TSX Shariah screener · September 2026
Is Thinkific Labs (THNC) Halal?
Thinkific Labs Inc. · TSX: THNC · Technology
The short answer
Thinkific Labs (THNC) is a PASS. The business gate passes: it runs a cloud-based learning-commerce platform for online courses and communities, with no disclosed prohibited lines. The debt gate passes: lease liabilities of US$1.273M (about CA$1.81M) at June 30, 2026 are roughly 1.2% of the ~CA$146M market cap (C$1.91, September 30, 2026), against a ~33% ceiling; it has no bank loans. The income gate passes: finance income of US$2.296M in fiscal 2025 is about 3.1% of US$73.2M revenue, under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating for THNC was found 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
Thinkific Labs Inc. is a Vancouver-based software company founded in 2012. Its cloud-based platform lets creators, academies and businesses build, market and sell online courses and communities; it earns subscription revenue (ARR of US$61.0M at December 31, 2025) plus commerce revenue from its payment-processing product, Thinkific Payments. Its financial statements report a single operating segment: its cloud-based platform. Its shares trade on the Toronto Stock Exchange under the symbol THNC, it remains independent (not acquired), and its fiscal year ends December 31. There are no disclosed alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons or cannabis lines. The business-activity gate passes. Facts only, no fatwa.
Gate 2 — Debt: PASS
The Q2 2026 interim statements (quarter ended June 30, 2026) show lease liabilities of US$337k current plus US$936k non-current - about US$1.273M in total (roughly CA$1.81M at the September 30, 2026 USD/CAD rate of 1.41836) - and no bank loans or bonds. Against a market capitalization of about CA$146M (C$1.91, September 30, 2026, on roughly 67.4M shares outstanding), the debt-to-market-cap ratio is roughly 1.2% - against a ~33% ceiling. The company also held cash and short-term investments of US$50.97M (about CA$72.3M), roughly 49% of its market cap.
Gate 3 — Non-compliant income: PASS
Thinkific does not disclose a standalone interest-income line; its income statement carries a "Finance income" line, which is broader than interest alone. Finance income was US$2.296M in fiscal 2025 against revenue of US$73.2M - about 3.1% of revenue - and US$1.344M for the six months ended June 30, 2026 against revenue of US$37.293M (about 3.6%). Both are under the ~5% ceiling. For reference, the cash-flow statement shows interest actually received of US$2.062M in fiscal 2025 (about 2.8% of revenue). So the non-compliant income gate passes on either measure.
Key figures used
- Business: cloud-based learning-commerce platform (single segment); Thinkific Payments — no prohibited lines — PASS
- Total debt: ~US$1.27M (≈ CA$1.8M) at June 30, 2026 (lease liabilities only; no bank loans; cash + short-term investments US$51.0M ≈ CA$72.3M)
- Market cap: ~CA$146M (C$1.91, September 30, 2026, on ~67.4M shares)
- Debt ÷ market cap: ~1.2% vs ~33% ceiling — PASS
- Finance income ÷ revenue: US$2.296M ÷ US$73.2M ≈ 3.1% (FY2025; interest received ≈ 2.8%) vs ~5% ceiling — PASS
- Fiscal year ends December 31; TSX: THNC, independent; no public Zoya, Musaffa or ShariaPortfolio rating found
Frequently asked questions
Is Thinkific Labs (THNC) halal?
Our September 2026 screen gives Thinkific Labs Inc. (TSX: THNC) a PASS. The business gate passes: it runs a cloud-based learning-commerce platform for online courses and communities, with no disclosed prohibited lines. The debt gate passes: lease liabilities of US$1.273M (about CA$1.81M) at June 30, 2026 are roughly 1.2% of the ~CA$146M market cap (C$1.91, September 30, 2026), against a ~33% ceiling; it has no bank loans. The income gate passes: finance income of US$2.296M in fiscal 2025 is about 3.1% of US$73.2M revenue, under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating for THNC was found as of September 2026. This is a rules-based screening of published figures, not a religious ruling.
What business is Thinkific Labs in?
Thinkific Labs Inc. is a Vancouver-based software company founded in 2012. Its cloud-based platform lets creators, academies and businesses build, market and sell online courses and communities; it earns subscription revenue (ARR of US$61.0M at December 31, 2025) plus commerce revenue from its payment-processing product, Thinkific Payments. Its financial statements report a single operating segment: its cloud-based platform. Its shares trade on the Toronto Stock Exchange under the symbol THNC, it remains independent (not acquired), and its fiscal year ends December 31. There are no disclosed alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons or cannabis lines, so the business gate passes under this screen's AAOIFI-style criteria.
How leveraged is Thinkific Labs on the debt gate?
The Q2 2026 interim statements (quarter ended June 30, 2026) show lease liabilities of US$337k current plus US$936k non-current - about US$1.273M in total (roughly CA$1.81M at the September 30, 2026 USD/CAD rate of 1.41836) - and no bank loans or bonds. Against a market capitalization of about CA$146M (C$1.91, September 30, 2026, on roughly 67.4M shares outstanding), the debt-to-market-cap ratio is roughly 1.2% versus a ~33% ceiling. The company also held cash and short-term investments of US$50.97M (about CA$72.3M), roughly 49% of its market cap.
How much interest income does Thinkific Labs earn?
Thinkific does not disclose a standalone interest-income line; its income statement carries a "Finance income" line, which is broader than interest alone. Finance income was US$2.296M in fiscal 2025 against revenue of US$73.2M - about 3.1% of revenue - and US$1.344M for the six months ended June 30, 2026 against revenue of US$37.293M (about 3.6%). Both are under the ~5% ceiling. For reference, the cash-flow statement shows interest actually received of US$2.062M in fiscal 2025 (about 2.8% of revenue). So the non-compliant income gate passes on either measure.
What do Zoya, Musaffa or ShariaPortfolio say about THNC?
No public Zoya, Musaffa or ShariaPortfolio rating for THNC (TSX) was found as of September 2026 - Musaffa's stock page for THNC returns no coverage - so this screen relies entirely on the company's published figures. Other Canadian software names on this site - D2L, Enghouse Systems, TECSYS, Coveo, VitalHub and Sangoma - are screened on the same business, debt and income basis.
Sources
- Thinkific Q4/FY2025 press release (Mar 5, 2026: FY2025 revenue US$73.2M; finance income US$2.296M; interest received US$2.062M; ARR US$61.0M; single operating segment)
- Thinkific Q2 2026 interim financial statements (filed Aug 5, 2026: lease liabilities US$337k + US$936k; no bank loans; cash + short-term investments US$50.97M; H1 2026 finance income US$1.344M on revenue US$37.293M)
- Finnhub — THNC.TO market data (C$1.91, ~CA$146M market cap, September 30, 2026)
- Thinkific corporate site — business description (cloud-based learning-commerce platform, Thinkific Payments)
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.