Is Sangoma (STC) halal?
Sangoma Technologies (TSX: STC) gets a PASS: its business is communications software with no prohibited activity, US$27.3M of debt is roughly 16% of its ~C$232M market cap (ceiling ~33%), and net finance income is nil. Note: a sale to BRC Group Holdings was agreed on September 28, 2026 and the shares would be delisted on closing.
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 — PASS
Sangoma Technologies Corporation (TSX: STC; Nasdaq: SANG), based in Markham, Ontario, is a business communications platform provider: its offerings include UCaaS, CCaaS, CPaaS and trunking technologies plus managed services for connectivity, network and security, with over 2.7 million UC seats across more than 100,000 customers, and it is the primary developer and sponsor of the open-source Asterisk and FreePBX projects. Services revenue was 92% of fiscal 2026 revenue. That is ordinary business software and communications services - 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 two: the ratios — PASS
Both ratio gates pass. The debt gate: Sangoma reported total debt of US$27.3M at the end of fiscal 2026 (June 30, 2026), down about 43% from the prior year, with cash of US$10.4M. Against a September 2026 market cap of roughly C$232M (about C$6.96 per share on the TSX on September 29, 2026 - the price jumped 38% that day on the acquisition announcement), US$27.3M (about C$38M) is roughly 16%, comfortably under the ~33% ceiling. The income gate: fiscal 2026 revenue was US$200.1M, and recognized interest income is disclosed in the company’s interim statements - US$332k for the nine months ended March 31, 2026, earned, per the notes, from its money-market deposit account (nine-month revenue was US$153.3M). That is roughly 0.2% of full-year revenue, far under the ~5% ceiling. The company reported a fiscal 2026 net loss of US$81.1M, driven by a US$68.4M non-cash goodwill impairment charge and a US$3.0M inventory write-down - losses, not income, and they do not change the ratio gates. All figures are recomputed from the cited filings.
Pending acquisition
On September 28, 2026, Sangoma's board entered a definitive agreement with BRC Group Holdings to sell the company by way of a plan of arrangement: shareholders would receive US$4.925 in cash plus 0.04767 of a BRC share for each Sangoma share held, about US$180M of aggregate consideration (about US$204M in enterprise value). On closing - targeted for early 2027 - Sangoma shares would be delisted from the TSX and the Nasdaq. The deal is not yet closed and the shares still trade, so this screen is run on the live company; it would be withdrawn as a delisted-ticker skip once delisting completes.
What other screeners say
No public Zoya, Musaffa or ShariaPortfolio coverage was found for Sangoma (STC) as of September 2026: web searches surfaced no public Zoya page for the STC/SANG ticker, no Musaffa public page, and ShariaPortfolio publishes no public per-stock screening pages for it. The PASS recorded here rests on Sangoma's own disclosures.
The bottom line
Sangoma Technologies (STC) is a PASS. The business gate passes: the company sells business communications software and services (UCaaS, CCaaS, CPaaS, trunking, managed connectivity/network/security), with no prohibited activity in its reported business. The debt gate passes: US$27.3M of total debt at June 30, 2026 (about C$38M) is roughly 16% of the ~C$232M September 2026 market cap, against a ~33% ceiling. The income gate passes on disclosed figures: interim statements for the nine months ended March 31, 2026 report interest income of US$332k (money-market deposit account) - roughly 0.2% of full-year revenue of US$200.1M, far under the ~5% ceiling. The caveat: on September 28, 2026 Sangoma agreed to be acquired by BRC Group Holdings, with TSX and Nasdaq delisting expected on closing (targeted early 2027). 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
- Sangoma F26Q3 interim financial statements (nine months ended March 31, 2026: revenue US$153.3M; interest income US$332k; interest expense (net) US$1.575M; note: interest earned from money-market deposit account)
- Sangoma Q4/FY2026 results (FY revenue US$200.1M; net loss US$81.1M; goodwill impairment US$68.4M; inventory write-down US$3.0M; interest expense (net) US$2.024M; total debt US$27.3M; cash US$10.4M; definitive sale agreement Sept 28, 2026)
- BRC Group Holdings agrees to acquire Sangoma (US$4.925 cash + 0.04767 BRC share per share; ~US$180M aggregate; delisting from TSX/Nasdaq on close)
- STC.TO traded C$6.96, market cap C$231.95M, September 29, 2026
- Sangoma takeover terms and ~US$204M enterprise value, closing targeted early 2027
- Sangoma company profile (founded 1984; Markham, Canada; UCaaS/Trunking/Contact Center services)
Frequently asked questions
Is Sangoma halal?
Based on this screener's AAOIFI-style checks, Sangoma Technologies passes. The business gate passes: Sangoma sells business communications software - UCaaS, CCaaS, CPaaS, trunking, and managed connectivity, network and security services - with no prohibited activity. The debt gate passes: US$27.3M of total debt at June 30, 2026 (about C$38M) is roughly 16% of the ~C$232M September 2026 market cap, against a ~33% ceiling. The income gate passes on disclosed figures: the F26Q3 interim financial statements (nine months ended March 31, 2026, same fiscal year) report interest income of US$332k, earned from the company’s money-market deposit account - roughly 0.2% of full-year revenue of US$200.1M, far under the ~5% ceiling. This is a screening result, not investment advice or a religious ruling.
How much debt does Sangoma have relative to market cap?
About 16% - it passes the ~33% ceiling. Sangoma reported total debt of US$27.3M at the end of fiscal 2026 (June 30, 2026), a 43% reduction from the prior year, with cash of US$10.4M. Against a September 2026 market cap of roughly C$232M (about C$6.96 per share on the TSX on September 29, 2026, after a 38% jump on the acquisition announcement), US$27.3M (about C$38M) is roughly 16%.
What is Sangoma's interest income to revenue ratio?
Roughly 0.2% - it passes on disclosed figures. The F26Q3 interim financial statements (nine months ended March 31, 2026, same fiscal year) report interest income of US$332k - earned, per the notes, from the company’s money-market deposit account - against nine-month revenue of US$153.3M, i.e. roughly 0.2% of full-year revenue of US$200.1M, well under the ~5% ceiling.
Is Sangoma being acquired?
A sale is agreed but not closed. On September 28, 2026, Sangoma's board entered a definitive agreement with BRC Group Holdings to sell the company by plan of arrangement: shareholders would receive US$4.925 in cash plus 0.04767 of a BRC share for each Sangoma share held, about US$180M of aggregate consideration. On closing, Sangoma shares would be delisted from the TSX and the Nasdaq; the buyer targets closing in early 2027. The shares still trade, so this screen is run on the live company and would be withdrawn on delisting.
Do Zoya, Musaffa, or ShariaPortfolio rate Sangoma?
No public coverage was found as of September 2026: web searches surfaced no public Zoya page for the STC/SANG ticker, no Musaffa public page, and ShariaPortfolio publishes no public per-stock screening pages for it. The PASS recorded here rests on Sangoma's own disclosures.