TSX Shariah screener · October 2026
Is Senvest Capital Inc. (SEC) Halal?
Senvest Capital Inc. · TSX: SEC · Financials
The short answer
No — Senvest Capital (SEC) fails this Shariah stock screen. Its business (equity and real-estate investing plus fund management) is not conventional lending, but its interest-bearing debt — C$445.9M owed to brokers (margin financing) at June 30, 2026 — is about 42% of its ~C$1.06B market cap, above the ~33% ceiling. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.
Gate 1 — Business activity: PASS
Senvest Capital Inc. (TSX:SEC) holds and manages a portfolio of equity and real estate investments, predominantly in the United States, and is a majority stakeholder in Senvest Management LLC, which manages hedge funds for institutions and high-net-worth individuals. Its single reportable segment is the management of its own investments and those of the Funds. It is not a bank, insurer, or conventional lender, and no alcohol, pork, gambling, tobacco, cannabis, weapons, or adult-entertainment lines were disclosed. Its largest disclosed holdings at June 30, 2026 included Tower Semiconductor, Bank of Cyprus Holdings, Radware, MDA, Illumina, Paramount Resources, and Compass. Gate 1 passes. Facts only.
Gate 2 — Debt and cash: FAIL
The June 30, 2026 filed balance sheet shows C$445.9M due to brokers — interest-bearing margin financing from its prime brokers (the company paid C$32.3M in cash interest in H1 2026) — with bank advances at nil. Against a market cap of roughly C$1.06B (~2.43M shares at C$440, October 1, 2026), debt ÷ market cap is about 42.1%, above the ~33% ceiling. Cash of C$93.2M is about 8.8% of market cap; the C$6.18B of equity investments are its core business assets. Gate 2 fails. Facts only.
Gate 3 — Non-compliant income: PASS
The Q2 2026 financial statements (filed August 7, 2026) separately disclose interest income of C$23.1M in H1 2026 against total revenue and net investment gains of C$1,108.9M — an interest-income share of about 2.1%, under the 5% non-compliant income limit. Note the ratio is volatile for this fund-style business: in FY2025 interest income was C$53.0M against C$599.9M of total revenue and net investment gains (~8.8%). Gate 3 passes on the most recent filing. Facts only.
Key figures used
- Interest-bearing debt: C$445.9M due to brokers (margin financing) at Jun 30, 2026; bank advances nil; debt ÷ market cap ≈ 42.1%
- Market cap: ~C$1.06B (~2.43M shares at C$440, Oct 1, 2026); cash C$93.2M ≈ 8.8% of market cap
- Interest income: C$23.1M in H1 2026 — 2.1% of C$1,108.9M total revenue and net investment gains (separately disclosed); FY2025: C$53.0M (8.8%)
- Business: single reportable segment — management of its own investments and those of the Funds; equity/real estate investments predominantly in the US; majority stakeholder in Senvest Management LLC
- Largest disclosed holdings at Jun 30, 2026: Tower Semiconductor, Bank of Cyprus Holdings, Radware, MDA, Illumina, Paramount Resources, Compass
Frequently asked questions
Is Senvest Capital (SEC) halal?
No. Senvest Capital fails this Shariah stock screen. Its investing and fund-management business is permissible and its interest income (C$23.1M in H1 2026, ~2.1% of total income) is under the 5% limit, but its interest-bearing broker debt of C$445.9M is about 42% of its ~C$1.06B market cap — above the ~33% debt ceiling. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.
What is Senvest Capital's debt-to-market-cap ratio?
About 42.1%. The filed June 30, 2026 balance sheet shows C$445.9M due to brokers (interest-bearing margin financing) with bank advances at nil, against a market cap of roughly C$1.06B (~2.43M shares at C$440, October 1, 2026) — above the ~33% ceiling.
What does Senvest Capital do?
Senvest Capital Inc. (TSX:SEC, Montreal) holds and manages equity and real estate investments predominantly in the United States and is a majority stakeholder in Senvest Management LLC, which manages hedge funds for institutions and high-net-worth individuals. Its single reportable segment is the management of its own investments and those of the Funds.
How much interest income does Senvest Capital earn relative to revenue?
The Q2 2026 financial statements disclose a separate interest-income line of C$23.1M in H1 2026, about 2.1% of C$1,108.9M of total revenue and net investment gains — under the 5% limit. For context, FY2025 interest income was C$53.0M, about 8.8% of C$599.9M of total revenue and net investment gains.
Where can I find more financials-sector screeners?
See halal-stock-verdicts.html for the full list of stock screeners, including the other financials-sector entries.
Sources
- Senvest Capital — Q2 2026 condensed interim consolidated financial statements (filed Aug 7, 2026): C$445.9M due to brokers; C$23.1M H1 interest income
- Senvest Capital — 2025 annual report: C$53.0M interest income; C$599.9M total revenue and net investment gains
- GlobeNewswire — Senvest Capital reports Q2 2026 results (Aug 7, 2026)
- Finnhub — SEC.TO quote (C$440, market cap ~C$1.06B)
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.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).