TSX Shariah screener · October 2026

Is United Corporations Limited (UNC) Halal?

United Corporations Limited · TSX: UNC · Financials

The short answer

Yes — United Corporations Limited (UNC) passes this Shariah stock screen. The closed-end investment company's business (foreign equities managed by Comgest, Causeway, and Neuberger Berman, plus an Algoma Central holding) has no prohibited lines; it carries zero interest-bearing debt — funded debt has been nil since FY2010, with a C$50M credit facility undrawn — so debt ÷ market cap is 0.0% against a ~C$1,661.4M market cap (112,484,550 shares at C$14.77, Oct 1, 2026); and 'interest and securities lending income' was C$1,092K for the six months ended September 30, 2025, about 0.33% of total income of C$329,123K — far below the 5% non-compliant income limit. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.

Gate 1 — Business activity: PASS

United Corporations Limited (TSX: UNC) is a closed-end investment company, founded in 1929, whose objective is long-term capital appreciation and dividend income. Its portfolio is primarily foreign equities, actively managed by Comgest, Causeway Capital, and Neuberger Berman Canada, alongside a long-term related-party holding in Algoma Central Corporation. E-L Financial holds a 56.6% interest in the company. The company discloses that, from time to time, assets may be invested in interest-bearing short-term securities pending the selection of suitable equity investments — that income is captured and measured at Gate 3 rather than treated as a prohibited line. None of the disclosed business activities — global equity investing, dividend income, securities lending — are prohibited lines. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

The company carries effectively no interest-bearing debt. The audited annual report's Financial Record table (1929–2025) shows funded debt as nil for every year from FY2010 through FY2025. The June 30, 2025 balance sheet lists only accrued expenses, payables on investments purchased, dividends payable, and deferred tax liabilities — no borrowings — and the company's C$50M operating credit facility was undrawn at that date. Interest expense was nil in FY2025. With 112,484,550 common shares outstanding at C$14.77 on Oct 1, 2026, market capitalization is about C$1,661.4M, so debt ÷ market cap is 0.0%, far below the ~33% ceiling. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

The reported line is 'interest and securities lending income' — the company does not split the two, so the full combined figure is used as the conservative numerator. For the six months ended September 30, 2025, that line was C$1,092K against total income of C$329,123K — about 0.33% of revenue, far below the 5% non-compliant income limit. The pattern is consistent across periods: audited FY2025 showed C$2,876K vs C$267,540K total income (~1.08%), and the quarter ended June 30, 2025 showed C$583K vs C$115,011K (~0.51%). The company filed its June 30, 2026 interim report on August 5, 2026, but its financial-statement text was not retrievable from public sources at screening time, so the ratio uses the latest extractable interim period. Gate 3 passes. Facts only.

Key figures used

• Business: closed-end investment company (founded 1929) — foreign equities via Comgest, Causeway Capital, Neuberger Berman Canada; long-term Algoma Central holding; 56.6% owned by E-L Financial
• Interest-bearing debt: C$0 — funded debt nil FY2010–FY2025; no borrowings on the balance sheet; C$50M credit facility undrawn; interest expense nil in FY2025
• Market cap: ~C$1,661.4M (112,484,550 shares × C$14.77, Oct 1, 2026); debt ÷ market cap = 0.0% — far below the ~33% ceiling
• Interest and securities lending income: C$1,092K (6 months ended Sept 30, 2025) vs total income C$329,123K — ≈0.33% of revenue, far under the 5% non-compliant income limit
• Net assets: C$2,481.8M at Sept 30, 2025; net income C$278.0M for the six months ended Sept 30, 2025 (driven by C$302.6M of net fair value gains)
• No Zoya, Musaffa, or ShariaPortfolio rating found for UNC — reported as absent, not invented

Frequently asked questions

Sources

• United Corporations Limited — Q2 interim report, six months ended September 30, 2025 (filed Nov 7, 2025): income statement — interest and securities lending income C$1,092K vs total income C$329,123K; business description (closed-end investment corporation); share capital 112,505,650
• United Corporations Limited — Q1 FY2026 interim report, three months ended June 30, 2025 (ucorp.ca): balance sheet with no borrowings; C$50M operating credit facility undrawn; interest and securities lending income C$583K vs total income C$115,011K
• United Corporations Limited — annual report, year ended March 31, 2025 (SEDAR+ mirror): Financial Record 1929–2025 shows funded debt nil FY2010–FY2025; interest and securities lending income C$2,876K vs total income C$267,540K; interest expense nil
• United Corporations Limited — participation fee form (filed May 5, 2026): 112,484,550 common shares outstanding at December 31, 2025
• Kalkine Media — UNC (TSX) quote: C$14.77, October 1, 2026

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).