Canadian Halal Investor.

TSX Shariah screener · October 2026

Is Wilmington Capital Management Inc. (WCM.A) Halal?

FAIL

Wilmington Capital Management Inc. · TSX: WCM.A · Financials

The short answer

No — Wilmington Capital Management (WCM.A) does not pass this Shariah stock screen. Its alternative-asset investment business (Bay Moorings marina redevelopment, private energy securities; in monetization since August 2023) has no prohibited lines, and it carries essentially no debt (C$38k of lease liabilities ≈ 0.1% of its ~C$33.9M market cap: 11,498,181 Class A at C$2.75 + 997,652 Class B at C$2.30, Oct 1, 2026). But interest income of C$237k is about 15.4% of reported H1 2026 revenue (C$1.54M) — above the 5% non-compliant income ceiling. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.

Gate 1 — Business activity: PASS

Wilmington Capital Management Inc. (TSX: WCM.A and WCM.B) is a Canadian investment company whose principal objective has been to seek investment opportunities in alternative asset classes for long-term capital appreciation, investing alongside partners and co-investors in hard assets — real estate developments, marinas, RV resorts — managed through operating entities. Since August 2023 it has been in a monetization/realization phase, selling down investments to unlock realized value and distribute capital to shareholders. Its remaining holdings are an 18% interest in the Bay Moorings Marina Holdings Limited Partnership (Ontario land being redeveloped into ~50 residential sites and a ~90-unit condo) and C$38.6M of private energy securities. None of the disclosed lines — alternative-asset equity investing, marina/residential redevelopment, private energy securities — are prohibited lines (no alcohol, gambling, pork, conventional banking/insurance, tobacco, cannabis, or adult entertainment). Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

At June 30, 2026 the company's only interest-bearing debt was C$38k of lease liabilities (no bank loans or debentures), per the Q2 2026 MD&A. Against a market cap of about C$33.9M — 11,498,181 Class A shares at C$2.75 (WCM.A) plus 997,652 Class B shares at C$2.30 (WCM.B), October 1, 2026 quotes — debt ÷ market cap is about 0.1%, far below the ~33% ceiling. Cash and cash equivalents of C$2.6M are about 7.7% of market cap, within the ~33% guideline. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: FAIL

Interest income was C$237k for the six months ended June 30, 2026 (C$88k in Q2), per the Q2 2026 interim financial statements, against reported revenue of C$1.54M (distribution income C$1.3M plus interest income) — about 15.42% of revenue, above the 5% non-compliant income limit. The MD&A attributes the interest to cash deposits (cash fell from C$24.0M at December 31, 2025 to C$2.6M as funds were redeployed into energy securities). Note: fair-value investment gains of C$6.9M for the half are reported below the revenue line; if counted as income the ratio would be about 2.8% — but on the reported income-statement basis used here, Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

What does Wilmington Capital Management do?

Wilmington Capital Management (TSX: WCM.A / WCM.B) is a Canadian investment company focused on alternative asset classes. Its principal objective has been to seek investment opportunities offering long-term capital appreciation, investing its own capital alongside partners and co-investors in hard assets (real estate developments, marinas, RV resorts) managed through operating platforms. Since August 2023 it has been in a monetization/realization phase, selling down investments to distribute capital to shareholders. Current investments are an 18% interest in the Bay Moorings Marina Holdings Limited Partnership (Ontario land being redeveloped into ~50 residential sites and a ~90-unit condo) and C$38.6M of private energy securities. None of the disclosed business lines are prohibited lines, so the business gate passes.

Why does Wilmington Capital Management fail this Shariah stock screen?

Wilmington Capital Management's business has no prohibited lines and it carries essentially no debt — the failure is on the income gate. For the six months ended June 30, 2026 it reported interest income of C$237k against reported revenue of C$1.54M (distribution income C$1.3M plus the interest), a ratio of about 15.4% — above the ~5% non-compliant income ceiling used in this screen. The interest is earned on cash deposits, not from lending, and would fall to ~2.8% if the C$6.9M of fair-value investment gains (reported separately from revenue) were included — but on the reported income statement basis the screen does not pass. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Wilmington Capital Management's interest-bearing debt ratio?

At June 30, 2026 Wilmington's only interest-bearing debt was C$38k of lease liabilities — no bank loans, no debentures. With a market capitalization of about C$33.9M (11,498,181 Class A shares at C$2.75 plus 997,652 Class B shares at C$2.30, October 1, 2026 quotes), debt ÷ market cap is about 0.1%, far below the ~33% ceiling. Cash of C$2.6M is about 7.7% of market cap, within the ~33% guideline. The financial-structure gate passes; the failure is on the income gate.

What is Wilmington Capital Management's non-compliant income ratio?

For the six months ended June 30, 2026, Wilmington reported interest income of C$237k (C$88k in Q2) against reported revenue of C$1.54M — about 15.42% of revenue, above the 5% non-compliant income limit. (Q2 alone: C$88k ÷ C$1.39M ≈ 6.3%, also above 5%.) The MD&A says the interest is earned on cash deposits, which have since fallen to C$2.6M from C$24.0M at year-end 2025 as cash was redeployed into energy securities. Investment fair-value gains of C$6.9M for the half are presented below the revenue line; if counted as income the ratio would be about 2.8%. On the reported income-statement basis used here, the income gate fails.

Do Zoya, Musaffa, or ShariaPortfolio cover Wilmington Capital Management?

No rating or coverage of Wilmington Capital Management (TSX: WCM.A) 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 MD&A and interim condensed consolidated financial statements for the six months ended June 30, 2026 (filed August 6, 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).