TSX Shariah screener · October 2026

Is Sagicor Financial Company Ltd. (SFC) Halal?

FAIL

Sagicor Financial Company Ltd. · TSX: SFC · Financials

The short answer

No — Sagicor Financial (SFC) fails this Shariah stock screen on business grounds. It is a conventional insurer and banker: Sagicor Jamaica does personal and commercial banking, lending, and deposit-taking; Sagicor Life USA sells annuities; Sagicor Canada operates the ivari insurance business. In Q2 2026, net investment income of US$885.8M was 66.7% of total revenue — interest-based income dominates the business. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.

Gate 1 — Business activity: FAIL

Sagicor Financial Company Ltd. (TSX:SFC) is a conventional financial-services group: Sagicor Life (Caribbean life insurance), Sagicor Jamaica (personal and commercial banking, lending, and deposit-taking), Sagicor Life USA (annuities), and Sagicor Canada (the ivari insurance business). Conventional insurance and conventional interest-based banking/lending are haram business lines under AAOIFI-style screens. In Q2 2026 the company reported net investment income of US$885.8M — 66.7% of total revenue of US$1,327.5M — confirming interest-based income dominates the business. Gate 1 fails, decisively. Facts only.

Gate 2 — Debt and cash: Not assessed — business gate decisive

With the business gate failed, the debt ratio does not change the outcome. For reference, Sagicor closed a C$350M private placement of 5.503% Series 2026-1 senior unsecured notes due September 25, 2031 on September 25, 2026 — interest-bearing obligations are part of how the company funds itself. No debt-to-market-cap ratio is asserted here because the filing's total-borrowings breakdown was not separately extracted in this screen. Facts only.

Gate 3 — Non-compliant income: FAIL

For Q2 2026 the company reported net investment income of US$885.8M against total revenue of US$1,327.5M (insurance revenue US$392.4M; fees & other US$49.3M) — about 66.7%, far above the ~5% non-compliant income ceiling. For an insurer/banker this investment income is interest-based by nature, reinforcing the business-gate failure. Gate 3 fails. Facts only.

Key figures used

Business: Sagicor Life (Caribbean), Sagicor Jamaica (banking, lending, deposits), Sagicor Life USA (annuities), Sagicor Canada (ivari)
Q2 2026 (US$M): insurance revenue 392.4; net investment income 885.8 (66.7% of total revenue); fees & other 49.3; total revenue 1,327.5
Market cap: ~C$1,155M (Finnhub, Oct 1, 2026; price ~C$8.35–8.42)
Material: closed C$350M private placement of 5.503% Series 2026-1 senior unsecured notes due Sep 25, 2031 (announced Sep 25, 2026)
Debt ratio not asserted — business gate is decisive; borrowings breakdown not separately extracted

Frequently asked questions

Is Sagicor Financial (SFC) halal?

No. Sagicor Financial fails this Shariah stock screen on business grounds. It is a conventional insurer and banker — Sagicor Jamaica does personal and commercial banking, lending, and deposit-taking; Sagicor Life USA sells annuities; Sagicor Canada operates the ivari insurance business. In Q2 2026, net investment income of US$885.8M was 66.7% of total revenue, so interest-based income dominates the business. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

Why does Sagicor Financial fail the business screen?

Sagicor's businesses are conventional insurance and conventional interest-based banking/lending: Sagicor Life (Caribbean life insurance), Sagicor Jamaica (personal and commercial banking, lending, deposits), Sagicor Life USA (annuities), and Sagicor Canada (ivari). Both conventional insurance and interest-based lending are haram business lines under AAOIFI-style screens.

What does Sagicor Financial do?

Sagicor Financial Company Ltd. (TSX:SFC) is a Caribbean-rooted financial-services group: life insurance through Sagicor Life and ivari (Canada), banking/lending/deposits through Sagicor Jamaica, and annuities through Sagicor Life USA.

How much of Sagicor's revenue is investment income?

For Q2 2026 the company reported net investment income of US$885.8M against total revenue of US$1,327.5M — about 66.7%, far above the ~5% non-compliant income ceiling. For an insurer/banker this investment income is interest-based by nature.

Where can I find more financials stock screeners?

See halal-stock-verdicts.html for the full list of stock screeners, including the other financials-sector entries.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.