TSX Shariah screener · October 2026
Is Wall Financial Corporation (WFC) Halal?
Wall Financial Corporation · TSX: WFC · Real Estate
The short answer
No — Wall Financial Corporation (WFC) does not pass this Shariah stock screen. Its Vancouver rental-apartment, hotel, and residential development business has no prohibited lines and its interest income of C$58,849 is negligible, but interest-bearing debt of C$727.4M is about 108.1% of its ~C$672.9M market cap (31,890,665 shares at C$21.10, 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
Wall Financial Corporation (TSX: WFC) is a Vancouver-based real estate company operating predominantly in the Greater Vancouver area in the development and management of residential rental units, the development and construction of residential housing for resale, and the development and management of hotel properties (including the Wall Centre hotels), per note 1 of its interim financial statements. Its three reported segments (note 10) are Rental — ownership and management of revenue-producing residential and commercial properties; Hotel — ownership and management of hotel properties; and Development — development and sale of residential housing. None of the disclosed business lines — rental real estate, hotels, or residential development — are prohibited lines. Gate 1 passes. Facts only.
Gate 2 — Debt and cash: FAIL
Total interest-bearing debt at April 30, 2026 was C$727.4M — mortgages payable of C$465.8M (C$403,346,896 noncurrent + C$62,415,108 current portion) plus bank and other indebtedness of C$261,668,340 (construction loans, investment-property credit facilities, and C$57.0M of general corporate lines of credit), per note 4 of the Q1 2027 interim financial statements — debt ÷ market cap is about 108.1% against a market cap of roughly C$672.9M (31,890,665 shares at C$21.10, Oct 1, 2026), far above the ~33% ceiling. Cash and cash equivalents of C$15.3M are about 2.3% of market cap, within the ~33% guideline, but the leverage is decisive. The C$50M shareholder loan was fully repaid during the quarter. Gate 2 fails. Facts only.
Gate 3 — Non-compliant income: PASS
Interest income was C$58,849 for the three months ended April 30, 2026 (C$239,947 in the prior-year period), per note 5 of the Q1 2027 interim financial statements — about 0.16% of quarterly revenue of C$37,219,494, far below the 5% non-compliant income limit. Gate 3 passes. Facts only.
Key figures used
- Business: Vancouver real estate — Rental (revenue-producing residential/commercial properties), Hotel (Wall Centre hotels), Development (residential housing for resale)
- Interest-bearing debt: C$727.4M at Apr 30, 2026 — mortgages payable C$465.8M + bank and other indebtedness C$261.7M; debt ÷ market cap ≈ 108.1% — OVER the ~33% ceiling
- Market cap: ~C$672.9M (31,890,665 shares × C$21.10, Oct 1, 2026); cash C$15.3M ≈ 2.3% of market cap; C$50M shareholder loan fully repaid in Q1
- Interest income: C$58,849 (Q1 2027) vs revenue C$37.2M — ≈0.16% of revenue, far under the 5% non-compliant income limit
- Q1 2027: revenue C$37.2M; net earnings C$4.3M (C$0.13/share); Q2 2027 (released Sep 10, 2026): six-month revenue C$94.2M, net earnings C$21.6M (C$0.67/share)
- No Zoya, Musaffa, or ShariaPortfolio rating found for WFC — reported as absent, not invented
Frequently asked questions
What does Wall Financial Corporation do?
Wall Financial Corporation (TSX: WFC) is a Vancouver-based real estate company. Per note 1 of its interim financial statements, it operates predominantly in the Greater Vancouver area in the development and management of residential rental units, the development and construction of residential housing for resale, and the development and management of hotel properties (including the Wall Centre hotels). Its three reported segments are Rental (ownership and management of revenue-producing residential and commercial properties), Hotel (ownership and management of hotel properties), and Development (development and sale of residential housing). Rental apartments, hotels, and residential development are not prohibited lines under this screen's AAOIFI-style business gate, so Gate 1 passes. Its debt financing is assessed under Gate 2, not Gate 1.
Why does Wall Financial Corporation fail this Shariah stock screen?
Its leverage. At April 30, 2026, total interest-bearing debt was C$727.4M — mortgages payable of C$465.8M (C$403.3M noncurrent + C$62.4M current portion) plus bank and other indebtedness of C$261.7M (construction loans, investment-property credit facilities, and C$57.0M of general corporate lines of credit). Against a market capitalization of roughly C$672.9M (31,890,665 shares at C$21.10, Oct 1, 2026), debt ÷ market cap is about 108.1% — far above the ~33% ceiling used in this screen. Cash of C$15.3M (≈2.3% 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 Wall Financial Corporation's interest-bearing debt ratio?
At April 30, 2026, Wall Financial reported mortgages payable of C$465.8M (C$403,346,896 noncurrent plus a C$62,415,108 current portion) and bank and other indebtedness of C$261,668,340, for total interest-bearing debt of about C$727.4M in its Q1 2027 interim financial statements (note 4, 'Debt on properties'). With about 31.89M shares outstanding trading at C$21.10 on Oct 1, 2026, the market cap is roughly C$672.9M, so debt ÷ market cap is about 108.1% — well above the ~33% ceiling. The C$50M shareholder loan outstanding at January 31, 2026 was fully repaid during the quarter.
What is Wall Financial Corporation's non-compliant income ratio?
Wall Financial reported interest income of C$58,849 for the three months ended April 30, 2026 (C$239,947 in the prior-year period), per note 5 ('Net finance expense (income)') of its Q1 2027 interim financial statements — about 0.16% of quarterly revenue of C$37.2M, 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 Wall Financial Corporation?
No rating or coverage of Wall Financial Corporation (TSX: WFC) was found on Zoya, Musaffa, or ShariaPortfolio — honestly reported as absent, not invented. This page applies the screen directly from the company's filings: the Q1 2027 interim financial statements for the three months ended April 30, 2026 (approved June 12, 2026), the FY2026 audited annual statements, and the Q2 2027 results press release (Sept 10, 2026, six months ended July 31, 2026).
Sources
- Wall Financial Corporation — Q1 2027 condensed consolidated interim financial statements, three months ended April 30, 2026 (approved June 12, 2026): balance sheet — mortgages payable C$465.8M total, bank and other indebtedness C$261,668,340, cash C$15,281,877; note 4 debt breakdown; note 5 interest income C$58,849; note 7 — 31,939,365 shares at Jan 31, 2026, 48,700 repurchased; note 10 segments (Rental, Hotel, Development)
- Wall Financial Corporation — Q2 2027 fiscal results press release (Sept 10, 2026, six months ended July 31, 2026): net earnings C$21,572,285 (C$0.67/share); total revenue, investment and other income C$94,168,052; total assets C$1,054,597,910
- Marketlog — WFC.TO quote: closed Oct 1, 2026 at CA$21.10 (TSX)
- Wall Financial Corporation — NCIB renewal press release (May 15, 2026): 31,890,665 common shares issued and outstanding as of May 6, 2026
- Finnhub — WFC.TO financial market data (Real Estate; current price C$22 pre-market Oct 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).