TSX Shariah screener · October 2026

Is Tiny Ltd. (TINY) Halal?

FAIL

Tiny Ltd. · TSX: TINY · Technology

The short answer

No — Tiny Ltd. (TINY) does not pass this Shariah stock screen. Its technology holding-company business (Metalab design agency, WeCommerce, Serato, Creative Market, Dribbble, plus Tiny Fund I LP) has no prohibited lines and its interest income of C$182 is negligible, but interest-bearing debt of C$142.0M is about 81.6% of its ~C$174.0M market cap (29,294,718 shares at C$5.94, Oct 1, 2026) — far 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

Tiny Ltd. (TSX: TINY, formerly Wecommerce Holdings Ltd., renamed April 2023) is a technology holding company with three operating segments: Digital Services (Metalab, a product design and engineering agency); Software and Apps (WeCommerce, Serato, Creative Market, Dribbble); and Tiny Fund I LP, a venture capital fund with C$46.4M in NAV at June 30, 2026. The company also holds a ~14% LP interest in Metalab Ventures Fund I, which carries indirect exposure to private companies including SpaceX and xAI. None of the disclosed business lines — software, design and engineering services, creative marketplaces, or venture equity investing — are prohibited lines. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: FAIL

Total debt at June 30, 2026 was C$142.0M (including C$36.1M of convertible debentures at face value; C$105.9M excluding the debentures), per the Q2 2026 results release — debt ÷ market cap is about 81.6% against a market cap of roughly C$174.0M (29,294,718 shares at C$5.94, Oct 1, 2026), far above the ~33% ceiling. Cash and cash equivalents of C$31.6M are about 18.2% of market cap, within the ~33% guideline, but the leverage is decisive. Net debt was about C$110.4M (2.8x trailing adjusted EBITDA). Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: PASS

Interest income was C$182 for the six months ended June 30, 2026 (C$2,282 in the prior-year period), per the interim condensed consolidated financial statements — about 0.0002% of revenue of C$103.05M, far below the 5% non-compliant income limit. Gate 3 passes. Facts only.

Key figures used

Business: technology holding company — Digital Services (Metalab agency), Software & Apps (WeCommerce, Serato, Creative Market, Dribbble), Tiny Fund I LP (C$46.4M NAV; ~14% LP interest in Metalab Ventures Fund I, indirect SpaceX/xAI exposure)
Interest-bearing debt: C$142.0M at Jun 30, 2026 (incl. C$36.1M convertible debentures face; C$105.9M ex-debentures); debt ÷ market cap ≈ 81.6% — OVER the ~33% ceiling
Market cap: ~C$174.0M (29,294,718 shares × C$5.94, Oct 1, 2026); cash C$31.6M ≈ 18.2%; net debt ~C$110.4M (2.8x trailing adjusted EBITDA)
Interest income: C$182 (H1 2026) vs revenue C$103.05M — ≈0.0002% of revenue, far under the 5% non-compliant income limit
Q2 2026: revenue C$51.56M; net loss C$83.0M (incl. C$80.7M non-cash impairments); adjusted EBITDA C$10.6M; 8:1 share consolidation completed in 2025 ahead of TSX graduation Oct 1, 2025
No Zoya, Musaffa, or ShariaPortfolio rating found for TINY — reported as absent, not invented

Frequently asked questions

What does Tiny Ltd. do?

Tiny Ltd. (TINY) is a technology holding company with three operating segments — Digital Services (Metalab, a product design and engineering agency), Software and Apps (WeCommerce, Serato, Creative Market, Dribbble), and Tiny Fund I LP, a venture capital fund with C$46.4M in NAV at June 30, 2026. It also holds a ~14% LP interest in Metalab Ventures Fund I, which in turn holds indirect stakes in companies such as SpaceX and xAI. None of the disclosed lines — software, design services, creative marketplaces, or venture equity investing — are prohibited lines, so the business gate passes.

Why does Tiny Ltd. fail this Shariah stock screen?

Tiny's interest-bearing debt is its problem. At June 30, 2026, total debt was C$142.0M — including C$36.1M of convertible debentures (face value; C$105.9M excluding them) — against a market capitalization of roughly C$174.0M (29,294,718 shares at C$5.94 on Oct 1, 2026). Debt ÷ market cap is about 81.6%, far above the ~33% ceiling used in this screen. Cash of C$31.6M (≈18.2% of market cap) is fine on its own, but the leverage is decisive: the stock does not pass this Shariah screen on the financial gates. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Tiny Ltd.'s interest-bearing debt ratio?

At June 30, 2026, Tiny reported total debt of C$142.0M (including C$36.1M of convertible debentures at face value; C$105.9M excluding the debentures) in its Q2 2026 results release. With about 29.29M shares outstanding trading at C$5.94 on Oct 1, 2026, the market cap is roughly C$174.0M, so debt ÷ market cap is about 81.6% — well above the ~33% ceiling. Net debt (debt less C$31.6M cash) was about C$110.4M, or 2.8x trailing adjusted EBITDA.

What is Tiny Ltd.'s non-compliant income ratio?

Tiny reported interest income of just C$182 for the six months ended June 30, 2026 (C$2,282 in the prior-year period), against revenue of C$103.05M — about 0.0002% of revenue, far below the 5% non-compliant income limit. The income gate passes; the failure is entirely on the debt gate.

Do Zoya, Musaffa, or ShariaPortfolio cover Tiny Ltd.?

No rating or coverage of Tiny Ltd. (TSX: TINY) was found on Zoya, Musaffa, or ShariaPortfolio — honestly reported as absent, not invented. This page applies the screen directly from the company's filings: Q2 2026 results release (Aug 6, 2026) and interim condensed consolidated financial statements for the six months ended June 30, 2026.

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.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).