against a ~33% ceiling. Because a quantitative fail on any gate is enough, the income gate was not reached. 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.
Gate 1 — Business activity: PASS
Rogers Sugar's principal business activities, per its own interim financial statements, are "the refining, packaging and marketing of sugar (Sugar segment), and the packaging, marketing and distribution of maple syrup and other related maple products (Maple segment)." That is food production and distribution, full stop - there is no conventional banking or insurance, no alcohol, gambling, weapons, or other prohibited activity in the company's reported business. Facts only, no fatwa.
Gate 2 — Debt: FAIL
The Q3 2026 interim financial statements (quarter ended June 27, 2026) report: C$116.0M drawn on the revolving credit facility, C$161.9M of convertible unsecured subordinated debentures, C$98.8M of senior guaranteed notes, C$29.9M of term loans, and C$25.3M of lease obligations (C$4.8M current plus C$20.4M non-current) - about C$431.9M in total debt. Against a September 2026 market capitalization of about C$867.7M, the debt-to-market-cap ratio is roughly 49.8% - against a ~33% ceiling. The debt gate fails. Convertible debentures are counted as debt for every company on this site: they are interest-bearing liabilities on the balance sheet, with conversion as an option rather than the current reality.
Gate 3 — Non-compliant income: not reached
No separately disclosed interest-income figure was found in the publicly available interim financial statements used for this screen, and the income gate was never reached - the screen stops at the debt gate, which fails outright. A quantitative fail on any gate is enough, so this page does not claim an income-gate ratio.
Key figures used
- Total debt: ~C$431.9M at June 27, 2026 (revolver C$116.0M + convertible debentures C$161.9M + senior guaranteed notes C$98.8M + term loans C$29.9M + lease obligations C$25.3M)
- Market cap: ~C$867.7M (September 25, 2026)
- Debt ÷ market cap: ~49.8% vs ~33% ceiling — FAIL
- Business: sugar refining/packaging/marketing (Lantic) + maple syrup and maple products — no prohibited core activity
Frequently asked questions
Is Rogers Sugar (RSI) halal?
Our September 2026 screen gives Rogers Sugar (TSX: RSI) a FAIL. The business gate passes - it refines, packages and markets sugar through its Lantic subsidiary and distributes maple syrup and maple products, with no conventional banking, insurance, alcohol, gambling, weapons or other prohibited activity as its core business. But the debt gate fails: about C$431.9M of total debt at June 27, 2026 is roughly 49.8% of the ~C$867.7M September 2026 market capitalization, against a ~33% ceiling. This is a rules-based screening of published figures, not a religious ruling.
What makes up Rogers Sugar's C$431.9M of debt?
Per the company's Q3 2026 interim financial statements (quarter ended June 27, 2026): C$116.0M drawn on the revolving credit facility, C$161.9M of convertible unsecured subordinated debentures, C$98.8M of senior guaranteed notes, C$29.9M of term loans, and C$25.3M of lease obligations (C$4.8M current plus C$20.4M non-current). That totals about C$431.9M, roughly 49.8% of the ~C$867.7M market cap - above the ~33% ceiling, so the debt gate fails.
Why do convertible debentures count as debt in this screen?
Convertible unsecured subordinated debentures are interest-bearing liabilities on the company's balance sheet - holders receive coupon payments, and the conversion feature is an option, not the current reality. This screen counts them as debt for every company it covers, consistent with how other screeners on this site treat convertible debt. Excluding them would change the result, which is why the methodology is applied the same way to every name.
Does Rogers Sugar earn interest or other non-compliant income?
No separately disclosed interest-income figure was found in the publicly available interim financial statements used for this screen, and the income gate was never reached: the screen stops at the debt gate, which fails outright. Because a quantitative fail on any gate is enough, the page does not claim an income-gate ratio.
What do Zoya, Musaffa or ShariaPortfolio say about RSI?
No public Zoya, Musaffa or ShariaPortfolio rating for RSI was found as of September 2026, so this screen relies entirely on the company's published figures. Muslim investors who want a second opinion can look at other consumer-staples screeners on this site - Saputo (SAP) and Metro (MRU) are both PASS, while Empire Company (EMP.A), George Weston (WN) and Maple Leaf Foods (MFI) screen FAIL for their own reasons.
Sources
- Rogers Sugar — Q3 2026 unaudited condensed consolidated interim financial statements (three and nine months ended June 27, 2026; debt breakdown and business description)
- StockAnalysis — Rogers Sugar market cap (C$867.67M as of September 25, 2026)
- Barchart — RSI.TO company profile (Sugar and Maple segments; Lantic operations)
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.