Screener database · Updated October 2026
Halal Stock Screeners
Every stock we've put through Shariah screening — PASS or FAIL, with the ratio math, the screen date, and what could change the answer. Each screener shows its full working: the business-activity check, the three AAOIFI-style financial ratios with sourced figures, and where Zoya's independent screener lands.
Free toolsZakat calculatorPurification calculator
| Company | Ticker | Result | Screened | Summary |
|---|---|---|---|---|
| Dow | DOW · NYSE | FAIL | Oct 2026 | FAIL — materials science business is clean (business gate passes); debt $19.26B is 97.2% of the ~$19.82B market cap (over 33%); interest income 0.39% of net sales. |
| DuPont | DD · NYSE | PASS | Oct 2026 | PASS — specialty chemicals (business clean); debt $3.19B is 18.2% of the ~$17.55B market cap; interest income 1.43% of net sales. |
| PPG Industries | PPG · NYSE | PASS | Oct 2026 | PASS — paints/coatings manufacturer (business clean); debt $7,307M is 30.7% of the ~$23.79B market cap (under 33%, but close); interest and investment income 0.96% of revenue. |
| Archer Daniels Midland | ADM · NYSE | PASS | Oct 2026 | PASS — agribusiness (business clean; ethanol is fuel/industrial, not beverage); debt $8,410M is 21.9% of the ~$38.33B market cap; interest and investment income 0.15% of revenue. |
| Conagra Brands | CAG · NYSE | FAIL | Oct 2026 | FAIL — packaged-foods business is clean (business gate passes); debt $7,760.1M is 116.0% of the ~$6.69B market cap (over 33%); interest income $1.3M is 0.05% of net sales. |
| MGIC Investment | MTG · NYSE | FAIL | Oct 2026 | FAIL — conventional private mortgage insurance core (business gate); investment income $246.3M is 20.3% of revenue (over 5%); senior notes $646.1M are 11.1% of the ~$5.80B market cap. |
| Etsy | ETSY · NYSE | FAIL | Oct 2026 | FAIL — online marketplace business is clean (business gate passes); debt $2,985.5M is 47.1% of the ~$6.34B market cap (over 33%); interest and other income 1.86% of revenue. |
| WEX | WEX · NYSE | FAIL | Oct 2026 | FAIL — payments platform with integral WEX Bank credit operations (business gate); debt $5,357.2M is 81.8% of the ~$6.55B market cap (over 33%); interest income 9.17% of revenue (over 5%). |
| Molina Healthcare | MOH · NYSE | FAIL | Oct 2026 | FAIL — managed-care business is clean (business gate passes); debt $3,766M is 38.5% of the ~$9.78B market cap (over 33%); investment income 0.92% of revenue. |
| Las Vegas Sands | LVS · NYSE | FAIL | Oct 2026 | FAIL — casino operator core (75.2% of FY2025 net revenue from gaming; business gate); debt $15,784M is 66.4% of the ~$23.76B market cap (over 33%); interest income 1.24% of revenue. |
| VICI Properties | VICI · NYSE | FAIL | Oct 2026 | FAIL — experiential REIT leasing to casino operators (Caesars + MGM ~74% of leasing revenue; business gate); debt $16.77B is 65.8% of the ~$25.50B market cap (over 33%); interest income 0.36% of revenue. |
| RenaissanceRe | RNR · NYSE | FAIL | Oct 2026 | FAIL — conventional reinsurer core (business gate); net investment income $1,703.5M is 13.3% of revenue (over 5%); debt $2,330.9M is 17.3% of the ~$13.44B market cap. |
| Franklin Resources | BEN · NYSE | FAIL | Oct 2026 | FAIL — asset manager with material interest-based credit franchises (Western Asset, BSP/Alcentra, Apera): business gate. Debt $2,401.9M is 14.2% of ~$16.9B mktcap; bundled dividend+interest income bounded at 1.61%. |
| Evergy | EVRG · NASDAQ | FAIL | Oct 2026 | FAIL — regulated utility (business passes): debt $14,800.2M is 81.5% of the ~$18.17B market cap (over 33%); interest income effectively $0 (0% of revenue). |
| T. Rowe Price | TROW · NASDAQ | PASS | Oct 2026 | PASS — fee-based asset manager (advisory fees, not lending); $0 interest-bearing debt (0.00%); dividend income $146.7M is 2.01% of revenue; interest income not separately disclosed. Divergence disclosed: Musaffa rates NOT HALAL. |
| Regions Financial | RF · NYSE | FAIL | Oct 2026 | FAIL — conventional bank core: interest income $7,073M is 73.6% of revenue; interest-bearing debt $4,884M is 21.0% of the ~$23.24B market cap. |
| Synchrony Financial | SYF · NYSE | FAIL | Oct 2026 | FAIL — consumer credit core: interest income $22,601M is 118.2% of revenue; total borrowings $16,432M are 70.6% of the ~$23.27B market cap. |
| First Citizens BancShares | FCNCA · NASDAQ | FAIL | Oct 2026 | FAIL — conventional bank core: interest income $11,778M is 81.2% of revenue; interest-bearing debt $36,008M is 154.2% of the ~$23.35B market cap. |
| Ulta Beauty | ULTA · NASDAQ | PASS | Oct 2026 | PASS — beauty retail + salon services (no haram segments); debt $339.6M is 1.44% of the ~$23.55B market cap; interest income not separately disclosed but bounded immaterial (FY2025: net interest expense). |
| Principal Financial Group | PFG · NASDAQ | FAIL | Oct 2026 | FAIL — conventional insurer core: premiums $6,780.4M (~43% of revenue); net investment income $4,730.5M is 30.28% of revenue (over 5%); debt $3,954.0M is 16.29% of the ~$24.27B market cap. |
| Cincinnati Financial | CINF · NASDAQ | FAIL | Oct 2026 | FAIL — conventional P&C insurer core: earned premiums $9,983M (~79% of revenue); net investment income $1,165M is 9.22% of revenue (over 5%); debt $859M is 3.48% of the ~$24.70B market cap. |
| W. R. Berkley | WRB · NYSE | FAIL | Oct 2026 | FAIL — conventional P&C insurer/reinsurer core (business gate); net investment income $1,429.1M is 9.7% of revenue (over 5%); debt $2,839.7M is 11.1% of the ~$25.48B market cap. |
| Citizens Financial Group | CFG · NYSE | FAIL | Oct 2026 | FAIL — conventional bank core: interest income $9,663M is 117.2% of revenue; interest-bearing debt $11,282M is 41.3% of the ~$27.29B market cap (Q2 2026: ~59.7%, worsening). |
| Cboe Global Markets | CBOE · Cboe BZX | FAIL | Oct 2026 | FAIL — derivatives exchange operator: the Options segment is ~65% of net revenue, a haram core business. Debt 4.99% and interest income 1.32% pass on the numbers. |
| Fifth Third Bancorp | FITB · NASDAQ | FAIL | Oct 2026 | FAIL — conventional bank core: interest income $9,903M is 76.55% of revenue; debt $14,815M is 32.3% of the ~$45.87B market cap (margin-thin vs 33%; pre-Comerica figures). |
| Sea Limited | SE · NYSE | FAIL | Oct 2026 | FAIL — Monee (fka SeaMoney) interest-based consumer/SME credit is ~$3.8B (~16.6% of FY2025 revenue): a material haram segment. Debt 3.04% and interest income 1.44% pass on the numbers. |
| SentinelOne | S · NYSE | PASS | Oct 2026 | PASS — $0 interest-bearing debt (0.0% of ~$8.11B market cap) and interest income ~4.27% of revenue, both under Shariah thresholds (prior years' interest income was higher - disclosed on the page). |
| Prosperity Bancshares | PB · NYSE | FAIL | Oct 2026 | FAIL — conventional banking is the core business (interest income ~125.6% of revenue); for the record, borrowings ~26.9% of ~$7.99B market cap. |
| Zions Bancorporation | ZION · NASDAQ | FAIL | Oct 2026 | FAIL — conventional regional bank: interest income ~$4,184M (123.6% of net revenue) is the core business, and interest-bearing debt ~$4,572M is 49.1% of the ~$9.32B market cap. |
| Western Alliance | WAL · NYSE | FAIL | Oct 2026 | FAIL — conventional bank holding company: interest income ~$4,692.9M (132.5% of revenue) is the core business, and interest-bearing debt ~$6,316M is 75.1% of the ~$8.41B market cap. |
| Deckers Outdoor | DECK · NYSE | PASS | Oct 2026 | PASS — $0 interest-bearing debt (0.0% of ~$10.59B market cap) and interest income ~1.16% of revenue, both far under Shariah thresholds. |
| Ally Financial | ALLY · NYSE | FAIL | Oct 2026 | FAIL — conventional bank and auto lender: interest income ~$13,521M (170.8% of net revenue) is the core business, and interest-bearing debt ~$21,765M is 187.3% of the ~$11.62B market cap. |
| Hormel Foods | HRL · NYSE | PASS | Oct 2026 | PASS — $2.9B interest-bearing debt (26.6% of ~$10.89B market cap) and interest income ~0.20% of revenue, both under Shariah thresholds. |
| Dick's Sporting Goods | DKS · NYSE | PASS | Oct 2026 | PASS — $1,866.1M interest-bearing debt (15.6% of ~$11.93B market cap) and interest income ~0.24% of revenue, both under Shariah thresholds. |
| Baxter International | BAX · NYSE | FAIL | Oct 2026 | FAIL — ~$9.48B interest-bearing debt (78.3% of ~$12.10B market cap) is far over the 33% ceiling; interest income $52M (0.46% of revenue) is under its ceiling but moot. |
| DT Midstream | DTM · NYSE | PASS | Oct 2026 | PASS — $3,324M interest-bearing debt (27.1% of ~$12.26B market cap) and interest income ~0.16% of revenue, both under Shariah thresholds. |
| Twist Bioscience | TWST · NASDAQ | PASS | Oct 2026 | PASS — $0 interest-bearing debt (0.0% of ~$12.23B market cap) and interest income ~3.02% of revenue, both under Shariah thresholds. |
| Toll Brothers | TOL · NYSE | PASS | Oct 2026 | PASS — $2,765.5M interest-bearing debt (22.0% of ~$12.55B market cap) and interest income ~0.27% of revenue, both under Shariah thresholds. |
| SEI Investments | SEIC · NASDAQ | PASS | Oct 2026 | PASS — $108.5M interest-bearing debt (0.87% of ~$12.44B market cap) and interest income ~1.74% of revenue, both far under Shariah thresholds. (Zoya flags SEIC not Shariah-compliant — divergence disclosed.) |
| CNA Financial | CNA · NYSE | FAIL | Oct 2026 | FAIL — conventional commercial P&C insurer (AIZ/GL precedent); net investment income ~10.6% of revenue over the 5% ceiling. Debt 24.1% of ~$12.33B market cap (moot). |
| BorgWarner | BWA · NYSE | PASS | Oct 2026 | PASS — $3.90B interest-bearing debt (31.5% of ~$12.38B market cap, close to the ceiling) and interest income ~0.42% of revenue, both under Shariah thresholds. |
| BWX Technologies | BWXT · NYSE | PASS | Oct 2026 | PASS — $2.02B interest-bearing debt (16.4% of ~$12.29B market cap) and interest income ~0.12% of revenue, both under Shariah thresholds. |
| Amkor Technology | AMKR · NASDAQ | PASS | Oct 2026 | PASS — $1.45B interest-bearing debt (10.7% of ~$13.51B market cap) and interest income ~0.93% of revenue, both under Shariah thresholds. |
| Guidewire Software | GWRE · NYSE | PASS | Oct 2026 | PASS — $678.1M interest-bearing debt (5.25% of ~$12.92B market cap) and interest income ~3.29% of revenue, both under Shariah thresholds. |
| BridgeBio Pharma | BBIO · NASDAQ | PASS | Oct 2026 | PASS — $2.71B interest-bearing obligations (21.0% of ~$12.92B market cap) and interest income ~3.95% of revenue, both under Shariah thresholds. |
| IES Holdings | IESC · NASDAQ | PASS | Oct 2026 | PASS — $0 interest-bearing debt (debt-free; 0.00% of ~$12.89B market cap) and interest income ~0.09% of revenue, both far under Shariah thresholds. |
| Globe Life | GL · NYSE | FAIL | Oct 2026 | FAIL — conventional life and supplemental health insurer; core interest-based insurance business fails gate 1. For the record: debt 20.5% of ~$12.78B market cap; net investment income 18.9% of revenue. |
| Penumbra | PEN · NYSE | PASS | Oct 2026 | PASS — $0 interest-bearing debt (0.0% of ~$12.54B market cap) and interest income ~1.07% of revenue, both far under Shariah thresholds. Note: Boston Scientific's ~$14.8B acquisition of Penumbra (announced Jan 2026) was still pending as of Oct 2, 2026; shares remain NYSE-listed. |
| UL Solutions | ULS · NYSE | PASS | Oct 2026 | PASS — $494M interest-bearing debt (3.68% of ~$13.43B market cap) and interest income ~0.13% of revenue, both far under Shariah thresholds. |
| Regency Centers | REG · NASDAQ | FAIL | Oct 2026 | FAIL — business and income gates pass (interest income ~0.26% of revenue), but $4,739.3M interest-bearing debt is 35.5% of ~$13.34B market cap, over the 33% ceiling. |
| TTM Technologies | TTMI · NASDAQ | PASS | Oct 2026 | PASS — $973.5M interest-bearing debt (7.3% of ~$13.38B market cap) and interest income ~0.36% of revenue, both under Shariah thresholds. |
| Gen Digital | GEN · NASDAQ | FAIL | Oct 2026 | FAIL — $8,196M interest-bearing debt (66.2% of ~$12.38B market cap) far exceeds the 33% ceiling. (Interest income ~0.50% of revenue is under the 5% ceiling.) |
| Watsco | WSO · NYSE | PASS | Oct 2026 | PASS — effectively zero interest-bearing debt (no revolver balance; debt-free balance sheet) and interest income ~0.24% of revenue, both far under Shariah thresholds. |
| RPM International | RPM · NYSE | PASS | Oct 2026 | PASS — $2,510.8M interest-bearing debt (19.8% of ~$12.67B market cap) and investment income ~0.60% of revenue, both under Shariah thresholds. |
| Lennox International | LII · NYSE | PASS | Oct 2026 | PASS — ~$1,319.5M interest-bearing debt (10.5% of ~$12.54B market cap) and interest income ~0.11% of revenue, both under Shariah thresholds. |
| Applied Industrial Technologies | AIT · NYSE | PASS | Oct 2026 | PASS — ~$262.3M interest-bearing debt (2.1% of ~$12.49B market cap) and interest income ~0.19% of revenue, both far under Shariah thresholds. |
| Weyerhaeuser | WY · NYSE | FAIL | Oct 2026 | FAIL — $5,425M interest-bearing debt (~39.6% of ~$13.7B market cap) exceeds the 33% ceiling; business activity and interest income (~0.3% of revenue) pass. |
| Carlisle Companies | CSL · NYSE | PASS | Oct 2026 | PASS — ~$2.88B interest-bearing debt (22.4% of ~$12.9B market cap), interest income 0.52% of FY2025 revenue, pure-play building-envelope manufacturer with no prohibited lines. |
| Hasbro | HAS · NASDAQ | PASS | Oct 2026 | PASS — $3,538.2M interest-bearing debt (28.53% of ~$12.4B market cap) and interest income ~0.61% of revenue, both under Shariah thresholds. |
| Generac | GNRC · NYSE | PASS | Oct 2026 | PASS — $1,329.3M interest-bearing debt (10.80% of ~$12.31B market cap) and investment income ~0.18% of revenue, both far under Shariah thresholds. |
| Docusign | DOCU · NASDAQ | PASS | Oct 2026 | PASS — $0 interest-bearing debt (0.0% of ~$12.42B market cap) and interest income ~1.26% of revenue, both far under Shariah thresholds. |
| American Homes 4 Rent | AMH · NYSE | FAIL | Oct 2026 | FAIL — $5.2B interest-bearing debt (~47.3% of ~$10.99B market cap) exceeds the 33% ceiling, despite a permissible rental-housing business and ~0% interest income. |
| Skyworks Solutions | SWKS · NASDAQ | PASS | Oct 2026 | PASS — $496.9M interest-bearing debt (3.97% of ~$12.51B market cap) and interest income capped at ~0.66% of revenue (upper bound; not separately disclosed). Pending Qorvo merger - re-screen after close. |
| Wayfair | W · NYSE | PASS | Oct 2026 | PASS — $2,836M interest-bearing debt (21.37% of ~$13.27B market cap) and interest income ~0.33% of revenue, both under Shariah thresholds. |
| Trimble | TRMB · NASDAQ | PASS | Oct 2026 | PASS — $1.46B interest-bearing debt (11.1% of ~$13.19B market cap) and effectively 0% interest income, both under Shariah thresholds; Zoya rates it Shariah-compliant. |
| Avery Dennison | AVY · NYSE | PASS | Oct 2026 | PASS — $3.69B interest-bearing debt (28.3% of ~$13.03B market cap) and no separately disclosed interest income (0% of revenue), both under Shariah thresholds. |
| Assurant | AIZ · NYSE | FAIL | Oct 2026 | FAIL — conventional insurance underwriting (net earned premiums $10,482.9M, 81.8% of revenue) is the core business; Zoya and Musaffa both rate it not halal. (Financial ratios alone: debt ~17.0% of ~$13.01B market cap, investment income ~4.11% of revenue.) |
| Coca-Cola Consolidated | COKE · NASDAQ | PASS | Oct 2026 | PASS — nonalcoholic beverage bottler (no alcohol in filings); $2,786M interest-bearing debt is 21.9% of ~$12.72B market cap; interest income not separately disclosed (Zoya cites $0; net interest line 0.59% of revenue) — all under Shariah thresholds. |
| Stanley Black & Decker | SWK · NYSE | FAIL | Oct 2026 | FAIL — Stanley Black & Decker (NYSE: SWK): tools/industrial business passes the business screen, but $5,863.7M of interest-bearing borrowings is 43.8% of ~$13.40B market cap (over the 33% ceiling). Interest income 1.31% of revenue passes. Zoya and Musaffa also rate it non-compliant. |
| Charles River Laboratories | CRL · NYSE | PASS | Oct 2026 | PASS — Charles River Laboratories (NYSE: CRL): preclinical CRO ($4.02B FY2025 revenue); $2.14B long-term debt is 15.4% of ~$13.88B market cap; interest income 0.12% of revenue — both well under Shariah thresholds. Zoya and Musaffa both rate it compliant. |
| Unum Group | UNM · NYSE | FAIL | Oct 2026 | FAIL — Unum Group (NYSE: UNM): core business is conventional disability/life/accident insurance, which fails the business screen; net investment income $2,032.7M is 15.55% of $13,075.5M revenue (over the 5% ceiling). Debt $3.77B is 27.0% of ~$13.94B market cap (passes, but the screen already fails). |
| Blue Owl Capital | OWL · NYSE | PASS | Oct 2026 | PASS — Blue Owl Capital (NYSE: OWL): alternative asset manager ($307B+ AUM); $3.32B debt obligations are 23.0% of ~$14.47B market cap; interest and dividend income 1.57% of revenue — both under Shariah thresholds. Zoya and Musaffa currently flag it non-compliant (disclosed on the page). |
| Invesco | IVZ · NYSE | FAIL | Oct 2026 | FAIL — conventional asset manager whose core business earns fees from interest-based products (fixed income, money market, private credit); financial ratios pass (debt 12.1%, non-compliant income 0.85%) but the business gate is dispositive. |
| Mueller Industries | MLI · NYSE | PASS | Oct 2026 | PASS — $5.2M interest-bearing debt (0.04% of ~$13.41B market cap) and interest income ~0.98% of revenue, both far under Shariah thresholds. |
| Sun Communities | SUI · NYSE | PASS | Oct 2026 | PASS — $4,052.2M interest-bearing debt (30.0% of ~$13.49B market cap) and interest income 2.1% of revenue, both under Shariah thresholds. |
| Annaly | NLY · NYSE | FAIL | Oct 2026 | FAIL — core business is interest-based lending (mortgage REIT earning the interest-rate spread); $113.8B interest-bearing debt is ~745.7% of ~$15.26B market cap. |
| Tempus AI | TEM · NASDAQ | PASS | Oct 2026 | PASS — $1.36B interest-bearing debt (8.9% of ~$15.35B market cap) and interest income ~0.99% of revenue, both well under Shariah thresholds. |
| Aramark | ARMK · NYSE | FAIL | Oct 2026 | FAIL — $6,129.8M interest-bearing debt (42.9% of ~$14.30B market cap) exceeds the 33% ceiling; interest income ~0.12% of revenue passes. |
| Exelixis | EXEL · NASDAQ | PASS | Oct 2026 | PASS — $0 interest-bearing debt (0.0% of ~$14.33B market cap) and interest income ~2.98% of revenue, both under Shariah thresholds. |
| Lamar Advertising | LAMR · NASDAQ | PASS | Oct 2026 | PASS — $3,527.2M interest-bearing debt (24.3% of ~$14.54B market cap) and interest income ~0.11% of revenue, both under Shariah thresholds. |
| Lincoln Electric | LECO · NASDAQ | PASS | Oct 2026 | Lincoln Electric Holdings, Inc. (NASDAQ: LECO) — PASS: arc welding equipment, consumables and automation (world's largest arc welding maker); no haram segments. Interest-bearing debt $1,294.0M is 8.8% of ~$14.68B market cap (Oct 2, 2026), under the 33% ceiling. Interest income $6.818M is 0.16% of FY2025 net sales $4,233.0M. Zoya page exists but its rating field is blank; Musaffa/ShariaPortfolio: no coverage found. |
| W. P. Carey | WPC · NYSE | FAIL | Oct 2026 | W. P. Carey Inc. (NYSE: WPC) — FAIL on the debt gate: diversified net-lease REIT, 1,682 properties to 371 tenants across 25 countries; no disclosed haram tenant industries. Interest-bearing debt $8,722.7M is 58.1% of ~$15.02B market cap (Oct 2, 2026), over the 33% ceiling. Interest income $6.345M is 0.37% of FY2025 revenue $1,716.5M (passes). Zoya: not Shariah-compliant; MuslimXchange: not Shariah compliant; Musaffa/ShariaPortfolio: no coverage found. |
| Vicor | VICR · NASDAQ | PASS | Oct 2026 | PASS — $0 interest-bearing debt (0.0% of ~$13.16B market cap) and interest income ~2.98% of revenue, both well under Shariah thresholds. |
| Omega Healthcare Investors | OHI · NYSE | FAIL | Oct 2026 | FAIL — interest income of $175.1M is 14.7% of FY2025 revenue (over the 5% ceiling); debt at 28.6% of ~$14.08B market cap passes gate 2 and the leasing business passes gate 1. |
| Pinnacle (Pinnacle Financial Partners, Inc.) | PNFP · NYSE | FAIL | Oct 2026 | Pinnacle Financial Partners, Inc. (NYSE: PNFP) - FAIL: conventional interest-based bank (business gate); borrowings $11,103m about 77.7% of ~$14.3B mktcap (over the ~33% ceiling); net interest income $1,889m about 78.1% of six-month revenue $2,420m (over the 5% ceiling). Zoya rates it not Shariah-compliant; Musaffa classifies it not halal; ShariaPortfolio has no verifiable coverage. |
| Equitable Holdings | EQH · NYSE | FAIL | Oct 2026 | Equitable Holdings (NYSE: EQH) -- FAIL: conventional insurer/annuity writer -- conventional insurance fails the business screen; net investment income $5,234M is 44.87% of $11,665M revenue (over 5%); debt $3.86B is 26.50% of ~$14.56B mktcap (passes). Zoya: not compliant; Musaffa: not halal; ShariaPortfolio: not compliant. |
| APA | APA · NASDAQ | PASS | Oct 2026 | PASS — $4.49B interest-bearing debt (30.4% of ~$14.8B market cap, under the 33% ceiling but tight) and interest income 0.28% of revenue; no haram business segments. |
| PTC | PTC · NASDAQ | PASS | Oct 2026 | PASS — $1.43B interest-bearing debt (9.6% of ~$14.8B market cap) and interest income 0.12% of revenue, both well under Shariah thresholds. |
| Ball | BALL · NYSE | FAIL | Oct 2026 | FAIL — $7.22B interest-bearing debt (47.8% of ~$15.1B market cap) exceeds the 33% ceiling; interest income 0.23% of revenue is under the 5% ceiling. |
| Sterling Infrastructure | STRL · NASDAQ | PASS | Oct 2026 | PASS — $283.9M interest-bearing debt (1.8% of ~$15.45B market cap) and interest income ~0.9% of revenue, both far under Shariah thresholds. |
| Host Hotels | HST · NASDAQ | FAIL | Oct 2026 | FAIL — $5.08B interest-bearing debt (33.06% of ~$15.37B market cap) exceeds the 33% ceiling; interest income ~0.91% of revenue passes. |
| Leidos | LDOS · NYSE | FAIL | Oct 2026 | FAIL — $6,031M interest-bearing debt (38.96% of ~$15.48B market cap) exceeds the 33% ceiling; interest income ~0.01% of revenue passes. |
| Akamai | AKAM · NASDAQ | FAIL | Oct 2026 | FAIL — $7.56B interest-bearing debt (48.7% of ~$15.52B market cap) exceeds the 33% ceiling, after May 2026 convertible-note issuances; interest income 1.68% of revenue passes. |
| Kimco Realty | KIM · NYSE | FAIL | Oct 2026 | FAIL — $8.19B interest-bearing debt is 54.4% of the ~$15.04B market cap, well above the 33% ceiling (Q2 2026: ~58.1%). Interest income ~2.4% of revenue passes the 5% screen; business activity passes. |
| Corebridge | CRBG · NYSE | FAIL | Oct 2026 | FAIL — conventional life insurer: fixed annuities pay 'a specified rate of return' and GICs guarantee principal plus interest (business gate fails); $9.36B corporate debt is 62.2% of the ~$15.05B market cap; net investment income is 71.0% of revenue. |
| BitMine Immersion | BMNR · NYSE | FAIL | Oct 2026 | FAIL — core business is an Ethereum treasury earning staking yields (haram-adjacent): ~98% of Q3 revenue from staking/validation; $0 interest-bearing debt and interest income ~0.02% of revenue pass the financial gates. |
| NVR | NVR · NYSE | PASS | Oct 2026 | PASS — $908.2M interest-bearing debt (5.5% of ~$16.62B market cap) and interest income ~0.98% of revenue, both well under Shariah thresholds; mortgage-banking arm disclosed at ~2.4% of revenue. |
| Flutter | FLUT · NYSE | FAIL | Oct 2026 | FAIL — the world's leading online sports betting and iGaming operator (gambling is the core business); $12.0B interest-bearing debt is 92.4% of ~$12.96B market cap, far over the 33% ceiling; interest income 0.27% of revenue is under the 5% ceiling. |
| Huntington Bancshares | HBAN · NASDAQ | FAIL | Oct 2026 | Huntington Bancshares (NASDAQ: HBAN) -- FAIL: regional bank holding company (The Huntington National Bank) -- conventional interest-based banking/lending fails the business screen; interest-bearing debt $18,482M is 60.0% of ~$30.80B mktcap (over 33%); interest income $10,310M is 82.58% of gross revenue (over 5%). Zoya: not Shariah-compliant; Musaffa: NOT HALAL (Oct 2026); ShariaPortfolio: no coverage found. |
| Raymond James | RJF · NYSE | FAIL | Oct 2026 | Raymond James (NYSE: RJF) -- FAIL: bank/financial holding company (Raymond James Bank, TriState Capital Bank) -- conventional interest-based banking/lending fails the business screen; interest-bearing debt $5,331M is 17.19% of ~$31.01B mktcap (under 33%, passes); interest income $3,994M is 25.10% of total revenues (over 5%). Zoya: not Shariah-compliant; Musaffa: NOT HALAL (Oct 2026); ShariaPortfolio: no coverage found. |
| M&T Bank | MTB · NYSE | FAIL | Oct 2026 | M&T Bank (NYSE: MTB) -- FAIL: bank holding company (M&T Bank, Wilmington Trust) -- conventional interest-based banking/lending fails the business screen; interest-bearing debt $13,060M is 41.78% of ~$31.26B mktcap (over 33%); interest income $10,486M is 79.27% of gross revenue (over 5%). Zoya: not Shariah-compliant; Musaffa: no coverage found; ShariaPortfolio: no coverage found. |
| Northern Trust | NTRS · NASDAQ | FAIL | Oct 2026 | Northern Trust (NASDAQ: NTRS) -- FAIL: financial holding company (The Northern Trust Company) -- conventional interest-based banking/financial services fails the business screen; interest-bearing debt $16,427.5M is 52.0% of ~$31.59B mktcap (over 33%); interest income $8,624.6M is 60.31% of gross revenue (over 5%). Zoya: not Shariah-compliant (Sep 2026); Musaffa: NOT HALAL (Oct 2026); ShariaPortfolio: no coverage found. |
| Extra Space Storage | EXR · NYSE | FAIL | Oct 2026 | FAIL — $13.65B interest-bearing debt (48.7% of ~$28.03B market cap) exceeds the 33% ceiling; interest income 4.83% of revenue is under the 5% ceiling. |
| onsemi | ON · NASDAQ | PASS | Oct 2026 | PASS — $4,459.4M interest-bearing debt (15.2% of ~$29.38B market cap) and interest income ~1.59% of revenue, both well under Shariah thresholds. |
| Cheniere Energy Partners | CQP · NYSE | FAIL | Oct 2026 | FAIL — $14.5B interest-bearing debt (47.8% of ~$30.40B market cap) exceeds the 33% ceiling; business and interest income (0.13% of revenue) pass. |
| Venture Global | VG · NYSE | FAIL | Oct 2026 | FAIL — $34.21B interest-bearing debt is 106.1% of ~$32.23B market cap, over the 33% ceiling; interest income ~1.10% of revenue is under the 5% limit. |
| Vulcan Materials | VMC · NYSE | PASS | Oct 2026 | PASS — $4.36B interest-bearing debt (13.6% of ~$32.17B market cap) and interest income ~0.17% of revenue, both well under Shariah thresholds. |
| Iron Mountain | IRM · NYSE | FAIL | Oct 2026 | FAIL — $16.43B interest-bearing debt is 49.5% of ~$33.21B market cap, over the 33% ceiling; interest income ~0.25% of revenue is under the 5% limit. |
| Zscaler | ZS · NASDAQ | PASS | Oct 2026 | PASS — $1.7B convertible notes are 5.37% of ~$31.58B market cap and interest income $136.1M is 4.06% of $3,352.5M revenue, both under Shariah thresholds. Business: zero-trust cloud cybersecurity platform (no haram segments). Zoya: Shariah-compliant (Sep 2026); Musaffa: halal (Oct 2026). |
| Arch Capital | ACGL · NASDAQ | FAIL | Oct 2026 | FAIL — core business is conventional insurance, reinsurance and mortgage insurance (fails the business screen); net investment income $1,625M is 8.15% of $19,929M revenue (over 5%). Debt $2,729M is 8.40% of ~$32.47B mktcap (passes). Zoya: not Shariah-compliant; Musaffa: not halal. |
| PSEG | PEG · NYSE | FAIL | Oct 2026 | FAIL — $24.1B interest-bearing debt is 72.03% of ~$33.42B market cap (over the ~33% ceiling). Business (regulated NJ electric/gas utility + nuclear generation) passes; interest income $32M is 0.26% of $12,168M revenue (passes). Zoya: not Shariah-compliant; Musaffa: not halal. |
| Atlassian | TEAM · NASDAQ | PASS | Oct 2026 | PASS — $989.6M interest-bearing debt (2.22% of ~$44.54B market cap) and separately disclosed interest income 1.06% of revenue, both well under Shariah thresholds. |
| Ameriprise Financial | AMP · NYSE | FAIL | Oct 2026 | FAIL — conventional interest-based financial institution (banking, certificate company, interest-crediting insurance); net investment income 18.88% of revenue, far above the 5% ceiling; debt 7.38% of ~$44.43B market cap passes but cannot overturn an activity-screen failure. |
| argenx | ARGX · NASDAQ | PASS | Oct 2026 | PASS — $0 interest-bearing debt (0% of ~$52.84B market cap) and separately disclosed financial (interest) income 3.84% of revenue, both well under Shariah thresholds; immunology biotech with no haram business lines. |
| Nu Holdings | NU · NYSE | FAIL | Oct 2026 | FAIL — interest-based lending is the core business (85.2% of 2025 revenue from interest income and gains; pure interest income 76.25% of revenue, far above the 5% ceiling); debt 8.69% of ~US$59.66B market cap passes but cannot overturn an activity-screen failure. |
| EMCOR | EME · NYSE | PASS | Oct 2026 | PASS — $0 interest-bearing debt (0.00% of ~$33.46B market cap) and interest income ~0.12% of revenue, both well under Shariah thresholds. |
| The Hartford | HIG · NYSE | FAIL | Oct 2026 | The Hartford (NYSE: HIG) -- FAIL: conventional P&C/group benefits insurer -- conventional insurance fails the business screen; net investment income $2,911M is 10.26% of $28,368M revenue (over 5%); debt $4.37B is 12.91% of ~$33.85B mktcap (passes). Zoya: not compliant; no verifiable Musaffa or ShariaPortfolio coverage found. |
| Haleon | HLN · NYSE | PASS | Oct 2026 | PASS — £8.48B interest-bearing debt (29.2% of ~$38.35B market cap) and interest income 0.52% of revenue, both under Shariah thresholds. |
| Autodesk | ADSK · NASDAQ | PASS | Oct 2026 | PASS — $3.478B interest-bearing debt (8.2% of ~$42.65B market cap) and interest income ~0.28% of revenue, both well under Shariah thresholds. |
| Comfort Systems USA | FIX · NYSE | PASS | Oct 2026 | PASS — mechanical and electrical contracting passes all three gates: 0.09% debt-to-market-cap and 0.24% interest income on $9.10B FY2025 revenue. |
| Astera Labs | ALAB · NASDAQ | FAIL | Oct 2026 | FAIL — interest income of $44.73M is 5.25% of FY2025 revenue, just over the 5% non-compliant income ceiling (debt 0% of ~$60.95B market cap passes). |
| CoreWeave | CRWV · NASDAQ | FAIL | Oct 2026 | FAIL — $35.1B interest-bearing debt (74.7% of ~$46.92B market cap) far exceeds the 33% ceiling; AI-cloud business passes, interest income ~0.43% of revenue passes. |
| Sempra | SRE · NYSE | FAIL | Oct 2026 | FAIL — $36.7B interest-bearing debt (72.7% of ~$50.41B market cap) far exceeds the 33% ceiling; regulated-utility business passes, interest income ~0.75% of revenue passes. |
| Ciena | CIEN · NYSE | PASS | Oct 2026 | PASS — $3.23B interest-bearing debt (6.5% of ~$49.78B market cap) and interest income ~1.15% of revenue, both well under Shariah thresholds. |
| Keysight Technologies | KEYS · NYSE | PASS | Oct 2026 | PASS — $2.54B interest-bearing debt (4.1% of ~$61.24B market cap) and interest income 1.9% of revenue, both well under Shariah thresholds; electronic design and test business with no haram segments. |
| Teradyne | TER · NASDAQ | PASS | Oct 2026 | PASS — $0 interest-bearing debt (0.00% of ~$65.35B market cap) and interest income ~0.49% of revenue, both well under Shariah thresholds. |
| Bloom Energy | BE · NYSE | PASS | Oct 2026 | PASS — ~$2.68B interest-bearing debt (3.28% of ~$81.75B market cap) and interest income ~1.68% of revenue, both well under Shariah thresholds. |
| Constellation Brands | STZ · NYSE | FAIL | Oct 2026 | FAIL — beverage alcohol is the core business (Beer ~$8.3B + Wine & Spirits $824M = essentially 100% of FY2026 net sales); interest-bearing debt of $10.57B is 54.6% of its ~$19.35B market cap. |
| Tyson Foods | TSN · NYSE | FAIL | Oct 2026 | FAIL — material pork segment ($5.78B sales, ~11% of revenue) fails gate 1, and $8.83B debt (50.1% of ~$17.61B market cap) exceeds the 33% ceiling; interest income ~0.13% of revenue is under the 5% ceiling. |
| General Mills | GIS · NYSE | FAIL | Oct 2026 | FAIL — $13.54B total interest-bearing debt (75.4% of ~$17.95B market cap) far exceeds the 33% debt ceiling; interest income ~0.17% of revenue is under the 5% ceiling. |
| Shake Shack | SHAK · NYSE | PASS | Oct 2026 | PASS — $248.3M interest-bearing debt (10.1% of ~$2.46B market cap) and interest income ~0.01% of revenue, both well under Shariah thresholds. |
| Wingstop | WING · NASDAQ | FAIL | Oct 2026 | FAIL — interest-bearing debt of ~$1.21B is ~42.0% of its ~$2.88B market cap, above the 33% Shariah ceiling (securitized notes from shareholder-return financings). |
| CAVA Group | CAVA · NYSE | PASS | Oct 2026 | PASS — zero interest-bearing debt (0.0% of ~$6.2B market cap) and interest income ~0.9% of revenue, both well under Shariah thresholds. |
| Jack Henry | JKHY · NASDAQ | PASS | Oct 2026 | Jack Henry (NASDAQ: JKHY) — fintech software for banks and credit unions (core platforms, payments, Banno digital banking) — passes: debt ~0.4% of market cap, interest income ~0.9% of revenue. |
| Texas Roadhouse | TXRH · NASDAQ | FAIL | Oct 2026 | Texas Roadhouse (NASDAQ: TXRH) — steakhouses/sports bars — fails: alcohol is core to the bar-driven model (9.6% of 2024 restaurant sales per the 10-K); debt ~0.5% of market cap; interest income ~0.06% of revenue. |
| GPN | GPN · NYSE | FAIL | Oct 2026 | Global Payments Inc. (NYSE: GPN) - FAIL on debt gate only: payments processor (pure-play commerce after Jan 2026 Worldpay deal, Issuer Solutions sold to FIS); business clean. Debt $23,555M about 110.4% of ~$21.34B mktcap (Oct 2026). Interest-type income ~1.35% (Zoya: not compliant; Musaffa: NOT HALAL). |
| Domino's Pizza | DPZ · NASDAQ | FAIL | Oct 2026 | Domino's Pizza (NASDAQ: DPZ) — pizza delivery/franchising — fails: debt ~49.3% of market cap (over the 33% ceiling); interest income ~0.2% of revenue. |
| Yum China | YUMC · NYSE | PASS | Oct 2026 | Yum China Holdings, Inc. (NYSE: YUMC) - PASS: KFC/Pizza Hut China operator (18,101 restaurants at Dec 31, 2025; FY2025 revenue $11,797M) with no haram segments - some restaurants sell alcoholic beverages, assessed as incidental; interest-bearing debt $30M about 0.21% of ~$14.03B mktcap (33% ceiling); interest income $92M about 0.78% of FY2025 revenue. Note: $1.2B bridge loan drawn Aug 2026 for Pizza Hut China brand acquisition - pro-forma debt still ~8.77%. Zoya: not Shariah-compliant; Musaffa: NOT HALAL (Oct 2026) - both disagree with this PASS. |
| Darden Restaurants | DRI · NYSE | FAIL | Oct 2026 | Darden Restaurants (NYSE: DRI) — full-service restaurant operator (Olive Garden, LongHorn Steakhouse, Yard House) — fails: alcohol is 10.0% of FY2026 sales per its 10-K; debt ~10.4% of market cap, interest income ~0.02% of revenue. |
| Paychex | PAYX · NASDAQ | PASS | Oct 2026 | Paychex (NASDAQ: PAYX) — payroll/HR outsourcing (Rochester, NY) — passes: debt ~13.1% of market cap, interest on client funds ~3.1% of revenue. |
| Take-Two Interactive | TTWO · NASDAQ | PASS | Oct 2026 | Take-Two Interactive (NASDAQ: TTWO) — video-game publisher (Rockstar Games, 2K, Zynga) — passes: debt ~6.7% of market cap, interest income ~1.5% of revenue. |
| The Trade Desk | TTD · NASDAQ | PASS | Oct 2026 | PASS — debt-free balance sheet (0.0% of ~$5.8B market cap) and interest income ~1.6% of revenue, both well under Shariah thresholds. |
| Alnylam | ALNY · NASDAQ | PASS | Oct 2026 | Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) - PASS: RNAi therapeutics (AMVUTTRA, ONPATTRO, GIVLAARI, OXLUMO); no haram segments. Debt $1,011M about 2.98% of ~$33.9B mktcap (Oct 2026). Interest income $28.1M on $1,291M Q2 2026 revenue, ~2.18%, below the 5% ceiling. Musaffa: HALAL; Zoya: Shariah-compliant. |
| FIS | FIS · NYSE | FAIL | Oct 2026 | Fidelity National Information Services, Inc. (NYSE: FIS) - FAIL on debt gate only: fintech (Banking Solutions core-banking software, Capital Market Solutions); business clean. Debt $21,174M about 124.0% of ~$17.07B mktcap (Oct 2026). Interest income ~0.22% (Zoya: not compliant; Musaffa: NOT HALAL). |
| WEC Energy Group | WEC · NYSE | FAIL | Oct 2026 | WEC Energy Group, Inc. (NYSE: WEC) - FAIL on debt gate only: Milwaukee-based regulated electric/gas utility holding company (We Energies, WPS, Peoples Gas, NSG, MGU, MERC, UMERC; We Power; WEC Infrastructure renewables); business clean. Debt $21,942.2M about 65.12% of ~$33.7B mktcap (Oct 2026). Interest income $0 (Zoya: FY2025 revenue $9,800.1M). Musaffa rates it NOT HALAL (Oct 2026). Material: Q2 2026 EPS $0.91; 2026 EPS guidance $5.51-5.61; quarterly dividend $0.9525. |
| TE Connectivity | TEL · NYSE | PASS | Oct 2026 | TE Connectivity plc (NYSE: TEL) - PASS: industrial connectivity and sensor products (Transportation + Industrial Solutions); no haram segments. Debt $5,632M about 9.2% of ~$61.2B mktcap (Oct 2026). Interest income $21M on $5,160M Q3 sales, ~0.41%, below the 5% ceiling. Musaffa rates HALAL (Oct 2026). |
| Entergy | ETR · NYSE | FAIL | Oct 2026 | Entergy Corporation (NYSE: ETR) - FAIL: regulated electric utility (Arkansas, Louisiana, Mississippi, Texas) with no haram segments; interest-bearing debt $30,934.9M about 65.83% of ~$46.99B mktcap (breaches 33% ceiling); interest income $317,348K about 2.45% of FY2025 revenue $12,946,686K. Zoya: not Shariah-compliant; Musaffa: NOT HALAL (Oct 2026). |
| Con Edison (Consolidated Edison, Inc.) | ED · NYSE | FAIL | Oct 2026 | Consolidated Edison, Inc. (NYSE: ED) - FAIL on debt gate only: NYC-area regulated electric/gas/steam utility (CECONY, O&R, Con Edison Transmission); business clean. Debt $27,814M about 73.21% of ~$38.0B mktcap (Oct 2026). Interest income ~0.37% (Zoya: $63M FY2025 on $16,918M revenue). Musaffa rates it NOT HALAL (Oct 2026). Material: sold Mountain Valley Pipeline stake H1 2026 ($189M gain); 2026 adjusted EPS guidance $6.00-6.20; dividend $0.89/quarter. |
| Ford (F) | F · NYSE | FAIL | Oct 2026 | Ford Motor Company (NYSE: F) - FAIL: global automaker (Ford Blue, Model e, Ford Pro) with Ford Credit captive financing/leasing segment (about 7.5% of revenue, about 55% of assets). Total interest-bearing debt about $161.0B is about 326.5% of ~$49.3B mktcap (Oct 2026) vs ~33% ceiling - Ford Credit debt alone $137.3B is about 278.6%. Separately disclosed interest income $609M is about 0.67% of revenue (under 5%). Zoya: not Shariah-compliant; Musaffa: NOT HALAL (Oct 2026). Material: Q2 2026 net loss $1.3B on $4.2B pre-tax special items (BlueOval SK JV disposition); FY2026 adjusted EBIT guidance raised to $10-11B (Jul 2026); Dec 2025 $19.5B EV writedown. |
| Cognizant | CTSH · NASDAQ | PASS | Oct 2026 | Cognizant Technology Solutions Corporation (NASDAQ: CTSH) - PASS: IT consulting/technology services (no haram segments). Interest-bearing debt ~$1.56B is ~5.36% of ~$29.1B mktcap vs ~33% ceiling (Q2 2026 10-Q, Jun 30, 2026). Interest income ~0.33% of revenue vs 5% ceiling. Zoya: Shariah-compliant; Musaffa: NOT HALAL (Oct 2026). |
| Kroger | KR · NYSE | FAIL | Oct 2026 | The Kroger Co. (NYSE: KR) - FAIL: one of the largest U.S. grocery retailers (2,697 stores, single retail-operations segment) with no haram segments; debt $16,997M is about 47.59% of ~$35.71B mktcap, above the ~33% ceiling; interest income ~$199M = 0.13% of FY2025 revenue $147,642M. Cincinnati, Ohio. |
| Yum! Brands | YUM · NYSE | PASS | Oct 2026 | Yum! Brands, Inc. (NYSE: YUM) - PASS: global QSR franchisor (KFC, Taco Bell, Habit Burger; Pizza Hut sold ~Sep 1, 2026); ~64,000 restaurants in 150+ countries, ~97% franchised; business clean. Debt $12,275M about 32.05% of ~$38.3B mktcap ($136.69, Oct 2, 2026) - tight margin. Interest-related income ~0.14% ($6M H1 2026 / $4,228M revenue; Zoya records $0 FY2025). NOTE: Zoya rates not Shariah-compliant; Musaffa rates NOT HALAL (Oct 2026, AAOIFI); ShariaPortfolio does not appear to cover YUM - third-party ratings differ from this screen's computed result. |
| PG&E Corporation | PCG · NYSE | FAIL | Oct 2026 | PG&E Corporation (NYSE: PCG) - FAIL on the debt gate: California regulated electric and gas utility (Pacific Gas and Electric Company; business clean, no haram segments). Interest-bearing debt $64,218M is about 243.07% of its ~$26.42B market cap - far over the ~33% ceiling. Interest income $223M is about 1.74% of six-month revenue ($12,783M) - under the 5% ceiling. Zoya: not Shariah-compliant; Musaffa: Not Halal; ShariaPortfolio: no coverage found. |
| AIG (American International Group, Inc.) | AIG · NYSE | FAIL | Oct 2026 | American International Group, Inc. (NYSE: AIG) - FAIL: global P&C insurer; total net investment income $4,215m about 15.7% of FY2025 revenue $26,775m (over the 5% ceiling); debt $8,963m about 23.2% of ~$38.7B mktcap (under the ~33% ceiling); business gate passes. Zoya and Musaffa both rate it not Shariah-compliant; ShariaPortfolio has no verifiable coverage. |
| Dominion Energy (Dominion Energy, Inc.) | D · NYSE | FAIL | Oct 2026 | Dominion Energy, Inc. (NYSE: D) - FAIL: regulated electric/gas utility (Virginia, South Carolina, Contracted Energy) with no haram segments; interest-bearing debt $48,941M about 91.31% of ~$53.6B mktcap (breaches 33% ceiling); interest income $139M about 0.84% of FY2025 revenue $16,506M. Zoya: not Shariah-compliant; Musaffa: NOT HALAL. |
| Infosys (Infosys Limited) | INFY · NYSE | PASS | Oct 2026 | Infosys Limited (NYSE: INFY) - PASS: global IT services/consulting/outsourcing (software services 95.2%, products and platforms 4.8% of FY2026 revenue $20.2B) with no haram segments; zero outstanding borrowings (debt about 0.0% of ~$44.89B mktcap); interest income from investments $305M approx 1.51% of revenue $20.2B. Note: Zoya rates INFY compliant while Musaffa rates it not halal (both Oct 2026) - genuine third-party disagreement. |
| MPLX LP | MPLX · NYSE | FAIL | Oct 2026 | MPLX LP (NYSE: MPLX) - FAIL on the debt gate: midstream MLP sponsored by Marathon Petroleum (crude/product pipelines, marine, terminals, gas gathering/processing, NGL fractionation; business clean). Interest-bearing debt $25,640M is about 43.86% of its ~$58.46B market cap - over the ~33% ceiling. Interest income $68M is about 0.52% of FY2025 revenue ($12,998M) - under the 5% ceiling. Zoya: not Shariah-compliant; Musaffa: Not Halal; ShariaPortfolio: not compliant ('fails the financial ratios'). |
| General Motors (GM) | GM · NYSE | FAIL | Oct 2026 | General Motors Company (NYSE: GM) - FAIL: automaker (Buick, Cadillac, Chevrolet, GMC) with GM Financial captive lending segment (about 9% of revenue, $3,972M finance charge income H1 2026). Total interest-bearing debt about $127.7B is about 180.5% of ~$70.76B mktcap (Oct 2026) vs ~33% ceiling. Interest-based income ~4.33% of revenue (under 5%). Zoya: not Shariah-compliant; Musaffa: NOT HALAL (Oct 2026). Material: raised FY2026 EBIT-adjusted guidance to $14-16B (Jul 2026); Q2 net income fell 31% YoY to $1.3B on special strategic adjustments. |
| Enterprise Products Partners | EPD · NYSE | FAIL | Oct 2026 | Enterprise Products Partners L.P. (NYSE: EPD) — FAIL: debt ~$33.5B ≈ 42.23% of ~$79.4B mktcap exceeds the ~33% ceiling; midstream MLP business passes the activity screen; interest income ~0.05% of revenue passes. Zoya: not Shariah-compliant; Musaffa: not halal. |
| Phillips 66 | PSX · NYSE | PASS | Oct 2026 | Phillips 66 (NYSE: PSX) - PASS: downstream energy (Midstream, Chemicals, Refining, M&S, Renewable Fuels) with no haram segments; $20,565M interest-bearing debt is ~20.3% of the ~$101.2B market cap (Jun 30, 2026 10-Q); interest income $81M is ~0.16% of Q2 revenue. Zoya: not Shariah-compliant (Sep 2026); Musaffa: NOT HALAL (Oct 2026) - disagreement disclosed. |
| Sanofi | SNY · NASDAQ | PASS | Oct 2026 | Sanofi (NASDAQ: SNY) - PASS: French biopharmaceutical group (immunology, specialty care, general medicines, vaccines); no haram segments disclosed in its FY2025 20-F. Debt €18,590M (~24.2% of ~$86.37B market cap); interest income €320M is ~0.68% of €46,716M revenue (under 5%). Zoya: Shariah-compliant; Musaffa: halal (Oct 2026). |
| British American Tobacco | BTI · NYSE | FAIL | Oct 2026 | British American Tobacco (NYSE: BTI) - FAIL: tobacco/nicotine is the core business (combustibles £20.2bn = ~79% of £25.6bn revenue; Vuse, glo, Velo also nicotine). Borrowings £34.5bn (ex-lease) ≈ 51.1% of ~$90.9B market cap (over 33%). Finance income £214m = 0.84% of revenue (under 5%). Zoya: not Shariah-compliant; Musaffa: not halal (Oct 2026). |
| Novo Nordisk | NVO · NYSE | PASS | Oct 2026 | Novo Nordisk (NYSE: NVO) - PASS: Danish diabetes/obesity pharmaceuticals (Ozempic, Wegovy; ~94% of sales); no haram segments in filings. Interest-bearing debt DKK 130,958M (excl. leases) is about 12.0% of ~$171B market cap; interest income DKK 1,269M is about 0.41% of DKK 309,064M revenue (under 5%). Zoya: Shariah-compliant; Musaffa: halal (Oct 2026). |
| Alibaba | BABA · NYSE | PASS | Oct 2026 | Alibaba (NYSE: BABA) - PASS: e-commerce (Taobao, Tmall, AliExpress), cloud/AI, logistics, digital media; no haram operating segments in the FY2026 20-F. Interest-bearing debt ~$37.7B is ~13.8% of ~$272.9B market cap; separately disclosed interest income RMB 18,806M is ~1.84% of revenue (under 5%). Disclosed: 33% equity stake in Ant Group (fintech associate). Third parties split: Musaffa not halal (Oct 2026); ShariaPortfolio compliant (2/5); Zoya page ambiguous. |
| Coupang | CPNG · NYSE | PASS | Oct 2026 | Coupang (NYSE: CPNG) - PASS: South Korean e-commerce (Rocket Delivery, Eats, Play, Coupang Pay); no material haram segments in filings. Debt $2,603M is about 10.5% of ~$24.9B market cap (under the 33% ceiling); interest income $86M is about 0.50% of $17,360M revenue (under 5%). Musaffa: halal (Oct 2026); Zoya: halal (app). |
| Williams-Sonoma | WSM · NYSE | PASS | Oct 2026 | Williams-Sonoma (NYSE: WSM) - PASS: digital-first home retailer (Pottery Barn, West Elm, Williams Sonoma); no haram segments in filings. Zero interest-bearing debt (0.0% of ~$27.5B market cap); interest income $36.8M is about 0.47% of $7,806.8M revenue (under 5%). Zoya: compliant (Sep 2026); Musaffa: halal (Oct 2026). |
| VeriSign | VRSN · NASDAQ | PASS | Oct 2026 | VeriSign (NASDAQ: VRSN) - PASS: .com/.net domain registry and internet infrastructure; no haram segments in filings. Debt $2,334.4M is about 9.3% of ~$25.2B market cap (under the 33% ceiling); interest income $10.2M is about 1.2% of $863.5M revenue (under 5%). Musaffa: halal (Sep 2026). |
| RDDT · NYSE | PASS | Oct 2026 | Reddit (NYSE: RDDT) - PASS: social platform (advertising ~95%, data/API licensing); no haram segments in filings. Zero drawn debt (0.0% of ~$27.5B market cap); net interest income $86.7M is about 3.94% of $2,202.5M revenue (under 5%; net-line basis disclosed). Musaffa: doubtful; Zoya: questionable; ShariaPortfolio: compliant. | |
| Crown Castle | CCI · NYSE | FAIL | Oct 2026 | Crown Castle (NYSE: CCI) - FAIL: pure-play US cell-tower operator (~40,000 towers; fiber/small-cell sold May 2026); no haram segments in filings. Debt $18,239M is about 64.4% of ~$28.3B market cap (over the 33% ceiling); interest income $22M is about 1.1% of $2,018M revenue (under 5%). Zoya/ShariaPortfolio: not compliant. |
| Kraft Heinz | KHC · NYSE | FAIL | Oct 2026 | Kraft Heinz (NYSE: KHC) - FAIL: packaged food and beverages (Kraft, Heinz, Oscar Mayer); no haram business lines in filings; listed on NYSE since Sep 14, 2026. Debt $21,219M is about 76.1% of ~$27.9B market cap (over the 33% ceiling); interest income $122M is about 0.49% of $24,942M revenue (under 5%). Zoya: not compliant. |
| United Airlines | UAL · NASDAQ | FAIL | Oct 2026 | United Airlines (NASDAQ: UAL) - FAIL: scheduled passenger air transport and cargo; no haram segments in filings. Debt $26,464M is about 72.4% of ~$36.6B market cap (over the 33% ceiling); interest income $284M is about 0.88% of $32,280M revenue (under 5%). Zoya: not compliant (Sep 2026). |
| Expedia Group | EXPE · NASDAQ | PASS | Oct 2026 | Expedia Group (NASDAQ: EXPE) - PASS: global travel marketplace (Expedia, Hotels.com, Vrbo, B2B, trivago); no haram segments in filings. Debt $6,161M is about 19.6% of ~$31.4B market cap (under the 33% ceiling); interest income $255M is about 1.73% of $14,733M revenue (under 5%). Zoya/Musaffa: not compliant - differing third-party positions. |
| Biogen | BIIB · NASDAQ | PASS | Oct 2026 | Biogen (NASDAQ: BIIB) - PASS: biopharmaceutical therapies for neurological diseases (MS, Alzheimer's Leqembi, SMA); no haram segments in filings. Debt $8,090.2M is about 24.3% of ~$33.4B market cap (under the 33% ceiling); interest income $125.0M is about 1.3% of $9,890.6M revenue (under 5%). Zoya: compliant; Musaffa: halal (Sep 2026). |
| Baidu | BIDU · NASDAQ | FAIL | Oct 2026 | Baidu (NASDAQ: BIDU) - FAIL: AI company with strong internet foundation; iQIYI streaming is ~21% of revenue (material entertainment). Debt RMB 99,794M (~$14.7B) is about 50.9% of ~$28.9B market cap (over the 33% ceiling); interest income RMB 8,602M is about 6.66% of RMB 129,079M revenue (over 5%). Zoya: not compliant; Musaffa: Not Halal. |
| Vistra | VST · NYSE | FAIL | Oct 2026 | Vistra (NYSE: VST) - FAIL: power generation and retail electricity (TXU Energy etc.); no haram segments in filings. Debt $19,595M is about 41.8% of ~$46.9B market cap (over the 33% ceiling); interest income $11M is about 0.11% of $9,657M revenue (under 5%). Zoya: not Shariah-compliant (Sep 2026). |
| Realty Income | O · NYSE | FAIL | Oct 2026 | Realty Income (NYSE: O) - FAIL: net-lease REIT (15,588 properties); gaming tenants 3.1% of rent; REIT operates no haram business itself. Debt $30,991M is about 59.4% of ~$52.2B market cap (over the 33% ceiling); interest income $308.2M is about 5.36% of $5,749.4M revenue (over 5%). |
| Republic Services | RSG · NYSE | PASS | Oct 2026 | Republic Services (NYSE: RSG) - PASS: waste collection, recycling, and environmental services (377 collection ops, 207 landfills); no haram segments in filings. Debt $13,581M is about 21.0% of ~$64.6B market cap (under the 33% ceiling); interest income $8M is about 0.05% of $16,591M revenue (under 5%). |
| EOG Resources | EOG · NYSE | PASS | Oct 2026 | EOG Resources (NYSE: EOG) - PASS: oil and gas exploration and production (Permian, Eagle Ford, Trinidad); no haram segments in filings. Debt $7,936M is about 10.7% of ~$74.2B market cap (under the 33% ceiling); interest income $210M is about 0.93% of $22,632M revenue (under 5%). Zoya: Shariah-compliant (Sep 2026); ShariaPortfolio: compliant. |
| Old Dominion Freight Line | ODFL · NASDAQ | PASS | Oct 2026 | Old Dominion Freight Line (NASDAQ: ODFL) -- PASS: North American less-than-truckload motor carrier -- no haram business segments; interest income $4.145M is 0.08% of $5,496.389M revenue (under 5%); debt $141.442M (long-term debt $39.995M + lease liabilities $101.447M) is 0.38% of ~$37.12B mktcap (passes). Zoya: Shariah-compliant; Musaffa: halal (Oct 2026); ShariaPortfolio: no coverage found. |
| Humana | HUM · NYSE | FAIL | Oct 2026 | Humana (NYSE: HUM) -- FAIL: conventional health insurer (Insurance + CenterWell segments; ~15M medical members; ~83% of 2025 revenue from federal government contracts) -- conventional insurance fails the business screen; investment income $1,006M is 0.78% of $129,664M revenue (passes); debt $12.4B is 26.88% of ~$46.0B mktcap (passes). Zoya: not compliant; Musaffa: not halal; ShariaPortfolio: no coverage found. |
| AutoZone | AZO · NYSE | PASS | Oct 2026 | AutoZone (NYSE: AZO) -- PASS: auto parts retailer/distributor (6,627 U.S. stores, 883 Mexico, 147 Brazil); no haram segments. Interest income $10.972M is 0.06% of $18,938.7M revenue (passes). Debt $12.58B (long-term debt + lease liabilities) is 26.82% of ~$46.89B mktcap (passes). Zoya: Shariah-compliant; Musaffa: halal (Oct 2026); ShariaPortfolio: no coverage found. |
| State Street | STT · NYSE | FAIL | Oct 2026 | State Street (NYSE: STT) -- FAIL: bank holding company / trust and custody bank -- conventional banking fails the business screen; interest income $11,644M is 83.51% of $13,944M revenue (over 5%); borrowings $29.8B are 61.24% of ~$48.7B mktcap (over ~33%). Zoya: not Shariah-compliant; Musaffa: not halal; ShariaPortfolio: no coverage found. |
| Nucor | NUE · NYSE | PASS | Oct 2026 | Nucor (NYSE: NUE) -- PASS: steel manufacturer (steel mills, steel products, raw materials) -- permissible business; interest income $111M is 0.34% of $32,494M revenue (under 5%); debt $8.1B is 15.02% of ~$53.75B mktcap (under ~33%). Zoya: compliant; Musaffa: halal (Oct 2026); ShariaPortfolio: Shariah Compliant 5/5. |
| CRH | CRH · NYSE | FAIL | Oct 2026 | CRH (NYSE: CRH) -- FAIL: debt $19,171M (incl. $1,518M operating leases) is 35.11% of ~$54.60B mktcap (over ~33%); business is building materials (passes); interest income $146M is 0.39% of $37,447M revenue (passes). Musaffa: halal; ShariaPortfolio: compliant 5/5; Zoya: status not determinable (blank assessment date). |
| Dexcom | DXCM · NASDAQ | PASS | Oct 2026 | Dexcom (NASDAQ: DXCM) -- PASS: medical device maker (continuous glucose monitoring: Dexcom G7, G7 15 Day, Stelo) -- no non-compliant business segments; interest and dividend income $112.7M is 2.42% of $4,662.0M revenue (under 5%); debt $1,396.4M is 4.21% of ~$33.19B mktcap (under 33%). Zoya: Shariah-compliant; Musaffa: halal (Oct 2026); ShariaPortfolio: no coverage found. |
| Roblox | RBLX · NYSE | PASS | Oct 2026 | Roblox (NYSE: RBLX) -- PASS: immersive gaming/creation platform (Robux virtual currency) -- not a gambling, lending, insurance, alcohol, pork, tobacco, or weapons business (filing discloses loot-box/social-casino gambling-adjacent risk factors and litigation); interest income $201.6M is 4.12% of $4,890.6M revenue (under 5%); debt $1,636.5M is 5.37% of ~$30.47B mktcap (under ~33%). Musaffa: halal (Oct 2026); ShariaPortfolio: Shariah Compliant; Zoya: covers RBLX, status unconfirmed. |
| ResMed | RMD · NYSE | PASS | Oct 2026 | ResMed (NYSE: RMD) -- PASS: medical devices and digital health (CPAP, ventilation, sleep-apnea equipment, connected-care software) -- no non-compliant segments; interest income $4.1M is 0.08% of $5,146.3M revenue (under 5%); debt $851.8M is 2.63% of ~$32.38B mktcap (under 33%). Zoya: Shariah-compliant; Musaffa: halal (Oct 2026); ShariaPortfolio: no coverage found. |
| Hershey | HSY · NYSE | PASS | Oct 2026 | Hershey (NYSE: HSY) -- PASS: confectionery and salty-snacks maker, no haram segments; interest income $34.6M is 0.30% of $11,692.6M net sales (under 5%); debt $5,403M is 16.73% of ~$32.29B mktcap (under ~33%). Zoya: Shariah-compliant; Musaffa: halal; ShariaPortfolio: no coverage found. |
| Keurig Dr Pepper | KDP · NASDAQ | FAIL | Oct 2026 | Keurig Dr Pepper (NASDAQ: KDP) -- FAIL: beverage company (Gate 1 passes; no alcohol brands) -- interest-bearing debt $17,956M is 43.06% of ~$41.70B mktcap (over 33%); non-compliant income 0.00% of $16,603M revenue (passes). Zoya: not compliant; Musaffa: not halal; ShariaPortfolio: no coverage found. |
| eBay | EBAY · NASDAQ | PASS | Oct 2026 | eBay (NASDAQ: EBAY) -- PASS: global online marketplace; no lending/insurance/haram core business -- Gate 1 passes; interest income $271M is 2.44% of $11,100M revenue (under 5%); debt $6,746M is 14.22% of ~$47.44B mktcap (under ~33%). Zoya: no clear status on page; Musaffa: doubtful (Oct 2026); ShariaPortfolio: no coverage found. |
| Edwards Lifesciences | EW · NYSE | PASS | Oct 2026 | Edwards Lifesciences (NYSE: EW) -- PASS: structural heart device maker (TAVR 74%, Surgical 17%, TMTT 9%; Critical Care divested 2024) -- no non-compliant segments; interest income $168.8M is 2.78% of $6,067.6M revenue (under 5%); debt $705.4M is 1.43% of ~$49.48B mktcap (under ~33%). Zoya: Shariah-compliant; Musaffa: halal (Oct 2026); ShariaPortfolio: no coverage found. |
| Cardinal Health | CAH · NYSE | PASS | Oct 2026 | Cardinal Health (NYSE: CAH) -- PASS: global pharma distributor and medical-products maker; no non-compliant business lines. Debt $9,948M (incl. $1,062M operating leases) is 18.59% of ~$53.51B mktcap (under 33%); only disclosed non-operating income line $31M is 0.01% of $254,248M revenue (under 5%); interest income not separately stated. Zoya: compliant; Musaffa: halal; ShariaPortfolio: compliant 5/5. |
| Verisk Analytics | VRSK · NASDAQ | PASS | Oct 2026 | Verisk Analytics (NASDAQ: VRSK) -- PASS: insurance-ecosystem data/analytics/technology provider (not a conventional insurer) passes the business screen; 'Investment income and others, net' $13.3M is 0.43% of $3,072.7M revenue (passes); debt $4,737.2M is 20.39% of ~$23.23B mktcap (passes). Zoya: questionable (not halal); Musaffa: not halal (Oct 2026); ShariaPortfolio: no coverage found. |
| Xylem | XYL · NYSE | PASS | Oct 2026 | Xylem (NYSE: XYL) -- PASS: global water technology (4 segments: Water Infrastructure, Applied Water, Measurement & Control, Water Solutions & Services) -- no non-compliant business; interest income $27M is 0.30% of $9,035M revenue (under 5%); debt $2.07B is 8.43% of ~$24.53B mktcap (under ~33%). Zoya: Shariah-compliant; Musaffa: halal (Oct 2026); ShariaPortfolio: Shariah Compliant 5/5. |
| Otis Worldwide | OTIS · NYSE | PASS | Oct 2026 | Otis Worldwide (NYSE: OTIS) -- PASS: elevators/escalators manufacturing and service (permissible business; no haram segments); $7,956M debt is 31.74% of ~$25.06B mktcap (passes, tight); no separate interest income disclosed for FY2025 -- 0.00% of $14,431M revenue (passes). Zoya: not compliant; Musaffa: halal (Oct 2026); ShariaPortfolio: no coverage found. |
| Ares Management | ARES · NYSE | PASS | Oct 2026 | Ares Management (NYSE: ARES) -- PASS: alternative asset manager ($622.5B AUM) -- core business is managing third-party funds, not conventional banking/lending/insurance; interest & dividend income $47.451M is 0.85% of $5,601.482M revenue (under 5%); debt $3,941M is 15.31% of ~$25.75B mktcap (under ~33%). Zoya: not compliant; Musaffa: not halal; ShariaPortfolio: no coverage. |
| Fortive | FTV · NYSE | PASS | Oct 2026 | Fortive (NYSE: FTV) -- PASS: industrial technology (Intelligent Operating Solutions + Advanced Healthcare Solutions; defense-exposed Precision Technologies spun off to Ralliant Jun 2025) -- no haram business lines; no interest income disclosed ($0 per Zoya) = 0.00% of $4,159.1M revenue (under 5%); debt $3,206.0M is 18.65% of ~$17.19B mktcap (under 33%). Zoya: Shariah-compliant; Musaffa: halal (Oct 2026); ShariaPortfolio: no coverage found. |
| Teledyne Technologies | TDY · NYSE | PASS | Oct 2026 | Teledyne Technologies (NYSE: TDY) -- PASS: sensors/imaging/instrumentation maker -- not an arms manufacturer; debt $2,475.4M is 8.73% of ~$28.37B mktcap (passes); no separate interest income disclosed, 0.00% of $6,115.4M revenue (passes). Note: ~25.5% of sales U.S. Government-related. Zoya: not Shariah-compliant; Musaffa: doubtful; ShariaPortfolio: no coverage. |
| Ingersoll Rand | IR · NYSE | PASS | Oct 2026 | Ingersoll Rand (NYSE: IR) -- PASS: industrial flow-creation equipment maker (compressors, pumps, vacuum, power tools) -- no non-compliant business activity; debt $4.78B is 16.24% of ~$29.47B mktcap (passes); interest income $30.0M is 0.39% of $7,650.9M revenue (passes). Zoya: Shariah-compliant; Musaffa: halal (Oct 2026); ShariaPortfolio: no coverage found. |
| AMETEK | AME · NYSE | PASS | Oct 2026 | Electronic instruments maker AMETEK clears all three screens: 4.00% debt-to-market-cap and 0.07% non-compliant income. |
| Prudential Financial | PRU · NYSE | FAIL | Oct 2026 | Prudential Financial (NYSE: PRU) -- FAIL: conventional life insurer/annuity underwriter -- conventional insurance fails the business screen; debt $20.3B is 51.56% of ~$39.37B mktcap (over 33%); net investment income $21,473M is 35.33% of $60,774M revenue (over 5%). Zoya: not compliant; Musaffa: not halal; ShariaPortfolio: not compliant. |
| Rockwell Automation | ROK · NYSE | PASS | Oct 2026 | Rockwell Automation (NYSE: ROK) -- PASS: industrial automation and digital transformation (hardware, software, lifecycle services); debt $3.2B is 6.49% of ~$49.68B mktcap (under 33%); interest income $13M is 0.16% of $8.3B sales (under 5%). Musaffa: halal; Zoya: covered, rating ambiguous; ShariaPortfolio: no coverage found. |
| Devon Energy | DVN · NYSE | PASS | Oct 2026 | Devon Energy (NYSE: DVN) -- PASS: independent oil & gas E&P -- business screen passes; interest income $56M is 0.33% of $17,188M revenue (under 5%); debt $8.4B is 28.69% of ~$29.24B mktcap (under ~33%). Caveat: May 2026 Coterra merger post-dates FY2025 figures. Zoya: compliant; Musaffa: not halal (Oct 2026); ShariaPortfolio: compliant. |
| Diamondback Energy | FANG · NASDAQ | PASS | Oct 2026 | Diamondback Energy (NASDAQ: FANG) -- PASS: Permian Basin oil & gas E&P, midstream, and mineral royalties -- no non-compliant segments; interest income $25M is 0.17% of $15,026M revenue (passes); debt $14,489M is 27.69% of ~$52.33B mktcap (passes, under 33%). Zoya: unreadable page; Musaffa: not halal (Oct 2026); ShariaPortfolio: no page found. |
| Public Storage | PSA · NYSE | PASS | Oct 2026 | Public Storage (NYSE: PSA) -- PASS: self-storage REIT -- renting self-storage space is a permissible business activity; interest income $36.617M is 0.76% of $4,824.113M revenue (under 5%); notes payable $10.25B is 20.57% of ~$49.84B mktcap (under ~33%). Zoya: not compliant; Musaffa: not halal; ShariaPortfolio: no coverage found. |
| ONEOK | OKE · NYSE | FAIL | Oct 2026 | ONEOK (NYSE: OKE) -- FAIL: midstream energy services (business screen passes; ~90% fee-based earnings) -- interest-bearing debt $32.8B is 59.78% of ~$54.9B mktcap (over 33%); interest income $33M is 0.10% of $33,629M revenue (passes). Zoya: not Shariah-compliant; Musaffa: not halal; ShariaPortfolio: no coverage found. |
| Occidental Petroleum | OXY · NYSE | FAIL | Oct 2026 | Occidental Petroleum (NYSE: OXY) -- FAIL: international oil & gas producer (Houston; Permian/DJ/Gulf of America/Oman; midstream & marketing; OxyChem sold to Berkshire Jan 2026) -- business and non-compliant income gates pass; debt $22.4B is 39.26% of ~$57.05B mktcap (over ~33%); interest/dividends/other income $219M is 0.99% of $22,075M revenue. Zoya: not compliant; Musaffa: halal (Oct 2026); ShariaPortfolio: no coverage found. |
| Cheniere Energy | LNG · NYSE | FAIL | Oct 2026 | Cheniere Energy (NYSE: LNG) -- FAIL: LNG producer/exporter (Sabine Pass + Corpus Christi terminals) -- passes the business screen; interest and dividend income $106M is 0.54% of $19,632M revenue (passes); but interest-bearing debt $22,813M ($22,507M long-term + $306M current) is 39.88% of ~$57.20B mktcap (over 33%). Zoya: not compliant; Musaffa: not halal; ShariaPortfolio: not compliant (fails financial ratios). |
| Truist Financial | TFC · NYSE | FAIL | Oct 2026 | Truist Financial (NYSE: TFC) -- FAIL: bank holding company (Truist Bank, a top-10 U.S. commercial bank) -- conventional interest-based banking/lending fails the business screen; interest-bearing debt $69.8B is 120.74% of ~$57.81B mktcap (over 33%); interest income $24,542M is 80.63% of gross revenue (over 5%). Zoya: not Shariah-compliant; Musaffa: not halal (Oct 2026); ShariaPortfolio: no coverage found. |
| Arthur J. Gallagher | AJG · NYSE | FAIL | Oct 2026 | Arthur J. Gallagher (NYSE: AJG) -- FAIL: insurance brokerage fails the business screen (87% of FY2025 revenue from commissions/fees on conventional insurance placements); interest income + premium finance line $769M is 5.52% of $13,942M revenue (over 5%); debt $13,616M is 22.85% of ~$59.6B mktcap (passes). Zoya: not compliant; Musaffa: not halal; ShariaPortfolio: no coverage. |
| Simon Property Group | SPG · NYSE | FAIL | Oct 2026 | Simon Property Group (NYSE: SPG) -- FAIL: mall/outlet REIT passes the business screen, but debt $29.19B is 44.73% of ~$65.25B mktcap (over ~33%); interest-bearing Other income $380.9M is 5.99% of $6,364.5M revenue (over 5%). Zoya: not compliant; Musaffa: not halal; ShariaPortfolio: no coverage found. |
| Digital Realty | DLR · NYSE | PASS | Oct 2026 | Digital Realty Trust (NYSE: DLR) -- PASS: data center REIT -- no non-compliant business segments in Item 1; Other income, net $161,052K is 2.63% of $6,112,692K revenue (under 5%); debt ~$19.66B is 32.41% of ~$60.64B mktcap (under 33%, close). Zoya: Shariah-compliant (assessment date blank, Oct 2026); Musaffa: not halal (Oct 2026); ShariaPortfolio: not compliant (fails financial ratios). |
| Kinder Morgan | KMI · NYSE | FAIL | Oct 2026 | Kinder Morgan (NYSE: KMI) -- FAIL: energy infrastructure (natural gas pipelines, products pipelines, terminals, CO2) passes the business screen; interest-bearing debt $33,002M is 48.59% of ~$67.92B mktcap (over ~33%); non-compliant income ~0.00% of $16,937M revenue (passes). Zoya: not compliant; Musaffa: not halal; ShariaPortfolio: not compliant (fails financial ratios). |
| Norfolk Southern | NSC · NYSE | PASS | Oct 2026 | Norfolk Southern (NYSE: NSC) -- PASS: freight rail transportation passes the business screen; interest income $0 on $12,180M revenue (0%, under 5%); debt $17,087M is 24.52% of ~$69.68B mktcap (under ~33%). Zoya: compliant; Musaffa: halal (Oct 2026); ShariaPortfolio: no coverage found. |
| Cummins | CMI · NYSE | PASS | Oct 2026 | Cummins (NYSE: CMI) -- PASS: industrial engine/power-systems manufacturer -- no haram business; interest income $211M is 0.63% of $33,670M sales (under 5%); debt $8,114M is 11.36% of ~$71.43B mktcap (under 33%). Zoya: covers, interest income 0.63% disclosed; Musaffa: halal (Oct 2026); ShariaPortfolio: Shariah Compliant 5/5. |
| PNC Financial Services | PNC · NYSE | FAIL | Oct 2026 | PNC Financial Services (NYSE: PNC) -- FAIL: conventional bank -- core business is conventional banking/lending, fails the business screen; interest income $25,307M is 109.56% of $23,099M revenue (over 5%); debt $59.0B is 66.30% of ~$89.0B mktcap (over 33%). Zoya: not compliant; Musaffa: not halal; ShariaPortfolio: no coverage found. |
| MetLife | MET · NYSE | FAIL | Oct 2026 | MetLife (NYSE: MET) - FAIL: conventional life/annuity/health insurer (premiums ~64.6% of revenue) - business screen fails; net investment income 29.27% of revenue, far above the 5% ceiling; debt $14.8B is about 24.09% of ~$61.5B mktcap, below the 33% ceiling. Zoya: not Shariah-compliant; Musaffa: not halal. |
| Aflac | AFL · NYSE | FAIL | Oct 2026 | Aflac (NYSE: AFL) -- FAIL: conventional supplemental health/life insurer -- conventional insurance fails the business screen; net investment income $4,076M is 23.75% of $17,164M revenue (over 5%); debt $8.4B is 14.65% of ~$57.4B mktcap (passes). Zoya: not compliant; Musaffa: not halal; ShariaPortfolio: not compliant. |
| Allstate | ALL · NYSE | FAIL | Oct 2026 | Allstate (NYSE: ALL) - FAIL: core business is conventional P&C insurance (fails the business screen); net investment income $1,947M is 5.48% of $35,537M revenue (over 5%); debt $7.5B is 13.17% of ~$56.9B mktcap (passes). Zoya: not Shariah-compliant; Musaffa: not halal; ShariaPortfolio: not Shariah Compliant. |
| Travelers | TRV · NYSE | FAIL | Oct 2026 | Travelers (NYSE: TRV) — FAIL: conventional P&C insurer (Business / Bond & Specialty / Personal Insurance) — conventional insurance fails the business screen; net investment income $3,959M is 8.11% of $48.8B FY2025 revenue (over the 5% ceiling); debt $9.07B ≈ 12.02% of ~$75.4B mktcap passes. Zoya: not Shariah-compliant; Musaffa: NOT HALAL. |
| Becton Dickinson | BDX · NYSE | FAIL | Oct 2026 | Becton Dickinson (NYSE: BDX) - FAIL: interest-bearing debt of $16,808M (current debt $3,297M + long-term debt $13,511M, Q3 FY2026 10-Q) is about 34.65% of its ~$48.5B market cap ($178.07 close Oct 1, 2026; 272,386,800 shares) - above the ~33% ceiling. Business gate passes (medical technology only; Life Sciences spun off Feb 2026 and combined with Waters); interest income 0.11% of revenue passes. Zoya: not compliant; Musaffa: halal (Oct 2026); ShariaPortfolio: compliant (4/5 standards). |
| Zoetis | ZTS · NYSE | PASS | Oct 2026 | Zoetis (NYSE: ZTS) — PASS: animal-health company (companion animal ~70%, livestock ~29%) with no haram segments; interest-bearing debt $9,049M ≈ 31.02% of ~$29.17B mktcap (under the ~33% ceiling, tight headroom) and interest income 0.98% of revenue (under 5%). Musaffa: halal; Zoya: rating not legible; ShariaPortfolio: no rating found. |
| Cigna | CI · NYSE | FAIL* | Oct 2026 | Cigna (NYSE: CI) — FAIL: Cigna Healthcare is a conventional health-insurance business (premiums ~14% of revenue, above de minimis); debt $31.8B ≈ 44.88% of ~$70.8B mktcap, above the ~33% ceiling; net investment income 0.34% of revenue passes. Zoya: not Shariah-compliant; Musaffa: not halal. |
| Elevance Health | ELV · NYSE | FAIL | Oct 2026 | Elevance Health (NYSE: ELV) — FAIL: health insurer (premiums $82.3B in six months) — conventional insurance fails the business screen; debt $31.0B is 37.51% of ~$82.8B mktcap (over 33%); net investment income 1.46% of revenue (passes). Zoya: not compliant; Musaffa: not halal. |
| Cencora | COR · NYSE | PASS | Oct 2026 | Cencora (NYSE: COR) - PASS: pharma sourcing/distribution (U.S. Healthcare Solutions + International incl. Alliance Healthcare); no haram segments; debt $7.66B ~ 12.75% of ~$60B mktcap, interest income 0.04% of revenue. Musaffa: halal; Zoya: covers COR (rating unclear on page); ShariaPortfolio: no rating found. |
| Emerson | EMR · NYSE | PASS | Oct 2026 | Emerson (NYSE: EMR) — PASS: industrial automation and software — five reportable segments (Software & Systems incl. AspenTech, Intelligent Devices, Safety & Productivity), no prohibited business lines; debt $13.1B ≈ 14.83% of ~$88.5B mktcap and interest income 0.56% of revenue both pass. Zoya: Shariah-compliant; Musaffa: halal. |
| Carrier | CARR · NYSE | PASS | Oct 2026 | Carrier (NYSE: CARR) - PASS: HVAC/refrigeration pure play across 4 climate segments (Fire & Security divested 2024), no haram segments in the 10-K; debt $11,952M ~ 26.26% of ~$45.5B mktcap passes; interest income $94M = 0.43% of $21,747M revenue passes. Musaffa: halal (Oct 2026); Zoya page status blank. |
| Ecolab | ECL · NYSE | PASS | Oct 2026 | Ecolab (NYSE: ECL) - PASS: water, hygiene and infection prevention solutions across 4 segments (Global Water, Global Institutional & Specialty, Global Pest Elimination, Global Life Sciences) with no haram segments disclosed; debt $13.18B about 17.23% of ~$76.5B mktcap and interest income 0.40% of revenue both pass. Musaffa: halal (Oct 2026). |
| 3M | MMM · NYSE | PASS | Oct 2026 | 3M (NYSE: MMM) — PASS: diversified industrial manufacturer (Safety and Industrial, Transportation and Electronics, Consumer) with no haram segments disclosed in the 10-K; debt $12.6B ≈ 14.93% of ~$84.1B mktcap and interest income $232M ≈ 0.93% of FY2025 revenue both pass. Musaffa: halal (Oct 2026); no ShariaPortfolio coverage found. |
| Illinois Tool Works | ITW · NYSE | PASS | Oct 2026 | Illinois Tool Works (NYSE: ITW) - PASS: diversified industrial manufacturer (seven segments; no haram segment disclosed); debt $8,969M is about 11.93% of its ~$75.17B market cap; interest income $40M is 0.25% of $16,044M revenue. Zoya and Musaffa both rate ITW halal (Oct 2026). |
| Air Products | APD · NYSE | PASS | Oct 2026 | Air Products (NYSE: APD) — PASS: industrial gases; FY2025 10-K Item 1 discloses no haram segments; debt $17.7B ≈ 29.01% of ~$60.9B mktcap; interest income from financing/lease ≈1% of sales. Musaffa: halal (Oct 2026); ShariaPortfolio: compliant (3/5 standards); Zoya: page exists, rating not extractable. |
| PayPal | PYPL · NASDAQ | FAIL | Oct 2026 | PayPal (NASDAQ: PYPL) — FAIL: interest-based consumer credit (PayPal Credit, interest-bearing installments, BNPL) and interest on customer balances are disclosed revenue activities with unquantified shares — business screen unverifiable; debt $13.4B ≈ 29.55% of ~$45.4B mktcap and interest income 1.56% of revenue both pass. Zoya: not Shariah-compliant; Musaffa: not halal. |
| Aon | AON · NYSE | FAIL | Oct 2026 | Aon (NYSE: AON) — FAIL: insurance brokerage giant (Commercial Risk $8.5B, Reinsurance $2.8B — ~66% of FY2025 revenue) — commissions derive from conventional insurance, a prohibited line; broker, not underwriter. Debt 25.6% of ~$58.5B market cap (pass); interest income ~0.18% of revenue (pass). Zoya: not compliant; Musaffa: not halal; ShariaPortfolio: not compliant. |
| Workday | WDAY · NASDAQ | PASS | Oct 2026 | Workday (NASDAQ: WDAY) - PASS: enterprise cloud HR/finance software with consulting services; no haram segments in filings. Debt $2,989M is about 6.64% of ~$45.0B market cap (under the 33% ceiling); interest income $92M is about 1.77% of $5,191M revenue (under 5%). Musaffa: not halal (Oct 2026) - differing third-party position. |
| Williams | WMB · NYSE | FAIL | Oct 2026 | Williams (NYSE: WMB) - FAIL: interest-bearing debt $29.4B is about 35.32% of the ~$83.1B market cap, above the ~33% ceiling; natural-gas midstream business passes (no haram segments); interest income $40M is 0.33% of revenue and passes. Zoya: not compliant; Musaffa: not halal. |
| Intercontinental Exchange | ICE · NYSE | FAIL | Oct 2026 | Intercontinental Exchange (NYSE: ICE) - FAIL: derivatives-exchange operator (futures/options; strict-reading business-gate fail, scholarly debate noted); interest-rate futures, CDS clearing, and mortgage tech serving the U.S. mortgage market also flagged. Debt $19,644M about 22.8% of ~$86B mktcap (Oct 2026). Interest income $119M about 0.94% of FY2025 revenue $12,640M - both financial gates pass. Musaffa: NOT HALAL (Oct 2026, AAOIFI); Zoya: not Shariah-compliant (garbled page). |
| Moody's | MCO · NYSE | PASS | Oct 2026 | Moody's (NYSE: MCO) — PASS: ratings/data business with no lending or disclosed haram revenue; debt $6,946M ≈ 8.97% of ~$77.5B mktcap; interest income $21M ≈ 0.49% of revenue. Zoya: not compliant; Musaffa: halal (Oct 2026). |
| Apollo Global | APO · NYSE | FAIL | Oct 2026 | Apollo Global (NYSE: APO) - FAIL: Retirement Services (Athene, conventional annuities/life insurance) is a full reportable segment and ~85.4% of Q2 2026 revenues - business screen fails; net investment income $5.35B is about 47.97% of revenue - over the 5% limit. Debt $13.7B is about 20.33% of ~$67.5B mktcap - passes. Zoya: not Shariah-compliant; Musaffa: not halal. |
| Boston Scientific | BSX · NYSE | PASS | Oct 2026 | Boston Scientific (NYSE: BSX) - PASS: pure medtech (MedSurg + Cardiovascular segments), no non-compliant business lines; debt $12.6B is about 20.2% of ~$62.6B mktcap and interest income $46M is 0.22% of $21.0B LTM revenue. Musaffa: halal (Oct 2026); Zoya: covers BSX. |
| KKR | KKR · NYSE | FAIL | Oct 2026 | KKR (NYSE: KKR) - FAIL: Insurance is a full reportable segment (Global Atlantic, 100% owned since Jan 2024, ~61.5% of Q2 2026 revenues) - business screen fails; debt $53.5B is about 65.30% of ~$81.9B mktcap and net investment income is about 35.61% of revenue - both over limits. Zoya: not Shariah-compliant; Musaffa: not halal. |
| Chubb | CB · NYSE | FAIL | Oct 2026 | Chubb (NYSE: CB) — FAIL: global P&C/life insurer — conventional insurance fails the business screen; net investment income $3,469M is 11.34% of $30,589M revenue (over 5%); debt $18.5B is 14.58% of ~$127B mktcap (passes). Zoya: not compliant; Musaffa: not halal. |
| American Tower | AMT · NYSE | FAIL | Oct 2026 | American Tower (NYSE: AMT) — FAIL: interest-bearing debt $37.2B is about 49.55% of its ~$75.1B market cap — far over the ~33% ceiling. Business gate passes (REIT leasing tower and data-center space; no haram activity disclosed); interest income 1.26% of revenue passes. Zoya: not Shariah-compliant; Musaffa: not halal (Oct 2026). |
| Royal Caribbean Group | RCL · NYSE | FAIL | Oct 2026 | Royal Caribbean Group (NYSE: RCL) — FAIL: cruise operator (Royal Caribbean International, Celebrity, Silversea); Casino Royale onboard casinos fleet-wide is a prohibited gambling line; debt $22,836M ≈ 32.7% of ~$69.77B market cap (Jun 30, 2026, marginal pass); interest income $10M ≈ 0.11% of H1 2026 revenue. |
| Carnival | CCL · NYSE | FAIL | Oct 2026 | Carnival (NYSE: CCL) — FAIL: world's largest cruise operator (~90 ships); onboard casinos fleet-wide (gambling = prohibited line) and debt of $23,912M ≈ 70.7% of ~$33.8B market cap, over the ~33% ceiling. Interest income $51M ≈ 0.19% of FY2025 revenue passes the 5% gate. Zoya and ShariaPortfolio both rate CCL non-compliant. |
| NIKE | NKE · NYSE | PASS | Oct 2026 | NIKE (NYSE: NKE) — PASS: world's largest seller of athletic footwear/apparel (NIKE, Jordan, Converse brands); interest-bearing debt $7,942M ≈ 14.89% of ~$53.4B market cap; interest income $278M ≈ 0.60% of FY2026 revenue ($46,398M). |
| Church & Dwight | CHD · NYSE | PASS | Oct 2026 | Church & Dwight (NYSE: CHD) — PASS: consumer-products maker (Arm & Hammer, OxiClean, Trojan; power brands ~70% of sales); debt $2,205.1M ≈ 9.8% of ~$22.58B market cap; interest income $23.5M ≈ 0.38% of FY2025 sales $6,203.2M, under the 5% ceiling. Zoya and ShariaPortfolio both rate it Shariah-compliant. |
| Quest Diagnostics | DGX · NYSE | PASS | Oct 2026 | Quest Diagnostics (NYSE: DGX) — PASS: clinical diagnostic testing provider (DIS + risk assessment/healthcare IT); interest-bearing debt $5,642M ≈ 21.9% of ~$25.8B market cap (Jun 30, 2026); interest income $2M ≈ 0.07% of Q1 2026 revenue $2,895M, well under the 5% non-compliant income ceiling. |
| Estée Lauder | EL · NYSE | PASS | Oct 2026 | Estée Lauder (NYSE: EL) — PASS: global prestige-beauty maker (skin care, makeup, fragrance, hair care; brands incl. La Mer, MAC, Clinique, Estée Lauder); interest-bearing debt $7,306M ≈ 22.4% of ~$32.63B market cap (Oct 1, 2026); interest/investment income $90M ≈ 0.60% of FY2026 net sales $15,049M. |
| Kimberly-Clark | KMB · NASDAQ | PASS | Oct 2026 | Kimberly-Clark (NASDAQ: KMB) — PASS: US consumer-staples maker of Huggies, Kleenex, Scott, Kotex, Cottonelle, Depend (175+ countries; 51% of IFP business sold to Suzano Jul 2026); debt $6.5B ≈ 19.9% of ~$32.7B market cap; interest income $9M ≈ 0.11% of H1 2026 revenue $8.4B — both gates clear of the 33% and 5% ceilings. |
| Kenvue Inc. | KVUE · NYSE | PASS | Oct 2026 | Kenvue (NYSE: KVUE) — PASS: consumer health spin-off from J&J (Tylenol, Band-Aid, Neutrogena, Listerine, Aveeno) with no prohibited lines; interest-bearing debt $8.48B ≈ 24.7% of ~$34.4B market cap; interest income $24M ≈ 0.31% of H1 2026 net sales $7,864M. |
| Sysco | SYY · NYSE | FAIL | Oct 2026 | Sysco (NYSE: SYY) — FAIL: global foodservice distributor (record $84.6B FY2026 sales; no alcohol in disclosed product lines); interest-bearing debt $13.52B is about 35.3% of its ~$38.26B market cap (Oct 1, 2026), over the 33% ceiling; interest income $27M is only ~0.03% of revenue; Zoya rates SYY not Shariah-compliant (Oct 2026). |
| Waters | WAT · NYSE | PASS | Oct 2026 | Waters Corporation (NYSE: WAT) — PASS: analytical instruments (liquid chromatography, mass spectrometry, thermal analysis) plus acquired BD Biosciences & Diagnostic Solutions; debt $5.09B ≈ 11.7% of ~$43.5B market cap; interest income $12M ≈ 0.41% of H1 2026 revenue $2.91B. Zoya rates it Shariah-compliant (Oct 2026). |
| Axon Enterprise | AXON · NASDAQ | PASS | Oct 2026 | Axon Enterprise (NASDAQ: AXON) — PASS: public-safety tech (TASER weapons ~29% of revenue, body cameras, Evidence.com software); FY2025 interest income $75.4M ≈ 2.71% of $2.78B revenue (under 5%); interest-bearing debt $1.75B ≈ 5.1% of ~$34.3B market cap (under 33%). |
| Hewlett Packard Enterprise | HPE · NYSE | FAIL | Oct 2026 | Hewlett Packard Enterprise (NYSE: HPE) — FAIL: enterprise IT (servers, Juniper networking, hybrid cloud); Financial Services leasing/financing segment revenue of $3,504M is ~10.2% of FY2025 revenue ($34,296M), over the 5% interest-based business tolerance. Debt $22.4B ≈ 26.1% of ~$85.74B market cap (under 33% ceiling); interest income ~$1,173M ≈ 3.4% of revenue (under 5%). |
| NetApp | NTAP · NASDAQ | PASS | Oct 2026 | NetApp (NASDAQ: NTAP) - PASS: enterprise data storage and management (ONTAP software, all-flash/hybrid-flash systems, cloud services, Instaclustr); $2,487M interest-bearing debt is ~6.26% of ~$39.75B market cap; FY2026 interest income $113M is ~1.63% of $6,925M net revenues. |
| MSCI | MSCI · NYSE | PASS | Oct 2026 | MSCI Inc. (NYSE: MSCI) - PASS: index, analytics, ESG and climate data provider (not a lender); $6.38B long-term debt is ~16.37% of ~$38.98B market cap; H1 2026 interest income $5.3M is ~0.31% of $1,717.8M revenue, under the 5% ceiling. |
| IQVIA | IQV · NYSE | FAIL | Oct 2026 | IQVIA (NYSE: IQV) — FAIL: clinical research services + healthcare data/analytics (no prohibited lines); gross debt $15,999M at Jun 30, 2026 is ~36.2% of ~$44.2B market cap ($260.72, Oct 1, 2026), over the ~33% ceiling; interest income $17M is only ~0.2% of H1 2026 revenue ($8,519M). |
| IDEXX Laboratories | IDXX · NASDAQ | PASS | Oct 2026 | IDEXX Laboratories (NASDAQ: IDXX) — PASS: veterinary diagnostics leader (CAG instruments/consumables, reference labs, water and livestock testing; ~$4.30B FY2025 revenue); debt ~2.3% of ~$41.68B market cap; interest income $3.01M ≈ 0.07% of revenue (FY2025). Zoya also rates it Shariah-compliant (Sep 2026). |
| Rocket Lab | RKLB · NASDAQ | FAIL | Oct 2026 | Rocket Lab (NASDAQ: RKLB) — FAIL: space launch (Electron; Neutron in development) and satellite/space systems; material US government/defence contracts incl. missile-defence interceptor work. H1 2026 interest income $26.6M is ~6.13% of revenue $434.4M, over the 5% non-compliant income ceiling. |
| Coinbase | COIN · NASDAQ | FAIL | Oct 2026 | Coinbase Global (NASDAQ: COIN) — FAIL: US crypto exchange/custody (transaction fees, USDC reserve interest, staking, lending). Interest-based income of $273.3M is ~10.38% of H1 2026 revenue $2,633.1M, over the 5% ceiling. Zoya covers COIN and flags it not Shariah-compliant. |
| Agilent Technologies | A · NYSE | PASS | Oct 2026 | Agilent Technologies (NYSE: A) — PASS: lab-instruments & diagnostics leader (chromatography, mass spec, pathology/genomics); debt $3,949M ≈ 7.97% of ~$49.57B market cap; interest income $43M ≈ 0.78% of 9M revenue $5,511M. |
| Nasdaq | NDAQ · NASDAQ | PASS | Oct 2026 | Nasdaq, Inc. (NASDAQ: NDAQ) — PASS: exchange operator and market-technology provider (Verafin, AxiomSL, Calypso; indices/data); no prohibited business lines; debt $8,761M ≈ 17.1% of ~$51.3B market cap; interest income $13M ≈ 0.28% of H1 2026 revenue $4,670M. Caveat: Zoya rates NDAQ not Shariah-compliant (Sep 2026) on business-activity considerations. |
| Garmin | GRMN · NYSE | PASS | Oct 2026 | Garmin (NYSE: GRMN) — PASS: Swiss navigation/wearables technology company (fitness, outdoor, aviation, marine, auto OEM); no prohibited lines. No bank debt or bonds (operating leases ~$178M ≈ 0.3% of ~$55.2B market cap); interest income $128.9M is ~1.8% of FY2025 revenue of $7.25B. |
| Colgate-Palmolive | CL · NYSE | PASS | Oct 2026 | Colgate-Palmolive (NYSE: CL) — PASS: global consumer products company (Colgate oral care, Palmolive/Softsoap personal care, Ajax/Fabuloso home care, Hill's pet nutrition; products in 200+ countries); no prohibited lines; interest-bearing debt $7,988M ≈ 11.9% of ~$67.4B market cap (Dec 2025 10-K); interest income $75M ≈ 0.37% of FY2025 net sales $20,382M, under the 5% ceiling. |
| Strategy (Strategy Inc.) | MSTR · NASDAQ | FAIL | Oct 2026 | Strategy (NASDAQ: MSTR) — FAIL: bitcoin-treasury company (~845,000 BTC) plus enterprise-analytics software; interest earned on its USD Reserve is at least $16.9M vs Q1 2026 revenue $124.3M — at least ~13.6% of revenue, over the 5% non-compliant income ceiling. |
| Nebius | NBIS · NASDAQ | PASS | Oct 2026 | Nebius Group (NASDAQ: NBIS) — PASS: Amsterdam-based AI cloud/GPU infrastructure company spun out of Yandex in 2024 (also Avride autonomous vehicles, TripleTen edtech); interest-bearing debt $8,545.7M ≈ 13.4% of ~$63.7B market cap; interest income $38.3M ≈ 3.9% of H1 2026 revenue $981.3M, under the 5% non-compliant income ceiling. Zoya flags NBIS non-compliant on FY2025 figures; no Musaffa or ShariaPortfolio rating found. |
| Moderna | MRNA · NASDAQ | FAIL | Oct 2026 | Moderna (NASDAQ: MRNA) — FAIL: mRNA medicines company (Spikevax, mNEXSPIKE, mRESVIA, mCOMBRIAX; 26 candidates across 36 clinical programmes); interest income $139M is ~26.0% of H1 2026 revenue ($534M), over the 5% non-compliant income ceiling. |
| Baker Hughes | BKR · NASDAQ | PASS | Oct 2026 | Baker Hughes (NASDAQ: BKR) — PASS: Energy technology (OFSE + IET; FY2025 revenue $27.7B; Chart Industries acquisition completed Jul 2026); total debt $16.3B ≈ 29.4% of ~$55.2B market cap (under the 33% ceiling, up on Chart financing); interest income $82M ≈ 0.30% of revenue. |
| NXP Semiconductors | NXPI · NASDAQ | PASS | Oct 2026 | NXP Semiconductors (NASDAQ: NXPI) — PASS: Dutch semiconductor maker (automotive, industrial & IoT, mobile, communications infrastructure); interest-bearing debt $12,222M ≈ 20.3% of ~$60.32B market cap; interest income $145M ≈ 1.2% of FY2025 revenue $12,269M. |
| PACCAR | PCAR · NASDAQ | FAIL | Oct 2026 | PACCAR (NASDAQ: PCAR) — FAIL: Kenworth/Peterbilt/DAF truck maker with captive finance arm; Financial Services interest and fees $1,428.7M plus investment income $346.1M total ~6.24% of FY2025 revenue $28,444.8M, over the 5% non-compliant income ceiling. Debt $15,636.3M ≈ 26.7% of ~$58.6B market cap (under 33%). Zoya flags PCAR as not Shariah-compliant. |
| Fastenal | FAST · NASDAQ | PASS | Oct 2026 | Fastenal (NASDAQ: FAST) — PASS: industrial-supply wholesaler (fasteners, safety, MRO distribution; FMI vending, Onsite; founded 1967, Winona, MN); debt $125.0M ≈ 0.22% of ~$57.5B market cap; interest income $3.1M ≈ 0.07% of H1 2026 revenue ($4,588.6M), under the 5% ceiling. |
| Monolithic Power Systems | MPWR · NASDAQ | PASS | Oct 2026 | Monolithic Power Systems (NASDAQ: MPWR) — PASS: fabless analog/power-management semiconductor company (founded 1997); zero interest-bearing debt (0.0% of ~$66.8B market cap); interest income $29.151M is ~1.04% of FY2025 revenue $2,790.459M, under the 5% ceiling. |
| Airbnb | ABNB · NASDAQ | FAIL | Oct 2026 | Airbnb (NASDAQ: ABNB) — FAIL: short-term rental marketplace (Stays, Experiences, travel services) — business and debt gates pass; interest income $705M is ~5.76% of FY2025 revenue $12.24B, over the 5% non-compliant income ceiling (Zoya and Musaffa both rate ABNB non-compliant). |
| Warner Bros. Discovery | WBD · NASDAQ | FAIL | Oct 2026 | Warner Bros. Discovery (NASDAQ: WBD) — FAIL: global media & entertainment (Warner Bros. studios, HBO Max, Discovery channels, CNN); total interest-bearing debt $32.02B is ~41.2% of its ~$77.7B market cap (Jun 30, 2026), over the 33% debt ceiling. Non-compliant income tiny (~0.55% of FY2025 revenue). Paramount Skydance all-cash acquisition (~$31/share) expected to close ~Oct 6, 2026. |
| Robinhood | HOOD · NASDAQ | FAIL | Oct 2026 | Robinhood (NASDAQ: HOOD) — FAIL: commission-free brokerage with interest-based margin lending as a core line; net interest revenues $1,514M are ~33.8% of FY2025 revenue $4,473M (5% ceiling), margin book record $16.8B; no long-term debt. |
| O'Reilly Automotive | ORLY · NASDAQ | PASS | Oct 2026 | O'Reilly Automotive (NASDAQ: ORLY) — PASS: auto parts retailer (6,695 stores, DIY + professional customers); GAAP debt $7.01B is ~10.1% of ~$69.62B market cap; interest income $3.34M is ~0.04% of H1 2026 sales of $9.45B — both far under their ceilings. |
| NetEase | NTES · NASDAQ | PASS | Oct 2026 | NetEase (NASDAQ: NTES) — PASS: Chinese internet/games company (games ~82% of FY2025 revenue); interest-bearing debt US$913M ≈1.19% of ~US$77B market cap; interest income, net RMB3.95B ≈3.51% of revenue RMB112.6B — both under the 33%/5% ceilings. Note: Zoya flags NTES not Shariah-compliant and Musaffa rates it not halal (both Sep 2026) — competing screens disclosed. |
| Ross Stores | ROST · NASDAQ | PASS | Oct 2026 | Ross Stores (NASDAQ: ROST) — PASS: off-price apparel/home retailer (Ross Dress for Less 1,904 stores, dd's DISCOUNTS 363 stores); no prohibited lines; debt $1.518B ≈ 2.03% of ~$74.86B market cap; net interest income $134.8M ≈ 0.59% of fiscal 2025 sales $22.75B; Zoya and Musaffa rate it compliant (Oct 2026). |
| DoorDash | DASH · NYSE | PASS | Oct 2026 | DoorDash (NYSE: DASH) — PASS: food/grocery delivery marketplace (Wolt in Europe, Deliveroo acquired 2025; DashPass, merchant services); convertible-notes debt $2,727M ≈ 3.45% of ~$78.94B market cap; H1 2026 interest income $69M ≈ 0.81% of $8,490M revenue. |
| Regeneron | REGN · NASDAQ | PASS | Oct 2026 | Regeneron Pharmaceuticals (NASDAQ: REGN) passes all three gates of this Shariah screen: a clean biopharma business, interest-bearing debt at ~3.5% of market cap (under the 33% ceiling), and interest income at ~5.0% of revenue (just under the 5% ceiling — very close, recheck quarterly). |
| Datadog | DDOG · NASDAQ | FAIL | Oct 2026 | Datadog (NASDAQ: DDOG) — FAIL: observability/security SaaS (infrastructure & APM monitoring, log management, cloud security); debt ~$0.99B ≈ 1.0% of ~$99.27B market cap passes, but FY2025 interest income $194.4M is ~5.67% of $3,427.2M revenue, over the 5% non-compliant income ceiling (H1 2026 interim ~4.69%). |
| Cintas | CTAS · NASDAQ | PASS | Oct 2026 | Cintas (NASDAQ: CTAS) - PASS: uniform rental and facility services leader (FY2026 revenue $11.26B; first aid/safety and fire protection; no prohibited lines); interest-bearing debt $2.43B ≈ 3.11% of ~$78.2B market cap; interest income $2.65M ≈ 0.09% of Q1 FY2027 revenue $3.01B (Aug 31, 2026). Zoya (Sep 2026) and Musaffa (Aug 2026) both rate it Shariah-compliant; no ShariaPortfolio coverage found. |
| MercadoLibre | MELI · NASDAQ | FAIL | Oct 2026 | MercadoLibre (NASDAQ: MELI) — FAIL: Latin American e-commerce + Mercado Pago fintech; interest-based lending is a material line ($16.4B credit portfolio, Q2 2026); credit revenues $4,007M ≈ 19.9% of 9M 2025 revenue ($20,134M), over the 5% non-compliant income ceiling. |
| Lumentum | LITE · NASDAQ | PASS | Oct 2026 | Lumentum Holdings (NASDAQ: LITE) — PASS: optical/photonic products for AI datacenters, telecom, and industrial lasers (3D sensing for mobile devices); interest-bearing debt $1.64B ≈ 1.75% of ~$93.8B market cap; interest & investment income $60.2M ≈ 2.0% of FY2026 revenue $3.01B. |
| Monster Beverage | MNST · NASDAQ | PASS | Oct 2026 | Monster Beverage (NASDAQ: MNST) — PASS: energy-drink maker ($8.29B FY2025 net sales); alcohol brands (CANarchy/The Beast Unleashed) only ~1.62% of sales, under the 5% business ceiling; zero interest-bearing debt; interest income $85.2M ≈ 1.03% of revenue, under the 5% limit. |
| Synopsys | SNPS · NASDAQ | PASS | Oct 2026 | Synopsys (NASDAQ: SNPS) — PASS: EDA/design-automation software + semiconductor IP + Ansys simulation (acquired Jul 2025); interest-bearing debt $10.04B ≈ 10.7% of ~$94.0B market cap (Ansys-deal debt, being paid down); interest income $48.8M ≈ 0.68% of nine-month revenue $7.16B. |
| CSX | CSX · NASDAQ | PASS | Oct 2026 | CSX Corporation (NASDAQ: CSX) — PASS: North American freight railroad (~20,000 route miles, $14.1B FY2025 revenue); interest-bearing debt $18.9B ≈ 21.75% of ~$86.76B market cap; disclosed interest income $45M ≈ 0.32% of revenue — under the 33% and 5% ceilings. |
| Marsh McLennan | MRSH · NYSE | FAIL | Oct 2026 | Marsh McLennan (NYSE: MRSH) — FAIL: insurance brokerage giant (Marsh Risk, Guy Carpenter reinsurance; ~64% of revenue) — brokerage commissions derive from conventional insurance, a prohibited line; consulting (Mercer, Marsh Management Consulting) is permissible but smaller. Debt 25.4% of ~$80.9B market cap (pass); interest income ~1.28% of revenue (pass). |
| Duke Energy (Duke Energy Corporation) | DUK · NYSE | FAIL | Oct 2026 | Duke Energy Corporation (NYSE: DUK) - FAIL on debt gate only: regulated electric/gas utility (~8.7M electric customers, 55,700 MW); business clean. Debt $89,836M about 101.46% of ~$88.54B mktcap (Oct 2026). Interest income ~0% (not separately disclosed; Zoya records $0). Musaffa rates it NOT HALAL (Oct 2026); ShariaPortfolio rates it not Shariah Compliant ('fails the financial ratios'). Material: CEO Harry Sideris (Apr 2025); dividend raised to $1.085/quarter; Q2 2026 EPS beat. |
| Cadence (Cadence Design Systems, Inc.) | CDNS · NASDAQ | PASS | Oct 2026 | Cadence Design Systems (NASDAQ: CDNS) - PASS: EDA software leader (chip-design tools, verification systems, semiconductor IP); no haram segments. Debt $2,500M about 2.78% of ~$90B mktcap (Oct 2026). Interest income $101.584M about 1.92% of FY2025 revenues $5,296.759M. Zoya covers (garbled page, data matches); Musaffa - older Academy list only ('Doubtful'); ShariaPortfolio - no coverage found; HLAL Shariah ETF holds CDNS. Material: Hexagon D&E acquisition pending ($3.2B); FY2025 revenue +14.1%, EPS $4.06; Q2 2026 revenue +24.2%. |
| AppLovin (AppLovin Corporation) | APP · NASDAQ | PASS | Oct 2026 | AppLovin Corporation (NASDAQ: APP) - PASS with diverging view: pure-play adtech (AppDiscovery, MAX, Adjust); games business divested Jun 2025 (Tripledot; discontinued operations); no haram segments. Debt $3,513.0M about 3.43% of ~$102.29B mktcap (Oct 2026). Interest income ~0% (not separately disclosed; Zoya records $0). DIVERGING VIEW: Musaffa rates it DOUBTFUL (Oct 2026) - disclosed prominently (cause not verifiable). Material: Q2 2026 revenue miss (guidance timing); SEC inquiry concluded with no action; securities class action filed; stock -58% YTD. |
| U.S. Bancorp (U.S. Bancorp) | USB · NYSE | FAIL | Oct 2026 | U.S. Bancorp (NYSE: USB) - FAIL: regional bank (retail/commercial banking, payments, wealth, capital markets); core conventional finance = non-compliant segment. Liabilities ~$626,690M about 682.9% of ~$91.77B mktcap (Oct 2026). Net interest income $16,649M about 58.10% of FY2025 revenue $28,656M (gross 72.26% per Zoya). Zoya's page leans 'not Shariah-compliant' (garbled); Musaffa/ShariaPortfolio - no coverage found. Material: Q2 2026 revenue +10.1%, EPS beat; dividend raised to $0.54/quarter; Truist cut PT to $67 (Oct 2026). |
| Johnson Controls (Johnson Controls International plc) | JCI · NYSE | PASS | Oct 2026 | Johnson Controls International plc (NYSE: JCI) - PASS: pure-play building solutions (commercial HVAC, building controls, fire & security, energy services); no haram segments. Debt $9,880M about 10.88% of ~$90.82B mktcap (Oct 2026). Interest income $19M about 0.08% of FY2025 net sales $23,596M. Musaffa rates it halal (Aug 2026); Zoya covers (garbled page, data matches); ShariaPortfolio - no coverage found. Material: Bosch R&LC HVAC sale completed Aug 2025 ($8.1B); $5.0B accelerated share repurchase; Q3 FY2026 EPS beat ($1.42 vs $1.30). |
| Constellation Energy (Constellation Energy Corporation) | CEG · NASDAQ | PASS | Oct 2026 | Constellation Energy (NASDAQ: CEG) - PASS with diverging view: largest US carbon-free energy producer (nuclear 21 reactors, gas, wind, solar, geothermal; ~55 GW); no haram segments. Debt $24,700M about 26.35% of ~$93.74B mktcap (Oct 2026). Interest income ~0% (not separately disclosed; Zoya records $0). DIVERGING VIEW: Musaffa rates it NOT HALAL (Oct 2026) - disclosed prominently (cause not verifiable). Material: Calpine acquisition completed 2026 ($16.4B); 920 MW nuclear PPAs (Microsoft/Google/Amazon); raised FY2026 guidance. |
| Howmet Aerospace (Howmet Aerospace Inc.) | HWM · NYSE | FAIL | Oct 2026 | Howmet Aerospace (NYSE: HWM) - FAIL on business gate (strict reading): engineered-metals manufacturer (engine products, fastening systems, engineered structures, forged wheels); defense aerospace is 17% of 2025 revenue (~$1.4B) - core named segment vs Eaton's 6%. Debt $3,050M about 3.32% of ~$92B mktcap (Oct 2026). Interest income $20M about 0.24% of FY2025 revenues $8,252M. Diverging view: ShariaPortfolio rates it Shariah Compliant (3/5 standards); Zoya leans 'not Shariah-compliant' (garbled page). Material: CAM acquisition (~$1.8B, Apr 2026); Q2 2026 revenue +24%, raised guidance. |
| HCA Healthcare (HCA Healthcare, Inc.) | HCA · NYSE | FAIL | Oct 2026 | HCA Healthcare, Inc. (NYSE: HCA) - FAIL on debt gate only: health care services (190 hospitals, 121 ASCs); business clean. Debt $46,492M about 50.03% of ~$92.95B mktcap (Oct 2026). Interest income ~0% (not separately disclosed; Zoya records $0). Musaffa rates it NOT HALAL (Oct 2026); ShariaPortfolio rates it not Shariah Compliant ('fails the financial ratios'). Material: FY2025 revenues $75,600M (+7.1%), EPS $28.33 (+28.8%); $10,067M share repurchases in 2025. |
| Marriott (Marriott International, Inc.) | MAR · NASDAQ | FAIL | Oct 2026 | Marriott International (NASDAQ: MAR) - FAIL on business gate (strict reading): worldwide hotel franchisor/operator (9,805 properties, 145 countries); alcohol inherent to hotel F&B (undisclosed, unquantifiable) + MGM Collection casino-resort partnership. Debt $16,204M about 17.14% of ~$94.55B mktcap (Oct 2026). Interest income $42M about 0.160% of FY2025 revenues $26,186M. Zoya flags MAR as not Shariah-compliant (garbled page, no clean quote); Musaffa/ShariaPortfolio - no coverage found. Material: Q2 2026 RevPAR +3.4%, raised FY2026 guidance; citizenM acquisition completed Q3 2025 ($355M); $4.0B+ returned to shareholders in FY2025. |
| CME Group (CME Group Inc.) | CME · NASDAQ | FAIL | Oct 2026 | CME Group (NASDAQ: CME) - FAIL: world's largest derivatives-exchange operator (futures/options; strict-reading business-gate fail, scholarly debate noted). Debt $3,422.3M about 3.60% of ~$95.11B mktcap (Oct 2026). Investment income $5,736.5M about 87.96% of FY2025 revenues $6,520.6M (~13.8% net of member pass-through) - far above 5% ceiling. Zoya covers (garbled page, leans 'not Shariah-compliant'; reports $0 interest income - methodology difference disclosed); Musaffa/ShariaPortfolio - no coverage found. Material: 4th consecutive year of record revenue; Q1 2026 investment income $2,819.0M; dividend $1.30/quarter. |
| Vertiv (Vertiv Holdings Co) | VRT · NYSE | PASS | Oct 2026 | Vertiv Holdings Co (NYSE: VRT) - PASS: critical digital infrastructure for data centers (power, thermal, IT infrastructure, services); no haram segments. Debt ~$2.92B about 3.08% of ~$95B mktcap (Oct 2026). Interest income ~0% (not separately disclosed; Zoya records $0). Zoya covers (garbled page, data matches); Musaffa/ShariaPortfolio - no coverage found. Material: FY2025 record sales $10.2B (+28%), EPS $3.41 (+166%); Q2 2026 raised outlook; Oklo clean-energy partnership (Sep 2026). |
| BNY (BNY) | BNY · NYSE | FAIL | Oct 2026 | BNY (NYSE: BNY) - FAIL: conventional custody bank (world's largest; $59.3T AUC/A, $2.2T AUM); core conventional finance = non-compliant segment. Liabilities $427,579M about 432% of ~$99B mktcap (Oct 2026). Net interest income $4,944M about 24.62% of FY2025 revenue $20,080M (gross 63.37% per Zoya). Zoya rates it not Shariah-compliant; Musaffa/ShariaPortfolio - no coverage found. Material: Q2 2026 EPS beat ($2.46 vs $2.16); ticker migrated BK→BNY in 2026; Q3 earnings due Oct 15, 2026. |
| Freeport-McMoRan (Freeport-McMoRan Inc.) | FCX · NYSE | PASS | Oct 2026 | Freeport-McMoRan Inc. (NYSE: FCX) - PASS: pure-play copper/gold/molybdenum mining (Grasberg, Morenci, Cerro Verde); no haram segments. Debt $9,386M about 9.27% of ~$101.20B mktcap (Oct 2026). Interest income ~0% (not separately disclosed; Zoya records $0). Zoya rates it Shariah-compliant (Sep 2026); Musaffa/ShariaPortfolio - no coverage found. Material: Sep 2025 Grasberg mud rush (7 workers killed; phased restart Q2 2026); copper record highs in 2026; dividend $0.075/quarter (Sep 2026). |
| Quanta (Quanta Services, Inc.) | PWR · NYSE | PASS | Oct 2026 | Quanta Services, Inc. (NYSE: PWR) - PASS: specialty infrastructure contractor (electric power, renewables, underground utility/pipeline); no haram segments. Debt $5,995M about 6.18% of ~$97B mktcap (Oct 2026). Interest income $15.702M about 0.055% of FY2025 revenues $28,479.7M. ShariaPortfolio rates it Shariah Compliant (5/5); Zoya covers (garbled page, data matches); Musaffa no coverage found. Material: Q2 2026 record revenue $9.56B (+41%), record backlog $53.4B; raised FY2026 guidance; Bernstein upgraded to Outperform (Sep 2026). |
| McKesson (McKesson Corporation) | MCK · NYSE | PASS | Oct 2026 | McKesson Corporation (NYSE: MCK) - PASS: healthcare distribution/services (pharma wholesale, oncology, prescription tech, medical-surgical); no haram segments. Debt $6,526M about 6.56% of ~$99.52B mktcap (Oct 2026). Interest income $179M about 0.044% of FY2026 revenues $403,430M. Zoya rates it Shariah-compliant; ShariaPortfolio rates it Shariah Compliant (4/5); Musaffa has only older Academy coverage. Material: Medical-Surgical separation (Apollo ~13% minority, Apr 2026); FY2027 guidance adj. EPS $43.80-44.60; opioid litigation overhang disclosed. |
| Trane (Trane Technologies plc) | TT · NYSE | PASS | Oct 2026 | Trane Technologies plc (NYSE: TT) - PASS: HVAC/climate (Trane, Thermo King), transport refrigeration, data center cooling; no haram segments. Interest-bearing debt $4,615.1M about 4.57% of ~$101B mktcap (Oct 2, 2026). Interest income $4.5M about 0.021% of FY2025 net revenues $21,321.9M. Musaffa classifies it halal; ShariaPortfolio rates it Shariah Compliant (5/5); Zoya covers (garbled page, data reported). Material: Q2 2026 revenue +10.6% YoY, raised guidance; $12.1B backlog; next earnings Oct 29, 2026. |
| Spotify (Spotify Technology S.A.) | SPOT · NYSE | PASS | Oct 2026 | Spotify Technology S.A. (NYSE: SPOT) - PASS with content caveat: audio streaming (Premium ~89%, Ad-Supported); no haram segments; platform hosts explicit third-party podcast content (unquantified) - disclosed prominently. Debt about 2.32B euros about 2.5% of ~$101.82B mktcap (Oct 2, 2026). Interest income 245M euros about 1.43% of FY2025 revenue 17,186M euros. Zoya covers (garbled page, data reported); Musaffa/ShariaPortfolio no coverage found. Material: Daniel Ek steps down as CEO Jan 1, 2026 (co-CEOs Norstrom and Soderstrom); Q3 2026 results Oct 22, 2026; 777M users, 300M+ subscribers. |
| Equinix (Equinix, Inc.) | EQIX · NASDAQ | PASS | Oct 2026 | Equinix, Inc. (NASDAQ: EQIX) - PASS: data center REIT (digital infrastructure/interconnection); no haram segments. Total debt principal $21,417M about 21.4% of ~$100.01B mktcap (Oct 2, 2026). Interest income $193M about 2.09% of FY2025 revenues $9,217M. Zoya rates it Shariah-compliant; Musaffa classifies it halal; ShariaPortfolio no coverage found. Material: Q2 2026 revenue +16% YoY, record guidance raise; atNorth ~$4B acquisition; quarterly dividend $5.16/share. |
| ADP (Automatic Data Processing) | ADP · NASDAQ | FAIL | Oct 2026 | Automatic Data Processing, Inc. (NASDAQ: ADP) - FAIL on interest gate (strict reading): payroll/HR outsourcing (business clean; debt 4.82% of mktcap passes). 'Interest on funds held for clients' $1,354.8M about 6.17% of FY2026 total revenues $21,947.4M (over the 5% ceiling). Views diverge: Zoya excludes client-funds interest (1.71%); Musaffa marks ADP Not Halal. Material: Pequity acquisition announced (Sep 2026); next earnings Oct 28, 2026; dividend $1.70/quarter. |
| Medtronic (Medtronic plc) | MDT · NYSE | PASS | Oct 2026 | Medtronic plc (NYSE: MDT) - PASS: medical devices (cardiovascular, neuroscience, surgical, diabetes); no haram segments. Debt $28.0B about 24.8% of ~$113.02B mktcap (Oct 2, 2026). Interest income $383M about 1.05% of FY2026 net sales $36,364M. Zoya covers (page contradictory - data only, no rating quoted); Musaffa/ShariaPortfolio no coverage found. Material: MiniMed separation (exchange offer launched Sep 14, 2026); FY2026 revenue +8.4%; dividend raised (48th consecutive year). |
| PDD Holdings (PDD Holdings Inc.) | PDD · NASDAQ | FAIL | Oct 2026 | PDD Holdings Inc. (NASDAQ: PDD) - FAIL: e-commerce platforms Pinduoduo/Temu (business clean; debt 0.69% of mktcap passes). Interest and investment income RMB25,583,848K about 5.92% of FY2025 total revenues RMB431,845,713K (over the 5% ceiling). Cash/securities RMB422,308,269K about 54% of ~$111.72B mktcap (over the 33% liquidity gate). Zoya rates it not Shariah-compliant (same 5.92%); Musaffa/ShariaPortfolio no verified coverage. Material: EU fined Temu 200M euros (May 2026); Temu MAUs fell 11% YoY in Q2 2026. |
| GSK (GSK plc) | GSK · NYSE | PASS | Oct 2026 | GSK plc (NYSE: GSK) - PASS: biopharma (specialty medicines, vaccines, general medicines); no haram segments. Gross debt 17,859M pounds about 24.0% of ~74.53B pound mktcap (Oct 2026). Finance income 169M pounds about 0.52% of FY2025 turnover 32,667M pounds. Zoya covers (page garbled, data reported); Musaffa Academy lists GSK as Halal (bonus context); ShariaPortfolio no coverage found. Material: Q2 2026 EPS beat; FY2026 guidance 4.900-5.000 EPS; dividend raised; 2B pound buyback. |
| BP (BP p.l.c.) | BP · NYSE | FAIL | Oct 2026 | BP p.l.c. (NYSE: BP) - FAIL on debt gate only: integrated oil and gas (clean business; interest income 0.85% of revenue passes). Finance debt $58.0B about 50.9% of ~$114B mktcap (over the ~33% ceiling). Interest income $1,609M about 0.85% of FY2025 revenue $189,335M. Third-party views diverge: Musaffa Academy agrees with the debt FAIL; ShariaPortfolio rates Shariah Compliant (2/5); Boubyan Capital lists BP as compliant; Zoya covers (garbled rating, data reported). Material: new CEO Meg O'Neill (Apr 2026); Castrol ~$6B divestment; 2026 divestments $9-10B; capex $13-13.5B. |
| Unilever (Unilever PLC) | UL · NYSE | PASS | Oct 2026 | Unilever PLC (NYSE: UL) - PASS: consumer staples (Beauty & Wellbeing, Personal Care, Home Care, Foods); no haram segments. Financial liabilities 28,278M euros about 21-25% of ~$134B mktcap (Oct 2, 2026). Finance income 398M euros about 0.79% of FY2025 turnover 50,503M euros. Zoya rates it Shariah-compliant; Musaffa/ShariaPortfolio no coverage found. Material: Ice Cream demerger completed Dec 6, 2025; new 1.5B euro buyback announced Feb 2026; Russian business sold Oct 2024. |
| Sony (Sony Group Corporation) | SONY · NYSE | PASS | Oct 2026 | Sony Group Corporation (NYSE: SONY) - PASS: games (PlayStation), music, pictures, electronics, image sensors (FY2026 sales 12,479,620M yen); no haram segments. Financial Services spun off Oct 1, 2025 (discontinued operation) - conventional finance no longer part of the group. Debt 1,041,986M yen about 5.0% of ~$138.8B mktcap (Oct 2, 2026). Interest income 62,872M yen about 0.50% of FY2026 sales. Zoya covers (page garbled, data reported); Musaffa/ShariaPortfolio no coverage found. Material: record FY2026 operating income; FY2027 forecast raised Jul 2026. |
| Mizuho (Mizuho Financial Group) | MFG · NYSE | FAIL | Oct 2026 | Mizuho Financial Group, Inc. (NYSE: MFG) - FAIL: conventional interest-based megabank, Tokyo (business gate); total liabilities 290,923,513M yen about 1,427% of ~$134.6B mktcap (over the ~33% ceiling); interest income 6,204,492,090,000 yen about 65.38% of FY2026 revenue 9,490,330,969,000 yen (over the 5% ceiling). All three screeners agree: Zoya not Shariah-compliant; Musaffa not halal; ShariaPortfolio Not Compliant. Material: FY2026 outlook raised (Sep 2026); 200B yen buyback completed Sep 2026. |
| BBVA (Banco Bilbao Vizcaya Argentaria) | BBVA · NYSE | FAIL | Oct 2026 | Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) - FAIL: conventional interest-based multinational bank, Spain (business gate); total liabilities 797,778M euros about 520% of ~$153.4B mktcap (over the ~33% ceiling); net interest income 26,280M euros about 71.2% of FY2025 gross income 36,931M euros (over the 5% ceiling). Zoya rates it not Shariah-compliant; ShariaPortfolio rates Not Compliant; Musaffa has no coverage found. Material: new EUR 3,960M buyback program; H1 2026 profit +11.1% YoY. |
| Eaton (Eaton Corporation plc) | ETN · NYSE | PASS | Oct 2026 | Eaton Corporation plc (NYSE: ETN) - PASS with defense-revenue caveat: power management/electrical (dual-use aerospace components; Defense Aerospace = 6% of 2025 sales per Eaton's 4Q 2025 presentation - disclosed prominently). Debt $9,895M about 5.9% of ~$167.6B mktcap (Oct 2, 2026). Interest income $0 (0% of FY2025 revenue $27,448M). Zoya rates it Shariah-compliant; Musaffa/ShariaPortfolio no coverage found. Material: Boyd Thermal ~$9.55B acquisition doubled leverage (Q1 2026 debt $18.5B); Mobility spinoff targeted end-Q1 2027. |
| Welltower (Welltower Inc.) | WELL · NYSE | PASS | Oct 2026 | Welltower Inc. (NYSE: WELL) - PASS: healthcare REIT (seniors housing, outpatient medical; 2,500+ communities); no haram segments. Interest-bearing debt $19,197M about 11.3% of ~$169.62B mktcap (Oct 2, 2026). Interest income $246.2M about 2.27% of FY2025 revenue $10,838.0M. Zoya rates it Shariah-compliant; Musaffa classifies it halal; ShariaPortfolio no coverage found. Different company from TSX WELL Health. |
| SMFG (Sumitomo Mitsui Financial Group) | SMFG · NYSE | FAIL | Oct 2026 | Sumitomo Mitsui Financial Group, Inc. (NYSE: SMFG) - FAIL: conventional interest-based megabank, Tokyo (business gate); total liabilities 290,914,647M yen about 1,190% of ~$161.3B mktcap (over the ~33% ceiling); interest income 6,928,743M yen about 143.1% of FY2026 total operating income 4,841,783M yen (over the 5% ceiling). Zoya rates it not Shariah-compliant; Musaffa/ShariaPortfolio no coverage found. 2-for-1 stock split effective Oct 1, 2026. |
| Santander (Banco Santander, S.A.) | SAN · NYSE | FAIL | Oct 2026 | Banco Santander, S.A. (NYSE: SAN) - FAIL: conventional interest-based bank, largest bank in Spain (business gate); total liabilities 1,754,767M euros about 900%+ of ~$195.1B mktcap (over the ~33% ceiling); interest income 101,710M euros about 173.4% of FY2025 total income 58,670M euros (over the 5% ceiling). Zoya rates it not Shariah-compliant; ShariaPortfolio rates Not Compliant; Musaffa has no coverage found. |
| Shell (Shell plc) | SHEL · NYSE | PASS | Oct 2026 | Shell plc (NYSE: SHEL) - PASS: integrated oil and gas (LNG, upstream, marketing, chemicals, renewables); no haram segments. Debt $75,643M about 28.5% of ~$265.0B mktcap (Sep 30, 2026). Interest income $1,960M about 0.73% of FY2025 revenue $266,886M. Zoya covers (data matches); MuslimXchange rates Shariah-compliant; Musaffa/ShariaPortfolio no coverage found. |
| MUFG (Mitsubishi UFJ Financial Group, Inc.) | MUFG · NYSE | FAIL | Oct 2026 | Mitsubishi UFJ Financial Group, Inc. (NYSE: MUFG) - FAIL: conventional interest-based bank, Japan's largest banking group (business gate); borrowings ~123T yen (~$831B) about 312% of ~$266B mktcap (over the ~33% ceiling); interest income 8,613,865M yen about 72.6% of FY2026 revenue 11,867,264M yen (over the 5% ceiling). Zoya rates it not Shariah-compliant; Musaffa and ShariaPortfolio have no verifiable coverage. |
| Seagate (Seagate Technology Holdings plc) | STX · NASDAQ | PASS | Oct 2026 | Seagate Technology Holdings plc (NASDAQ: STX) - PASS: data-storage hardware (HDDs, SSDs, storage systems; Data Center ~80% of revenue), no haram segments. Debt $3,565M about 1.72% of ~$207.7B mktcap. Interest income $30M about 0.25% of FY2026 revenue $12,195M. Zoya rates it Shariah-compliant; Musaffa and ShariaPortfolio coverage unverified / none found. |
| Wells Fargo (Wells Fargo & Company) | WFC · NYSE | FAIL | Oct 2026 | Wells Fargo & Company (NYSE: WFC) - FAIL: conventional interest-based bank (business gate); total borrowings $425,722m about 174.1% of ~$244.5B mktcap (over the ~33% ceiling); net interest income $47,484m about 56.7% of FY2025 revenue $83,699m (over the 5% ceiling). Zoya rates it not Shariah-compliant; Musaffa and ShariaPortfolio have no verifiable coverage. |
| Toyota (Toyota Motor Corporation) | TM · NYSE | FAIL | Oct 2026 | Toyota Motor Corporation (NYSE: TM) - FAIL: business gate - Toyota Financial Services is interest-based auto lending at 9.5% of FY2026 revenue with a ~39T yen loan/lease book (over the 5% threshold); debt ~43.2T yen about 114.7% of ~$238.7B mktcap (over the ~33% ceiling). Interest income 311,519M yen about 0.61% of revenue. Zoya flags TM not Shariah-compliant. |
| Novartis (Novartis AG) | NVS · NYSE | PASS | Oct 2026 | Novartis AG (NYSE: NVS) - PASS: innovative medicines (cardiovascular, immunology, neuroscience, oncology); Sandoz spun off 2023; no haram segments. Debt $33,537m about 12.5% of ~$269.1B mktcap. Interest income $373m about 0.68% of FY2025 net sales $54,532m. Zoya rates Shariah-compliant; Musaffa screens it halal; ShariaPortfolio has no coverage. |
| AstraZeneca (AstraZeneca PLC) | AZN · NYSE | PASS | Oct 2026 | AstraZeneca PLC (NYSE: AZN) - PASS: biopharmaceuticals (oncology, cardiovascular/renal/metabolism, respiratory/immunology, rare disease, vaccines); no haram segments. Debt $27,819m about 11.1% of ~$250.4B mktcap. Finance income $360m about 0.61% of FY2025 revenue $58,739m. Zoya and Musaffa both rate it Shariah-compliant / halal; ShariaPortfolio has no coverage. Direct NYSE ordinary-share listing since Feb 2, 2026 (Nasdaq ADS delisted Jan 30, 2026). |
| SK Hynix (SK hynix Inc.) | SKHY · NASDAQ | PASS | Oct 2026 | SK hynix Inc. (NASDAQ: SKHY) - PASS: DRAM/NAND/HBM memory manufacturing (world #2 in both; dominant HBM supplier to Nvidia AI accelerators), no haram segments. Debt KRW 18.6T about 1.44% of ~KRW 1,288.63T mktcap. Interest income KRW 494,327M about 0.51% of FY2025 revenue KRW 97.15T. Caveat: total finance income 16.86% of revenue (one-time Kioxia revaluation); Musaffa rates SKHY 'doubtful'. ADSs listed Jul 10, 2026. |
| SpaceX (Space Exploration Technologies Corp.) | SPCX · NASDAQ | FAIL | Oct 2026 | Space Exploration Technologies Corp. (NASDAQ: SPCX) - FAIL: business gate - about one-fifth of revenue from US federal agencies (S-1) with multi-billion-dollar Starshield/national-security contracts, but defense revenue is not separately disclosed, so it cannot be verified under the 5% threshold; Musaffa classifies SPCX 'Doubtful' and Zoya rates it 'Questionable'. Debt $39.5B about 2.0% of ~$1.95T mktcap; interest income $340M about 4.35% of Q2 2026 revenue $7,814M. IPO Jun 12, 2026. |
| Arm (Arm Holdings plc) | ARM · NASDAQ | PASS | Oct 2026 | Arm Holdings plc (NASDAQ: ARM) - PASS: semiconductor IP licensing and per-chip royalties, no haram segments. Zero debt (0.0% of ~$311B mktcap). Interest income $111M about 2.26% of FY2026 revenue $4,920M. Zoya rates it Shariah-compliant; Musaffa Academy lists it as halal (2024 list; fresh page unconfirmed); ShariaPortfolio has no coverage. |
| ASML (ASML Holding N.V.) | ASML · NASDAQ | PASS | Oct 2026 | ASML Holding N.V. (NASDAQ: ASML) - PASS: lithography systems (sole global EUV supplier); DUV, metrology, software, services; no haram segments. Debt EUR 4.39B about 0.7% of ~$697B mktcap. Interest income EUR 223.0M about 0.68% of FY2025 revenue EUR 32.67B. Zoya and Musaffa both rate it Shariah-compliant / halal; ShariaPortfolio has no coverage. |
| General Dynamics (General Dynamics Corporation) | GD - NYSE | FAIL | Oct 2026 | General Dynamics Corporation (NYSE: GD) - FAIL: Reston, VA defense contractor (Abrams tanks, Stryker vehicles, munitions, nuclear submarines, Gulfstream jets); weapons segments (Combat Systems $9,246M + Marine Systems $16,723M) are about 49.4% of FY2025 revenue $52,550M, a haram business segment; debt $7,516M is about 8.30% of ~$90.55B mktcap; interest income bounded at 0.12% of revenue. |
| Sherwin-Williams (The Sherwin-Williams Company) | SHW - NYSE | PASS | Oct 2026 | The Sherwin-Williams Company (NYSE: SHW) - PASS: world's largest paint and coatings maker (4,841 Paint Stores Group stores, 308 Consumer Brands stores, 317 Performance Coatings branches) with no haram segments; debt $12,072.1M is about 15.55% of ~$77.62B mktcap, below the ~33% ceiling; interest income $11.2M is about 0.05% of FY2025 revenue $23,574.3M. Cleveland, OH. |
| Hilton (Hilton Worldwide Holdings Inc.) | HLT - NYSE | FAIL | Oct 2026 | Screener: FAIL. The business gate fails - Hilton does not disclose what share of hotel revenue comes from alcohol, and Zoya independently flags HLT as not Shariah-compliant. Financial ratios pass: 18.46% debt-to-market-cap, no separately disclosed interest income. |
| Southern Company | SO - NYSE | FAIL | Oct 2026 | Southern Company (NYSE: SO) - FAIL: Atlanta-based regulated electric and gas utility (~9.0M customers, ~46,000 MW capacity) with no haram segments; debt $75,582M is about 79.49% of ~$95.08B mktcap, far above the ~33% ceiling; no separate interest income disclosed ($0, 0.00% of FY2025 revenue $29,553M). |
| Mondelez (Mondelez International, Inc.) | MDLZ - NASDAQ | PASS | Oct 2026 | Mondelez International, Inc. (NASDAQ: MDLZ) - PASS: global snack-food giant (Oreo, Cadbury, Milka, Toblerone, Ritz, Trident) with no haram segments; debt $21,450M is about 28.33% of ~$75.71B mktcap, under the ~33% ceiling; interest income not separately disclosed, but the entire $317M other-income bundle is ~0.82% of FY2025 revenue $38,537M. Chicago, IL. |
| SLB (SLB Limited) | SLB - NYSE | PASS | Oct 2026 | SLB Limited (NYSE: SLB) - PASS: world's largest oilfield-services company (Digital, Reservoir Performance, Well Construction, Production Systems; not an oil producer) with no haram segments; debt $12,798M is about 17.35% of ~$73.78B mktcap, under the ~33% ceiling; interest income $136M is about 0.38% of FY2025 revenue $35,708M. Houston, TX. |
| Lowe's (Lowe's Companies, Inc.) | LOW · NYSE | FAIL | Oct 2026 | Lowe's Companies, Inc. (NYSE: LOW) — FAIL: world's second-largest home improvement retailer (1,759 US stores plus 540+ FBM/ADG branches) with no haram segments; debt $37,556M is about 36.70% of ~$102.33B mktcap, above the ~33% ceiling; interest income $121M ≈ 0.14% of FY2025 revenue $86,286M. Mooresville, NC. |
| FedEx (FedEx Corporation) | FDX - NYSE | FAIL | Oct 2026 | FedEx Corporation (NYSE: FDX) - FAIL: global parcel and logistics carrier (Federal Express ~86.9% of FY2026 revenue; Freight spun off June 1, 2026 as FDXF) with no haram segments; debt $25,714M is about 37.51% of ~$68.56B mktcap (above ~33% ceiling); interest income $437M is about 0.46% of FY2026 revenue $94,720M. |
| Honeywell (Honeywell International Inc.) | HON - NASDAQ | FAIL | Oct 2026 | Honeywell International Inc. (NASDAQ: HON) - FAIL: total debt $33,988M is about 50.70% of ~$67.04B mktcap, above the ~33% ceiling; pure-play automation (Building Automation, Process Automation and Technology, Industrial Automation) after the June 29, 2026 aerospace spin-off (defense exposure left with HONA); interest income $369M is about 0.99% of FY2025 revenue $37,442M. Fire, building systems, LNG technology, sensing. |
| AT&T (AT&T Inc.) | T - NYSE | FAIL | Oct 2026 | AT&T Inc. (NYSE: T) - FAIL: telecom-only business (Communications ~96.2%, Latin America Mexico ~3.5%) with no haram segments, but debt $143,954M about 84.61% of ~$170.14B mktcap exceeds the 33% ceiling; interest income $403M about 0.32% of FY2025 revenue $125,648M. DIRECTV fully exited July 2025. |
| Accenture (Accenture PLC) | ACN - NYSE | PASS | Oct 2026 | Accenture PLC (NYSE: ACN) - PASS: global professional services (Consulting ~50%, Managed Services ~50% of FY2025 revenue $69.7B) with no haram segments; debt $5,142M approx 3.96% of ~$129.92B mktcap; interest income $260M approx 0.47% of nine-month revenue $55.5B. AI, cloud, and cybersecurity consulting plus managed services for ~9,000 clients. |
| Waste Management (Waste Management, Inc.) | WM - NYSE | PASS | Oct 2026 | Waste Management, Inc. (NYSE: WM) - PASS: waste collection/landfill/transfer, recycling, renewable energy (landfill-gas RNG/electricity) and Healthcare Solutions via the 2024 Stericycle acquisition, with no haram segments; debt $23,356M about 28.92% of ~$80.75B mktcap; interest income $0 about 0% of FY2025 revenue $25,204M. 257 landfills, 342 transfer stations. |
| Adobe (Adobe Inc.) | ADBE · NASDAQ | PASS | Oct 2026 | Adobe Inc. (NASDAQ: ADBE) - PASS: software segments (Digital Media ~74%, Digital Experience ~25%, Publishing/Advertising ~1%) with no haram segments; debt $6,363M ~ 6.63% of ~$95.91B mktcap; interest income $264M ~ 1.11% of FY2025 revenue $23,769M. Creative Cloud, Acrobat, Experience Cloud. |
| Comcast (Comcast Corporation) | CMCSA - NASDAQ | FAIL | Oct 2026 | Comcast Corporation (NASDAQ: CMCSA) - FAIL: two divisions (Connectivity & Platforms - Xfinity broadband/wireless, Sky; Content & Experiences - NBCUniversal studios, Peacock, theme parks); debt $90,381M ~ 117.44% of ~$76.96B mktcap; interest income not separately disclosed. |
| Intuit (Intuit Inc.) | INTU · NASDAQ | FAIL | Oct 2026 | Intuit Inc. (NASDAQ: INTU) - FAIL: fintech platform whose Credit Karma marketplace recommends credit cards, home/auto/personal loans, and insurance, and whose QuickBooks Capital offers bank-partner financing (conventional finance activity); debt $7,669M about 10.15% of ~$75.57B mktcap; interest income $180M about 0.84% of FY2026 revenue $21,448M. Musaffa: NOT HALAL (Sep 2026). QuickBooks, TurboTax, Credit Karma, Mailchimp. |
| SYK (Stryker) | SYK · NYSE | PASS | Oct 2026 | Stryker (NYSE: SYK) — PASS: medical devices and orthopaedic implants; debt ≈ 14.15% of ~$105.6B mktcap; interest income ≈ 0.48% of FY2025 revenue. |
| CVS (CVS Health) | CVS · NYSE | FAIL | Oct 2026 | CVS Health (NYSE: CVS) — FAIL: debt $61.4B ≈ 54.7% of ~$112.35B mktcap exceeds the ~33% ceiling (pharmacy, PBM, Aetna insurance); interest income ≈ 0.56% of revenue. |
| LMT (Lockheed Martin) | LMT · NYSE | FAIL | Oct 2026 | Lockheed Martin (NYSE: LMT) — FAIL: weapons and defense business (F-35, THAAD, HIMARS, missiles) is a haram segment and the core of $75.0B FY2025 sales; debt 17.61% of mktcap; no separately reported interest income. |
| SPGI (S&P Global) | SPGI · NYSE | PASS | Oct 2026 | S&P Global (NYSE: SPGI) — PASS: credit ratings, market intelligence, indices; debt $15,170M ≈ 13.2% of ~$114.9B mktcap; zero interest income for FY2025. |
| MO (Altria) | MO · NYSE | FAIL | Oct 2026 | Altria (NYSE: MO) — FAIL: tobacco business (Marlboro, Black & Mild, Copenhagen) — ~100% of FY2025 revenue from tobacco; debt $24,577M ≈ 21.5% of ~$114.4B mktcap; interest income 0.42% of revenue. |
| PH (Parker-Hannifin) | PH · NYSE | PASS | Oct 2026 | Parker-Hannifin (NYSE: PH) — PASS: motion and control technologies (pumps, valves, seals, actuators, filters); debt ≈ 6.97% of mktcap; interest income ≈ 0.06% of revenue. |
| NEM (Newmont) | NEM · NYSE | PASS | Oct 2026 | Newmont (NYSE: NEM) — PASS: gold and copper mining; debt ≈ 4.21% of ~$120.9B mktcap; interest income ≈ 0.94% of revenue. |
| SNOW (Snowflake) | SNOW · NYSE | PASS | Oct 2026 | Snowflake (NYSE: SNOW) — PASS: AI Data Cloud platform; $2.28B convertible notes ≈ 1.96% of mktcap; interest income ≈ 4.07% of revenue. |
| COF (Capital One) | COF · NYSE | FAIL | Oct 2026 | Capital One (NYSE: COF) — FAIL: conventional banking (interest-based lending); borrowings 38.07% of mktcap; net interest income 80.24% of FY2025 revenue. Business + income failure. |
| VLO (Valero Energy) | VLO · NYSE | PASS | Oct 2026 | Valero Energy (NYSE: VLO) — PASS: refining, renewable diesel, fuel ethanol (no haram segments); debt and finance leases $11,349M ≈ 9.65% of ~$117.6B mktcap; interest income ≈ 0.31% of revenue. |
| BMY (Bristol-Myers Squibb) | BMY · NYSE | FAIL | Oct 2026 | Bristol-Myers Squibb (NYSE: BMY) — FAIL: oncology/immunology business passes, but debt $43,120M ≈ 33.38% of ~$129.2B mktcap exceeds the ~33% ceiling (borderline); interest income $300M = 0.62% of revenue. |
| NET (Cloudflare) | NET · NYSE | FAIL | Oct 2026 | Cloudflare (NYSE: NET) — FAIL: connectivity-cloud business passes and debt ≈ 2.62% of mktcap, but FY2025 interest income $131.2M = 6.05% of revenue, above the 5% ceiling. |
| PLD (Prologis) | PLD · NYSE | PASS | Oct 2026 | Prologis (NYSE: PLD) — PASS: logistics warehouse REIT; debt ≈ 29.32% of mktcap (under the ~33% ceiling); FY2025 interest income ≈ 1.48% of revenue. |
| BKNG (Booking Holdings) | BKNG · NASDAQ | PASS | Oct 2026 | Booking Holdings (NASDAQ: BKNG) — PASS: online travel (Booking.com, Priceline, Agoda, KAYAK, OpenTable); debt ≈ 16.52% of mktcap; interest income ≈ 3.42% of revenue. |
| MPC (Marathon Petroleum) | MPC · NYSE | PASS | Oct 2026 | Marathon Petroleum (NYSE: MPC) — PASS: refining and marketing (~3.0M bpd capacity, MPLX midstream); debt $32.82B ≈ 30.01% of ~$109.4B mktcap; interest income ≈ 0.12% of revenue. |
| PGR (Progressive) | PGR · NYSE | FAIL | Oct 2026 | Progressive (NYSE: PGR) — FAIL: conventional property-and-casualty insurer (auto, home, commercial) — haram business segment under this screen; debt $8,387M ≈ 6.9% of ~$121.7B mktcap; investment income 4.09% of revenue. |
| NOW (ServiceNow) | NOW · NYSE | PASS | Oct 2026 | ServiceNow, Inc. (NASDAQ: NOW) — PASS: enterprise workflow-automation SaaS; debt $7,517M ≈ 5.43% of ~$138.57B mktcap; FY2025 interest income $451M = 3.40% of revenue. |
| UBER (Uber Technologies) | UBER · NYSE | PASS | Oct 2026 | Uber Technologies (NYSE: UBER) — PASS: ride-hailing/delivery/freight; alcohol disclosed inside Delivery but not separately quantified; debt $12,723M ≈ 9.18% of ~$138.65B mktcap; FY2025 interest income $743M = 1.43% of revenue. |
| GLW (Corning) | GLW · NYSE | PASS | Oct 2026 | Corning Incorporated (NYSE: GLW) — PASS: optical communications, display, specialty materials; debt ≈ 1.81% of mktcap; FY2025 interest income ≈ 0.24% of $15,629M revenue. |
| BX (Blackstone) | BX · NYSE | PASS | Oct 2026 | Blackstone Inc. (NYSE: BX) — PASS: alternative asset manager (no conventional-banking segments disclosed); corporate debt $13,189.5M ≈ 9.30% of ~$141.86B mktcap; FY2025 interest/dividend revenue $416.1M = 2.88% of revenue. |
| FTNT (Fortinet) | FTNT · NASDAQ | PASS | Oct 2026 | Fortinet, Inc. (NASDAQ: FTNT) — PASS: cybersecurity (FortiGate, Security Fabric); debt ≈ 0.38% of ~$131.13B mktcap; FY2025 interest income $162.3M = 2.39% of $6,799.6M revenue. |
| VRTX (Vertex Pharmaceuticals) | VRTX · NASDAQ | PASS | Oct 2026 | Vertex Pharmaceuticals (NASDAQ: VRTX) — PASS: cystic fibrosis and pain medicines; zero debt (0.00% of ~$133.1B mktcap); FY2025 interest income $490.9M = 4.09% of revenue. |
| IBKR (Interactive Brokers) | IBKR · NASDAQ | FAIL | Oct 2026 | Interactive Brokers Group (NASDAQ: IBKR) — FAIL: interest-based brokerage — FY2025 interest income $7,782M ≈ 74.65% of gross revenue (margin lending ~31% alone); debt $13M ≈ 0.01% of ~$146.2B mktcap passes. Business + income failure. |
| Intuitive Surgical (ISRG) | ISRG · NASDAQ | PASS | Oct 2026 | Intuitive Surgical (NASDAQ: ISRG) — PASS: medical-device business (da Vinci surgical robots, Ion bronchoscopy; no haram segments) passes all gates; zero debt = 0.00% of ~$141.75B mktcap; interest/other income $365.9M = 3.64% of FY2025 revenue $10,064.7M. Musaffa: HALAL (Oct 2026); Zoya: covers ISRG but page text inconclusive; ShariaPortfolio: no entry. |
| TJX (The TJX Companies) | TJX · NYSE | PASS | Oct 2026 | The TJX Companies (NYSE: TJX) — PASS: off-price apparel/home fashions retailer (TJ Maxx, Marshalls, HomeGoods, Winners, TK Maxx) with no haram segments; debt $2,869M ≈ 1.95% of ~$147.1B mktcap; interest income $121M ≈ 0.20% of FY2026 revenue $60,372M. Zoya rates TJX Shariah-compliant (Sept 2026). |
| ConocoPhillips (COP) | COP · NYSE | PASS | Oct 2026 | ConocoPhillips (NYSE: COP) — PASS: pure-play oil & gas E&P (Alaska, Lower 48, Canada, EMENA, APAC; Marathon Oil acquired Nov 2024) with no haram business segments; debt $23,290M ≈ 15.26% of ~$152.64B mktcap and interest income 0.52% of FY2025 revenue both pass. Note: Musaffa (AAOIFI) separately classifies COP as not halal, Sep 2026. |
| Danaher (DHR) | DHR · NYSE | PASS | Oct 2026 | Danaher (NYSE: DHR) — PASS: life sciences / biotech / diagnostics only, no haram segments; debt $26,558M ≈ 17.84% of ~$148.85B mktcap (702.9M × $211.76, Oct 1, 2026) and interest income $30M ≈ 0.12% of FY2025 revenue ($24,568M), both pass. Masimo acquired June 2026 (~$9.8B); Veralto spun off 2023. |
| Boeing | BA · NYSE | FAIL | Oct 2026 | The Boeing Company (NYSE: BA) — FAIL: Defense, Space & Security ($27,234M ≈ 30.4% of FY2025 revenue) makes military aircraft and weapons systems — business-screen failure; debt $45.9B ≈ 30.20% of ~$151.97B mktcap and non-compliant income 0–1.26% both pass. |
| NEE (NextEra Energy) | NEE · NYSE | FAIL | Oct 2026 | NextEra Energy (NYSE: NEE) — FAIL: total debt $110,197M (Jun 30, 2026) ≈ 69.90% of ~$157.64B mktcap ($76.35, Oct 1, 2026) — debt-gate failure; business gate passes (FPL + renewables/NEER, no haram segments); investment income 2.42% of revenue passes. Zoya: not Shariah-compliant. |
| Pfizer | PFE · NYSE | FAIL | Oct 2026 | Pfizer (NYSE: PFE) — FAIL: $63,194M interest-bearing debt ≈ 39.43% of ~$160.3B market cap exceeds the ~33% ceiling — debt-screen failure (Seagen acquisition leverage); business (biopharma, no haram segments) and income (1.07%) both pass. Musaffa rates PFE NOT HALAL (Sep 2026). |
| UNP (Union Pacific) | UNP · NYSE | PASS | Oct 2026 | Union Pacific (NYSE: UNP) — PASS: pure freight railroad (Bulk/Industrial/Premium, no haram segments); debt $31,814M ≈ 19.66% of ~$161.81B mktcap; interest income $56M ≈ 0.23% of revenue. Pending Norfolk Southern acquisition (STB review pending) — UNP remains listed. |
| McDonald's (MCD) | MCD · NYSE | FAIL | Oct 2026 | McDonald's (NYSE: MCD) — FAIL: pork (sausage/bacon, McRib) and alcohol (beer) sold on menus in many markets — business-screen failure; debt $39,875M ≈ 24.09% of ~$165.5B mktcap and non-compliant income 0.32% both pass. ~95% franchised. Zoya and Musaffa both classify MCD as not Shariah-compliant / not halal. |
| WD (Western Digital) | WDC · NASDAQ | PASS | Oct 2026 | Western Digital (NASDAQ: WDC) — PASS: pure-play HDD storage maker after the Feb 21, 2025 SanDisk spin-off (SNDK trades separately since Feb 24, 2025); debt $1,052M ≈ 0.63% of ~$167.0B mktcap; interest income $51M ≈ 0.39% of FY2026 revenue $12,919M. Single reportable segment (Cloud ~89%); no haram segments disclosed. |
| SCCO (Southern Copper) | SCCO · NYSE | PASS | Oct 2026 | Southern Copper (NYSE: SCCO) — PASS: integrated copper/molybdenum/zinc/silver mining in Peru and Mexico, no haram segments; debt $6,750.7M ≈ 4.08% of ~$165.34B mktcap and interest income 1.49% of revenue both pass. Grupo México owns 88.9%. |
| PepsiCo | PEP · NASDAQ | PASS | Oct 2026 | PepsiCo (NASDAQ: PEP) — PASS: beverages + convenient foods (Lay's, Pepsi, Gatorade, Quaker, SodaStream; 200+ countries), no haram segments; debt $53,214M ≈ 31.00% of ~$171.65B mktcap; no separately disclosed interest income (net interest is an expense). Note: AAOIFI 30%-ceiling screeners (halalscreener.app) rate PEP non-compliant — passes only under the 33% ceiling. |
| Charles Schwab | SCHW · NYSE | FAIL | Oct 2026 | Charles Schwab (NYSE: SCHW) — FAIL: savings & loan holding company; interest revenue $15,504M = 64.8% of FY2025 total net revenues (business + income gates fail); debt $37.1B = 21.74% of ~$170.7B mktcap passes. Zoya, Musaffa, ShariaPortfolio all rate non-compliant. |
| Abbott (Abbott Laboratories) | ABT · NYSE | PASS | Oct 2026 | Abbott Laboratories (NYSE: ABT) — PASS: four healthcare segments (Medical Devices ~48%, Diagnostics ~20%, Nutrition ~19%, branded pharma ~12.5%) with no haram segments; debt $32,608M ≈ 19.49% of ~$167.31B mktcap; interest income $308M ≈ 0.69% of FY2025 revenue $44,328M. FreeStyle Libre, Similac, Ensure, Pedialyte. |
| BLK (BlackRock) | BLK · NYSE | PASS* | Oct 2026 | BlackRock (NYSE: BLK) — PASS (provisional): fee-based investment management ($19,179M advisory fees, 79% of revenue) clears the business gate — no interest-based lending; debt $12,744M ≈ 7.73% of ~$164.84B mktcap and non-compliant income 4.91% of revenue (near the 5% ceiling) both pass. Caveats: Zoya rates BLK not compliant (divergence disclosed); Musaffa has no BLK company page (BlackRock funds DSU/BFK both NOT HALAL); no ShariaPortfolio entry. |
| Disney (The Walt Disney Company) | DIS · NYSE | PASS | Oct 2026 | Disney (NYSE: DIS) — PASS: entertainment/hospitality/sports-media core (FY2025 revenue $94,425M) clears the business screen; debt $46,041M ≈ 26.31% of ~$174.97B mktcap and interest/investment income 0.54% of revenue both pass. Note: Zoya and Musaffa classify DIS as not halal under their own methodologies. |
| Deere (John Deere) | DE · NYSE | FAIL | Oct 2026 | Deere & Company (NYSE: DE) — FAIL: Financial Services lending (~12.74% of revenue) is an interest-based business above 5%; finance and interest income 12.58% of revenue; debt $63,836M ≈ 35.26% of ~$181.07B mktcap — all three gates fail. Zoya also rates DE not Shariah-compliant. |
| Gilead Sciences (GILD) | GILD · NASDAQ | PASS | Oct 2026 | Gilead Sciences (NASDAQ: GILD) — PASS: biopharmaceutical (HIV $20.8B led by Biktarvy $14.3B; liver disease, Veklury, oncology) — no haram business lines; debt $24,936M ≈ 13.62% of ~$183.11B mktcap and interest income $349M ≈ 1.19% of revenue both pass. |
| VZ (Verizon Communications) | VZ · NYSE | FAIL | Oct 2026 | Verizon (NYSE: VZ) — FAIL: total debt $165,231M ≈ 86.70% of ~$190.58B mktcap breaches the ~33% ceiling (Q2 2026 10-Q); interest income $329M ≈ 0.24% of FY2025 revenue passes. Zoya and Musaffa also flag VZ not halal (debt-to-market-cap). |
| ADI (Analog Devices) | ADI · NASDAQ | PASS | Oct 2026 | Analog Devices (NASDAQ: ADI) — PASS: analog/mixed-signal semiconductor maker (ICs, software, subsystems; Industrial 45%, Automotive 30%, Consumer 13%, Communications 13%); debt $9,121.6M ≈ 4.65% of ~$196.1B mktcap and interest income 0.96% of revenue both pass; aerospace/defense is a sub-market with no revenue breakout disclosed. |
| CRM (Salesforce) | CRM · NYSE | PASS | Oct 2026 | Salesforce (NYSE: CRM) — PASS: enterprise cloud CRM software (Agentforce 360 Platform, Slack, Tableau, MuleSoft) with no haram segments; debt $39,288M ≈ 20.17% of ~$194.80B mktcap (post $25B March-2026 ASR debt issuance) and non-compliant income 0.41–2.86% of FY2026 revenue both under ceilings. Musaffa: halal; ShariaPortfolio: Shariah Compliant (3/5 standards); Zoya: inconclusive. |
| Qualcomm (QCOM) | QCOM · NASDAQ | PASS | Oct 2026 | QUALCOMM Incorporated (NASDAQ: QCOM) — PASS: semiconductors (QCT ~87%, Snapdragon/modem-RF/auto/IoT) + patent licensing royalties (QTL ~13%); debt $15,270M ≈ 7.93% of ~$192.5B mktcap ($182.09, Oct 1, 2026); interest/investment income 1.44–2.19% of FY2025 revenue ($44,284M). QGOV govt-tech nonreportable (<0.5%). |
| Ralph Lauren | RL · NYSE | PASS | Oct 2026 | Ralph Lauren (NYSE: RL) — PASS: business gate clean (apparel/lifestyle, no haram segments); debt ~$1.26B ≈ 6.0% of ~$20.88B mktcap; interest income $53.7M ≈ 0.66% of FY2026 revenue. Zoya: compliant; Musaffa: halal. |
| Starbucks | SBUX · NASDAQ | PASS | Oct 2026 | Starbucks (NASDAQ: SBUX) — PASS: business gate clean (alcohol limited to a handful of Reserve Roasteries, de minimis; Evenings program ended Jan 2017); debt $16,074.8M ≈ 14.78% of ~$108.76B mktcap; interest income ≤0.30% of FY2025 revenue. Zoya: compliant; Musaffa: halal. |
| American Express | AXP · NYSE | FAIL | Oct 2026 | American Express (NYSE: AXP) — FAIL: card issuer/lender — interest-based card lending is a core business, excluded at the business gate; interest income $25,598M ≈ 31.81% of FY2025 combined revenue. Zoya: not Shariah-compliant. |
| Amphenol | APH · NYSE | FAIL | Oct 2026 | Amphenol (NYSE: APH) — FAIL: defense sales ~9% of net sales (ordnance and missile systems among end applications) exceed the 5% tolerance — business-screen failure; debt $15,502M ≈ 7.38% of ~$210.1B mktcap and income ≤0.43% both pass. Zoya: not Shariah-compliant. |
| Citigroup | C · NYSE | FAIL | Oct 2026 | Citigroup (NYSE: C) — FAIL: conventional global bank/financial services holding company (Services, Markets, Banking, U.S. Personal Banking, Wealth) — interest-based finance is the core business, excluded at the business gate; interest income $142,864M ≈ 84.89% of FY2025 combined revenue. Zoya: not Shariah-compliant. |
| IBM | IBM · NYSE | PASS | Oct 2026 | IBM (NYSE: IBM) — PASS (borderline, contested): debt $61,260M ≈ 29.29% of ~$209.1B mktcap (under 33%, on AAOIFI's 30% line); interest income $705M ≈ 1.04% of FY2025 revenue; $16.2B financing-receivables book disclosed. Zoya + ShariaPortfolio compliant; Musaffa Academy flags Not Halal on debt. |
| Amgen | AMGN · NASDAQ | FAIL | Oct 2026 | Amgen (NASDAQ: AMGN) — FAIL (fail-closed): biotech business is clean and ratios pass (debt $54,604M ≈ 24.19% of ~$225.8B mktcap; interest income $408M ≈ 1.11% of FY2025 revenue) — but Musaffa classifies Amgen as NOT HALAL (Sep 2026, AAOIFI). Zoya rates it compliant. |
| Marvell | MRVL · NASDAQ | PASS | Oct 2026 | Marvell (NASDAQ: MRVL) — PASS: fabless data-infrastructure semiconductors, no prohibited lines; debt $4,470.6M ≈ 1.94% of ~$230.9B mktcap; non-compliant income ≤1.54% of FY2026 revenue (upper bound — $1.8B Infineon divestiture gain is in the "interest income and other, net" line). Zoya compliant; Musaffa halal. |
| RTX | RTX · NYSE | FAIL | Oct 2026 | RTX (NYSE: RTX) — FAIL: one of the world's largest defense contractors (Raytheon missiles/air & missile defense/smart weapons; P&W F-35 engines) — weapons manufacturing fails at the business gate; ratios not assessed. Zoya: not Shariah-compliant. |
| Thermo Fisher Scientific | TMO · NYSE | PASS | Oct 2026 | Thermo Fisher (NYSE: TMO) — PASS: life sciences tools, instruments, diagnostics, lab services; no prohibited lines; debt $39,384M ≈ 15.80% of ~$249.3B mktcap; interest income $993M ≈ 2.23% of FY2025 revenue $44,556M. Zoya compliant; Musaffa halal. |
| Texas Instruments | TXN · NASDAQ | PASS | Oct 2026 | Texas Instruments (NASDAQ: TXN) — PASS: semiconductors (analog + embedded processing), no prohibited lines; debt $14,048M ≈ 5.42% of ~$259.4B mktcap; non-compliant income ≤1.46% of FY2025 revenue (conservative upper bound — 10-K bundles interest income in "Other income"). Zoya compliant; Musaffa halal. |
| Arista Networks | ANET · NYSE | PASS | Oct 2026 | Arista Networks (NYSE: ANET) — PASS: cloud networking for AI infrastructure, no prohibited lines; zero debt (0.00% of ~$258.5B mktcap); interest income $383.4M ≈ 4.26% of FY2025 revenue $9,005.7M (elevated but under — highest among recent passes). Zoya: Shariah-compliant. |
| Goldman Sachs | GS · NYSE | FAIL | Oct 2026 | Goldman Sachs (NYSE: GS) — FAIL: conventional global investment bank — interest-based finance is the core business, excluded at the business gate; interest income $80,373M ≈ 64.25% of FY2025 gross revenue. Zoya: not Shariah-compliant. |
| KLA | KLAC · NASDAQ | PASS | Oct 2026 | KLA (NASDAQ: KLAC) — PASS: semiconductor process-control equipment, no prohibited lines; debt $5,887.4M ≈ 2.30% of ~$256.1B mktcap; interest income $177.1M ≈ 1.30% of FY2026 revenue $13,579.5M. Zoya compliant; Musaffa halal. |
| Sandisk | SNDK · NASDAQ | PASS | Oct 2026 | Sandisk (NASDAQ: SNDK) — PASS: NAND flash/SSDs (spun off from Western Digital Feb 2025), no prohibited lines; debt ~$201M ≈ 0.08% of ~$250.8B mktcap ($2.0B term loan repaid Mar 2026); interest income $70M ≈ 0.35% of FY2026 revenue $20,248M. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| GE Vernova | GEV · NYSE | PASS | Oct 2026 | GE Vernova (NYSE: GEV) — PASS: energy equipment (power, wind, electrification; nuclear = power generation, not weapons); debt <$100M < 0.04% of ~$253.0B mktcap; interest income $186M ≈ 0.49% of FY2025 revenue $38,068M. Zoya: Shariah-compliant. |
| Philip Morris | PM · NYSE | FAIL | Oct 2026 | Philip Morris (NYSE: PM) — FAIL: global tobacco/nicotine manufacturer (Marlboro, IQOS, ZYN) — categorically excluded industry at the business gate; ~100% of $40.65B FY2025 revenue from tobacco/nicotine. Zoya: not Shariah-compliant. |
| CrowdStrike | CRWD · NASDAQ | PASS | Oct 2026 | CrowdStrike (NASDAQ: CRWD) — PASS: AI-native cybersecurity (Falcon platform), no prohibited lines; debt $745.5M ≈ 0.28% of ~$267.4B mktcap; interest income $195.0M ≈ 4.05% of FY2026 revenue $4,812.0M (elevated but under). Zoya compliant; Musaffa halal. |
| Morgan Stanley | MS · NYSE | FAIL | Oct 2026 | Morgan Stanley (NYSE: MS) — FAIL: conventional global financial services firm (bank holding company) — interest-based finance is the core business, excluded at the business gate; interest income $59,063M ≈ 51.37% of FY2025 gross revenue. Zoya: not Shariah-compliant. |
| GE (GE Aerospace) | GE · NYSE | FAIL | Oct 2026 | GE Aerospace (NYSE: GE) — FAIL: Defense & Propulsion Technologies (~27% of revenue) manufactures military aircraft engines (F110, F404, T700) — business-screen failure; debt $19,162M ≈ 5.91% of ~$324.1B mktcap and income 0.31–2.06% both pass. Ticker retained post GEHC/GEV splits. |
| Palo Alto Networks | PANW · NASDAQ | PASS | Oct 2026 | Palo Alto Networks (NASDAQ: PANW) — PASS: cybersecurity, no prohibited lines; debt $1,774M ≈ 0.55% of ~$320.7B mktcap; interest income $374M ≈ 3.26% of FY2026 revenue $11,480M. Zoya: Shariah-compliant. |
| Dell Technologies | DELL · NYSE | FAIL | Oct 2026 | Dell Technologies (NYSE: DELL) — FAIL: Dell Financial Services originates interest-bearing leases/loans ($14.3B receivables portfolio; $357M lease interest income in revenue) — business-screen failure; debt $31,503M ≈ 9.19% of ~$342.8B mktcap and income 0.45–0.76% both pass. Musaffa: NOT HALAL. |
| Caterpillar | CAT · NYSE | PASS | Oct 2026 | Caterpillar (NYSE: CAT) — PASS (contested): construction/mining equipment, Cat Financial does interest-bearing financing ($3,609M = 5.34% of revenue — ShariaPortfolio's impure-income basis); debt $43,330M ≈ 11.45% of ~$378.5B mktcap; disclosed interest income $416M ≈ 0.62% of FY2025 revenue. Zoya: Shariah-compliant; ShariaPortfolio: NOT compliant. |
| Merck | MRK · NYSE | PASS | Oct 2026 | Merck (NYSE: MRK) — PASS: pharma + animal health (Keytruda, Gardasil), no prohibited lines; debt $49,339M ≈ 13.9% of ~$355.5B mktcap; interest income $343M ≈ 0.53% of FY2025 revenue $65,011M. Zoya: Shariah-compliant; Musaffa: HALAL. |
| Applied Materials | AMAT · NASDAQ | PASS | Oct 2026 | Applied Materials (NASDAQ: AMAT) — PASS: semiconductor manufacturing equipment, no prohibited lines; debt $6,544M ≈ 1.56% of ~$420.1B mktcap; interest income $297M ≈ 1.24% of 9-month revenue $24,037M (Q3 FY2026 10-Q). Zoya: Shariah-compliant; Musaffa: halal. |
| Lam Research | LRCX · NASDAQ | PASS | Oct 2026 | Lam Research (NASDAQ: LRCX) — PASS: wafer-fabrication equipment (deposition, etch, clean), no prohibited lines; debt $3,734.6M ≈ 0.88% of ~$425.6B mktcap; interest income $196.2M ≈ 0.84% of FY2026 revenue $23,232.7M. Zoya: Shariah-compliant; Musaffa: Halal. |
| Linde | LIN · NASDAQ | PASS | Oct 2026 | Linde (NASDAQ: LIN) — PASS: industrial gases + engineering, no prohibited lines; debt $26,989M ≈ 12.4% of ~$217.5B mktcap; interest income $209M ≈ 0.61% of FY2025 revenue $33,986M. Zoya: Shariah-compliant; Musaffa: HALAL. (NYSE→Nasdaq Nov 2023.) |
| Coca-Cola | KO · NYSE | PASS | Oct 2026 | Coca-Cola (NYSE: KO) — PASS: nonalcoholic beverages (~200 brands); debt $43,890M ≈ 11.85% of ~$370.4B mktcap; interest income $222M ≈ 1.78% of Q1 2026 revenue. Disclosure: 10-K confirms an alcohol beverage line (unquantified). Musaffa: HALAL; ShariaPortfolio: Shariah Compliant. |
| Chevron | CVX · NYSE | PASS | Oct 2026 | Chevron (NYSE: CVX) — PASS: integrated oil & gas, no prohibited lines; debt $37,075M ≈ 9.13% of ~$406.3B mktcap; interest income ≈ $0 (≈0.0% of TTM revenue $215,261M). Zoya: Shariah-compliant. |
| Oracle | ORCL · NYSE | PASS | Oct 2026 | Oracle (NYSE: ORCL) — PASS (borderline): enterprise software/cloud, no prohibited lines; debt $129,541M ≈ 32.6% of ~$397.7B mktcap — under this site's 33% ceiling but above the AAOIFI 30% threshold; interest income 1.16% of FY2026 revenue. Zoya/Musaffa/HalalScreener all rate NOT compliant on the debt threshold. |
| Bank of America | BAC · NYSE | FAIL | Oct 2026 | Bank of America (NYSE: BAC) — FAIL: conventional bank — interest-based lending/deposit-taking is the core business, excluded at the business gate; interest income $138,566M ≈ 72.33% of FY2025 gross revenue. Zoya, Musaffa, ShariaPortfolio: all rate not compliant. |
| Palantir | PLTR · NASDAQ | FAIL | Oct 2026 | Palantir (NASDAQ: PLTR) — FAIL: interest income $229.2M ≈ 5.12% of FY2025 revenue $4,475.4M exceeds the 5% ceiling (Q2 2026 quarter ≈ 4.0%, under); zero debt; software provider, not a weapons maker. Zoya: questionable; Musaffa: doubtful. |
| Cisco Systems | CSCO · NASDAQ | PASS | Oct 2026 | Cisco Systems (NASDAQ: CSCO) — PASS: networking/security/collaboration tech, no prohibited lines; debt $29,533M ≈ 6.89% of ~$428.8B mktcap; interest income $866M ≈ 1.37% of FY2026 revenue $63,325M. Zoya: Shariah-compliant; Musaffa: halal. |
| AbbVie | ABBV · NYSE | PASS | Oct 2026 | AbbVie (NYSE: ABBV) — PASS: biopharma (immunology, neuroscience, oncology, aesthetics), no prohibited lines; debt $67,496M ≈ 14.34% of ~$470.6B mktcap; interest income $266M ≈ 0.43% of FY2025 revenue $61,160M. Zoya: covers (Shariah-compliant per FAQ). |
| Intel | INTC · NASDAQ | PASS | Oct 2026 | Intel (NASDAQ: INTC) — PASS: semiconductors (CPUs, AI accelerators, foundry), no prohibited lines; debt $46,585M ≈ 7.4% of ~$632B mktcap; interest income $1,007M ≈ 1.91% of FY2025 revenue $52,853M. Musaffa: HALAL. |
| Walmart | WMT · NASDAQ | FAIL | Oct 2026 | Walmart (NASDAQ: WMT) — FAIL: retail sale of alcoholic beverages is a disclosed category (Grocery unit, Walmart U.S. + Sam's Club) with unquantified revenue share — business screen unverifiable; debt $51.5B ≈ 6.23% of ~$827B mktcap and interest income 0.05% of revenue both pass. Zoya: questionable; Musaffa: doubtful. |
| Micron Technology | MU · NASDAQ | PASS | Oct 2026 | Micron Technology (NASDAQ: MU) — PASS: memory/storage hardware (DRAM, NAND, NOR), no prohibited lines; debt $5,722M ≈ 0.48% of ~$1.20T mktcap; interest income $509M ≈ 0.64% of 9-month revenue $78,959M (Q3 FY2026 10-Q). |
| Taiwan Semiconductor | TSM · NYSE | PASS | Oct 2026 | Taiwan Semiconductor (NYSE: TSM) — PASS: pure-play foundry, no prohibited lines; interest-bearing debt NT$1,033B ≈ 1.4% of ~US$2.38T mktcap; interest income NT$105.7B ≈ 2.78% of FY2025 revenue NT$3,809.1B. |
| Asiatel Outsourcing | ATOI · TSXV | PASS | Oct 2026 | Asiatel Outsourcing (TSXV: ATOI) — PASS: Philippine BPO/KPO (finance & accounting outsourcing, employer-of-record, remote staffing); interest-bearing debt C$317k ≈ 5.1% of ~C$6.2M mktcap; interest income C$6,584 ≈ 0.13% of H1 2026 revenue C$5.14M. |
| Azimut Exploration | AZM · TSXV | FAIL | Oct 2026 | Azimut Exploration (TSXV: AZM) — FAIL: Québec mineral explorer (Elmer gold project, James Bay); interest income C$104,354 is ~130.5% of six-month revenue C$79,951 (H1 FY2026 ended Feb 28, 2026), over the 5% non-compliant income ceiling; debt negligible (C$464k leases ≈ 0.69% of ~C$67.3M mktcap). |
| NanoXplore | GRA · TSX | PASS | Oct 2026 | NanoXplore Inc. (TSX: GRA) — PASS: graphene producer (GrapheneBlack powder, graphene-enhanced plastics/composites, VoltaXplore battery cells); total long-term debt C$10.55M ≈ 3.9% of ~C$268.6M market cap, under the ~33% ceiling; interest income ~0.39% of revenue, under the 5% limit. |
| Coppernico Metals | COPR · TSX | FAIL | Oct 2026 | Coppernico Metals Inc. (TSX: COPR) — FAIL: pre-revenue copper-gold explorer (flagship Sombrero project, Peru); zero interest-bearing debt (≈0.0% of ~C$72.62M market cap) but income gate fails — only interest income (C$13,679 in Q1 2026) with C$0 operating revenue (non_compliant_income_pct null). |
| Nano One Materials | NANO · TSX | FAIL | Oct 2026 | Nano One Materials (TSX: NANO) — FAIL: battery cathode materials (One-Pot process; Candiac LFP facility); interest-bearing debt ≈C$19.5M ≈18.3% of ~C$106.6M market cap (debt gate passes); but pre-revenue (nil revenue, C$129k interest income in Q1 2026) fails the non-compliant income gate. |
| Western Forest Products | WEF · TSX | PASS | Oct 2026 | Western Forest Products (TSX: WEF) — PASS: BC integrated softwood lumber/log producer; total debt C$36.1M ≈ 18.6% of ~C$193.7M market cap (10.558M shares at C$18.35, post 1-for-30 split), under the ~33% ceiling; no interest income in H1 2026. |
| Cannara Biotech | LOVE · TSX | FAIL | Oct 2026 | Cannara Biotech (TSX: LOVE) — FAIL: cannabis producer — prohibited line. |
| Gunnison Copper | GCU · TSX | PASS | Oct 2026 | Gunnison Copper Corp. (TSX: GCU) — PASS: Arizona pure-play copper producer (Johnson Camp commercial production Sept 2026) + Gunnison open-pit project; interest-bearing debt US$7.19M ≈ 4.4% of ~C$232.5M market cap; interest income 0.58% of revenue. |
| GoldMining | GOLD · TSX | FAIL | Oct 2026 | GoldMining (TSX: GOLD) — FAIL: pre-revenue gold/gold-copper explorer across the Americas; zero debt (0.0% of ~C$287.6M market cap), but C$394k interest income vs zero operating revenue fails the income gate per the pre-revenue precedent. |
| Spectral Medical | EDT · TSX | PASS | Oct 2026 | Spectral Medical Inc. (TSX: EDT) — PASS: late-stage sepsis theranostics (PMX hemoperfusion + EAA diagnostic, FDA PMA under substantive review); interest-bearing debt C$25.379M ≈ 7.3% of ~C$346.4M market cap, under the ~33% ceiling; no interest income disclosed. |
| Versamet Royalties | VMET · TSX | FAIL | Oct 2026 | Versamet Royalties (TSX: VMET) — FAIL: precious-metals royalty & streaming company (streams/royalties on Eskay Creek, Greenstone, Kiaka, Rosh Pinah, Kolpa, Toega, Cuiú Cuiú, El Pilar); credit facilities US$375.0M ≈ 37.9% of ~C$1.41B market cap, over the ~33% ceiling. |
| Wilmington Capital Management | WCM.A · TSX | FAIL | Oct 2026 | Wilmington Capital Management (TSX: WCM.A) — FAIL: Canadian alternative-asset investment company (Bay Moorings marina redevelopment, private energy securities; monetizing since Aug 2023); interest income C$237k is ~15.4% of reported revenue C$1.54M (H1 2026), over the 5% non-compliant income ceiling. |
| Westshore Terminals | WTE · TSX | PASS | Oct 2026 | Westshore Terminals Investment Corporation (TSX: WTE) — PASS: coal storage/loading terminal at Roberts Bank, BC; interest-bearing debt ~C$440.9M (VFPA land lease; no bank debt drawn) ≈ 16.4% of ~C$2.69B market cap, under the ~33% ceiling; interest income negligible (0.00% of revenue). |
| Wall Financial | WFC · TSX | FAIL | Oct 2026 | Wall Financial (TSX: WFC) — FAIL: Vancouver rental-apartment/hotel owner and residential developer (Wall Centre hotels); interest-bearing debt C$727.4M ≈ 108.1% of ~C$672.9M market cap, over the ~33% ceiling. |
| Ecora Royalties | ECOR · TSX | PASS | Oct 2026 | Ecora Royalties PLC (TSX: ECOR) — PASS: critical-minerals royalty/streaming company (copper, cobalt, vanadium, uranium, steelmaking coal); debt US$83.25m ≈ 14.8% of ~C$796.5M market cap, under the ~33% ceiling; finance income ~0.32% of revenue. |
| Arizona Metals | AMC · TSX | FAIL | Oct 2026 | Arizona Metals Corp. (TSX: AMC) — FAIL: pre-revenue copper-gold explorer (100%-owned Kay Mine VMS + Sugarloaf Peak gold, Arizona); zero interest-bearing debt (0.0% of ~C$25.49M market cap), but interest income C$127,830 (H1 2026) is ~100% of income — over the 5% non-compliant income limit. |
| Economic Investment Trust | EVT · TSX | PASS | Oct 2026 | Economic Investment Trust (TSX: EVT) — PASS: closed-end investment corporation (common equities: E-L Financial, Algoma, Bank of Nova Scotia + Neuberger Berman global portfolio); C$0 interest-bearing debt; interest income ~0.20% of total income. |
| United Corporations | UNC · TSX | PASS | Oct 2026 | United Corporations Limited (TSX: UNC) — PASS: closed-end investment company (foreign equities via Comgest, Causeway, Neuberger Berman); zero interest-bearing debt — 0.0% of ~C$1,661.4M market cap; interest and securities lending income ≈0.33% of revenue, under the 5% limit. |
| TVA Group | TVA.B · TSX | PASS | Oct 2026 | PASS — debt gate: C$6.9M lease liabilities at Jun 30, 2026 ≈ 6.5% of ~C$105.9M market cap (43.2M shares x C$2.45), well under the ~33% ceiling; income gate: C$0.7M interest income ≈ 0.5% of C$143.3M Q2 revenue, under the ~5% ceiling; business gate passes (French-language TV broadcasting/media). No Zoya/Musaffa/ShariaPortfolio rating found. |
| Enthusiast Gaming | EGLX · TSX | FAIL | Oct 2026 | Enthusiast Gaming (TSX: EGLX) — FAIL: gaming media publisher (U.GG, Icy Veins, TheSimsResource, PocketGamer); C$45.05M debt, all classified current, is ≈703.9% of ~C$6.4M market cap — far over the ~33% ceiling. |
| Tiny Ltd. | TINY · TSX | FAIL | Oct 2026 | Tiny Ltd. (TSX: TINY) — FAIL: technology holding company (Metalab, Serato, WeCommerce, Creative Market, Dribbble) + Tiny Fund I LP (C$46.4M NAV); total debt C$142.0M ≈ 81.6% of ~C$174.0M market cap, over the ~33% ceiling. |
| Aegis Brands | AEG · TSX | FAIL | Oct 2026 | Aegis Brands (TSX:AEG) — FAIL: St. Louis Bar & Grill sports-bar chain with material alcohol sales (Gate 1); liabilities C$32.46M are ~150% of ~C$21.58M market cap (Gate 2). |
| Foraco International | FAR · TSX | FAIL | Oct 2026 | Foraco International (TSX:FAR) — FAIL: mineral & water drilling services; interest-bearing debt ≈US$103M ≈57% of market cap (above ~33% ceiling). |
| High Arctic Energy Services | HWO · TSX | PASS* | Oct 2026 | High Arctic Energy Services (TSX:HWO) — PASS (provisional): oilfield equipment rental (Western Canada) + 42% of Team Snubbing; debt ÷ market cap ≈23.4%; interest income not separately disclosed but worst-case bound 3.2% of revenue. |
| New Pacific Metals | NUAG · TSX | FAIL | Oct 2026 | New Pacific Metals (TSX:NUAG) — FAIL: pre-revenue silver-gold developer (Silver Sand, Carangas, Bolivia); interest income of US$937K in FY2026 is the only income (nil revenue). |
| Clairvest Group | CVG · TSX | FAIL | Oct 2026 | CVG — FAIL: private-equity firm whose largest investee sector is gaming/casinos (~C$302M fair value, ~40%); interest income 5.1% of revenue exceeds the 5% limit. |
| Senvest Capital | SEC · TSX | FAIL | Oct 2026 | Senvest Capital (TSX:SEC) — FAIL: interest-bearing broker (margin) debt of C$445.9M at Jun 30, 2026 is ~42% of the ~C$1.06B market cap, above the ~33% ceiling. |
| Questerre Energy | QEC · TSX | FAIL | Oct 2026 | Questerre Energy (TSX:QEC) — FAIL: secured bonds of C$116.7M (US$80M face, PX Energy acquisition) are ~89% of the ~C$131.3M market cap, far above the ~33% debt ceiling. |
| Big Rock Brewery | BR · TSX | FAIL | Oct 2026 | Big Rock Brewery (TSX:BR) — FAIL: craft-beer/cider brewer — alcohol production fails Gate 1; debt C$9.0M is ~60% of ~C$15.0M market cap. |
| Avant Brands | AVNT · TSX | FAIL | Oct 2026 | Avant Brands (TSX:AVNT) — FAIL: cannabis producer (recreational, medical and export cannabis products); business-activity gate fails. |
| Auxly | XLY · TSX | FAIL | Oct 2026 | Auxly Cannabis Group (TSX:XLY) — FAIL: cannabis producer — 100% of revenue is cannabis sales (C$70.8M gross in Q2 2026); debt ~C$43.6M ≈ 12% of market cap. |
| Faraday Copper | FDY · TSX | FAIL | Oct 2026 | Faraday Copper (TSX:FDY) — FAIL: pre-revenue Copper Creek copper developer (Arizona); interest income of C$799K in Q2 2026 is the only income (nil revenue). |
| STLLR Gold | STLR · TSX | FAIL | Oct 2026 | STLLR Gold (TSX:STLR) — FAIL: pre-revenue gold developer (Tower, Colomac, Hollinger); interest income of C$268K in Q2 2026 is the only income (nil revenue). |
| Titan Mining | TI · TSX | PASS | Oct 2026 | Titan Mining (TSX:TI) — PASS: Empire State Mines zinc producer; debt ~10.1% of market cap, interest income 0.4% of H1 2026 revenue. |
| Abaxx Technologies Inc. | ABXX · TSX | FAIL | Oct 2026 | ~3.9% debt-to-market-cap vs ~33% ceiling (passes); cash ~18.1% (passes) — business gate fails: commodity futures exchange & clearinghouse operator, fee income from derivatives trading; income gate not computable (H1 2026 revenue negative) |
| Accord Financial | ACD · TSX | FAIL | Oct 2026 | FAIL — Gate 1: conventional interest-based lending is the core business (interest income 83.6% of Q2 2026 revenue). Gate 2 fails: C$110.8M debt ≈ 1,726% of ~C$6.42M market cap (Oct 1, 2026). Gate 3 fails: interest income 83.6% of revenue vs ~5% ceiling. Going-concern warning in Q2 2026 filing. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| ACT Energy Technologies | ACX · TSX | FAIL | Oct 2026 | ACT Energy Technologies (TSX:ACX) — FAIL: directional drilling services; debt C$160.577M ≈ 53.9% of C$297.89M market cap. |
| AGT Food and Ingredients Inc. | AGTF · TSX | PASS* | Oct 2026 | Re-listed on TSX March 2026 (IPO at C$23) — pulse/crop processing, pasta and packaged foods; business gate passes. Debt gate passes: ~C$152.1M interest-bearing debt (Sponsor Notes settled at IPO) ≈ 12.0% of ~C$1,263.4M market cap vs ~33% ceiling. Cash gate passes: C$58.9M ≈ 4.7% of market cap. Income gate unverifiable: interest income undisclosed in Q2 2026 release — provisional PASS*. No Zoya, Musaffa or ShariaPortfolio coverage found. |
| Aimia | AIM · TSX | FAIL | Oct 2026 | Aimia (TSX:AIM) — FAIL: holding company (Cortland International); cash + securities C$306.6M ≈ 131% of C$233.54M market cap. |
| AKITA Drilling | AKT · TSX | PASS | Oct 2026 | PASS — gate 3 passes: FY2025 interest income C$120,000 = 0.06% of C$200.9M revenue. Gate 1 passes (contract drilling services to oil & gas industry, Canada & US; potash/storage-cavern drilling). Gate 2 passes (C$36.6M interest-bearing debt at Jun 30, 2026 = 17.1% of ~C$213M market cap; 57,495,876 shares at C$3.71, Sep 30 close). Listed TSX. No Zoya/Musaffa/ShariaPortfolio rating found. |
| Alphabet | GOOGL · NASDAQ | PASS | Oct 2026 | Alphabet passes Shariah screening as of October 2026. Its business (search, advertising, cloud computing, YouTube) is halal, its interest-bearing debt is 1.23% of market cap, and its interest income is 1.08% of revenue. Below: the full screening math, the advertising question investors ask, and the caveats that could change the answer. |
| Amazon | AMZN · NASDAQ | PASS | Oct 2026 | Amazon passes Shariah screening as of October 2026. Its business (online retail, cloud computing, advertising) is halal, its interest-bearing debt is 3.03% of market cap, and its interest income is 0.61% of revenue. Below: the full screening math, the co-branded-card question investors ask, and the caveats that could change the answer. |
| AMD | AMD · NASDAQ | PASS* | Oct 2026 | AMD passes Shariah screening as of October 2026, with one asterisk. Its business (semiconductors) is halal, its debt is 0.32% of market cap, and its cash is 1.31% of market cap. But AMD does not separately disclose interest income, so the 5% income screen cannot be fully verified — hence the provisional result, not an estimate. |
| Amex Gold Mining | AMX · TSX-V | FAIL | Oct 2026 | Amex Gold Mining (TSXV:AMX) — FAIL: pre-revenue gold developer (Perron, Québec); interest income of C$236,958 in Q1 2026 is the only income (nil revenue). |
| Apotex Health | APTX · TSX | FAIL | Oct 2026 | Apotex Health (TSX:APTX) — FAIL: pharma (IPO Jun 2026); debt C$2,433.4M ≈ 34% of ~C$7.16B market cap (knife-edge over ~33%). |
| Asante Gold | ASE · TSXV | FAIL | Oct 2026 | FAIL — debt gate: US$637.2M short-term borrowings + long-term notes and loans payable (Q2 2026 MD&A, June 30, 2026) = ~128.5% of the ~C$705.6M market cap (C$0.78, Sep 30, 2026 close), far over the ~33% ceiling; business gate passes: gold producer, Bibiani and Chirano mines in Ghana; income gate not separately verified (moot); no Zoya/Musaffa/ShariaPortfolio rating found. |
| ATEX Resources Inc. | ATX · TSX | PASS* | Oct 2026 | ~0.03% debt-to-market-cap vs ~33% ceiling (copper-gold explorer, ~C$0.23M lease debt only; cash ~16.9%); pre-revenue so the ~5% income gate is unverifiable — provisional PASS* |
| ATS | ATS · TSX | FAIL | Oct 2026 | FAIL — business and income gates pass (industrial automation; interest income ~0.04% of revenue); debt gate fails: ~C$1,235.5M interest-bearing debt vs ~C$2,616M market cap = ~47.2%, over the ~33% ceiling; no Musaffa/Zoya/ShariaPortfolio rating found. |
| Avalon Advanced Materials | AVL · TSX | FAIL | Oct 2026 | FAIL — income gate: C$228,735 interest received (nine months ended May 31, 2026) vs ~C$85K nine-month revenue (~268%, far over the ~5% ceiling); business gate passes: critical-minerals explorer/developer (Nechalacho REE, Separation Rapids lithium, Lake Superior Lithium facility); debt gate passes: total liabilities C$5.35M = ~17% of ~C$31.3M market cap; cash C$9.8M = ~31% of market cap; no Zoya/Musaffa/ShariaPortfolio rating found. |
| Avino Silver | ASM · TSX | PASS | Oct 2026 | Silver/gold/copper producer (Elena Tolosa mine, Durango; La Preciosa development) — all gates pass. Interest-bearing debt US$8.3M (leases + equipment loans, Mar 31, 2026 FS) ≈ 0.9% of ~US$978M market cap (170.9M shares × C$7.90, Oct 1, 2026) vs ~33% ceiling. Cash US$138.6M ≈ 14.2%. "Interest and other income" US$926K ≈ 2.3% of Q1 2026 revenue US$39.4M vs ~5% ceiling. Musaffa disagrees (rates not halal); ShariaPortfolio rates Shariah compliant; no Zoya coverage. |
| Baylin Technologies | BYL · TSX | FAIL | Oct 2026 | Baylin Technologies (TSX:BYL) — FAIL: RF/satellite comms equipment; gross debt C$23.6M ≈ 38.1% of C$61.91M market cap. |
| Berkshire Hathaway | BRK.B · NYSE | FAIL | Oct 2026 | Berkshire Hathaway fails Shariah screening as of October 2026. Insurance and reinsurance — a prohibited industry under the business-activity gate — is one of its core businesses: its FY2025 10-K (year ended December 31, 2025) reports insurance operations alongside railroads, utilities, manufacturing, and retail, with an insurance float of about $176 billion. The ratios below are shown for transparency; the gate-one failure decides the result. |
| BioSyent Inc. | RX · TSXV | PASS | Oct 2026 | Mississauga specialty pharma/oral health (FeraMAX, Tibella, Inofolic; Oral Science acquired Mar 1, 2026, Q2 sales C$8.2M) — PASS on all gates: debt C$2.0M (Jun 30, 2026) ≈ 1.1% of ~C$189.8M mktcap (11,308,835 shares × C$16.78, Oct 1, 2026) vs ~33% ceiling; income passes (interest income C$94,412 ≈ 0.5% of Q2 net revenues C$19.87M). Cash & investments ≈ C$12.2M (≈6.4% of mktcap). 64th consecutive profitable quarter; C$0.055 quarterly dividend. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Birchtech | BCHT · TSX | PASS | Oct 2026 | ~0.6% debt-to-market-cap vs ~33% ceiling (activated-carbon business passes; ~3.1% interest income; cash ~30.9%) |
| Blackrock Silver | BRC · TSX | FAIL | Oct 2026 | FAIL — Gate 3: interest income C$155,622 ≈ 66.4% of all positive P&L income (6 months ended Apr 30, 2026), over the ~5% ceiling. Gate 1 passes (precious-metal exploration, no haram lines); Gate 2 passes (C$28,875 debt ≈ 0.01% of ~C$375.3M market cap, Sep 30, 2026). Musaffa screens BRC.V as not halal; no Zoya/ShariaPortfolio coverage found. |
| Blue Ant Media | BAMI · TSX | FAIL | Oct 2026 | FAIL — debt gate fails: C$9.402M bank indebtedness + C$70.481M interim production financing = C$79.883M at May 31, 2026 ≈ 49.8% of ~C$160.5M market cap (28,403,340 shares at C$5.65, Sep 30 close). Business passes (streamer/production studio/rights). Interest income not separately disclosed. No Zoya/Musaffa/ShariaPortfolio rating found. |
| BMTC Group Inc. | GBT · TSX | PASS | Oct 2026 | Montréal furniture/appliance/electronics retailer (Tanguay division) + rental-residential real estate + treasury investment portfolio — PASS on all gates: C$nil bank debt (Apr 30, 2026; facility largely undrawn at Jul 31, 2026) = 0% of ~C$409M mktcap (31,788,500 shares × C$13.00, Oct 1, 2026) vs ~33% ceiling; income passes (audited FY2026 interest income C$1.072M ≈ 0.17% of revenue C$619.6M). Cash & interest-bearing liquidities C$67.3M ≈ 16.4% of mktcap. No consumer credit program, no lending book. Semiannual dividend C$0.18/share. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| BriaCell Therapeutics | BCT · TSX | FAIL | Oct 2026 | BriaCell Therapeutics (TSX: BCT), the immuno-oncology biotech advancing Bria-IMT through a pivotal Phase 3 trial in metastatic breast cancer, gets a FAIL: it is pre-revenue with nil sales, so its separately disclosed financial income of C$430,205 (nine months ended April 30, 2026) is effectively 100% of income - far above the ~5% non-compliant income ceiling. Debt is zero and the business gate passes. |
| Bridgemarq Real Estate Services | BRE · TSX | FAIL | Oct 2026 | FAIL — debt gate: interest-bearing debt ≈C$96.8M at Jun 30, 2026 ≈ 340% of ~C$28.5M market cap (C$3.00, Sept 30, 2026), far above the ~33% ceiling; business gate passes (residential real-estate brokerage/franchise — Royal LePage, Via Capitale); income gate passes (~0.2% interest income). No Zoya/Musaffa/ShariaPortfolio rating found. |
| Broadcom | AVGO · NASDAQ | PASS* | Oct 2026 | Broadcom passes Shariah screening as of October 2026, with one asterisk. Its business (semiconductors and infrastructure software, including VMware) is halal and its debt is 3.54% of market cap. But Broadcom does not separately disclose interest income, so the 5% income screen cannot be fully verified — hence the provisional result. |
| Bunker Hill Mining Corp. | BNKR · TSX | FAIL | Oct 2026 | ~79.6% debt-to-market-cap vs ~33% ceiling (~US$105.1M / ~C$149.6M interest-bearing debt: Silver Loan, convertible debentures, Sprott facility, leases); cash ~7.3%; pre-revenue so the ~5% income gate is unverifiable — decisive FAIL |
| Cadillac Mines Corporation | CADY · TSX | PASS* | Oct 2026 | ~0% debt-to-market-cap vs ~33% ceiling (gold/critical-mineral explorer, nil interest-bearing debt; cash ~4.2%); pre-revenue so the ~5% income gate is unverifiable — provisional PASS* |
| Caldwell Partners International Inc. | CWL · TSX | PASS | Oct 2026 | Caldwell Partners International Inc. (TSX: CWL) is a Toronto-based talent acquisition firm — retained executive search under the Caldwell brand and on-demand talent acquisition under IQTalent. No haram revenue segments are disclosed; no interest-bearing debt, and about CA$6.5M of lease liabilities (~21% of market cap, under the ~33% ceiling) with ~0.4% non-compliant investment income — a PASS, re-checked every quarter. |
| Cardiol Therapeutics | CRDL · TSX | FAIL | Oct 2026 | Cardiol Therapeutics (TSX: CRDL), the Oakville biotech developing CBD-based heart drugs, gets a FAIL: its entire drug pipeline is cannabidiol (CBD)-based - CardiolRx in Phase III for recurrent pericarditis and Phase II for acute myocarditis, plus CRD-38 for heart failure - which fails the business gate under this site's convention. Debt is negligible at about C$107k (~0.04% of a ~C$288M market cap). |
| CareRx | CRRX · TSX | FAIL | Oct 2026 | ~36% debt-to-market-cap vs ~33% ceiling (pharmacy business passes; ~0.1% interest income) |
| CEMATRIX | CEMX · TSX | PASS | Oct 2026 | ~4.4% debt-to-market-cap vs ~33% ceiling (cellular concrete business passes; ~0.85% interest income; ~C$16.2M cash) |
| CHAR Technologies | YES · TSX | PASS | Oct 2026 | Cleantech producer of renewable natural gas, green hydrogen and biocarbon via high-temperature pyrolysis. Debt is 7.86% of market cap and interest income is 4.74% of revenue, so it passes all three gates. |
| China Gold International | CGG · TSX | PASS | Oct 2026 | PASS — all three gates: gold/copper mining in China (permissible segment); debt gate passes: total debt US$463.3M (June 30, 2026) converts to ~C$657.9M at ~1.42 USD/CAD = ~4.1% of the ~C$16.1B market cap, far under the ~33% ceiling; income gate passes: H1 2026 interest income US$4.0M = ~0.4% of US$914.2M revenue, under 5%; market data uses the September 30, 2026 close (C$40.66) as CIRO halted CGG on October 1, 2026 pending company contact; no Musaffa/Zoya/ShariaPortfolio rating found. |
| Clarke | CKI · TSX | FAIL | Oct 2026 | Clarke Inc. (TSX: CKI), the Beechville, Nova Scotia real estate and hospitality investment company, gets a FAIL: long-term financial liabilities of about C$902.4M against a market cap of about C$351.7M - about 257%, roughly 8 times the ~33% ceiling, after its Q2 2026 acquisition of Ravelin Properties REIT. |
| Clinch Resources Ltd. | CLCH · TSX | PASS | Oct 2026 | Metallurgical coal producer (West Virginia; ARI Project ~111M tons M&I met coal; listed on TSX March 20, 2026 via RTO) — business gate PASSES. Debt gate passes: ~US$35.0M interest-bearing debt (US$11.96M convertible notes + US$23.07M lease liabilities) ≈ C$49.8M ≈ 13.1% of ~C$380.2M market cap (355,317,908 shares at C$1.07, October 1, 2026) vs ~33% ceiling. Income gate passes: no interest income reported ≈ 0% of ~US$84K H1 2026 revenue vs ~5% ceiling. Cash gate passes: US$9.69M ≈ 3.6% of market cap. No Zoya, Musaffa or ShariaPortfolio coverage found. |
| Condor Energies | CDR · TSX | PASS* | Oct 2026 | Condor Energies (TSX:CDR) — provisional PASS: Uzbekistan gas + Kazakhstan LNG; debt ~8.3% of market cap; finance income ~0.4% of Q1 2026 revenue. |
| Conifex Timber | CFF · TSX | FAIL | Oct 2026 | Conifex Timber (TSX: CFF), the B.C. lumber producer behind the Mackenzie sawmill and its 36-megawatt bioenergy plant, gets a FAIL: debt is about C$101.8M against a market cap of about C$4.3M - about 2,380%, roughly 72 times the ~33% ceiling. |
| Costco Wholesale Corporation | COST · NASDAQ | PASS | Oct 2026 | Costco Wholesale passes Shariah screening as of October 2026. Its business is halal, its debt is 1.41% of market cap, and its interest income is 0.19% of revenue. Below: the full screening math, the question every investor asks, and the caveats that could change the answer. |
| Critical Elements Lithium | CRE · TSXV | FAIL | Oct 2026 | FAIL — income gate: C$128,684 interest income (six months ended Feb 28, 2026) against C$0 revenue (pre-revenue explorer) — any positive interest income exceeds the ~5% ceiling on nil revenue; business gate passes: lithium explorer/developer, Rose Lithium-Tantalum project, James Bay QC; debt gate passes: ~C$44K lease liabilities = ~0.04% of ~C$109M market cap; no Zoya/Musaffa/ShariaPortfolio rating found. |
| Curaleaf | CURA · TSX | FAIL | Oct 2026 | Vertically integrated cannabis MSO (170+ dispensaries, ~18 US states + international) — FAIL on the business gate: 100% of revenue is cannabis; ~40% of US business is adult-use recreational (company: ~60% medical) vs ~5% threshold. Debt US$611.5M (Jun 30, 2026) ≈ 21.4% of ~US$2.86B mktcap (264.9M shares × C$15.38, Sep 29, 2026) — passes on its own. Interest income US$149K ≈ 0.04% of Q2 2026 revenue US$340.1M — passes on its own. Musaffa agrees (not halal); no Zoya/ShariaPortfolio coverage found. Graduated CSE→TSX Dec 2023. |
| D-BOX Technologies Inc. | DBO · TSX | PASS | Oct 2026 | Haptic motion systems for theatres, sim racing, simulation & training (1,200+ active screens; Q1 FY2027 revenue C$13.4M) — PASS on all gates: total debt C$278k (Jun 30, 2026) ≈ 0.11% of ~C$247.1M mktcap (~C$1.10, Oct 1, 2026) vs ~33% ceiling (C$8M NBC credit line undrawn); income passes (interest income C$238k, 9M Q3 FY2026 FS, ≈0.5% of FY2026 revenue C$57.6M). Cash C$17.8M ≈ 7.2% of mktcap. Casino exposure historical only (FY2013 AIF); no current haram segments. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| DAVIDsTEA | DTEA · TSX-V | FAIL* | Oct 2026 | DAVIDsTEA (TSXV:DTEA) — provisional FAIL: specialty tea retailer; debt (incl. lease liabilities) ~C$11.38M ≈ 36.1% of C$31.56M market cap; borderline. |
| Defense Metals | DEFN · TSX | PASS | Oct 2026 | PASS — all three gates pass: Wicheeda rare-earth exploration in BC (permissible; no weapons manufacturing despite the name); effectively C$0 interest-bearing debt at Mar 31, 2026 (convertible debt settled) = 0.0% of ~C$51.4M market cap (395,148,050 shares at C$0.13, Sep 30 price); interest income effectively nil (C$5,259 net charge FY2026; no revenue). Listed TSXV. No Zoya/Musaffa/ShariaPortfolio rating found. |
| Defiance Silver | DEF · TSX-V | FAIL | Oct 2026 | Defiance Silver (TSXV:DEF) — FAIL: pre-revenue silver explorer (Mexico); interest income of C$47,582 in Q3 FY2026 is the only income (nil revenue). |
| DRI Healthcare Trust | DHT.UN · TSX | FAIL | Oct 2026 | FAIL — debt gate: US$372.3M long-term debt at Jun 30, 2026 ≈ C$528.7M at ~1.42 USD/CAD ≈ 60.2% of ~C$879M market cap (54,963,322 units at C$15.99, Sept 30 close), far above the ~33% ceiling; business gate passes (pharma royalty trust); income gate passes (~0.4%). No Zoya/Musaffa/ShariaPortfolio rating found. |
| Edge Copper | EDCU · TSX | FAIL | Oct 2026 | Edge Copper (TSX:EDCU) — FAIL: pre-revenue copper explorer (Zonia project, Arizona); interest income of US$38,738 in Q2 2026 (US$57,660 H1) is the only income (nil revenue). Debt ~5.6% of market cap passes. |
| Elemental Royalty | ELE · TSX | PASS | Oct 2026 | Elemental Royalty (TSX:ELE) — PASS: precious/base metal royalties; zero borrowings; interest income ~1.87% of Q2 2026 revenue. |
| Eli Lilly | LLY · NYSE | PASS | Oct 2026 | Eli Lilly passes Shariah screening as of October 2026. Its business (prescription pharmaceuticals — diabetes, obesity, oncology, immunology, neuroscience) is halal, its debt is 5.0% of market cap, and it reports net interest expense — it pays interest on its borrowings rather than earning it. Below: the full screening math and the caveats that could change the answer. |
| ExxonMobil | XOM · NYSE | PASS* | Oct 2026 | ExxonMobil passes Shariah screening as of October 2026, with one asterisk. Its business (integrated oil and gas — upstream production, refining, chemicals) is halal, its debt is 6.3% of market cap, and its cash is 1.6% of market cap. But ExxonMobil does not separately disclose interest income, so the 5% income screen cannot be fully verified — hence the provisional result, not an estimate. |
| F3 Uranium | FUU · TSX-V | FAIL | Oct 2026 | F3 Uranium (TSXV:FUU) — FAIL: pre-revenue uranium explorer (Athabasca Basin); interest income of $189,018 in Q3 FY2026 is the only income (nil revenue). |
| Fairfax India | FIH.U · TSX | PASS* | Oct 2026 | Fairfax India (TSX:FIH.U) — provisional PASS: India investment holding co.; debt ~26.6% of market cap (borderline); interest income ~1.24% of FY2025 income. |
| Focus Graphite | FMS · TSX | FAIL | Oct 2026 | FAIL — Gate 3: interest income C$16,385 ≈ 36.7% of all positive P&L income (9 months ended Jun 30, 2026), over the ~5% ceiling. Gate 1 passes (graphite exploration/development, no haram lines); Gate 2 passes (zero interest-bearing debt, 0% of ~C$45.9M market cap, Sep 30, 2026). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| FPX Nickel | FPX · TSX-V | FAIL | Oct 2026 | FPX Nickel (TSX-V:FPX) — FAIL: nickel explorer; debt ~0.1% of market cap; interest income of ~C$183K in H1 2026 was ~348% of its other income. |
| Frontier Lithium | FL · TSX-V | FAIL | Oct 2026 | Frontier Lithium (TSX-V:FL) — FAIL: lithium explorer; debt ~3.1% of market cap; interest income of C$67K in Q1 2026 is the only income (nil revenue). |
| Generation Mining | GENM · TSX | FAIL | Oct 2026 | FAIL — separately disclosed interest income C$427,820 (6M 2026) vs nil revenue (pre-revenue) → non-compliant income gate |
| Glacier Media | GVC · TSX | PASS | Oct 2026 | Glacier Media (TSX: GVC), the Vancouver-based business-information company behind ERIS environmental risk data and STP ComplianceEHS, gets a PASS: interest-bearing debt of about C$12.4M against a market cap of about C$49M - about 25%, under the ~33% ceiling. |
| Goldmoney | XAU · TSX | FAIL | Oct 2026 | ~48% debt-to-market-cap vs ~33% ceiling (~3.7% interest income; P2P-lending subsidiary flagged) |
| Greenlane Renewables | GRN · TSX | PASS | Oct 2026 | PASS — all three gates pass: biogas upgrading equipment (permissible business); no debt at Jun 30, 2026 (C$12.1M cash), 0% of ~C$29.6M market cap (Sep 29, 2026); H1 2026 finance income C$91k ≈ 0.4% of C$20.8M revenue. No Zoya/Musaffa/ShariaPortfolio rating found. |
| GURU Organic Energy | GURU · TSX | PASS | Oct 2026 | GURU Organic Energy Corp. (TSX: GURU), the Montréal-based maker of organic, plant-based, non-alcoholic energy drinks, gets a PASS: the business is clean, debt is effectively nil (~0.8% of market cap), and interest revenue is about 2.5% of revenue - under the ~5% ceiling. |
| Hemisphere Energy Corporation | HME · TSXV | PASS | Oct 2026 | Dividend-paying conventional heavy-oil producer (99% oil; polymer-flood EOR at Atlee Buffalo, SE Alberta + Marsden, SK; Q2 2026 3,576 boe/d) — PASS on all gates: C$nil bank debt drawn (Jun 30, 2026; C$35M facility undrawn) = 0% of ~C$211.1M mktcap (94,250,109 shares × C$2.24, Oct 1, 2026) vs ~33% ceiling; income passes (interest income C$85k ≈ 0.33% of Q1 2026 revenue C$25.4M). Cash C$8.1M ≈ 3.9% of mktcap. Quarterly base dividend C$0.025/share plus specials. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Hemlo Mining | HMMC · TSX | PASS | Oct 2026 | Hemlo Mining (TSX:HMMC) — PASS: Ontario gold producer; debt ~10.7% of market cap; interest income ~0.82% of Q2 2026 revenue. |
| HPQ Silicon | HPQ · TSXV | FAIL | Oct 2026 | FAIL — silicon battery materials: disclosed military end use (Aug 2026 order for battery packs in FPV drones for a French Army regiment) fails the business gate; H1 2026 interest income C$6,538 ≈ 34.3% of positive income fails the income gate; debt ~0.04% of ~C$63.7M mktcap (Sep 30, 2026) passes. No Zoya/Musaffa/ShariaPortfolio rating found. |
| i-80 Gold | IAU · TSX | FAIL | Oct 2026 | Nevada gold/silver miner (Granite Creek producing, Ruby Hill developing) — FAIL on the income gate: separately disclosed interest income US$4.798M ≈ 19.7% of Q2 2026 revenue US$24.3M vs ~5% ceiling (H1 basis ≈7.0%, also fails) — US$464.6M post-recap cash earning interest while revenue ramps. Business passes (no prohibited segments). Debt US$445.7M (Jun 30, 2026 10-Q) ≈ 31.3% of ~US$1,422M mktcap (865.9M shares × C$2.36, Oct 1, 2026) vs ~33% ceiling — passes, close. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| illumin Holdings | ILLM · TSX | FAIL | Oct 2026 | illumin Holdings (TSX:ILLM) — FAIL: adtech; cash C$33.682M ≈ 98.7% of C$34.11M market cap. |
| Inovalis REIT | INO.UN · TSX | FAIL | Oct 2026 | FAIL — debt gate: C$68.5M mortgages/loans at Jun 30, 2026 ≈ 302% of C$22.7M market cap (Sep 30, 2026), ~9x the ~33% ceiling; income gate also fails: C$1.36M JV-loan interest ≈ 5.1% of H1 2026 total income, above ~5% (C$17.3M other finance income was a one-off mortgage forgiveness, not interest); business gate passes (office REIT). No Zoya/Musaffa/ShariaPortfolio rating found. |
| Integra Resources | ITR · TSX-V | PASS | Oct 2026 | Integra Resources (TSXV:ITR) — PASS: Nevada gold producer; debt ~5.8% of market cap; interest income ~0.98% of Q2 2026 revenue. |
| Jaguar Mining | JAG · TSX | PASS | Oct 2026 | Jaguar Mining (TSX:JAG) — PASS: pure gold miner; debt ~2.1% of market cap; interest income ~2.0% of H1 2026 revenue. |
| Johnson & Johnson | JNJ · NYSE | PASS | Oct 2026 | Johnson & Johnson passes Shariah screening as of October 2026. Its business is halal, its debt is 7.69% of market cap, and its interest income is 0.91% of revenue. Below: the full screening math, the question every investor asks, and the caveats that could change the answer. |
| JPMorgan | JPM · NYSE | FAIL | Oct 2026 | JPMorgan fails Shariah screening as of October 2026. It is a conventional bank — a prohibited industry under the business-activity gate. Net interest income was $25.511 billion in Q2 2026, or 44.5% of total net revenue of $57.347 billion. The ratios below are shown for transparency; the gate-one failure decides the result. |
| K-Bro | KBL · TSX | FAIL | Oct 2026 | FAIL — business gate passes (healthcare/hospitality linen services); debt gate fails: ~C$235.3M interest-bearing debt vs ~C$545.3M market cap = ~43.1%, over the ~33% ceiling (Q2 net debt C$213.5M = ~39.2% even net of cash); interest income undisclosed; no Musaffa/Zoya/ShariaPortfolio rating found. |
| Liberty Gold | LGD · TSX | FAIL | Oct 2026 | Liberty Gold (TSX:LGD) — FAIL: pre-revenue gold developer (Black Pine, Idaho); finance income of ($743,596) for 6 months is the only income (nil operating revenue). |
| LithiumBank Resources | LBNK · TSX | FAIL | Oct 2026 | FAIL — gate 3 fails: 9M ended Jun 30, 2025 interest income C$82,833 = 30.6% of total income (~C$270,699), far over the 5% ceiling. Gate 1 passes (lithium brine exploration, Alberta/Saskatchewan; Boardwalk + Park Place projects). Gate 2 passes (C$0 borrowings at Sep 30, 2025 = 0.0% of ~C$36.7M market cap; 67,993,000 shares at C$0.54, Sep 30 close). Listed TSXV. No Zoya/Musaffa/ShariaPortfolio rating found. |
| Logan Energy Corp. | LGN · TSXV | PASS | Oct 2026 | Calgary upstream E&P (Montney Simonette/Pouce Coupe/Flatrock + Kaybob Duvernay; Q2 2026 record 17,239 BOE/d, 40% liquids) — PASS on all gates: bank debt C$77.8M (Mar 31, 2026) ≈ 9.7% of ~C$802.3M mktcap (691,619,000 shares × C$1.16, Oct 1, 2026) vs ~33% ceiling (Q2 2026 Net Debt C$139.0M ≈ 17.3%, also a pass); income passes (nil interest income, audited FY2025 MD&A). Cash effectively nil. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Lumina Metals | LMCU · TSX | FAIL | Oct 2026 | Lumina Metals (TSX: LMCU) — FAIL: pre-revenue copper-silver explorer (Nowa Sól, Sulmierzyce, Mozów projects, Poland); interest income of C$1.65M in Q2 2026 (C$2.08M H1) is effectively the only income (nil revenue). Debt ~0% of market cap passes; cash ~33.6% of market cap at the ceiling. |
| LunR Royalties Corp. | LUNR · TSX | PASS* | Oct 2026 | LunR Royalties (TSX: LUNR) is a silver-streaming and mining-royalty company (Fruta del Norte stream, Los Helados and Lunahuasi NSRs) with zero interest-bearing debt (0% debt-to-market-cap) and US$3.3M of cash (~0.2% of a ~C$2.30B market cap). The interim filings disclose no separate interest-income line, so the income gate is unverifiable — a provisional PASS*. |
| Mastercard Incorporated | MA · NYSE | PASS | Oct 2026 | Mastercard passes Shariah screening as of October 2026. Its business is halal, its debt is 5.10% of market cap, and its interest income is 0.96% of revenue. Below: the full screening math, the question every investor asks, and the caveats that could change the answer. |
| McCoy Global | MCB · TSX | PASS | Oct 2026 | PASS — all three gates pass: wellbore-construction equipment for oil & gas drilling (permissible business); interest-bearing debt C$2.247M (lease liabilities only), ~3.7% of ~C$61.4M market cap (Sep 30, 2026); FY2025 finance income C$145k ≈ 0.17% of C$83.8M revenue. No Zoya/Musaffa/ShariaPortfolio rating found. |
| Medicenna | MDNA · TSX | FAIL | Oct 2026 | Medicenna Therapeutics (TSX:MDNA) — FAIL: pre-revenue immunotherapy biotech; separately disclosed finance income (interest) is the only income (nil revenue). |
| MediPharm Labs | LABS · TSX | FAIL | Oct 2026 | FAIL — business gate: pharma-grade cannabis company; ~15% of Q2 2026 revenue (C$1.5M of C$10.0M) from Canadian adult-use (recreational) cannabis, above the ~5% de-minimis screen; cannabis is the core business. Debt ~nil (moot). No Zoya/Musaffa/ShariaPortfolio rating found. |
| Mega Uranium | MGA · TSX | PASS | Oct 2026 | PASS — all three gates pass: uranium exploration + uranium equity investments (permissible business); C$21.1M margin borrowings ≈ 11.1% of ~C$190.5M market cap (384,900,639 shares at C$0.495, Sep 30 close); no interest income disclosed (cash C$587k), effectively 0%. No Zoya/Musaffa/ShariaPortfolio rating found. |
| Meta | META · NASDAQ | PASS | Oct 2026 | Meta passes Shariah screening as of October 2026. Its business (advertising-led social platforms plus AR/VR hardware) is halal, its debt is 4.53% of market cap, and its interest income is 1.41% of revenue. Below: the full screening math, the caveats on ad revenue, and what could change the answer. |
| Metalla Royalty | MTA · TSXV | PASS | Oct 2026 | PASS — all three gates: gold/silver/copper royalty and streaming (permissible segment); debt gate passes: US$12.3M drawn on the US$40M BMO/NBF revolving credit facility (June 30, 2026) = ~C$17.5M at ~1.42 USD/CAD, ~1.4% of the ~C$1.27B market cap, far under the ~33% ceiling; income gate passes: H1 2026 other income US$336K = ~4.1% of US$8.288M royalty revenue, no interest income disclosed; listed TSXV and NYSE American under MTA; no Musaffa/Zoya/ShariaPortfolio rating found. |
| Microbix Biosystems Inc. | MBX · TSX | PASS | Oct 2026 | Mississauga diagnostics maker (antigens for ~100 diagnostics makers; PROCEEDx/ReDx/QUANTDx QAPs in 30+ countries; Kinlytic urokinase biosimilar program) — PASS on all gates: long-term debt C$5.36M (Jun 30, 2026) ≈ 13.0% of ~C$41.1M mktcap (138,986,931 shares × C$0.31, Oct 1, 2026) vs ~33% ceiling; income passes (audited FY2024 interest income C$529,444 ≈ 2.08% of revenue C$25.4M; H1 FY2026 ≈1.76%). Cash C$7.2M ≈ 17.5% of mktcap. No dividends; NCIB active. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Microsoft | MSFT · NASDAQ | PASS | Oct 2026 | Microsoft passes Shariah screening as of October 2026. Its business (software, cloud services, devices) is halal, its interest-bearing debt is 1.06% of market cap, and its interest-and-dividends income is 0.99% of revenue. Below: the full screening math and the caveats that could change the answer. |
| Mineros | MSA · TSX | PASS | Oct 2026 | Mineros (TSX:MSA) — PASS: Latin American gold miner; debt ~2.80% of market cap; interest income ~0.21% of H1 2026 revenue. |
| Mining Americas | MAI · TSX | PASS | Oct 2026 | ~9.9% debt-to-market-cap vs ~33% ceiling (gold mining business passes; ~0.4% interest income; ~US$43.5M cash) |
| Netflix | NFLX · NASDAQ | PASS | Oct 2026 | Netflix passes Shariah screening as of October 2026. Its business (subscription streaming) is halal, its debt is 4.94% of market cap, and its interest income is about 0.6% of revenue. Below: the full screening math, the WBD-fee footnote every screener should exclude, and the content-library caveat. |
| NextSource Materials | NEXT · TSX | FAIL | Oct 2026 | FAIL — debt gate: interest-bearing debt US$41.6M (≈C$59.2M) at Mar 31, 2026 ≈ 91% of ~C$65.1M market cap, far above the ~33% ceiling; income gate: finance income ~12.4% of nine-month revenue, above the ~5% ceiling; business gate passes (graphite mining/battery materials, Molo mine Madagascar). No Zoya/Musaffa/ShariaPortfolio rating found. |
| NVIDIA | NVDA · NASDAQ | PASS | Oct 2026 | Nvidia passes Shariah screening as of October 2026. Its business (graphics and compute hardware for AI, gaming, and data centers) is halal, its interest-bearing debt is 0.15% of market cap, and its interest income is 1.07% of revenue. Below: the full screening math and the caveats that could change the answer. |
| Orbit Garant Drilling | OGD · TSX | FAIL | Oct 2026 | Orbit Garant Drilling (TSX: OGD), the Val-d'Or-based mineral drilling services company, gets a FAIL: the business gate passes (no non-permissible segments), but the debt gate fails decisively — disclosed interest-bearing debt of about C$33.4M is about 83% of the ~C$40.2M market capitalization, far above the ~33% ceiling. |
| Orvana Minerals | ORV · TSX | FAIL | Oct 2026 | FAIL — debt gate: total debt US$86.3M (June 30, 2026) converts to ~C$122.5M at ~1.42 USD/CAD = ~38.0% of the ~C$322.4M market cap, above the ~33% ceiling; business gate passes (gold-copper-silver mining, permissible segment); income gate passes (FY2025 other income US$1.21M, ~1.2% of revenue, no disclosed interest income); no Musaffa/Zoya/ShariaPortfolio rating found. |
| Pivotree | PVT · TSX-V | FAIL | Oct 2026 | Pivotree (TSXV:PVT) — FAIL: commerce/AI services; cash C$12.96M ≈ 44.9% of C$28.88M market cap. |
| Platinum Group Metals | PTM · TSX | PASS | Oct 2026 | Platinum Group Metals (TSX: PTM), the Vancouver-based developer of the Waterberg platinum-group-metals project in South Africa, gets a PASS: the business gate passes (no non-permissible segments) and the debt gate passes comfortably — total liabilities of about US$2.88M against a market capitalization of about C$244M, about 1.6% versus the ~33% ceiling. |
| PRO REIT | PRV.UN · TSX | FAIL | Oct 2026 | FAIL — business gate passes (industrial income-property REIT); debt gate fails decisively: C$609.2M total debt (Q2 2026) vs ~C$529.3M market cap = ~115.1%, over three times the ~33% ceiling; interest income undisclosed; no Musaffa/Zoya/ShariaPortfolio rating found. |
| Pulse Seismic | PSD · TSX | PASS | Oct 2026 | ~0% debt-to-market-cap vs ~33% ceiling (seismic data licensing; ~0.9% interest income) |
| Purepoint Uranium | PTU · TSX | FAIL | Oct 2026 | FAIL — gate 3 fails: H1 2026 interest income C$42,794 = 8.5% of total income (~C$502,845 incl. operator fees and other recoveries), over the 5% ceiling. Gate 1 passes (Athabasca Basin uranium exploration; JVs with Cameco, Orano, IsoEnergy). Gate 2 passes (lease liabilities C$370,643 = 1.5% of ~C$24.2M market cap; 79,376,109 shares at C$0.305, Sep 30 close). Listed TSXV. No Zoya/Musaffa/ShariaPortfolio rating found. |
| Queen's Road Capital | QRC · TSX | FAIL | Oct 2026 | ~10.1% interest income vs ~5% ceiling (interest-bearing convertible debentures; debt ~5.8% of market cap passes) |
| Rock Tech Lithium | RCK · TSX-V | FAIL | Oct 2026 | Rock Tech Lithium (TSXV:RCK) — FAIL: pre-revenue lithium developer (Guben, Georgia Lake); interest income of $18,684 in Q1 2026 is the only income (nil revenue). |
| Rubellite Energy | RBY · TSX | PASS | Oct 2026 | PASS — all three gates: heavy oil E&P (permissible segment); debt gate passes: C$115.7M interest-bearing debt (June 30, 2026) vs ~C$394.4M market cap = ~29.3%, under the ~33% ceiling; income gate passes: FY2025 other income C$827K (~0.4% of revenue), of which C$396K was processing income - entire non-processing remainder ~0.2%, far under 5%; no Musaffa/Zoya/ShariaPortfolio rating found. |
| Sagicor Financial | SFC · TSX | FAIL | Oct 2026 | Sagicor Financial (TSX:SFC) — FAIL: conventional insurance + banking/lending business; net investment income 66.7% of Q2 2026 revenue. |
| Satellos Bioscience | MSCL · TSX | FAIL | Oct 2026 | Satellos Bioscience (TSX: MSCL), the Toronto biotech developing SAT-3247 for Duchenne muscular dystrophy, gets a FAIL: it is pre-revenue with nil sales, so its separately disclosed finance income of US$992k (six months ended June 30, 2026) is effectively 100% of income - far above the ~5% non-compliant income ceiling. Debt is zero and the business gate passes. |
| Saturn Oil & Gas | SOIL · TSX | FAIL | Oct 2026 | Western Canada oil & gas E&P (41,447 boe/d Q2 2026, 81% oil/liquids) — FAIL on the debt gate: total interest-bearing debt C$817.7M (incl. leases) ≈ 65.4% of ~C$1.25B mktcap (180.0M shares × C$6.94, Oct 1, 2026) vs ~33% ceiling (excl. leases ≈59.7%, also FAIL). Business passes (no prohibited segments). Income passes (interest income C$1.162M ≈ 0.32% of Q2 revenue C$358.7M). Cash ~nil. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Serabi Gold | SBI · TSX | FAIL | Oct 2026 | Serabi Gold (TSX:SBI) — FAIL: Brazilian gold miner (Palito Complex); cash US$65.7M (~C$90M) ≈ 47.8% of C$188.48M market cap. |
| Sernova Biotherapeutics | SVA · TSX | FAIL | Oct 2026 | Sernova Biotherapeutics (TSX:SVA) — FAIL: pre-revenue cell-therapy biotech (type 1 diabetes); interest income of C$413 in Q2 2026 is the only income (nil revenue). |
| Silver Tiger Metals Inc. | SLVR · TSX | FAIL | Oct 2026 | FAIL — Gate 3: interest income C$622,692 ≈ 99.5% of positive P&L income items (3 months ended Jun 30, 2026), over the ~5% ceiling. Gate 1 passes (silver-gold development at the El Tigre heap leach project in Sonora, Mexico; no haram lines); Gate 2 passes (zero interest-bearing debt ≈ 0% of ~C$497M market cap; cash C$108.6M ≈ 21.9% of market cap). Graduated TSXV→TSX May 21, 2026. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Skyharbour | SYH · TSX | PASS | Oct 2026 | Skyharbour Resources (TSXV: SYH) is a pre-revenue uranium explorer in Saskatchewan's Athabasca Basin with zero interest-bearing debt and interest income of just 0.57% of total income. It passes all three Shariah screening gates. |
| Southern Cross Gold | SXGC · TSX | PASS* | Oct 2026 | Southern Cross Gold Consolidated (TSX: SXGC), the gold-antimony explorer advancing the Sunday Creek project in Victoria, Australia, gets a provisional PASS: about C$750K of lease liabilities against a market cap of about C$3.1B - about 0.02%, far under the ~33% debt ceiling. The asterisk matters: with nil revenue, the income ratio cannot be computed, so this screener is provisional. |
| Stallion Uranium | STUD · TSX | PASS | Oct 2026 | PASS — all three gates pass: uranium exploration in the Athabasca Basin (permissible); total debt ~C$20K (Dec 31, 2025) = 0.1% of ~C$18.8M market cap (150.13M shares at C$0.125, Sep 30 close); interest and investment income C$0.13M = ~3.4% of FY2025 total income. Listed TSXV. No Zoya/Musaffa/ShariaPortfolio rating found. |
| Standard Lithium | SLI · TSX-V/NYSE American | FAIL | Oct 2026 | Standard Lithium (TSX-V:SLI) — FAIL: lithium brine developer; debt ~0.02% of market cap; interest income of US$2.3M in H1 2026 is the only income (nil revenue). |
| Stingray Group | RAY · TSX | FAIL | Oct 2026 | ~57% debt-to-market-cap vs ~33% ceiling (media/streaming business passes; music caveat) |
| Talamore Mining | TALA · TSX | FAIL | Oct 2026 | Talamore Mining (TSX:TALA) — FAIL: pre-revenue gold developer (Coffee Gold, Yukon); interest income of C$340K in Q2 2026 is the only income (nil revenue). |
| Talon Metals | TLO · TSX | PASS | Oct 2026 | PASS — all three gates: base-metals miner (Eagle nickel-copper mine Michigan, Tamarack project Minnesota); debt gate passes (no disclosed borrowings; total liabilities US$151.4M at Jun 30, 2026 ≈ 14% of ~C$1.51B market cap as an upper bound); income gate passes (US$280k H1 2026 interest income ≈ 0.3% of US$98.5M revenue). No Zoya/Musaffa/ShariaPortfolio rating found. |
| TeraGo Inc. | TGO · TSX | FAIL | Oct 2026 | Carrier-grade fixed wireless network + managed network/security services (1,800+ businesses; exclusive 24/38 GHz mmWave licenses) — FAIL on the debt gate: long-term debt C$29.5M (Mar 31, 2026) ≈ 47% of ~C$62.4M mktcap (39.0M shares × C$1.60, Sep 30, 2026) vs ~33% ceiling (≈50% at 52-wk high, ≈60% at analyst target). Business passes (no prohibited segments). Income passes (finance income C$72k ≈ 1.2% of Q1 revenue C$6,172k). Cash C$9.8M (≈15.6% of mktcap). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Tesla | TSLA · NASDAQ | PASS | Oct 2026 | Tesla passes Shariah screening as of October 2026. Its business (electric vehicles, energy generation and storage, services) is halal, its interest-bearing debt is 0.63% of market cap, and its interest income is 1.77% of revenue. Below: the full screening math, the insurance-business question investors ask, and the caveats that could change the answer. |
| The Home Depot, Inc. | HD · NYSE | PASS | Oct 2026 | Home Depot passes Shariah screening as of October 2026. Its business is halal, its debt is 18.63% of market cap, and its interest income is 0.07% of revenue. Below: the full screening math, the question every investor asks, and the caveats that could change the answer. |
| The Procter & Gamble Company | PG · NYSE | PASS | Oct 2026 | Procter & Gamble passes Shariah screening as of October 2026. Its business is halal, its debt is 10.11% of market cap, and its interest income is 0.49% of revenue. Below: the full screening math, the question every investor asks, and the caveats that could change the answer. |
| Touchstone Exploration | TXP · TSX | FAIL | Oct 2026 | Touchstone Exploration (TSX:TXP) — FAIL: Trinidad oil & gas; net debt US$68.71M ≈ 211% of ~US$32.5M market cap. |
| Ucore | UCU · TSX | FAIL | Oct 2026 | Ucore Rare Metals fails this Shariah screen: while its rare-earth separation business is permissible and its debt is minimal, interest income made up 92.4% of its income in H1 2026 — far above the 5% limit. |
| UnitedHealth | UNH · NYSE | FAIL | Oct 2026 | UnitedHealth fails Shariah screening as of October 2026. Health insurance — a prohibited industry under the business-activity gate — is its core business: UnitedHealthcare generated $86.0 billion of Q2 2026 revenue, about 77% of the company’s $112.0 billion total, serving 48.5 million people. The ratios below are shown for transparency; the gate-one failure decides the result. |
| Urbana Corporation | URB · TSX | FAIL | Oct 2026 | Cash + marketable securities ≈86.7% of market cap (Jun 30, 2026), over ~33% ceiling |
| Velan Inc. | VLN · TSX | FAIL | Oct 2026 | Montréal industrial valve maker (~11 plants, ~1,273 employees; FY2026 sales US$296.4M) — FAIL on the business gate: defense is a named key market (naval valve systems for U.S./NATO fleets, strong U.S. Navy backlog incl. USS Gerald R. Ford shipset; Jul 2026 Hanwha Ocean MOU for Canada’s submarine program) → weapons-adjacent. Debt passes (US$34.4M ≈ 12.1% of ~C$404.9M mktcap, Oct 1, 2026). Income passes (audited FY2026 finance income US$251k ≈ 0.08% of sales). Cash ≈ US$35.9M (≈12.6% of mktcap). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Verde AgriTech | NPK · TSX | FAIL | Oct 2026 | FAIL — debt gate: total loan balance C$55.1M (June 30, 2026, avg rate 16.25%) = ~128.4% of the ~C$42.9M market cap (56.44M shares at C$0.76, Finnhub Oct 1, 2026), far over the ~33% ceiling; business gate passes: specialty fertilizer production and sale in Brazil (K Forte, BAKS, Super Greensand); income gate passes: H1 2026 finance income C$187K = ~3.7% of revenue; no Musaffa/Zoya/ShariaPortfolio rating found. |
| Visa | V · NYSE | PASS | Oct 2026 | Visa passes Shariah screening as of October 2026. Its business (a global payments network earning service, data-processing, and international-transaction fees) is halal — Visa does not lend; the banks that issue cards bear the credit risk. Its debt is 3.7% of market cap and its investment income is 1.4% of revenue. Below: the full screening math and the caveats that could change the answer. |
| Western Copper and Gold | WRN · TSX | FAIL | Oct 2026 | Western Copper and Gold (TSX:WRN) — FAIL: pre-revenue Casino-project developer (Yukon); interest income of C$968K in Q2 2026 is the only income (nil revenue). |
| Western Energy Services | WRG · TSX | FAIL | Oct 2026 | FAIL — debt gate: C$74.2M long-term debt at Jun 30, 2026 ≈ 65% of ~C$112–117M market cap (C$3.30–3.45), far above the ~33% ceiling; business gate passes (oilfield drilling/well servicing); income gate moot (interest income not separately disclosed). No Zoya/Musaffa/ShariaPortfolio rating found. |
| Xanadu Quantum Technologies Limited | XNDU · TSX | FAIL | Oct 2026 | debt ~2.4% of market cap (passes); cash ~22.8% (passes) — income gate fails: net interest income ~US$2.13M was ~49.0% of H1 2026 revenue (vs ~5% ceiling); photonic quantum computing, TSX-listed Mar 27, 2026 |
| Acadian Timber | ADN · TSX | FAIL | Sept 2026 | NB/Maine timberlands (sawlogs, pulpwood, biomass, carbon credits) — business gate passes. Debt gate fails: C$2.4M short-term + C$46.1M current portion + C$68.2M long-term ≈ C$116.7M ≈ 36% of ~C$322M market cap vs ~33% (holds on all market-cap bases; C$45.4M MetLife tranche due Mar 2027 slated for refinance). Income gate passes: net interest expense every period (~0% income). No Zoya/Musaffa/ShariaPortfolio coverage. |
| ADF Group | DRX · TSX | PASS | Sept 2026 | Structural steel design/fabrication/installation for non-residential construction — business gate passes. Debt gate passes: ~C$41.6M total debt ≈ 11% of ~C$384M market cap (net debt −C$21.1M, net-cash). Income gate passes: C$1.871M interest income ≈ 0.7% of C$258.7M FY2026 revenue. Record C$693.7M backlog at Jul 31, 2026. No Zoya, Musaffa or ShariaPortfolio coverage. |
| Ag Growth International | AFN · TSX | FAIL | Sept 2026 | Farm and Commercial grain-handling/storage equipment manufacturing — business gate passes. Debt gate fails catastrophically: ~C$960M interest-bearing debt at Jun 30, 2026 (senior credit facilities C$575.9M + debentures C$387.4M) ~821% of ~C$116.9M market cap (C$6.19/share) vs ~33%. Senior facilities alone ~493% of market cap. Income gate not reached (disclosed H1 interest income C$38k ≈ 0.01% of revenue — moot). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Algoma Central | ALC · TSX | FAIL | Sept 2026 | Marine shipper; total debt ~80.3% of market cap (C$772.4M) vs ~33% ceiling — FAIL. |
| Algoma Steel | ASTL · TSX | FAIL | Sept 2026 | Steel producer — business gate fails: Roshel Algoma Defence Solutions JV (April 2026) with armoured-vehicle defence maker Roshel to develop ballistic steel. Debt gate fails: ~C$917M interest-bearing debt → ~143% of ~C$640M market cap vs ~33% ceiling. Income gate passes (finance income C$0.5M on C$267.5M Q2 revenue = 0.19%) but moot. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Alithya Group | ALYA · TSX | FAIL | Sept 2026 | Montreal IT consulting / digital transformation (US ~48.8%, Canada ~45.8%, International ~5.4% of FY26 revenue) — business gate passes (no haram segments). Debt gate FAILS: C$126.7M of interest-bearing debt at March 31, 2026 ≈ 114.8% of ~C$110.4M market cap (C$1.14, Sept 2026) vs ~33% ceiling (robust: debt exceeds market cap). Income gate passes: C$390K interest income ≈ 0.08% of C$477,388K FY2026 revenue (audited Note 21). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| American Hotel Income Properties | HOT.UN · TSX | FAIL | Sept 2026 | US hotel REIT (Marriott/Hilton/IHG brands) — business gate passes. Debt gate fails: US$155.7M term + portfolio loans >300% of ~C$40.7M market cap (vs ~33%), plus convertible debentures; debt-to-gross-book-value 51.1%. Income gate passes: finance income US$43k ≈ 0.1% of US$31.1M Q2 2026 revenue. No Zoya/Musaffa/ShariaPortfolio coverage. |
| Amerigo Resources | ARG · TSX / OTCQX | PASS | Sept 2026 | Copper and molybdenum producer (MVC operation, Chile; processes tailings from Codelco's El Teniente mine) — business gate PASSES. Debt gate passes: nil borrowings at June 30, 2026 ("debt-free balance sheet") = 0% of ~C$1,409.4M market cap (161,441,765 shares at C$8.73, September 30, 2026) vs ~33% ceiling. Income gate passes: interest income US$0.2M ≈ 0.26% of US$77.374M Q2 2026 revenue (within US$0.1M finance income) vs ~5% ceiling. Cash gate passes: US$50.296M ≈ 5.1% of market cap. No Zoya, Musaffa or ShariaPortfolio coverage found. Also: Cdn$0.04 quarterly dividend declared July 27, 2026; US$41.7M returned to shareholders YTD under Capital Return Strategy. |
| Aritzia | ATZ · TSX | PASS* | Sept 2026 | Women's fashion retailer (143 boutiques + online) — business gate passes. Debt gate passes: ~C$1.08B of lease-only debt at May 31, 2026 (zero bank debt, zero bonds; C$471.9M cash) ≈ 8.0% of ~C$13.5B market cap (C$122.59, Sept 30, 2026). Income gate passes: "Interest and other income" C$(3,797)k ≈ 0.40% of C$951M FQ1 2027 revenue — provisional because interest is bundled in a disclosed line, not isolated (0.40% is the strict upper bound). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Atrium Mortgage Investment Corporation | AI · TSX | FAIL | Sept 2026 | Atrium Mortgage Investment Corporation (TSX: AI) is a mortgage investment corporation — “Canada's Premier Non-Bank Lender” — whose core business is making conventional interest-bearing mortgage loans. The business gate comes first in Shariah screening, and Atrium's entire business model is conventional interest-based lending (typical loans 7.7% to 12.0% per annum, monthly interest-only payments), so the result is FAIL regardless of the financial ratios. Data from the 2025 Annual Information Form and Q2 2026 results, screened September 30, 2026. |
| Aurora Cannabis | ACB · TSX | FAIL | Sept 2026 | Global medical cannabis (Canada, Germany, Poland, Australia, NZ) — business gate passes narrowly: medical cannabis ~94.8% of Q1 FY2027 net revenue (C$64,036K of C$67,554K), consumer (recreational) cannabis ~3.1% and being wound down (below 5% tolerance); medical permissibility is a question for a qualified scholar. Cash gate FAILS: C$149.1M cash + restricted cash + short-term investments at June 30, 2026 ≈ 42.1% of ~C$353.8M market cap (C$5.71, Sept 29, 2026) vs ~33% ceiling (~28.3% ex-restricted cash). Debt gate passes: C$22.7M lease liabilities only, no loans — ~6.4% of market cap. Income gate passes: C$1,241K interest and other income ≈ 1.84% of revenue. Musaffa rates ACB.TO not halal (Sept 2026). Material: Curaleaf hostile take-over bid open until Dec 1, 2026. |
| Automotive Properties REIT | APR.UN · TSX | FAIL | Sept 2026 | FAIL — debt at least ≈103% of market cap (C$656.9M at Mar 31 vs ~C$639.1M market cap; June 30 debt higher) far tops the ~33% ceiling; auto-dealership REIT business passes the activity gate; cash ≈0.1%, interest income ≈$0 pass; no Musaffa/Zoya rating found. |
| Bausch + Lomb | BLCO · TSX | FAIL | Sept 2026 | Global eye-health company (Vision Care US$784M, Surgical US$256M, Pharmaceuticals US$354M Q2 2026) — business gate PASSES (no prohibited segments). Debt gate FAILS: interest-bearing debt ~US$5,115M (current US$43M + long-term US$5,072M) ≈ 83.6% of ~US$6.12B market cap (357,165,000 shares at US$17.14, September 29, 2026) vs ~33% ceiling (~86% incl. ~US$163M leases). Income gate passes: separately disclosed "Interest income" US$4M ≈ 0.29% of US$1,394M Q2 revenue vs ~5% ceiling. Cash gate passes: US$367M ≈ 6.0% of market cap. Context: January 2026 US$2.8B refinancing (matures 2031); persistent GAAP losses (accumulated deficit ~US$1.016B); Bausch Health holds ~87%, separation reiterated. Zoya rates BLCO not Shariah-compliant; ShariaPortfolio rates not Shariah-compliant (failed financial ratios); no Musaffa coverage found. |
| Brookfield Business Partners | BBU.UN · TSX | FAIL | Sept 2026 | Private-equity-style owner/operator of industrial, business-services and infrastructure-services companies — business gate passes. Debt gate fails outright: ~US$44.8B consolidated debt (TTM to Jun 30, 2026; ~C$63.4B) ~1,560% of ~C$4.06B market cap vs ~33%. Most debt is non-recourse inside subsidiaries, but corporate borrowings alone would also exceed the ceiling. Income gate not reached. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Brookfield Infrastructure Corporation | BIPC · TSX | FAIL | Sept 2026 | Brookfield Infrastructure Corporation (TSX/NYSE: BIPC — the Canadian corporation economically equivalent to the BIP limited partnership) owns regulated infrastructure: a U.K. multi-utility distribution network, a Brazilian natural gas transmission system, and a global intermodal container fleet — a clean business line. But interest-bearing debt of ~US$12.9B is ~294.7% of its ~US$4.37B market cap, far above the ~33% ceiling. Result: FAIL. Zoya, Musaffa and ShariaPortfolio all independently rate BIPC non-compliant. Data from Q2 2026 results, screened September 30, 2026. (Note: BIP and BIPC announced a combination into a single listed corporation on July 21, 2026 — see below.) |
| Brookfield Renewable Corp | BEPC · TSX | FAIL | Sept 2026 | Corporate share vehicle for Brookfield Renewable's global renewable power + sustainable solutions (Westinghouse, carbon capture, RNG, recycling, eFuels) — business gate passes. Debt gate fails decisively: ~US$15.88B at Jun 30, 2026 (nonrecourse borrowings US$15,420M + borrowings from Brookfield Wealth Solutions US$458M; exchangeable shares excluded as equity-like) ~305% of ~US$5.21B market cap (185.6M shares at C$39.84 close Sep 29, 2026, ~1.42 USD/CAD) vs ~33%. Income gate passes: interest income on deposits less than US$1M vs US$1,076M Q2 2026 revenue (under 0.1%) vs ~5%. Zoya rates not Shariah-compliant. Pending: BEP/BEPC simplification vote Oct 14, 2026, expected close Q4 2026. Sibling BEP.UN screened separately (FAIL, ~438%). |
| Brookfield Wealth Solutions | BNT · TSX/NYSE | FAIL | Sept 2026 | Insurance/reinsurance arm (annuities, P&C, life — American National, Argo, Just Group) — business gate fails: conventional insurance is the core business. Debt gate fails: ~US$9.63B interest-bearing debt at Jun 30, 2026 (~C$13.6B) ~78% of ~C$17.42B market cap vs ~33%. Income gate fails: net investment income US$3,627M ~62% of US$5,873M H1 2026 revenue vs ~5%. No Zoya/Musaffa/ShariaPortfolio coverage for BNT found. |
| BSR Real Estate Investment Trust | HOM.UN · TSX | FAIL | Sept 2026 | BSR Real Estate Investment Trust (TSX: HOM.UN) owns and operates 26 multifamily garden-style residential rental properties across the U.S. Sunbelt — a clean business line, and interest-like income of ~US$0.96M is ~2.8% of Q2 revenue (under the ~5% ceiling). But interest-bearing debt of ~US$733.3M is ~187.8% of its ~US$390M market cap, far above the ~33% ceiling. Result: FAIL. Data from Q2 2026 results, screened September 30, 2026. (Note: on September 30, 2026 the REIT announced plans to dual-list on the NYSE under ticker BSRT — targeting mid-October 2026 — with the TSX ticker changing from HOM.UN to BSRT.UN.) |
| Calian Group | CGY · TSX | FAIL | Sept 2026 | Defence & Space mission-critical solutions (Ottawa) — business gate FAILS: ~67% of FY25 revenue ($520.1M of $774.1M) in the Defence & Space segment; Q3 FY26 backlog $1.4B incl. ~$1B defence (military training/simulation, DND healthcare staffing, vetronics). Debt gate passes: ~C$184.5M of interest-bearing debt at June 30, 2026 ≈ 19.9% of ~C$928.8M market cap (C$80.68, Sept 29, 2026) vs ~33% ceiling. Income gate passes (no standalone interest income line ≈ 0.0%). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Cipher Pharmaceuticals | CPH · TSX | PASS | Sept 2026 | Specialty pharmaceuticals (Natroba anti-parasitic in the U.S., Epuris isotretinoin in Canada — 47.1% of the Canadian isotretinoin market, plus licensing) — business gate PASSES. Debt gate passes: nil long-term debt (US$5M revolver repaid March 30, 2026); only interest-bearing obligations are lease liabilities of US$367K ≈ 0.1% of ~C$352.7M market cap (25,391,322 shares at C$13.89, September 25, 2026) vs ~33% ceiling. Income gate passes: net interest income US$15K ≈ 0.12% of US$12,067K Q2 2026 revenue vs ~5% ceiling. Cash gate passes: US$9.1M ≈ 3.7% of market cap. Musaffa rates CPH.TO halal (AAOIFI, September 2026); no Zoya or ShariaPortfolio rating pages found. |
| Collective Mining | CNL · TSX / Nasdaq | FAIL | Sept 2026 | Gold-silver-copper-tungsten explorer in Colombia (Guayabales flagship, Apollo system; San Antonio) — business gate PASSES (pre-revenue, no prohibited lines). Income gate FAILS: separately disclosed interest income of US$852,476 in Q2 2026 (US$1,866,267 six months) under "Finance income (expense)" against nil revenue (Note 1: exploration stage, no revenue) = undefined ratio vs ~5% ceiling. Debt gate passes: financial liabilities at amortized cost US$40.857M (leases US$3.03M + land/title instalments US$37.83M; bank borrowings US$0) ≈ 3.6% of ~US$1.143B market cap (92,742,707 shares at US$12.32, September 30, 2026) vs ~33% ceiling. Cash gate passes: US$93.727M ≈ 8.2% of market cap. No Zoya, Musaffa or ShariaPortfolio coverage found. U.S. listing transferred NYSE American to Nasdaq August 11, 2026. |
| Cronos Group | CRON · TSX | FAIL | Sept 2026 | Global cannabis (Canada, Israel, Germany) — business gate FAILS: adult-use (recreational) cannabis ~54% of Q2 2026 net revenue (Canada ~US$28.7M of US$53,007K, Spinach-led; #1 in Canadian vapes and edibles), far above the 5% tolerance — same basis as Canopy Growth; medical (Israel + Germany) ~46% is a scholar question. Cash gate FAILS: US$827.0M cash + short-term investments + interest-bearing deposits at June 30, 2026 ≈ 66.4% of ~US$1.25B market cap (US$3.38, Sept 29, 2026) vs ~33% ceiling (~64.0% ex-non-current deposits). Income gate FAILS: US$8,816K interest income, net ≈ 16.6% of revenue vs ~5% ceiling. Debt gate passes: no interest-bearing debt (company describes its balance sheet as debt-free). Musaffa rates CRON.TO not halal (Sept 2026). |
| dynaCERT | DYA · TSX | PASS | Sept 2026 | HydraGEN hydrogen-generator systems for diesel engines — all gates pass. Total interest-bearing debt C$11.0M (incl. leases) ≈ 22.8% of ~C$48.3M market cap (C$0.095, September 30, 2026) vs ~33% ceiling. Cash C$5.05M ≈ 10.5% of market cap. No interest income disclosed (0% of H1 revenue C$207K). Q2 2026 figures; no Zoya/Musaffa/ShariaPortfolio coverage found. |
| E-L Financial Corporation | ELF · TSX | FAIL | Sept 2026 | E-L Financial Corporation Limited (TSX: ELF) “operates as an investment and insurance holding company” — and its one major operating subsidiary is The Empire Life Insurance Company, 99.5%-owned and fully consolidated, which underwrites conventional life and health insurance policies, segregated funds, and annuities. Conventional insurance is a prohibited business segment, so the result is FAIL regardless of the financial ratios. Data from the 2025 Annual Information Form, 2025 Annual Report, and Q1 2026 results, screened September 30, 2026. |
| E3 Lithium | ETL · TSXV | FAIL | Sept 2026 | Pre-revenue lithium brine developer in Alberta (Clearwater Project — battery-grade lithium hydroxide via DLE, 1.29 Mt LHM proven & probable; Garrington District non-core) — business gate PASSES (no prohibited lines; April 2026 TKMS teaming agreement is a strategic framework under Canada's ITB policy, E3 makes no weapons and earns no revenue from it). Income gate FAILS: separately disclosed "Interest income" of C$61K in Q2 2026 (C$139K six months) under "Other Income" against nil revenue (FY2025 FS: no revenues from operations) = undefined ratio vs ~5% ceiling. Debt gate passes: ~C$2.45M (C$1.8M deferred mineral license + ~C$0.65M leases; C$2.0M operating facility undrawn) ≈ 3.4% of ~C$72.5M market cap (100,713,542 shares post–Sept 24, 2026 $11.5M offering at C$0.72, September 30, 2026) vs ~33% ceiling. Cash gate passes: C$7.9M ≈ 10.9% of market cap. No Zoya, Musaffa or ShariaPortfolio coverage found. |
| enCore Energy Corp. | EU · TSX-V | FAIL | Sept 2026 | enCore Energy Corp. (TSX Venture Exchange and NASDAQ: EU) is a pure-play uranium in-situ-recovery producer and explorer — Alta Mesa and Rosita in South Texas are in production; Dewey Burdock (South Dakota) and Gas Hills (Wyoming) are in the pipeline. The business is clean — no prohibited segments — and interest income of ~US$0.39M was ~2.1% of Q1 revenue (under the ~5% ceiling). But interest-bearing debt of ~US$113.5M is ~55.7% of its ~US$203.9M market cap, above the ~33% ceiling. Result: FAIL. Data from Q1 2026 10-Q and Q2 2026 results, screened September 30, 2026. |
| Endeavour Mining | EDV · TSX | PASS | Sept 2026 | West African gold producer (Houndé, Mana, Ity, Lafigué, Sabodala-Massawa) — business gate passes. Debt gate passes: total debt US$987.1M (~C$1.40B) ~6.9% of ~C$20.37B market cap (vs ~33%); net cash US$254M. Income gate passes: interest income US$5.6M ~0.2% of H1 2026 revenue (US$2,569.3M) vs ~5%. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Fireweed Metals | FWZ · TSXV | FAIL | Sept 2026 | Critical-minerals exploration and development (Macpass Zn-Pb-Ag, Mactung tungsten, Gayna Zn-Ga-Ge; Yukon/NWT) — business gate passes: pre-revenue explorer, nil revenue. Income gate FAILS: interest income C$602,711 for the six months ended June 30, 2026 (C$447,498 for Q2 2026 alone) — far above ~5% ceiling on nil revenue. Debt gate passes: no bank debt — camp-equipment leases C$122,202 ≈ 0.02% of ~C$676.7M market cap (C$3.00, Sept 30, 2026) vs ~33% ceiling. Cash gate passes: C$74.7M cash ≈ 11.0% of market cap. Material: closed C$61.5M private placement April 2, 2026 (incl. strategic investment from JX Advanced Metals Corporation); Mactung feasibility study commenced March 2026; C$12.9M Government of Canada funding agreement for North Canol road and power planning. No public Zoya or Musaffa coverage found. |
| Firm Capital Mortgage | FC · TSX | FAIL | Sept 2026 | FAIL — mortgage investment corporation: lending at interest (riba) fails gate 1; revenue $13.56M (Q2 2026) is ~100% interest income; debt $135.4M is ~32.2% of ~C$420M market cap; no Musaffa/Zoya rating found. |
| Flagship Communities REIT | MHC.U · TSX | FAIL | Sept 2026 | FAIL — debt ≈107.3% of market cap (US$552.0M debt vs ~US$514.7M market cap) far tops the ~33% ceiling; manufactured-housing REIT business passes the activity gate; cash ≈2.3% passes; interest income not disclosed; Musaffa also rates it not halal (Sept 2026). |
| Galiano Gold | GAU · TSX | PASS | Sept 2026 | Ghana gold miner (90% of the Asanko Gold Mine) — business gate passes. Debt gate passes: US$74.579M of lease liabilities (no drawn bank debt) at Jun 30, 2026 ~14.5% of ~C$732M market cap (261.4M shares at ~C$2.80) vs ~33%. Income gate passes: US$0.659M recognized finance income ~0.42% of US$156.568M Q2 2026 revenue vs ~5%. Note: Musaffa rates GAU not halal while AAOIFI-certified Muslim Xchange shows it compliant (both reported without endorsement). |
| Goodfellow | GDL · TSX | FAIL | Sept 2026 | FAIL — debt ≈97.9% of market cap (C$89.7M debt vs ~C$91.7M market cap; bank debt alone ≈76%) far tops the ~33% ceiling; lumber/building-materials business passes the activity gate; cash ≈4.5% passes; interest income not disclosed; no Musaffa/Zoya rating found. |
| Gran Tierra Energy | GTE · TSX / NYSE American / LSE | FAIL | Sept 2026 | Independent oil & gas E&P (Colombia, Ecuador, Canada) — business gate passes: pure upstream, no haram segments. Debt gate FAILS: long-term debt US$551.812M + current portion US$45.717M + lease obligations ~US$47.5M ≈ US$645.0M (≈ C$915.4M) ≈ 190% of ~C$482.24M market cap (C$13.63, September 25, 2026; 35.38M shares) vs ~33% ceiling — fails even on debt alone (~178%). Income gate passes: interest income US$503K on US$187.181M Q2 revenue ≈ 0.27% vs ~5% ceiling. Cash elevated: US$126.7M ≈ 37% of market cap. Material: agreed August 5, 2026 to sell Colombian/Ecuadorian businesses to Maurel & Prom for ~US$1.33B — not closed as of September 30, 2026; company says continuing company would be essentially debt-free with ~US$315M net cash — re-screen after close. No public Zoya rating or Musaffa coverage found. |
| Groupe Dynamite | GRGD · TSX | PASS | Sept 2026 | Women's fashion retailer (Dynamite and Garage banners, Canada/US/UK) — IPO Nov 2024 — business gate passes; ratios PASS: total debt ~C$578M (leases C$557.5M + C$20M LT debt) ~10% of ~C$5.66B market cap (vs ~33%); finance income C$5.375M ~0.4% of FY2026 revenue (vs ~5%). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Guardian Capital Group | GCG.A · TSX | PASS* | Sept 2026 | Investment management (C$166.6B client assets) — business gate passes; small offshore banking subsidiary (3.6% of assets) disclosed as gray area. Debt gate passes: ~C$144.3M bank borrowings ≈ 8.7% of ~C$1.66B market cap. Income gate passes: interest income C$9.2M ≈ 3.3% of C$277.2M nine-month revenue. *Provisional: banking subsidiary + pending Desjardins take-private + Q3 2025 latest filing. No Zoya/Musaffa/ShariaPortfolio coverage. |
| Haivision Systems | HAI · TSX | FAIL | Sept 2026 | Video networking and visual collaboration solutions — business gate FAILS: material defense segment. Haivision MCS, LLC (wholly-owned subsidiary) builds combat visualization and video distribution systems for the U.S. Navy under a US$61.2M (C$82M) production agreement with the Naval Sea Systems Command; consortium with Airbus Defense and Space; Shield AI defense/ISR collaboration; Q1 2026 MD&A noted a higher proportion of revenue under the Naval Sea Systems Command agreement. Financial ratios clear: debt C$19.625M (line of credit C$13.896M + term loans C$1.854M + leases C$3.875M) ≈ 18.4% of ~C$106.9M market cap (27,545,889 shares at C$3.88, September 30, 2026) vs ~33% ceiling; interest income C$58,388 ≈ 0.18% of C$32,535,291 Q2 FY2026 revenue vs ~5% ceiling; cash C$19.727M ≈ 18.5% of market cap. No Zoya, Musaffa or ShariaPortfolio coverage found. |
| Hammond Manufacturing | HMM.A · TSX | PASS | Sept 2026 | Hammond Manufacturing Company Limited (TSX: HMM.A), of Guelph, Ontario, designs and manufactures electrical and electronic components — a clean business — and all three financial gates pass: interest-bearing debt of ~C$59.0M is ~18.5% of its ~C$319M market cap (under the ~33% ceiling), interest income of C$246K is ~0.29% of Q2 2026 net sales (under the ~5% ceiling), and cash of ~C$36.4M is ~11.4% of market cap. Data from Q2 2026 results, screened September 30, 2026. |
| HLS Therapeutics | HLS · TSX | FAIL | Sept 2026 | Specialty pharmaceuticals (Vascepa cardiovascular, Clozaril psychiatric, NILEMDO launched April 2026) — business gate PASSES. Debt gate FAILS: term loan principal US$42.2M (~C$58M) ≈ 46% of ~C$128M market cap (~30.9M shares at C$4.13, September 30, 2026) vs ~33% ceiling (National Bank credit agreement, CORRA + 2.25-3.5%, matures Aug 2029; lease obligations US$0.9M and DSUs US$1.6M excluded as non-interest-bearing). Income gate passes: interest income US$12K in Q1 2026 (~0.1% of revenue); Q2 2026 finance line a net US$222K gain including FX gains. Cash gate passes: US$13.7M ≈ 15% of market cap. No Zoya, Musaffa or ShariaPortfolio coverage found. |
| IMAX | IMAX · NYSE | PASS | Sept 2026 | Large-format entertainment technology (Mississauga; 1,876-system network) — business gate passes; ratios PASS: total debt US$292M ~9% of ~US$3.10B market cap (vs ~33%); cash US$160M ~5%; interest income US$1.119M ~0.6% of H1 2026 revenue (vs ~5%). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Imperial Metals | III · TSX | PASS | Sept 2026 | Copper/gold miner (Mount Polley 100%; 30% of Red Chris; Huckleberry on care & maintenance) — all gates pass. Debt C$197.503M ≈ 12.7% of ~C$1.55B market cap (C$8.64, September 29, 2026) vs ~33% ceiling. Cash & securities ~C$101.1M ≈ 6.5% of market cap. Interest income C$402K on C$321.088M 6M revenue ≈ 0.13% vs ~5% ceiling. Q2 2026 figures (release Aug 2026); no public Zoya rating or Musaffa coverage found. |
| International Petroleum | IPCO · TSX/Nasdaq Stockholm | PASS | Sept 2026 | Pure oil & gas exploration and production (Canada, Malaysia, France) — business gate passes. Debt gate passes: ~US$517.1M interest-bearing debt at Jun 30, 2026 (financial liabilities US$70,247k + bonds US$443,132k + leases US$3,758k) ~18.7% of ~C$3.90B market cap (112,826,752 shares at C$34.61) vs ~33%. Income gate passes: interest income US$221k ~0.12% of US$185,738k Q2 2026 revenue (Note 4, Net Financial Items) vs ~5%. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Keel Infrastructure | KEEL · TSX / Nasdaq | FAIL | Sept 2026 | Digital infrastructure + energy for HPC/AI (2.2 GW power pipeline); legacy Bitcoin mining; formerly Bitfarms Ltd. (US-redomiciled April 1, 2026; BITF defunct; KEEL trading since April 6, 2026) — business gate PASSES (crypto scholarly-debate disclosed). Debt gate FAILS: total long-term debt US$1,025,829K ≈ 45% of ~C$3.14B market cap (C$5.09, September 29, 2026; 617,573,212 shares) vs ~33% ceiling. Income gate FAILS: interest income US$2,885K ≈ 9.5% of US$30,430K Q2 2026 revenue vs ~5% ceiling. Cash gate passes: US$715.5M ≈ 32% of market cap. Material: US$590M convertible financing proceeds reported at a September 2026 conference (post-quarter). No Zoya, Musaffa or ShariaPortfolio coverage found. |
| KP Tissue | KPT · TSX | PASS | Sept 2026 | PASS — tissue-products holding company (12.0% of Kruger Products): business gate passes; zero debt and zero cash on the June 30, 2026 balance sheet → debt 0% of ~C$129M market cap; interest income nil; no Musaffa/Zoya rating found. |
| Kraken Robotics | PNG · TSXV | FAIL | Sept 2026 | Marine-technology company (sonar, subsea batteries, underwater robotics) — business gate FAILS: material defense segment. Q2 2026 interim FS Note 1: principal business is "supplying advanced sonar and optical sensors, batteries, and underwater robotics equipment and services for military and commercial applications". Q2 2026 results: KATFISH sonar delivered "for a Navy customer for its minehunting program"; battery supply agreement for extra-large unmanned underwater vehicles; dedicated Defense Group (VP Bernard Mills now President); ~C$615M acquisition of naval-warfare supplier Covelya Group closed July 2, 2026; CEO cited "the expected increase in defence budgets globally" as the growth outlook. Ratios clear: debt ~C$39.7M (long-term obligations C$25,740K + leases C$13,956K) ≈ 2.5% of ~C$1,593M market cap vs ~33% ceiling; separately disclosed "Interest income" C$605K ≈ 2.21% of C$27,320K Q2 revenue vs ~5% ceiling; cash C$91,266K ≈ 5.7% of market cap. Trades on TSX Venture (TSXV: PNG), not the TSX main board. Zoya app quoted rating Kraken non-compliant (community thread, Dec 2023); no Musaffa or ShariaPortfolio coverage found. |
| Largo | LGO · TSX | FAIL | Sept 2026 | FAIL — debt ≈224.7% of market cap (US$114.2M debt vs ~C$72.2M market cap) far tops the ~33% ceiling; vanadium mining passes the activity gate; cash ≈10.8%, interest income ≈US$0 pass; TSX delisting review lifted Aug 2026; no Musaffa/Zoya rating found. |
| Lightspeed Commerce | LSPD · TSX | PASS | Sept 2026 | Commerce SaaS (POS, payments, ~146k locations) — business gate passes; Lightspeed Capital is a flat-fee merchant cash advance ("No Deadline, No Interest"), ~4.5% of revenue, disclosed as a nuance. Debt gate passes: only ~US$19.9M of lease debt (no bank debt, no bonds; US$372.1M cash) ≈ 1.5% of ~US$1.34B market cap (C$13.88, Sept 29, 2026). Income gate passes: US$4.967M interest income ≈ 1.54% of US$322.7M FQ1 2027 revenue. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Lumine Group | LMN · TSXV | PASS* | Sept 2026 | Communications & media vertical-market software (Constellation spin-out) — business gate passes; no prohibited lines (ad-tech holdings sell software, not ad inventory). Debt gate passes: ~US$481.7M bank indebtedness (Q2 2026) ≈ 13.0% of ~US$3.72B market cap (C$20.55, Sept 29, 2026). Income gate passes: interest receipts at most US$0.954M ≈ 0.41% of US$235.1M Q2 revenue (filing's own blended cash line). *Provisional: exact Q2 interest-income note figure not publicly indexed. TSXV-listed, not TSX. Musaffa lists LMN.V as halal (June 2024 list, dated); no Zoya/ShariaPortfolio coverage found. |
| Major Drilling | MDI · TSX | PASS | Sept 2026 | World's largest provider of drilling services to the metals & mining industry — business gate passes. Debt gate passes: C$28.0M long-term debt + C$11.5M leases ≈ C$39.5M ≈ 2.8% of ~C$1.4B market cap (cash C$59.3M). Income gate passes: net finance cost C$1.645M ≈ 0.2% of C$889.1M FY2026 revenue (no standalone interest-income line). No Zoya/Musaffa/ShariaPortfolio coverage. |
| Mattr | MATR · TSX | FAIL | Sept 2026 | FAIL — debt+leases C$589.2M ≈45.3% of the ~C$1.30B market cap tops the ~33% ceiling; industrial materials business passes the activity gate; cash ≈3.0% and interest income ≈0.06% of revenue pass; no Musaffa/Zoya rating found. |
| McEwen Inc. | MUX · TSX | PASS* | Sept 2026 | McEwen Inc. (TSX/NYSE: MUX — renamed from McEwen Mining Inc. in June 2025, ticker unchanged) is a gold/silver/copper miner: the Gold Bar mine in Nevada, the Fox Complex in Ontario, a 49% interest in the San José mine in Argentina, and the Los Azules copper project via 46.3%-owned McEwen Copper. The business is clean — no prohibited segments. Interest-bearing debt of ~US$128.4M incl. leases is ~12.0% of its ~US$1.07B market cap (under the ~33% ceiling), and interest-like income of ~US$1.37M is ~2.3% of Q2 revenue (under the ~5% ceiling). Result: conditional PASS — Musaffa rates MUX not halal (AAOIFI, reason undisclosed), a conflict this page discloses honestly. Data from Q2 2026 results, screened September 30, 2026. |
| Medexus | MDP · TSX | PASS | Sept 2026 | Specialty pharma licensing and commercializing rare/orphan disease products — all gates pass. Total interest-bearing debt US$26.5M (incl. leases) ≈ 23.4% of ~US$113.3M market cap (31,425,983 shares × C$5.12, Sep 30 2026, ~1.42 FX) vs ~33% ceiling. Cash US$5.3M ≈ 4.7% of market cap. No interest income disclosed (0% of Q1 FY27 revenue US$28.6M). Q1 FY27 figures; no Zoya/Musaffa/ShariaPortfolio coverage found. |
| Medical Facilities | DR · TSX | PASS* | Sept 2026 | Two US specialty surgical hospitals (Arkansas + Sioux Falls, 51% owned) — business gate passes (pure healthcare services). Debt gate passes but borderline: US$54.68M of total debt at June 30, 2026 ≈ C$77.6M ≈ 31.8% of ~C$243.7M market cap (C$15.03, late Sept 2026) vs ~33% ceiling (FX-sensitive, ~1.2pp margin). Income gate passes: US$2,206K interest income ≈ 0.64% of US$342,176K FY2025 revenue (audited Note 16; Q2 2026 standalone line not publicly indexed — provisional). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Meren Energy | MER · TSX | PASS* | Sept 2026 | Upstream oil & gas (deepwater Nigeria; exploration in Namibia/South Africa/Equatorial Guinea) — business gate passes; no prohibited lines. Debt gate passes: ~US$290.0M implied interest-bearing debt (net debt US$212.3M + cash US$77.7M, Q2 2026) ≈ C$411.4M ≈ 28.3% of ~C$1.45B market cap. Income gate passes: interest income US$0.4M ≈ 0.35% of US$114.3M Q1 2026 revenue. *Provisional: debt numerator derived from the release's net-debt disclosure; income figure a quarter older. Renamed from Africa Oil (ticker AOI to MER) May 2025. No Zoya/Musaffa/ShariaPortfolio coverage. |
| Montage Gold | MAU · TSX | FAIL | Sept 2026 | Gold mining and development (Koné project, Côte d'Ivoire; first gold poured September 26, 2026) — business gate passes: pre-revenue developer, nil revenue, net loss US$39.531M H1 2026. Income gate FAILS: interest income US$740K for the six months ended June 30, 2026 (Note 18; earned on cash balances; US$1.4M more capitalized against borrowing costs) — far above ~5% ceiling on nil revenue. Debt gate passes: interest-bearing debt US$64.501M + lease liabilities US$0.31M ≈ 1.2% of ~US$5.5B market cap (~C$7.8B; C$19.45-C$19.60, September 2026) vs ~33% ceiling. Cash gate passes: US$154.377M cash + US$4.384M marketable securities ≈ 2.9% of market cap. Material: US$744.5M deferred revenue (gold streams) is advance payment for future gold delivery, not interest-bearing debt; graduated TSXV → TSX April 29, 2025. Musaffa rates MAUTF not halal (September 2026); no Zoya or ShariaPortfolio coverage found. |
| Morguard Corporation | MRC · TSX | FAIL | Sept 2026 | Real estate ownership/management (residential, commercial, hotels; Canada + US) — business gate passes. Debt gate fails: ~C$5.69B mortgages, debentures, loans and leases ≈ 467% of ~C$1.22B market cap. Income gate passes: bundled interest and other income C$9.1M ≈ 1.65% of C$552.7M six-month revenue (interest not separately disclosed). No Zoya/Musaffa/ShariaPortfolio coverage. |
| Morguard North American Residential REIT | MRG.UN · TSX | FAIL | Sept 2026 | Morguard North American Residential Real Estate Investment Trust (TSX: MRG.UN) owns 42 multisuite residential communities (13,089 suites) in Canada and the United States — a clean business line, and interest-like income is ~1.5% of Q2 revenue (under the ~5% ceiling). But interest-bearing debt of ~C$1.91B is ~210% of its ~C$909M fully-diluted market cap, far above the ~33% ceiling. Result: FAIL. Data from Q2 2026 results, screened September 30, 2026. |
| Morguard REIT | MRT.UN · TSX | FAIL | Sept 2026 | Canadian retail, office and industrial property owner — business gate passes. Debt gate fails: ~C$1.232B interest-bearing debt at Jun 30, 2026 (mortgages, convertible debentures, Morguard loan, bank indebtedness) ~312% of ~C$395M market cap vs ~33%. Income gate passes: other income C$59k ~0.05% of C$118,680k revenue. No Zoya, Musaffa or ShariaPortfolio coverage. |
| New Found Gold | NFGC · TSX | FAIL | Sept 2026 | Gold mining and exploration (Newfoundland & Labrador: Hammerdown, Queensway) — business gate passes: H1 2026 revenue C$25.6M entirely from gold and silver sales at Hammerdown. Income gate FAILS: Q2 2026 interest income US$1.53M ≈ 13.8% of US$11.07M quarterly revenue vs ~5% ceiling (cash-heavy: C$193.8M cash at June 30, 2026 after C$115.1M bought-deal at C$2.96/share and C$70.0M EdgePoint facility draw). Debt gate passes: C$67.1M loans payable ≈ 7.4% of ~C$916.8M market cap (C$2.36, Sept 30, 2026) vs ~33% ceiling. Cash gate passes: C$193.8M ≈ 21.1% of market cap (~22.2% incl. short-term investments). Graduated TSXV: NFG → TSX: NFGC August 26, 2026; also NYSE American: NFGC. No public Zoya or Musaffa coverage found. |
| NGEx Minerals | NGEX · TSX | FAIL | Sept 2026 | Copper-gold exploration and development (Lunahuasi, Argentina; Los Helados, Chile; Lundin Group) — business gate passes: pre-revenue, net loss C$64.1M H1 2026. Income gate FAILS: interest income C$4.0M for the six months ended June 30, 2026 (C$1.9M for Q2 2026 alone) on cash and short-term investments — far above ~5% ceiling on nil revenue. Debt gate passes: no bank debt — financial liabilities C$10.4M ≈ 0.2% of ~C$5,339.1M market cap (C$25.11, Sept 30, 2026) vs ~33% ceiling. Cash gate passes: C$81.2M cash + C$133.5M short-term investments (C$214.7M treasury) ≈ 4.0% of market cap. Material: closed upsized C$175M private placement Oct 2025 (7M shares at C$25.00); net working capital C$463.3M incl. C$252.7M of listed LunR Royalties Corp. shares (TSX: LUNR). No public Zoya or Musaffa coverage found. |
| Northern Graphite | NGC · TSXV | FAIL | Sept 2026 | North America's only flake-graphite producer (LDI mine Quebec, temporarily shut H1 2026; Bissett Creek Ontario; Okanjande Namibia; NGC Battery Materials Germany) — business gate PASSES (no prohibited lines). Debt gate FAILS: interest-bearing debt ~C$54.2M (senior secured loan C$31.79M, royalty financing C$18.91M, other LTD C$0.84M, leases C$0.90M, repayable government contribution C$1.79M) ≈ 408% of ~C$13.28M market cap (166,013,668 shares at C$0.08, September 29, 2026) vs ~33% ceiling (narrowest definition still ~252%). Income gate passes: separately disclosed "Interest income" C$21K vs C$8,906K other revenue (tech transfer fees; revenue line nil while LDI shut) = 0.24% vs ~5% ceiling. Cash gate passes: C$0.24M cash + C$2.01M restricted ≈ 16.9% of market cap. Going-concern warning (shareholders' deficiency C$(47.7)M). April 2026 Sprott Streaming restructuring (~US$22.5M debt/interest removal once closed) flagged for re-screen. No Zoya, Musaffa or ShariaPortfolio coverage found. |
| Olympia Financial Group | OLY · TSX | FAIL | Sept 2026 | Trust and transfer-agency services group; FAIL — trust income (interest on funds held in trust) ~43.7% of revenue vs ~5% ceiling. Debt ~4.2%. |
| Orezone Gold | ORE · TSX / ASX | PASS | Sept 2026 | Gold miner (Bomboré in Burkina Faso; Casa Berardi in Quebec since March 25, 2026) — all gates pass. Debt US$99.75M ≈ 6.5% of ~C$2.10B market cap (C$3.165, September 30, 2026) vs ~33% ceiling. Cash US$96.674M + US$21.2M bullion ≈ 7.7% of market cap. Finance income US$766K on US$457.571M 6M revenue ≈ 0.17% vs ~5% ceiling. Q2 2026 figures; Musaffa classifies ORE.TO halal (Sept 2026). |
| Orion Digital | ORIO · TSX / Nasdaq | FAIL | Sept 2026 | Canadian fintech (formerly Mogo Inc.; renamed December 29, 2025; MOGO defunct; trades TSX/Nasdaq: ORIO) — business gate FAILS: interest revenue from its own consumer loan book was C$6,322K of C$16,855K total revenue in Q2 2026 (37.5%; 38.3% for FY2025) — interest-based lending far above ~5% tolerance. Debt gate FAILS: credit facility C$49.779M + debentures C$31.071M + leases C$0.695M ≈ C$81.5M ≈ 240% of ~C$34.0M market cap (C$1.44, September 28, 2026; 23,781,198 shares) vs ~33% ceiling. Cash gate FAILS: C$23.271M cash + C$4.201M marketable securities ≈ 81% of market cap vs ~33% ceiling. Fails all three gates independently. No Zoya, Musaffa or ShariaPortfolio coverage found. |
| Paladin Energy | PDN · TSX | PASS | Sept 2026 | Uranium production (Langer Heinrich, Namibia, 75%) and PLS project development — business gate passes. Debt gate passes: ~US$32M drawn ≈ 1% of ~C$4.2B market cap (net cash US$233M). Income gate passes: US$8.247M interest income ≈ 2.7% of US$304.3M FY2026 revenue. No Zoya, Musaffa or ShariaPortfolio coverage. |
| Pason Systems | PSI · TSX | PASS | Sept 2026 | Drilling-data instrumentation/software for oil & gas plus Energy Toolbase solar/storage software — business gate passes. Debt gate passes: C$0 interest-bearing debt at Jun 30, 2026; lease liabilities C$27.5M ≈ 2.6% of ~C$1.07B market cap (cash C$68.3M, net-cash). Income gate passes: net interest income C$0.491M ≈ 0.1% of C$419.3M FY2025 revenue. Musaffa rates PSI halal; Zoya and ShariaPortfolio do not cover it. |
| Pet Valu | PET · TSX | FAIL | Sept 2026 | Pet food/supplies retail/wholesale (~877 stores) — business gate passes; income gate passes (~0.90% interest income/revenue, FY2025 Note 19). Debt gate FAILS: ~C$806.7M of interest-bearing debt (C$289.2M long-term debt + C$517.4M lease liabilities, Q1 2026 filing) ≈ 68% of ~C$1.19B market cap (C$17.80, Sept 30, 2026) vs ~33% ceiling. FAIL is driven by store lease liabilities, not bank debt. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| PetroTal | TAL · TSX | FAIL | Sept 2026 | FAIL — cash ≈37.7% of market cap (US$136.9M total cash, incl. US$31.5M restricted, vs ~C$515.4M market cap) tops the ~33% ceiling; Peru oil business passes the activity gate; debt ≈10.3% passes; Musaffa also rates PTALF not halal (Sept 2026). |
| Pine Cliff | PNE · TSX | PASS | Sept 2026 | Natural-gas-weighted E&P (80% gas) in the Western Canadian Sedimentary Basin — all gates pass. Interest-bearing debt C$42.8M (incl. leases, Mar 31, 2026 FS) ≈ 23.4% of ~C$183.0M market cap (358.8M shares × C$0.51, Sep 30, 2026) vs ~33% ceiling. Cash C$3.3M ≈ 1.8%. No interest income disclosed (0%). Monthly dividend C$0.00125/share. |
| Polaris Renewable Energy | PIF · TSX | FAIL | Sept 2026 | Renewable power (geothermal/hydro/solar, Latin America & Caribbean) — business gate passes. Debt gate fails decisively: US$216.8M current+long-term debt at June 30, 2026 (~C$303M incl. US$175M 9.5% Green Bond) ~100% of ~C$282-310M market cap (vs ~33%). Income gate passes on disclosed figures: Q2 2026 interest income US$792k ~4.0% of US$19.935M revenue (H1 ~3.7%), under ~5% ceiling; separate tax-equity income line US$366k Q2. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Postmedia | PNC.A · TSX | FAIL | Sept 2026 | News publisher (National Post, regional dailies); FAIL — debt ~C$432.8M ≈ 1,016% of ~C$42.6M mktcap. |
| Profound Medical | PRN · TSX / Nasdaq | FAIL | Sept 2026 | Commercial-stage medical devices (TULSA-PRO MRI-guided prostate ablation, FDA-cleared; Sonalleve MRI-guided therapy, FDA HDE) — business gate PASSES. Income gate FAILS: net finance income US$336K (primarily interest income from cash, per MD&A) ≈ 8.3% of US$4,064K total income in the quarter ended June 30, 2026 (revenue US$2,483K + FX gain US$1,245K) vs ~5% ceiling. Debt gate passes: CIBC loan US$4,507K ≈ 2% of ~US$211M market cap (US$211.07M, September 29, 2026; 36,532,594 shares) vs ~33% ceiling. Cash gate passes: US$38.3M ≈ 18% of market cap. Dual-listed TSX + Nasdaq. No Zoya, Musaffa or ShariaPortfolio coverage found. |
| PyroGenesis Canada | PYR · TSX | FAIL | Sept 2026 | Plasma-process technology (torches, waste destruction, drosrite aluminum dross recovery, titanium metal powders) — business gate FAILS: material, deliberately-targeted defense segment. Company brands itself a provider to "heavy industry & defense" (Q2 2026 release); Q2 2026 MD&A: C$411,927 (~9.3% of Q2 revenue) from "development and support related to systems supplied to the U.S. Navy" (PAWDS units for four Ford-class carriers); ~C$4.13M torch contract delivered Jan 27, 2026 to a U.S. aeronautics & defense prime contractor with a 20 MW follow-on in engineering; Jan 6, 2026 agreement to jointly pursue 2026-tendered chemical-weapons-destruction contracts in Syria; MD&A Outlook names defense/military a "unique target market". Ratios pass: interest-bearing debt ~C$5.89M incl. leases (term loans C$231K, secured loans C$1,625K, debentures C$406K, leases C$3,626K at Mar 31, 2026) ≈ 8.7% (~3.3% ex-leases) of ~C$67.91M market cap vs ~33% ceiling; interest-like finance income C$0.03M ≈ 0.7% of C$4.42M Q2 revenue vs ~5% ceiling; cash C$1.3M ≈ 2.0% of market cap. Net working capital deficiency C$7.1M (going-concern note, Q1 2026). No Zoya, Musaffa or ShariaPortfolio coverage found. |
| Quarterhill | QTRH · TSX | PASS | Sept 2026 | Intelligent transportation systems (tolling, commercial vehicle enforcement, traffic data) — business gate passes. Debt gate passes: ~US$70.7M debt/convertible debentures/leases (~C$100.2M) ≈ 23.7% of ~C$422.3M market cap (27.8% on pre-offer share count). Income gate passes: finance income US$49k ≈ 0.06% of US$81.1M six-month revenue. No Zoya/Musaffa/ShariaPortfolio coverage. |
| Richards Group | RIC · TSX | FAIL | Sept 2026 | Healthcare + packaging distribution (Canada/US) — business gate passes. Debt gate fails: C$94.0M revolving/term debt + C$26.2M leases ≈ C$120.3M ≈ 38.9% of ~C$309M market cap vs ~33% (floor; interim omits current lease portion). Income gate passes: no interest-income line disclosed (~0%). Was Richards Packaging Income Fund (RPI.UN), converted to a corporation Dec 19, 2025. No Zoya/Musaffa/ShariaPortfolio coverage. |
| Rogers Sugar | RSI · TSX | FAIL | Sept 2026 | Sugar refining/packaging/marketing (Lantic) plus maple syrup and maple products — business gate passes. Debt gate fails: ~C$431.9M total debt at Jun 27, 2026 (revolver C$116.0M, convertible debentures C$161.9M, senior notes C$98.8M, term loans C$29.9M, leases C$25.3M) ~49.8% of ~C$867.7M market cap vs ~33%. Income gate not reached; no separately disclosed interest income. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Sangoma Technologies | STC · TSX | PASS | Sept 2026 | Business communications software (UCaaS/CCaaS/CPaaS) — business gate passes. Debt gate passes: total debt US$27.3M (~C$38M) ~16% of ~C$232M market cap (vs ~33%). Income gate passes on disclosed figures: F26Q3 interim statements report interest income US$332k over nine months (~0.2% of US$200.1M FY2026 revenue), far under ~5% ceiling. No Zoya/Musaffa/ShariaPortfolio coverage found. NOTE: agreed Sept 28, 2026 to be acquired by BRC Group Holdings (delisting on close, targeted early 2027). |
| Sherritt International | S · TSX | FAIL | Sept 2026 | Nickel/cobalt mining and refining (Moa JV, Cuba) + Cuban power (Energas) — business gate passes; no prohibited lines. Debt gate fails decisively: ~C$323.2M loans & borrowings (C$248.8M senior notes + C$74.4M credit facility, Note 12) ≈ 164% of ~C$197.1M market cap (C$0.28, Sept 30, 2026). Income gate passes: interest income C$0.3M ≈ 0.51% of C$59.3M Q2 2026 revenue. Going-concern warning; two unclosed recapitalization proposals. No Zoya/Musaffa/ShariaPortfolio coverage. |
| SIR Royalty | SRV.UN · TSX | FAIL | Sept 2026 | Restaurant royalty trust — business gate fails: 6% royalty on food-and-beverage revenue of bar-and-grill concepts (Jack Astor's, Scaddabush, Loose Moose), alcohol inside the royalty base. Interest-income gate also fails: 7.5% C$40M SIR Loan → ~C$3.0M/year, ~24% of income vs ~5% ceiling. No Fund-level debt. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Slate Grocery REIT | SGR.UN · TSX | FAIL | Sept 2026 | Ontario trust owning US grocery-anchored retail (115 properties, 15.2M sq ft) — business gate passes. Debt gate fails decisively: ~US$1.3B carrying-amount debt at Jun 30, 2026 (revolver + term loans + mortgages; contractual proportionate US$1,406.2M) ~173% of ~US$753M market cap (60.453M units at ~C$17.69, ~1.42 USD/CAD) vs ~33%. Income gate passes: US$81k interest income ~0.14% of US$57,932k Q2 2026 rental revenue vs ~5%. Musaffa rates not halal. Take-private pending: Brixmor/Everview JV agreed ~Sep 28, 2026 to acquire all units at US$13.00 cash; distributions suspended; units may delist on close. |
| Snowline Gold | SGD · TSX | FAIL | Sept 2026 | Gold exploration and development (Valley deposit, Yukon) — business gate passes: pre-revenue explorer, total revenue nil every quarter. Income gate FAILS: interest income C$1.4M on cash and cash equivalents for the six months ended June 30, 2026 (C$50.2M term deposits at up to 3.30%) — far above ~5% ceiling on nil revenue. Debt gate passes: no interest-bearing debt at June 30, 2026 ≈ 0% of ~C$3,256.1M market cap (C$17.20, Sept 30, 2026) vs ~33% ceiling. Cash gate passes: C$85.3M cash ≈ 2.6% of market cap. Graduated TSXV → TSX December 2, 2025 (ticker SGD unchanged; also OTCQB: SNWGF). Material: ~C$236.3M cash at MD&A date (Aug 12, 2026) after subsequent financing; going-concern substantial doubt disclosed; MOU with First Nation of Na-Cho Nyak Dun (Jan 2026). No public Zoya or Musaffa coverage found. |
| Solaris Resources | SLS · TSX | FAIL | Sept 2026 | Copper-gold exploration and development (Warintza project, Ecuador; PFS completed 2026) — business gate passes: pre-revenue developer, nil revenue. Income gate FAILS: interest and other income US$567K for the six months ended June 30, 2026 (US$425K for Q2 2026 alone) — far above ~5% ceiling on nil revenue. Debt gate passes: no bank debt — OMF senior loan fully repaid (US$67.3M) May 21, 2025; only lease liabilities US$388K ≈ 0.03% of ~US$1.18B market cap (US$7.08, Sept 30, 2026) vs ~33% ceiling. Cash gate passes: US$54.0M cash ≈ 4.6% of market cap. Material: US$141.3M deferred revenue is non-interest-bearing Royal Gold streaming funding; shareholders' equity is a US$50.3M deficit; Equinox Gold exited its stake (Dec 2025); new CEO joined Jan 2026; office move to Switzerland planned. No public Zoya or Musaffa coverage found. |
| Source Energy Services | SHLE · TSX | FAIL | Sept 2026 | Frac sand production/distribution + logistics (oil & gas E&P inputs) — business gate passes; no prohibited lines. Debt gate fails decisively: ~C$291.5M interest-bearing debt (C$190.6M long-term debt incl. current + C$100.9M leases, Q2 2026) ≈ 221.5% of ~C$131.6M market cap (C$10.11, Sept 30, 2026). Income gate passes: interest income C$0.181M ≈ 0.06% of C$297.3M H1 2026 revenue. Refinanced Dec 2024 (Silver Point term loan + CIBC ABL). No Zoya/Musaffa/ShariaPortfolio coverage. |
| Supremex | SXP · TSX | FAIL | Sept 2026 | Envelope + paperboard packaging manufacturer — business gate passes; income gate passes (interest received C$nil, Q2 2026). Debt gate FAILS: ~C$155.8M of interest-bearing debt at June 30, 2026 ≈ 187% of ~C$83.5M market cap (C$3.47, Sept 29-30, 2026) vs ~33% ceiling (~52% even excluding leases). Debt spike driven by ~C$34M Goldrich Printpak acquisition (Jun 5, 2026, C$25M term loan + revolver). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Tantalus Systems | GRID · TSX | PASS | Sept 2026 | Smart-grid hardware + software for electric utilities — business gate passes. Debt gate passes: US$9.4M term loan ≈ 5% of ~C$267M market cap (cash US$29.3M). Income gate passes: US$193k interest income ≈ 1.3% of US$15.4M Q2 2026 revenue. No Zoya/Musaffa/ShariaPortfolio coverage. |
| Thinkific Labs | THNC · TSX | PASS | Sept 2026 | Cloud-based learning-commerce SaaS platform — business gate passes. Debt gate passes: US$1.27M leases (≈ CA$1.8M) ≈ 1.2% of ~CA$146M market cap; no bank loans. Income gate passes: finance income US$2.30M ≈ 3.1% of US$73.2M FY2025 revenue (interest received ≈ 2.8%). No Zoya/Musaffa/ShariaPortfolio coverage. |
| Tilray Brands | TLRY · TSX | FAIL | Sept 2026 | Cannabis, beverage, and wellness company — business gate fails: FY2026 cannabis revenue US$268.3M (29.3%) plus beverage revenue US$254.0M (27.7%), ~57% combined from prohibited lines vs AAOIFI criteria. Debt would also fail at ~43.6% of ~US$520M market cap (US$226.9M interest-bearing debt). Interest income not separately disclosed. |
| Timbercreek Financial | TF · TSX | FAIL | Sept 2026 | FAIL — interest-based mortgage lender: business gate fails (conventional finance); debt ≈144% of market cap (C$632.9M facility+debentures vs ~C$438.6M market cap; ≈321% incl. syndication liabilities); interest income ≈99.9% of revenue; no Musaffa/Zoya rating found. |
| Troilus Mining | TLG · TSX | FAIL | Sept 2026 | Gold-copper mine redevelopment (Troilus Project, Quebec) — business gate passes: pre-revenue developer, nil total revenue FY2021-FY2025. Income gate FAILS: Q3 FY2026 (ended April 30, 2026) interest income C$1,168,961 on nil revenue — far above ~5% ceiling (earned on ~C$140.2M cash and short-term investments from equity financings). Debt gate passes: no interest-bearing debt (short-term loan fully extinguished) ≈ 0% of ~C$1,066.1M market cap (C$2.005, Sept 30, 2026) vs ~33% ceiling. Cash gate passes: C$114.7M cash + C$25.5M short-term bank investments = C$140.2M ≈ 13.1% of market cap. Renamed from Troilus Gold Corp. to Troilus Mining Corp. December 2025. Material: US$850M credit-approved debt commitment (KfW IPEX-Bank, Societe Generale) announced September 28, 2026 plus US$150M EDC — not yet drawn. No public Zoya or Musaffa coverage found. |
| True North Commercial REIT | TNT.UN · TSX | FAIL | Sept 2026 | FAIL — debt ≈655% of market cap (C$737.1M debt vs ~C$112.5M market cap) far tops the ~33% ceiling; office REIT business passes the activity gate; cash ≈8.2%, interest income ≈C$0 pass; no Musaffa/Zoya rating found. |
| Vecima Networks | VCM · TSX | PASS | Sept 2026 | Broadband access equipment + video content-delivery software (Telematics sold Jul 2026) — business gate passes. Debt gate passes: C$13.8M revolver + C$12.8M current portion + C$22.1M long-term + C$5.2M leases ≈ C$53.9M ≈ 16.8% of ~C$320M market cap. Income gate passes: interest income C$17k ≈ 0.01% of C$295.0M FY2026 revenue. No Zoya/Musaffa/ShariaPortfolio coverage. |
| VerticalScope | FORA · TSX | FAIL | Sept 2026 | FAIL — online enthusiast communities (1,200+ forums, ad-funded): business gate passes; debt US$33.3M (~C$47.4M) is ~76.5% of ~C$62M market cap (facility alone ~74.6%); interest income not disclosed; no Musaffa/Zoya rating found. |
| Vital Infrastructure Property Trust | VITL.UN · TSX | FAIL | Sept 2026 | Healthcare REIT (104 properties, 11.1M sf GLA, 96.4% occupancy) — business gate passes; no prohibited lines. Debt gate fails decisively: ~C$1.41B interest-bearing debt (C$596.0M mortgages/term + C$70.1M credit facility + C$740.7M debentures, Q1 2026) ≈ 108% of ~C$1.30B market cap (C$5.22, Sept 30, 2026). Income gate passes: interest income C$1.964M ≈ 2.46% of C$79.9M Q1 2026 revenue. Renamed from NorthWest Healthcare Properties REIT (ticker NWH.UN to VITL.UN) March 2026. No Zoya/Musaffa/ShariaPortfolio coverage. |
| VitalHub | VHI · TSX | PASS | Sept 2026 | Health software (EHR, operational intelligence, workforce automation); 1,300+ clients — business gate passes. Debt gate passes: no debt, C$136.5M cash. Income gate passes: C$676,602 interest income ≈ 2.1% of C$31.7M Q2 2026 revenue. No Zoya, Musaffa or ShariaPortfolio coverage. |
| Vizsla Silver | VZLA · TSX / NYSE American | FAIL | Sept 2026 | Silver/gold exploration and development (Panuco, Mexico; production targeted late 2027) — business gate PASSES. Income gate FAILS: interest and finance income US$4,289K was ~100% of total income in the quarter ended July 31, 2026 (nil revenue; pre-production developer) vs ~5% ceiling. Debt gate passes: convertible notes US$240.4M ≈ 18% of ~US$1.33B market cap (US$3.755, September 30, 2026; 354,966,872 shares) vs ~33% ceiling. Cash gate passes: US$410.9M cash + short-term investments ≈ 31% of market cap. Material: still listed on TSX + NYSE American; the company delisted Sept 2026 was Vizsla Royalties Corp. (VROY, TSX-V), a separate royalty company acquired by Elemental Royalty. No Zoya, Musaffa or ShariaPortfolio coverage found. |
| A&W Food Services of Canada Inc. | AW · TSX | FAIL | Sept 2026 | A&W Food Services of Canada (TSX: AW) franchises A&W quick-service restaurants across Canada — and pork products are core menu items: the Bacon & Egger and Sausage & Egger breakfast sandwiches use bacon and sausage from pork, per A&W's own menu descriptions. The business gate fails, so this screener is a FAIL. |
| Aecon Group Inc. | ARE · TSX | FAIL | Sept 2026 | Aecon Group Inc. (TSX: ARE), headquartered in Toronto, is a North American construction and infrastructure-development company (Construction and Concessions segments). The ratios pass — debt of ~C$179 million is ~5% of the ~C$3.59 billion market cap — but Aecon has verified defence exposure: an Aecon-led joint venture is delivering the Arctic Over-the-Horizon Radar Program Stage 1 for Defence Construction Canada, a Department of National Defence NORAD-modernization programme. FAIL. |
| Alaris Equity Partners Income Trust | AD.UN · TSX | FAIL | Sept 2026 | Alaris Equity Partners Income Trust (TSX: AD.UN) is an alternative-financing trust whose recognized interest income is about 15% of revenue — about three times the ~5% ceiling — so it fails the income gate: FAIL. |
| Algonquin Power & Utilities Corp. | AQN · TSX | FAIL | Sept 2026 | Algonquin Power & Utilities Corp. (TSX/NYSE: AQN), headquartered in Oakville, Ontario, is a regulated electric, natural gas and water utility (through Liberty Utilities) plus retained hydroelectric generation. The business passes — but debt of about US$6.6 billion (~CA$9.4 billion) is roughly 173% of the ~CA$5.4 billion market cap — far above the ~33% ceiling. FAIL. |
| Allied Properties Real Estate Investment Trust | AP.UN · TSX | FAIL | Sept 2026 | Allied Properties REIT (TSX: AP.UN) is an office landlord — a permissible business — but its debt of about C$4,080.7 million is about 295% of its market cap and its interest income is about 6.0% of revenue, so both financial gates fail: FAIL. |
| Altus Group | AIF · TSX | PASS | Sept 2026 | Commercial real estate software and analytics (ARGUS) — business gate passes; ratios PASS: total debt C$272.5M ~18% of ~C$1.51B market cap (vs ~33%); interest income C$0.317M ~0.28% of Q2 2026 revenue (~2.85% FY2025) vs ~5%. Musaffa June 2024 Canadian list rated AIF.TO Halal; no public Zoya/ShariaPortfolio rating found. |
| Andrew Peller | ADW.A · TSX | FAIL | Sept 2026 | Andrew Peller Limited (TSX: ADW.A) is one of Canada's leading producers and marketers of quality wines and craft beverage alcohol products. Alcohol is its core, material business — a prohibited segment — so the screener fails at gate one. Separately, ADW.A was delisted from the TSX on or about August 17, 2026 after the Fairfax Financial going-private transaction. FAIL. |
| Aris Mining | ARIS · TSX (NYSE American: ARMN) | PASS | Sept 2026 | Gold mining in Colombia (Segovia and Marmato mines) — business gate passes; total interest-bearing debt ~US$505.8M ~13.8% of the ~US$3.66B market cap (vs ~33%); finance income ~US$4.2M ~1.26% of Q2 2026 revenue (~1.36% FY2025; vs ~5%). ShariaPortfolio rates it Shariah Compliant under ticker ARMN. No public Zoya/Musaffa coverage found. |
| Artemis Gold Inc. | ARTG · TSXV | PASS | Sept 2026 | Artemis Gold (TSXV: ARTG) is a gold and silver producer — a permissible business — with total debt of about C$592.7 million, about 6.3% of its ~C$9.37 billion market cap, and finance income of about 0.22% of revenue. This screener is a PASS. |
| ATCO Ltd. | ACO.X · TSX | FAIL | Sept 2026 | ATCO Ltd. (TSX: ACO.X) is a Calgary-based diversified holding company whose business shows no haram segments — but its consolidated debt of about C$12.8 billion is roughly 154% of market cap, a decisive FAIL on the debt gate. |
| AutoCanada | ACQ · TSX | FAIL | Sept 2026 | Auto dealership group (new/used sales, parts & service) — business gate passes; F&I income is third-party commissions, not booked interest; total debt ~C$1,953.0M ~370% of the ~C$528.1M market cap (vs ~33%); finance income ~C$0.436M ~0.03% of revenue. U.S. portfolio being divested. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Aya Gold & Silver Inc. | AYA · TSX | PASS | Sept 2026 | Aya Gold & Silver (TSX/NASDAQ: AYA) is a pure silver producer with operations in Morocco and no haram business segment. Interest-bearing debt of ~US$86.344 million including leases is about 2.1% of the ~US$4.06 billion market cap (under the ~33% ceiling), and interest income of ~US$1.147 million is about 1.19% of Q2 2026 revenue of US$96.794 million (under the ~5% ceiling). This screener is a PASS. |
| B2Gold | BTO · TSX | PASS* | Sept 2026 | B2Gold Corp. (TSX: BTO) is a Vancouver-based gold producer with four operating mines — Fekola in Mali, Goose in Canada, Masbate in the Philippines, and Otjikoto in Namibia. On our primary-filing math the business has no verified haram lines, total debt of US$456.1 million is ~6.3% of the ~C$9.87 billion market cap, and interest income is just ~0.46% of revenue. Conditional PASS* — Musaffa classifies BTO.TO as not halal as of September 2026, so read the third-party section before deciding. |
| Ballard Power | BLDP · TSX | FAIL | Sept 2026 | PEM fuel-cell manufacturer (bus, rail, truck, marine, stationary) — business gate passes; debt ~US$19.7M leases ~3% of the ~US$642M market cap (vs ~33%); interest income ~US$4.9M ~23.6% of ~US$20.6M Q2 revenue (vs ~5%), "earned on cash, cash equivalents and short-term investments". No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Bausch Health Companies Inc. | BHC · TSX | FAIL | Sept 2026 | Bausch Health (TSX/NYSE: BHC) makes pharmaceuticals and medical devices — a permissible business — but its interest-bearing debt of about US$20,741 million is roughly 962% of its ~US$2.16 billion market cap, far over the ~33% ceiling. This screener is a FAIL. |
| Baytex Energy | BTE · TSX | PASS | Sept 2026 | Baytex Energy Corp. (TSX: BTE), headquartered in Calgary, is a pure-play oil and natural gas producer — light oil in the Pembina Duvernay and Viking, heavy oil in Peace River/Peavine/Lloydminster in Alberta and Saskatchewan (its US Eagle Ford business was sold in December 2025). The business has no verified haram lines — and total debt of ~C$91.1 million is ~2.0% of the ~C$4.52 billion market cap, with net cash interest income of just ~0.12% of revenue. PASS. |
| Bird Construction Inc. | BDT · TSX | FAIL | Sept 2026 | Bird Construction Inc. (TSX: BDT), headquartered in Mississauga, Ontario, is a coast-to-coast general contractor for industrial, buildings and institutional/infrastructure markets. The debt gate passes (~9.7% of market cap) — but the company confirms a defence-sector presence: its April 2025 press release says new awards "reinforce" Bird's "defence… portfolios", and the CEO cited Bird's "consistent presence in defence". FAIL. |
| Boardwalk Real Estate Investment Trust | BEI.UN · TSX | FAIL | Sept 2026 | Boardwalk Real Estate Investment Trust (TSX: BEI.UN) is a residential rental REIT whose mortgage debt and lease liabilities total about 120.2% of market cap — nearly four times the ~33% ceiling — so it fails the debt gate: FAIL. |
| Bonterra Energy Corp. | BNE · TSX | FAIL | Sept 2026 | Bonterra Energy Corp. (TSX: BNE) is a Calgary-based oil-and-gas producer whose ~C$171 million of interest-bearing debt runs about 80% of its roughly C$212 million market cap — a decisive debt-gate failure. |
| Boston Pizza Royalties Income Fund | BPF.UN · TSX | FAIL | Sept 2026 | Boston Pizza Royalties Income Fund (TSX: BPF.UN) earns its royalties on 'Franchise Sales' — gross restaurant revenue that, by the Fund's own filings, includes all food sales, and Boston Pizza's menu includes pork-derived products — so it fails at gate one: FAIL. |
| Bragg Gaming | BRAG · TSX/Nasdaq | FAIL | Sept 2026 | Gambling/iGaming is the core and only operating segment — business gate fails (B2B online casino games, content aggregation, player account management; 30+ regulated markets). Ratios would pass but are moot: debt ~EUR6.265M ~16.4% of the ~C$61.2M market cap (vs ~33%); audited FY2025 interest income ~EUR0.032M ~0.03% of revenue (vs ~5%). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| BTB REIT | BTB.UN · TSX | FAIL | Sept 2026 | Diversified Montreal REIT (industrial, necessity retail, suburban office; 74 properties) — business gate passes; interest-bearing debt ~C$745.8M ~217% of the ~C$343.2M market cap (vs ~33%); own debt-ratio 58.1% of assets. Income gate moot. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Calfrac Well Services Ltd. | CFW · TSX | PASS* | Sept 2026 | Calfrac Well Services Ltd. (TSX: CFW) is a Calgary-based oilfield-services provider whose ratio math clears both AAOIFI-style ceilings — but Musaffa currently classifies it as not halal, making this a provisional PASS*. |
| Canaccord Genuity Group Inc. | CF · TSX | FAIL | Sept 2026 | Canaccord Genuity Group (TSX: CF) is an independent investment dealer, but interest-earning activities are structural and recurring — client cash-balance spreads, margin interest, stock borrowing/lending, and interest-bearing employee loans — putting the business gate itself in question. Both ratio screens fail: interest revenue of ~C$47.9 million is about 8.35% of Q1 FY2027 revenue of C$573.6 million (over the ~5% ceiling), and debt of ~C$824.4 million is about 57.3% of the ~C$1.44 billion market cap (over the ~33% ceiling). This screener is a FAIL. |
| Canfor Corporation | CFP · TSX | FAIL | Sept 2026 | Canfor Corporation (TSX: CFP) is an integrated forest-products company whose debt and lease liabilities of about 55.1% of market cap — well above the ~33% ceiling — mean it fails the debt gate: FAIL. |
| Canopy Growth | WEED · TSX/Nasdaq | FAIL | Sept 2026 | Cannabis producer — business gate FAILS: adult-use (recreational) cannabis C$78.8M of C$268.9M FY2025 net revenue (~29%); total cannabis C$195.5M (~73%). Intoxicant business under AAOIFI-style screening. Debt principal C$285.4M ~50% of ~C$568.5M market cap (vs ~33%) — also over. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Capstone Copper | CS · TSX | PASS | Sept 2026 | Capstone Copper Corp. (TSX: CS) is a copper mining and development company with operations in Chile (Mantos Blancos, a 70% interest in Mantoverde), the United States (Pinto Valley) and Mexico (Cozamin), plus the fully permitted Santo Domingo copper-iron-gold-cobalt project. The business has no verified haram lines, long-term debt of US$976.814 million is about 12.6% of the ~C$10.66 billion market cap, and finance income is just ~0.30% of revenue. PASS. |
| Cascades Inc. | CAS · TSX | FAIL | Sept 2026 | Cascades Inc. (TSX: CAS) is a packaging and tissue maker whose interest-bearing debt of about 105.6% of market cap — roughly three times the ~33% ceiling — means it fails the debt gate: FAIL. |
| Celestica Inc. | CLS · TSX | FAIL | Sept 2026 | Celestica Inc. (TSX: CLS; also NYSE-listed) is a Toronto-headquartered electronics manufacturing services company — design, engineering and manufacture of complex electronics and data-center infrastructure, plus hardware platform solutions for hyperscalers and cloud providers. But its ATS segment includes a verified Aerospace and Defense business — a FAIL at gate one, re-checked every quarter. |
| Centerra Gold Inc. | CG · TSX | PASS* | Sept 2026 | Centerra Gold Inc. (TSX: CG) is a gold-and-copper miner whose ratio math clears both AAOIFI-style ceilings — but Musaffa currently classifies it as not halal, making this a provisional PASS*. |
| Champion Iron | CIA · TSX | FAIL | Sept 2026 | Iron ore producer (Bloom Lake mine, Fermont, Québec; Rana Gruber acquired Apr 2026) — business gate passes; ratios FAIL: total debt C$1.06B ~62% of ~C$1.71B market cap (vs ~33%); interest income C$9.178M ~0.52% of FY2026 revenue (vs ~5%). Musaffa Academy's dated ASX-200 list marked CIA.AX Halal (2/5 stars); no current Zoya/Musaffa/ShariaPortfolio rating found. |
| Chartwell Retirement Residences | CSH.UN · TSX | FAIL | Sept 2026 | Chartwell Retirement Residences (TSX: CSH.UN) is a seniors-housing trust whose debt and lease obligations total about 48.5% of market cap — about one and a half times the ~33% ceiling — so it fails the debt gate: FAIL. |
| Chemtrade Logistics | CHE.UN · TSX | FAIL | Sept 2026 | Chemtrade Logistics Income Fund (TSX: CHE.UN) is a diversified specialty-chemicals provider — sulphuric acid, water-treatment coagulants, electrochemicals and industrial services across North America and beyond. The business has no verified haram lines — but long-term debt of C$1,110.8 million is about 75% of the ~C$1.48 billion market cap, decisively over the ~33% ceiling. FAIL. |
| Chorus Aviation Inc. | CHR · TSX | FAIL | Sept 2026 | Chorus Aviation Inc. (TSX: CHR) runs regional air services and aircraft leasing out of Halifax — but its C$308 million of interest-bearing debt is about 45% of market cap, a FAIL on the debt gate. |
| Cineplex | CGX · TSX | FAIL | Sept 2026 | Film exhibition, amusement & leisure, media — business gate passes (no adult-only theatres; arcade games are skill-based, no casino gambling); total interest-bearing debt ~C$1,772.1M ~217% of the ~C$817.8M market cap (vs ~33%; ~91% ex-leases); negative equity. Income gate moot. Strategic alternatives under review (Sept 2026). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Coeur Mining, Inc. | CDE · other | PASS | Sept 2026 | Coeur Mining, Inc. (CDE) is a Chicago-based gold-and-silver miner whose ratio math clears both AAOIFI-style ceilings by a wide margin — and both Zoya and ShariaPortfolio rate it Shariah-compliant. |
| Cogeco Communications Inc. | CCA · TSX | FAIL | Sept 2026 | Cogeco Communications Inc. (TSX: CCA) provides internet, wireless, video and wireline phone services in Canada (Cogeco, oxio) and the United States (Breezeline) to about 1.6 million subscribers. The telecom business passes — but long-term debt of about C$4.47 billion is roughly 194% of the ~C$2.3 billion market cap — far above the ~33% ceiling. FAIL. |
| Cogeco Inc. | CGO · TSX | FAIL | Sept 2026 | Cogeco Inc. (TSX: CGO) is a telecom and media holding corporation whose debt and lease liabilities of about 973% of market cap — roughly thirty times the ~33% ceiling — mean it fails the debt gate: FAIL. |
| Colliers International Group Inc. | CIGI · TSX | FAIL | Sept 2026 | Colliers International Group Inc. (TSX: CIGI) is a Toronto-based global professional services and investment management company — commercial real estate services, engineering, and investment management (under the Harrison Street brand, with $109.9 billion of AUM). Real estate services, engineering and investment management clear gate one, but ~54.4% debt-to-market-cap is over the ~33% ceiling — a FAIL on gate two, so it gets re-checked every quarter. |
| Computer Modelling Group Ltd. | CMG · TSX | PASS | Sept 2026 | Computer Modelling Group (TSX: CMG) is a Calgary software company selling reservoir simulation software and subsurface solutions to the oil & gas industry — a clean business with no haram segment. Debt of ~C$7.8 million drawn on the credit facility is about 2.5% of the ~C$315 million market cap (about 14.4% including lease liabilities last disclosed at ~C$37.4M), under the ~33% ceiling, and interest income of ~C$0.041 million is about 0.15% of Q1 FY2027 revenue of C$27.845 million (under the ~5% ceiling). This screener is a PASS. |
| Corby Spirit and Wine Limited | CSW.A · TSX | FAIL | Sept 2026 | Corby Spirit and Wine Limited (TSX: CSW.A) is a manufacturer, marketer, and importer of spirits, wines, and ready-to-drink cocktails — beverage alcohol is its entire core business — so it fails the business-activity gate: FAIL. |
| Corus Entertainment | CJR.B · TSX | FAIL | Sept 2026 | Broadcaster (Global TV, W Network, YTV) — debt gate fails by an extreme margin: total debt ~C$1.226B ~20,500% of the ~C$6M market cap (~620x the ~33% ceiling). Business gate passes (no non-permissible segments; Adult Swim is an animation block, not adult entertainment). Interest income not separately disclosed — unverifiable, moot. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Coveo Solutions Inc. | CVO · TSX | PASS | Sept 2026 | Coveo Solutions (TSX: CVO) sells AI-Relevance SaaS to enterprises, with no haram business segment. Interest-bearing debt of ~US$14.451 million is about 5.1% of the ~C$400.9 million market cap (under the ~33% ceiling), and interest revenue of US$4.273 million is about 2.88% of FY2026 revenue of US$148.339 million (under the ~5% ceiling). Musaffa rates it HALAL as of September 2026. This screener is a PASS. |
| Crombie Real Estate Investment Trust | CRR.UN · TSX | FAIL | Sept 2026 | Crombie Real Estate Investment Trust (TSX: CRR.UN) is a grocery-anchored REIT whose debt and lease liabilities total about 85.9% of market cap — about two and a half times the ~33% ceiling — so it fails the debt gate: FAIL. |
| CT Real Estate Investment Trust | CRT.UN · TSX | FAIL | Sept 2026 | CT Real Estate Investment Trust (TSX: CRT.UN) is a Canadian Tire–anchored retail REIT whose total indebtedness of about 80.5% of market cap — about two and a half times the ~33% ceiling — means it fails the debt gate: FAIL. |
| D2L Inc. | DTOL · TSX | PASS | Sept 2026 | D2L Inc. (TSX: DTOL) is a learning-technology company with zero interest-bearing debt, interest income of about 1.2% of revenue, and no haram business segments — so all three screens pass: PASS. |
| Denison Mines Corp. | DML · TSX | FAIL | Sept 2026 | Denison Mines Corp. (TSX: DML) is a development-stage uranium miner whose interest income dwarfs its near-nil revenue — about 170.5% of FY2025 revenue — so it fails the income gate: FAIL. |
| Discovery Mining Ltd. | DSV · TSX | PASS | Sept 2026 | Discovery Mining Ltd. (TSX: DSV) — formerly Discovery Silver Corp. — is a Canadian precious-and-base-metals miner reporting no debt and lease liabilities of only about US$9 million against a roughly C$9.9 billion market cap. |
| Diversified Royalty Corp. | DIV · TSX | FAIL | Sept 2026 | Diversified Royalty Corp. (TSX: DIV) is a multi-royalty holding company whose total debt is about 88.8% of market cap — about two and two-thirds times the ~33% ceiling — so it fails the debt gate: FAIL. |
| Doman Building Materials | DBM · TSX | FAIL | Sept 2026 | Building-materials wholesale distribution (lumber, treated wood, fencing) — business gate passes; net debt ~C$1,081.1M ~110.8% of the ~C$975.6M market cap (vs ~33%); C$535M notes + revolver; no interest income disclosed (null). Q2 2026 sales 84% construction materials. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| DPM Metals | DPM · TSX | PASS* | Sept 2026 | DPM Metals Inc. (TSX: DPM) — formerly Dundee Precious Metals, renamed effective September 2025 — is a Canadian gold miner with operations in Bulgaria (Chelopech and Ada Tepe), Bosnia and Herzegovina (Vareš), Serbia and Ecuador. On our primary-filing math the business has no verified haram lines, total debt of US$0 is 0.00% of the ~C$13.89 billion market cap, and interest income is just ~1.34% of revenue. Conditional PASS* — Musaffa classifies DPM.TO as not halal as of September 2026, so read the third-party section before deciding. |
| Dream Industrial Real Estate Investment Trust | DIR.UN · TSX | FAIL | Sept 2026 | Dream Industrial Real Estate Investment Trust (TSX: DIR.UN) is an industrial-property REIT whose total debt of about 86.6% of market cap — about two and a half times the ~33% ceiling — means it fails the debt gate: FAIL. |
| Dream Unlimited | DRM · TSX | FAIL | Sept 2026 | Real estate development and asset management (Toronto) — business gate passes; audited total debt ~C$2.121B ~302% of the ~C$702.1M market cap (vs ~33%; ~9x the ceiling; project-specific debt alone ~231%). Interest income not disclosed by the company (moot). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Eldorado Gold | ELD · TSX | PASS* | Sept 2026 | Eldorado Gold Corporation (TSX: ELD) is a gold and base-metals producer with four operating mines — Kisladag and Efemcukuru in Türkiye, Lamaque in Québec, and Olympias in Greece — plus the Skouries project in Greece nearing first concentrate. On our primary-filing math the business has no verified haram lines, total debt of US$1,749.9 million is ~17.0% of the ~US$10.27 billion market cap, and interest income is just ~1.11% of revenue. Conditional PASS* — Musaffa classifies ELD as not halal as of September 2026, so read the third-party section before deciding. |
| Endeavour Silver Corp. | EDR · TSX | PASS | Sept 2026 | Endeavour Silver (TSX: EDR / NYSE: EXK) is a mid-tier silver-gold producer with no haram business segment. Interest-bearing debt of ~US$248.2 million is about 9.6% of the ~US$2.59 billion market cap (under the ~33% ceiling), and interest income of ~US$2.4 million is about 1.1% of Q2 2026 revenue of US$212.1 million (under the ~5% ceiling). This screener is a PASS. |
| Enerflex Ltd. | EFX · TSX | PASS* | Sept 2026 | Enerflex Ltd. (TSX: EFX) is a Calgary-based energy-infrastructure provider whose ratio math clears both AAOIFI-style ceilings — but Musaffa currently classifies it as not halal, making this a provisional PASS*. |
| Energy Fuels Inc. | EFR · TSX | FAIL | Sept 2026 | Energy Fuels (TSX: EFR / NYSE American: UUUU) mines uranium and produces rare earths, vanadium, and mineral sands — the mining business passes the business gate, with defense-market exposure in rare-earth magnets disclosed as a gray area. But interest income of US$15.148 million is about 24.9% of H1 2026 revenue of US$60.946 million (over the ~5% ceiling; the Q2-only figure is ~44.1%). Debt of ~US$677.7 million is about 24.7% of the ~US$2.75 billion market cap (under the ~33% ceiling). This screener is a FAIL. |
| Enghouse Systems Limited | ENGH · TSX | PASS | Sept 2026 | Enghouse Systems Limited (TSX: ENGH), headquartered in Markham, Ontario, is an enterprise-software vendor — contact-centre and video communications (Interactive Management Group) plus asset- and risk-management software for financial institutions (Asset Management Group). The business passes and both ratios clear comfortably: no external debt (~0.9% of market cap) and finance income ~1.5% of revenue. PASS. |
| Ensign Energy Services Inc. | ESI · TSX | FAIL | Sept 2026 | Ensign Energy Services Inc. (TSX: ESI) is an oilfield-services company whose debt is about 141.2% of market cap — far over the ~33% ceiling — so it fails the debt gate: FAIL. |
| EQB Inc. | EQB · TSX | FAIL | Sept 2026 | EQB Inc. (TSX: EQB) is the holding company for Equitable Bank, a Schedule I Canadian bank (founded 1970; operating the EQ Bank digital "challenger bank" brand) and Canada's seventh-largest bank by assets. Conventional interest-based banking fails gate one — a FAIL, re-checked every quarter. |
| Equinox Gold | EQX · TSX | PASS | Sept 2026 | Equinox Gold Corp. (TSX: EQX) is a Canadian gold producer with about 1.1 Moz of expected annual production from mines in Canada, the US, Mexico and Nicaragua (its Brazil operations were sold in January 2026, and the Orla Mining merger closed July 31, 2026). The business has no verified haram lines — and total debt of US$583.0 million is ~5.9% of the ~US$9.82 billion market cap, with finance income of just ~0.35% of revenue. PASS. |
| Ero Copper | ERO · TSX | PASS | Sept 2026 | Ero Copper Corp. (TSX: ERO) is a Brazil-focused, growth-oriented miner: two copper mines (the Caraíba Operations in Bahia and the Tucumã Operation in Pará) and the Xavantina gold mine in Mato Grosso. The business has no verified haram lines, debt of US$554.434 million is about 14.0% of the ~C$5.48 billion market cap, and finance income is just ~0.51% of revenue. PASS. |
| Evertz Technologies Limited | ET · TSX | PASS | Sept 2026 | Evertz Technologies (TSX: ET) is a Burlington, Ontario company designing video/audio infrastructure for broadcast production and transmission — a clean business with no haram segment. Debt of ~C$18.9 million (lease obligations last disclosed at FY2026; net-cash position with no meaningful bank debt) is about 2.1% of the ~C$911.65 million market cap (under the ~33% ceiling), and finance income of ~C$0.090 million is about 0.08% of Q1 FY2027 revenue of C$118.259 million (under the ~5% ceiling). This screener is a PASS. |
| Exchange Income Corporation | EIF · TSX | FAIL | Sept 2026 | Exchange Income Corporation (TSX: EIF), headquartered in Winnipeg, is an acquisition-oriented conglomerate with Aerospace & Aviation and Manufacturing segments. The company has verified defence exposure: PAL Aerospace is an aerospace and defence company focused on intelligence, surveillance and reconnaissance (ISR), with contracts from the Netherlands Ministry of Defence — and EIC itself issues "EIC ISR & Defence Update" press releases. Debt of ~C$2.33 billion is ~34% of the ~C$6.85 billion market cap — also over the ceiling. FAIL. |
| Extendicare Inc. | EXE · TSX | PASS | Sept 2026 | Extendicare (TSX: EXE) is a senior-care operator — a permissible business — with interest-bearing debt of about C$651.3 million, about 21.9% of its market cap, and interest revenue of C$0.8 million on C$611.0 million of revenue (about 0.13%): PASS. |
| Fiera Capital Corporation | FSZ · TSX | FAIL | Sept 2026 | Fiera Capital Corporation (TSX: FSZ) is an independent asset-management firm with C$163.5 billion in assets under management. The fee-based business passes the activity screen with a disclosed gray area (it manages conventional fixed-income strategies) — but debt of C$765.7 million is about 172% of the ~C$446 million market cap, decisively over the ~33% ceiling. FAIL. |
| First Capital REIT | FCR.UN · TSX | FAIL | Sept 2026 | First Capital REIT (TSX: FCR.UN) owns grocery-anchored shopping centres across Canada — a clean business — but its C$4.12 billion of debt is about 85% of market cap, a decisive FAIL on the debt gate. |
| First Majestic Silver Corp. | AG · TSX | PASS | Sept 2026 | First Majestic Silver (TSX: AG) is a silver and gold miner — a permissible business — with interest-bearing debt of about US$331.2 million, about 3.8% of its market cap, and interest income (bundled with "other" at US$1.7 million) under about 0.41% of revenue: PASS. |
| Fortuna Mining Corp. | FVI · TSX | PASS* | Sept 2026 | Fortuna Mining (TSX: FVI) is a gold and silver miner — a permissible business — with interest-bearing debt of about US$138.9 million, about 4.1% of its ~US$3.35 billion market cap, and interest income of about 1.42% of revenue. But Musaffa rates FSM not Shariah-compliant as of September 2026 (reason undisclosed) — so this screener is a conditional PASS*. |
| Galaxy Digital | GLXY · TSX/Nasdaq | FAIL | Sept 2026 | Crypto financial services — business gate fails: interest-based crypto lending is a disclosed core activity (avg loan book ~US$1.44B, rising originations, pre-launched GOFR rate), plus OTC prediction markets, derivatives/shorts/hedges, and a long-short hedge fund. Debt ~US$3.55B ~39% of the ~US$9.03B market cap (vs ~33%). No interest-income line disclosed (moot). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| GFL Environmental Inc. | GFL · TSX | FAIL | Sept 2026 | GFL Environmental Inc. (TSX: GFL) is a North American waste-management company — solid-waste hauling, landfills, transfer stations and material recycling facilities in Canada and the US. Waste collection and disposal clear gate one, but ~47.8% debt-to-market-cap is over the ~33% ceiling — a FAIL on gate two, so it gets re-checked every quarter. |
| Granite Real Estate Investment Trust | GRT.UN · TSX | FAIL | Sept 2026 | Granite Real Estate Investment Trust (TSX: GRT.UN) is a conventional Canadian REIT that owns logistics, warehouse and industrial properties across North America and Europe. Its business passes the screen, but leverage of ~60.6% of market cap is far over the ~33% ceiling — a FAIL, re-checked every quarter. |
| Headwater Exploration Inc. | HWX · TSX | PASS | Sept 2026 | Headwater Exploration Inc. (TSX: HWX) is a Calgary-based oil-and-gas producer with no bank debt and only about C$9 million of interest-bearing obligations against a roughly C$3.2 billion market cap. |
| High Liner Foods | HLF · TSX | FAIL | Sept 2026 | High Liner Foods Incorporated (TSX: HLF) is a leading North American processor and marketer of value-added frozen seafood (High Liner, Fisher Boy, Mirabel, Sea Cuisine, Catch of the Day brands). The business has no verified haram lines — but total debt of US$349.415 million is about 123% of the ~C$393 million market cap, decisively over the ~33% ceiling. FAIL. |
| Hut 8 | HUT · TSX/Nasdaq | FAIL* | Sept 2026 | Bitcoin miner / AI data centers — business gate passes (crypto mining not on the standard prohibited list; scholarly debate on crypto disclosed, no fatwa); provisional FAIL on debt: total US$7,638.4M ~64% of ~US$11.93B market cap (vs ~33%). ~US$7.5B is non-recourse project notes; parent reports no general recourse debt. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| IAMGOLD | IMG · TSX | PASS | Sept 2026 | IAMGOLD Corporation (TSX: IMG) is an intermediate gold producer with operating mines — Côté Gold in Ontario (70%, with Sumitomo), Westwood in Quebec, and Essakane in Burkina Faso (85%) — and Q2 2026 attributable production of 188,100 oz. The business has no verified haram lines — and long-term debt of US$449.3 million is ~4.1% of the ~US$11.05 billion market cap, with interest income of just ~0.26% of revenue. PASS. |
| IGM Financial Inc. | IGM · TSX | FAIL | Sept 2026 | IGM Financial Inc. (TSX: IGM) is a wealth and asset manager whose gross interest income on loans runs about 5.2% of revenue — over the ~5% ceiling — so the income gate fails: FAIL. |
| InPlay Oil Corp. | IPO · TSX | FAIL | Sept 2026 | InPlay Oil Corp. (TSX: IPO) is an Alberta oil-and-gas producer whose ~C$258 million of interest-bearing debt runs about 56% of its roughly C$461 million market cap — a decisive debt-gate failure. |
| Interfor Corporation | IFP · TSX | FAIL | Sept 2026 | Interfor (TSX: IFP) is a pure lumber and wood-products producer — the business gate passes. But interest-bearing debt of ~C$894.6 million is about 93.8% of the ~C$954 million market cap (over the ~33% ceiling) — a decisive ratio failure at any recent share price. Interest income of ~C$5.7 million is about 0.71% of Q2 2026 revenue of C$804.4 million (under the ~5% ceiling). This screener is a FAIL. |
| K92 Mining | KNT · TSX | PASS | Sept 2026 | Gold, copper & silver mining (Kainantu Gold Mine, Papua New Guinea) — business gate passes; total interest-bearing debt ~US$43.7M ~0.8% of the ~US$5.43B market cap (vs ~33%); net-cash balance sheet; audited FY2025 interest income ~US$5.2M ~0.87% of revenue (vs ~5%). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Killam Apartment Real Estate Investment Trust | KMP.UN · TSX | FAIL | Sept 2026 | Killam Apartment REIT (TSX: KMP.UN) is a residential landlord — a permissible business — but its interest-bearing debt of about C$2,409.3 million is about 115.6% of its market cap, far above the ~33% ceiling: FAIL. |
| Knight Therapeutics Inc. | GUD · TSX | PASS | Sept 2026 | Knight Therapeutics (TSX: GUD) is a Montreal specialty pharmaceutical company with no haram business segment. Interest-bearing debt of ~C$34.3 million is about 3.4% of the ~C$1.01 billion market cap (under the ~33% ceiling), and interest income of ~C$0.901 million is about 0.62% of Q2 2026 revenue of C$144.212 million (under the ~5% ceiling). This screener is a PASS. |
| Labrador Iron Ore Royalty | LIF · TSX | PASS | Sept 2026 | Iron ore royalty company (15.1% IOC equity, 7% gross overriding royalty) — business gate passes; ratios PASS: debt-free (0.00% of ~C$1.53B market cap); interest and other income C$120k ~0.35% of Q2 2026 revenue (~0.39% FY2025) vs ~5%. No public Zoya/Musaffa/ShariaPortfolio rating found. |
| Lassonde Industries Inc. | LAS.A · TSX | FAIL | Sept 2026 | Lassonde Industries Inc. (TSX: LAS.A) is a Rougemont, Quebec agri-food company (founded 1918) making fruit and vegetable juices, specialty foods and fruit snacks — brands include Oasis, Rougemont and Allen's. But its own boilerplate confirms a wines, ciders and alcoholic-beverages line (Arista Wines) — a FAIL at gate one, while debt of ~28.2% passes gate two. Re-checked every quarter. |
| Laurentian Bank of Canada | LB · TSX | FAIL | Sept 2026 | Laurentian Bank of Canada (TSX: LB) is a conventional Schedule I chartered bank — interest-based banking is its entire core business — so it fails the business-activity gate: FAIL. |
| Leon's Furniture Limited | LNF · TSX | PASS | Sept 2026 | Leon's Furniture Limited (TSX: LNF) is Canada's largest furniture and appliance retailer, with debt of about 4.2% of market cap and finance income of about 0.4% of revenue — so all three screens pass: PASS. |
| Lithium Americas | LAC · TSX | FAIL | Sept 2026 | Lithium developer (Thacker Pass, Nevada; 62/38 JV with GM) — business gate passes; interest-bearing debt ~US$1.104B (DOE loan + Orion convertible notes) ~107% of the ~C$1.42B market cap (vs ~33%); DOE loan alone ~96% of market cap. Pre-revenue; interest is the only income. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Lundin Gold Inc. | LUG · TSX | PASS | Sept 2026 | Lundin Gold Inc. (TSX: LUG) is a gold miner with zero interest-bearing debt and finance income of about 1.2% of revenue — both AAOIFI-style gates clear: PASS. |
| Magellan Aerospace | MAL · TSX | FAIL | Sept 2026 | Aerospace manufacturer — business gate FAILS: produces the M-72 Light Anti-Tank Weapon (Canada's Munitions Supply Program contract, Jul 2026) and CRV7 rocket weapon systems; defence 33.6% of H1 2026 revenue. Ratios moot (debt would pass, income moot). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Mainstreet Equity Corp. | MEQ · TSX | FAIL | Sept 2026 | Mainstreet Equity Corp. (TSX: MEQ) is a Western Canadian apartment landlord whose interest-bearing debt is about 117% of market cap — about three and a half times the ~33% ceiling — so it fails the debt gate: FAIL. |
| Martinrea International Inc. | MRE · TSX | FAIL | Sept 2026 | Martinrea International Inc. (TSX: MRE), headquartered in Vaughan, Ontario, is a global automotive supplier — lightweight structures and propulsion systems for vehicle OEMs. The business passes — but long-term debt of about C$910 million is roughly 127% of the ~C$719 million market cap (~160% including leases) — far above the ~33% ceiling. FAIL. |
| MCAN Mortgage Corporation | MKP · TSX | FAIL | Sept 2026 | MCAN Mortgage (TSX: MKP) is a federally regulated Mortgage Investment Corporation whose core business is conventional interest-based mortgage lending — the business gate fails at step one. Net interest income was about 56.8% of total income in Q2 2026, and its dividends are taxable to shareholders as interest income: FAIL. |
| Molson Coors Canada Inc. | TPX.B · TSX | FAIL | Sept 2026 | Molson Coors Beverage Company (TSX: TPX.B) is a global brewer — alcohol production and sale is the core business, so it fails the Shariah business gate: FAIL. |
| MTY Food Group Inc. | MTY · TSX | FAIL | Sept 2026 | MTY Food Group Inc. (TSX: MTY) franchises and operates over 7,000 restaurants across 80+ banners — but its C$594 million of long-term debt is about 82% of market cap, a decisive FAIL on the debt gate. |
| Mullen Group Ltd. | MTL · TSX | FAIL | Sept 2026 | Mullen Group Ltd. (TSX: MTL) is a trucking and logistics company whose debt and lease liabilities of about 40.6% of market cap — above the ~33% ceiling — mean it fails the debt gate: FAIL. |
| NexGen Energy Ltd. | NXE · TSX | PASS* | Sept 2026 | NexGen Energy Ltd. (TSX: NXE) is a pre-production uranium explorer whose debt clears the ~33% ceiling comfortably — but with nil revenue, the ~5% non-compliant-income gate cannot be computed, making this a provisional PASS*. |
| Nexus Industrial REIT | NXR.UN · TSX | FAIL | Sept 2026 | Pure-play Canadian industrial REIT (87 properties, ~12.3M sq ft) — business gate passes; net debt ~C$1,307.3M ~186% of the ~C$703.9M market cap (vs ~33%); own indebtedness ratio 49.2%, net debt/adj. EBITDA 10.7x. Income gate moot; no purification ratio computable. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| NFI Group Inc. | NFI · TSX | FAIL | Sept 2026 | NFI Group Inc. (TSX: NFI), headquartered in Winnipeg, manufactures transit buses and motorcoaches (New Flyer, MCI, Alexander Dennis, ARBOC) and sells aftermarket parts. The business passes — but total debt of about US$1.22 billion (~C$1.7 billion) is roughly 60% of the ~C$2.9 billion market cap — well above the ~33% ceiling. FAIL. (Musaffa independently rates NFI not halal as of September 2026.) |
| North American Construction Group Ltd. | NOA · TSX | FAIL | Sept 2026 | North American Construction Group Ltd. (TSX: NOA) is a mining and heavy-construction contractor whose debt and lease liabilities total about 248% of market cap — about seven and a half times the ~33% ceiling — so it fails the debt gate: FAIL. |
| Obsidian Energy Ltd. | OBE · TSX | FAIL | Sept 2026 | Obsidian Energy (TSX/NYSE American: OBE) is a Calgary intermediate oil & gas producer with no haram business segment. But interest-bearing debt of ~C$354.9 million is about 35.1% of the ~C$1.01 billion market cap, above the ~33% ceiling. This screener is a FAIL on the debt gate. |
| OceanaGold | OGC · TSX | PASS | Sept 2026 | OceanaGold Corporation (TSX: OGC) is a global intermediate gold and copper producer operating four mines — the wholly-owned Haile Gold Mine in the US, Macraes and Waihi in New Zealand, and the 80%-owned Didipio Mine in the Philippines. The business has no verified haram lines — and the company reported no debt at quarter end, 0.0% of the ~C$8.50 billion market cap, with interest income of just ~0.60% of revenue. PASS. |
| Onex Corporation | ONEX · TSX | FAIL | Sept 2026 | Onex Corporation (TSX: ONEX) is a Toronto-based investment firm (formed 1984) that invests its own capital — about US$9.5 billion — alongside client capital in private equity, private credit, and asset management, with ~US$56.2 billion of total AUM. Its single largest investing-capital line is a 62.53% stake in Convex Group, a conventional specialty property & casualty insurer/reinsurer, which contributed US$177 million of the US$194 million total segment income in Q2 2026. Conventional insurance fails the business screen — a FAIL at gate one, so it gets re-checked every quarter. |
| OR Royalties | OR · TSX | PASS | Sept 2026 | OR Royalties Inc. (TSX: OR) — formerly Osisko Gold Royalties — is a Canadian precious-metals royalty and streaming company with a portfolio of over 200 royalties, streams and similar interests, anchored by a 3-5% royalty on Agnico Eagle's Canadian Malartic Complex. The business has no verified haram lines, debt of US$215.0 million is about 3.3% of the ~C$9.09 billion market cap, and interest income is just ~1.62% of revenue. PASS. |
| Organigram Global | OGI · TSX/Nasdaq | FAIL | Sept 2026 | Licensed cannabis producer — business gate fails: recreational cannabis ~58% of Q3 fiscal 2026 revenue; active British American Tobacco partnership (~48% effective ownership, ~C$410M invested). Debt ~C$31.5M ~14.7% of the ~C$214.3M market cap (vs ~33%; counting BAT prefs as debt would lift it to ~47.8%). Interest income not separately disclosed — unverifiable. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Ovintiv Inc. | OVV · TSX | PASS* | Sept 2026 | Ovintiv (TSX: OVV) is an oil and gas producer — a permissible business — with interest-bearing debt of about US$3,695 million, about 22.5% of its market cap. The screener is a provisional PASS*: Zoya rates OVV not Shariah-compliant as of September 2026 — its AAOIFI-based screen flags the financial ratios, not the business activity. |
| Paramount Resources Ltd. | POU · TSX | PASS | Sept 2026 | Paramount Resources (TSX: POU) is an oil and gas producer — a permissible business — with zero drawn debt (0% debt-to-market-cap) and interest income of C$3.9 million on C$260.7 million of revenue (about 1.50%): PASS. |
| Parex Resources Inc. | PXT · TSX | FAIL | Sept 2026 | Parex Resources Inc. (TSX: PXT) is Colombia's largest independent oil-and-gas producer after its June 2026 Frontera acquisition — but that deal left it with US$792 million of debt, about 42% of market cap, a FAIL on the debt gate that Musaffa's not-halal classification echoes. |
| Patriot Battery Metals | PMET · TSX | PASS* | Sept 2026 | *Provisional: pre-revenue lithium developer (renamed PMET Resources Inc. Sept 2025) — business gate passes; debt ~C$0.239M leases ~0.03% of the ~C$872.1M market cap (vs ~33%); interest income C$1.150M Q1 FY2027 disclosed against nil revenue, so the income ratio is unverifiable until revenue begins. |
| PHX Energy Services Corp. | PHX · TSX | PASS | Sept 2026 | PHX Energy Services (TSX: PHX) is a Calgary oilfield services company (directional drilling, RSS, motor rentals) with no haram business segment. Interest-bearing debt of ~C$64.5 million is about 11.7% of the ~C$552 million market cap, below the ~33% ceiling, and no interest income is disclosed. This screener is a PASS. |
| Pizza Pizza Royalty Corp. | PZA · TSX | FAIL | Sept 2026 | Pizza Pizza Royalty Corp. (TSX: PZA) earns its entire revenue as royalties on gross restaurant sales that include pork-derived menu items — so it fails the business-activity gate: FAIL. |
| Plaza Retail REIT | PLZ.UN · TSX | FAIL | Sept 2026 | Open-air retail properties (Ontario, Québec, Atlantic Canada) — business gate passes; total interest-bearing debt ~C$665.1M ~114% of the ~C$582.2M market cap (vs ~33%; ~103.6% ex-leases); investment income ~C$0.111M ~0.34% of Q2 2026 revenue (vs ~5%, moot). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Pollard Banknote Limited | PBL · TSX | FAIL | Sept 2026 | Pollard Banknote Limited (TSX: PBL) is a Winnipeg company — the second-largest producer of instant lottery tickets in the world — providing products and solutions to lottery and charitable gaming industries. The entire business is gambling-related: a FAIL at gate one, re-checked every quarter. |
| Precision Drilling Corporation | PD · TSX | FAIL | Sept 2026 | Precision Drilling Corporation (TSX: PD) is an oilfield-services company whose debt is about 42.3% of market cap — over the ~33% ceiling — so it fails the debt gate: FAIL. |
| Premium Brands Holdings Corporation | PBH · TSX | FAIL | Sept 2026 | Premium Brands Holdings Corporation (TSX: PBH) is a Richmond, BC-based producer, marketer and distributor of branded specialty food products across Canada and the US. Its own filings disclose a material pork footprint (~9.1% of FY2025 revenue) — a FAIL at gate one, with leverage of ~96.4% failing gate two as well. Re-checked every quarter. |
| Primaris Real Estate Investment Trust | PMZ.UN · TSX | FAIL | Sept 2026 | Primaris REIT (TSX: PMZ.UN) owns enclosed shopping centres — a permissible business — but its total debt of about C$2.166 billion is about 66.3% of its ~C$3.27 billion market cap, over the ~33% ceiling. This screener is a FAIL. |
| Propel Holdings Inc. | PRL · TSX | FAIL | Sept 2026 | Propel Holdings Inc. (TSX: PRL) is a fintech consumer lender whose entire business is conventional interest-based lending — instalment loans and lines of credit with a 117% annualised lending yield. It fails the business gate: FAIL. |
| RB Global Inc. | RBA · TSX | PASS* | Sept 2026 | RB Global Inc. (TSX: RBA) — formerly Ritchie Bros. Auctioneers — is an omnichannel marketplace for used heavy equipment, commercial trucks and vehicles, running online and onsite auctions plus digital marketplaces under the Ritchie Bros., IAA, IronPlanet, Marketplace-E and GovPlanet brands. Equipment auctions and marketplaces clear gate one, ~19.0% debt-to-market-cap is under the ~33% ceiling, and interest income is ~0.25% of revenue — a provisional PASS, re-checked every quarter. |
| Real Matters Inc. | REAL · TSX | PASS | Sept 2026 | Real Matters (TSX: REAL) runs an appraisal and title network-management platform — a permissible services business — with no debt (0% debt-to-market-cap) and interest income of about US$0.3 million on US$51.5 million of revenue (about 0.58%): PASS. |
| Roots Corporation | ROOT · TSX | FAIL | Sept 2026 | Roots Corporation (TSX: ROOT) sells apparel, footwear, leather goods, and accessories — no haram business segment, so the business gate passes. But interest-bearing debt of ~C$106.0 million (including lease liabilities) is about 66.1% of the ~C$160.3 million market cap (over the ~33% ceiling). FY2025 interest revenue of ~C$0.252 million is about 0.09% of revenue (under the ~5% ceiling). This screener is a FAIL. |
| Russel Metals Inc. | RUS · TSX | PASS | Sept 2026 | Russel Metals Inc. (TSX: RUS) is a metals distributor whose debt is about 6.3% of market cap and whose interest income is about 0.02% of revenue — both AAOIFI-style gates clear: PASS. |
| Savaria Corporation | SIS · TSX | PASS | Sept 2026 | Savaria Corporation (TSX: SIS), headquartered in Laval, Québec, is a global leader in the accessibility industry — home and commercial elevators, stairlifts, wheelchair lifts and dumbwaiters (~78% of Q2 revenue), plus patient-care equipment (~22%). The business passes and both ratios clear: debt of ~C$203 million is ~9.4% of market cap and interest income of C$67,000 is 0.03% of revenue. PASS. |
| Seabridge Gold Inc. | SEA · TSX | PASS* | Sept 2026 | Seabridge Gold (TSX: SEA) is a gold and copper exploration-and-development company — a permissible business — with secured note obligations of about C$561.1 million, about 12.9% of its ~C$4.34 billion market cap. The company is pre-revenue, so the non-compliant-income ratio is uncomputable and effectively all income is interest on cash — this screener is a provisional PASS*. |
| Sienna Senior Living Inc. | SIA · TSX | FAIL | Sept 2026 | Sienna Senior Living Inc. (TSX: SIA) runs 93 seniors' residences and long-term-care homes across Canada — a clean business — but its C$1.42 billion of debt is about 63% of market cap, a FAIL on the debt gate that Musaffa's not-halal classification echoes. |
| Silvercorp Metals Inc. | SVM · TSX | PASS | Sept 2026 | Silvercorp Metals (TSX/NYSE American: SVM) is a Vancouver-based silver miner with no haram business segment. Interest-bearing obligations of ~US$164.0 million (including the Traxys stream-financing deposit; ~US$118.4M excluding it) are about 4.6% of the ~US$3.54 billion market cap (under the ~33% ceiling), and finance income of ~US$2.090 million is about 1.51% of Q1 FY2027 revenue of US$138.665 million (under the ~5% ceiling). This screener is a PASS. |
| Skeena Resources Limited | SKE · TSX | PASS* | Sept 2026 | Skeena Resources (TSX: SKE / NYSE: SKE) is a gold-silver development company with no haram business segment. Interest-bearing debt of ~C$1.122 billion is about 20.8% of the ~C$5.39 billion market cap (under the ~33% ceiling). The company is pre-revenue — Eskay Creek is ~49% built with first production targeted for Q2 2027 — so the non-compliant-income ratio is uncomputable (interest income of ~C$1.203M was separately disclosed in Q2 2026). This screener is a provisional PASS. |
| South Bow | SOBO · TSX/NYSE | FAIL | Sept 2026 | Keystone crude-oil liquids pipelines (TC Energy spin-off) — business gate passes; debt FAILS: total long-term debt US$5,734M ~57% of ~US$10.12B market cap (vs ~33%). Quarterly dividend US$0.50/share. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Spartan Delta Corp. | SDE · TSX | PASS* | Sept 2026 | Spartan Delta (TSX: SDE) is a Calgary oil & gas exploration-and-production company with no haram business segment. Interest-bearing debt of ~C$221.9 million is about 8.4% of the ~C$2.655 billion market cap (under the ~33% ceiling), and interest income of ~C$1.085 million is about 0.65% of Q2 2026 revenue of C$166.141 million (under the ~5% ceiling). But Musaffa rates SDE.TO as NOT HALAL as of September 2026 — a genuine conflict with our filing-based math, so this is a conditional PASS. |
| Sprott Inc. | SII · TSX | FAIL | Sept 2026 | Sprott Inc. (TSX/NYSE: SII) runs a documented conventional lending business through its private-strategies segment and its Sprott Resource Lending Corp. subsidiary — a haram business line, so it fails the Shariah business gate: FAIL. |
| SSR Mining | SSRM · TSX | PASS | Sept 2026 | Precious-metals miner (gold, copper, silver, lead, zinc concentrates; mines Marigold, CC&V, Seabee, Puna) — business gate passes; no long-term debt (~US$1.783B cash) ~0.0% of the ~C$9.78B market cap (vs ~33%); interest income ~US$4.8M ~1.1% of ~US$443.8M Q2 revenue (vs ~5%). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Strathcona Resources Ltd. | SCR · TSX | PASS | Sept 2026 | Strathcona Resources (TSX: SCR) is a heavy-oil producer — a permissible business — with interest-bearing debt of about C$2,010 million, about 20.7% of its market cap, and no interest income disclosed in Q2 2026 (effectively 0% of revenue): PASS. |
| Superior Plus | SPB · TSX | FAIL | Sept 2026 | Superior Plus Corp. (TSX: SPB) is a North American distributor and marketer of propane, compressed natural gas (CNG), hydrogen and related products and services, and transports renewable natural gas from production facilities to distribution networks. The business has no verified haram lines — but net debt of US$1,638.0 million is about 152% of the ~US$1.08 billion market cap, decisively over the ~33% ceiling. FAIL. |
| Tamarack Valley Energy Ltd. | TVE · TSX | PASS | Sept 2026 | Tamarack Valley Energy (TSX: TVE) is a pure-play Clearwater heavy-oil producer — a permissible business — with interest-bearing debt of about C$319.6 million, about 5.1% of its ~C$6.27 billion market cap, and no disclosed interest income. This screener is a PASS. |
| Tecsys Inc. | TCS · TSX | PASS | Sept 2026 | Tecsys Inc. (TSX: TCS), headquartered in Montreal, is a global provider of supply-chain management software — Elite warehouse/distribution software and Omni order-management software, with a healthcare, retail/distribution and e-commerce focus. The business passes and both ratios clear: no long-term debt (~1.0% of market cap) and interest income of C$186,000 is 0.37% of revenue. PASS. |
| Telesat Corporation | TSAT · TSX | FAIL | Sept 2026 | Telesat Corporation (TSX: TSAT) is a satellite operator whose debt is about 364.8% of market cap — about eleven times the ~33% ceiling — so it fails the debt gate: FAIL. |
| TerraVest Industries Inc. | TVK · TSX | FAIL | Sept 2026 | TerraVest (TSX: TVK) makes engineered storage tanks, vessels and processing equipment — a clean business with no haram segment, and no separately disclosed interest income. But interest-bearing debt of ~C$1,159.2 million including leases (~C$858.9M excluding leases) is about 48.4% of the ~C$2.40 billion market cap (35.8% excluding leases), above the ~33% ceiling. This screener is a FAIL on the debt gate. |
| The Descartes Systems Group Inc. | DSG · TSX | PASS | Sept 2026 | The Descartes Systems Group Inc. (TSX: DSG) is a logistics SaaS company with no interest-bearing debt, lease liabilities of about 0.11% of market cap, and interest-type income of about 1.65% of revenue — so all three screens pass: PASS. |
| Tidewater Midstream and Infrastructure Ltd. | TWM · TSX | FAIL | Sept 2026 | Tidewater Midstream and Infrastructure Ltd. (TSX: TWM) is a midstream energy company whose debt is roughly 97–100% of market cap — about three times the ~33% ceiling — so it fails the debt gate: FAIL. |
| Topaz Energy | TPZ · TSX | PASS | Sept 2026 | Topaz Energy Corp. (TSX: TPZ) is a royalty and infrastructure energy company — gross overriding royalty interests on ~9 million gross acres plus non-operated interests in 9 natural gas processing and gathering facilities, largely on long-term fixed-fee take-or-pay contracts. The business has no verified haram lines — and total debt of ~C$545.4 million is ~12.2% of the ~C$4.47 billion market cap, with interest income of just ~0.07% of revenue. PASS. |
| Torex Gold Resources Inc. | TXG · TSX | PASS | Sept 2026 | Torex Gold Resources Inc. (TSX: TXG) is a debt-free gold miner with interest income of about 0.5% of revenue — both AAOIFI-style gates clear: PASS. |
| Total Energy Services | TOT · TSX | PASS | Sept 2026 | Oilfield services (contract drilling, rentals, compression) — business gate passes; debt + leases ~C$51.2M ~4.0% of the ~C$1.27B market cap (vs ~33%); net finance income ~C$0.4M ~0.1% of revenue (vs ~5%). Net-cash balance sheet. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Transat A.T. Inc. | TRZ · TSX | FAIL | Sept 2026 | Transat A.T. Inc. (TSX: TRZ) is a leisure airline whose total debt is about 2,175% of market cap — about sixty-six times the ~33% ceiling — so it fails the debt gate: FAIL. |
| Transcontinental | TCL.A · TSX | FAIL | Sept 2026 | Printing, retail services & educational publishing (packaging sold) — business gate passes; debt ~C$344.9M ~79% of the ~C$436.4M market cap (vs ~33%); ~100.9% incl. leases; no interest income disclosed (null). Packaging business discontinued. No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Trekor Metals Limited | TKO · TSX | PASS | Sept 2026 | Trekor Metals Limited (TSX: TKO / NYSE American: TGB), renamed from Taseko Mines Limited on June 25, 2026, is a copper-focused miner with no haram business segment. Debt of ~C$765.3 million is about 16.8% of the ~C$4.55 billion market cap (under the ~33% ceiling), and finance income of ~C$1.058 million is about 0.32% of Q2 2026 revenue of C$330.553 million (under the ~5% ceiling). This screener is a PASS. |
| Trisura Group Ltd. | TSU · TSX | FAIL | Sept 2026 | Trisura Group Ltd. (TSX: TSU) is a specialty insurance provider whose entire business is conventional insurance — Surety, Warranty, Corporate Insurance, Program and Fronting lines. It fails the business gate: FAIL. |
| Vermilion Energy Inc. | VET · TSX | FAIL | Sept 2026 | Vermilion Energy Inc. (TSX: VET), headquartered in Calgary, is an international oil and natural gas producer (Q2 2026 production 125,789 boe/d, 71% natural gas, across Canada, France, the Netherlands, Germany, Ireland and Australia). The business has no verified haram lines — but long-term debt of ~C$1.31 billion is ~52% of the ~C$2.50 billion market cap (~55% including leases), far above the ceiling, and Musaffa independently classifies VET as not halal. FAIL. |
| VersaBank | VBNK · TSX | FAIL | Sept 2026 | VersaBank (TSX: VBNK) is a federally licensed Schedule I bank whose core business is interest-based commercial lending and deposit-taking — the business gate fails at step one. Net interest income was about 94.8% of revenue in Q3 fiscal 2026: FAIL. |
| Village Farms | VFF · TSX/Nasdaq | FAIL | Sept 2026 | Principally a cannabis company (Pure Sunfarms, Rose LifeScience) — business gate fails: cannabis is ~83.7% of Q2 2026 revenue (~90.4% H1 2026). Ratios would pass but are moot: debt ~US$46.2M ~12.0% of the ~US$385.3M market cap (vs ~33%); interest income ~US$0.343M ~0.54% of Q2 2026 revenue (vs ~5%). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| Wajax Corporation | WJX · TSX | PASS | Sept 2026 | Wajax Corporation (TSX: WJX) is a Canadian industrial distributor whose debt is about 23.9% of market cap (under the ~33% ceiling) with about 0.06% interest income — so it passes both gates: PASS. |
| WELL Health Technologies | WELL · TSX | FAIL | Sept 2026 | Digital healthcare company (275 clinics across Canada; CRH Medical, Circle Medical) — business gate passes; ratios FAIL: total loans and borrowings C$628.7M ~54% of ~C$1.155B market cap (vs ~33%); interest income C$0.587M ~0.2% of Q1 2026 revenue (vs ~5%). No Zoya/Musaffa/ShariaPortfolio coverage found. |
| WildBrain | WILD · TSX | PASS* | Sept 2026 | Kids/family entertainment (Teletubbies, Degrassi; ex-Peanuts after Mar 2026 sale) — business gate passes; provisional PASS: interim production financing ~C$51.7M ~19% of ~C$267.5M market cap (vs ~33%; corporate debt fully repaid Mar 2026); interest income C$2.939M ~1.07% of audited FY2025 revenue (vs ~5%); cash ~C$89M ~33% of market cap flagged as watch item. No public Zoya/Musaffa/ShariaPortfolio rating found. |
| Winpak Ltd. | WPK · TSX | PASS | Sept 2026 | Winpak Ltd. (TSX: WPK) is a Winnipeg-based maker of packaging materials and packaging machinery — flexible packaging, rigid containers and lidding for perishable foods, beverages and healthcare products. The business has no verified haram lines, and the balance sheet is essentially unlevered: no long-term or short-term debt reported as at June 28, 2026, with finance income of about 1.1% of revenue — cleanly under both AAOIFI-style ceilings. PASS. |
| Air Canada | AC · TSX | FAIL | Sept 2026 | Air Canada (TSX: AC) is Canada's flag carrier — scheduled passenger, cargo, and vacation services with a fleet of 357 aircraft and about 37,000 employees. The business clears gate one. The balance sheet fails gate two by a mile. |
| Alamos Gold Inc. | AGI · NYSE/TSX | PASS | Sept 2026 | Alamos Gold Inc. (AGI) is an intermediate gold producer based in Toronto, with operating mines in Canada and Mexico. Mining clears gate one easily, and ~1.5% debt-to-market-cap leaves wide headroom under the ~33% ceiling — a PASS, re-checked every quarter. |
| Alimentation Couche-Tard | ATD · TSX | PASS | Sept 2026 | Couche-Tard is Shariah-compliant as of September 2026, with one disclosed asterisk. The core business is fine and the debt ratio (~20%) is comfortable. But tobacco and nicotine products are a real convenience-store category, and scholars differ on that — so this is a personal-conscience pass, not an unconditional one. |
| AltaGas | ALA · TSX | FAIL | Sept 2026 | AltaGas Ltd. (TSX: ALA) is a Calgary-based energy infrastructure company — regulated gas utilities in the U.S. plus midstream assets including global LPG exports. The business clears gate one; ~61% debt-to-market-cap is the problem. |
| Apple | AAPL · NASDAQ | PASS | Sept 2026 | Apple passes Shariah screening as of September 2026. Its business (technology: hardware, software, services) is halal, its debt is 1.98% of market cap, and its interest income is effectively zero. Zoya's screener independently rates AAPL Shariah-compliant. Below: the full screening math, the Apple Card question every investor asks, and the caveats that could change the answer. |
| AtkinsRéalis | ATRL · TSX | PASS | Sept 2026 | AtkinsRéalis Group Inc. (TSX: ATRL) is a Montreal-based engineering services and nuclear company — consulting, design, procurement, construction management, and the CANDU nuclear technology business. The business is clean and the balance sheet is light: ~5.7% debt-to-market-cap clears gate two comfortably. |
| BCE | BCE · TSX/NYSE | FAIL | Sept 2026 | BCE fails Shariah screening as of September 2026. Its debt is 150.9% of market cap, nearly five times the 33% ceiling. Zoya independently rates BCE not Shariah-compliant. The Bell Media entertainment business is a gray-area business-screen caveat on top. This isn't a close call — it's the clearest fail in our database. |
| BlackBerry Limited | BB · TSX | PASS | Sept 2026 | BlackBerry Limited (TSX: BB) is the Waterloo, Ontario enterprise-software company built on QNX — embedded software in 275 million+ vehicles — plus Secure Communications and a patent-licensing business. Selling software and services is a permissible business. |
| Bombardier Inc. | BBD.B · TSX | PASS | Sept 2026 | Bombardier Inc. (TSX: BBD.B) is the Montreal-based builder of business jets — Global, Challenger and Learjet — plus a fast-growing aftermarket services business. The aircraft business clears gate one, and ~17.4% debt-to-market-cap sits comfortably under the ~33% ceiling — a PASS, re-checked every quarter. |
| Boyd Group Services Inc. | BYD · TSX | FAIL | Sept 2026 | Boyd Group Services Inc. (TSX: BYD / NYSE: BGSI) is one of North America's largest non-franchised collision repair operators — 1,321 locations trading as Gerber Collision & Glass, Boyd Autobody & Glass, and Assured Automotive, plus retail auto glass, claims administration, and scanning/calibration services. The repair business clears gate one, but ~44.7% debt-to-market-cap (~92.8% with leases) is over the ~33% ceiling — a FAIL on gate two, so it gets re-checked every quarter. |
| Brookfield Asset Management | BAM · TSX | PASS* | Sept 2026 | Brookfield Asset Management passes Shariah screening as of September 2026, with caveats you should read. All three AAOIFI-style ratios clear their ceilings (4.7% debt, 4.34% interest income), but the income ratio sits close to the 5% line, Zoya currently rates BAM non-compliant on undisclosed grounds, and the screener is provisional pending the FY2026 annual report. This is also not Brookfield Corporation (BN) — our BN screener was FAIL. Below: the full screening math, the divergence, and the gray areas. |
| Brookfield Corporation | BN · TSX | FAIL | Sept 2026 | Brookfield fails Shariah screening as of September 2026. Its consolidated debt is about 316% of its market cap — nearly ten times the 33% ceiling — and its conventional insurance arm adds a second, independent problem. Zoya's screener independently rates BN non-compliant. Below: the screening math, the honest caveats, and what to hold instead. |
| Brookfield Renewable Partners L.P. | BEP.UN · TSX | FAIL | Sept 2026 | Brookfield Renewable Partners L.P. (TSX: BEP.UN) is one of the world's largest owners of renewable power — hydro, wind, and solar across four continents. The business is clean. The balance sheet is not: nearly US$37 billion of debt against an ~US$8.4 billion market cap. |
| BRP Inc. | DOO · TSX | FAIL | Sept 2026 | BRP Inc. (TSX: DOO) is the Valcourt, Quebec-based powersports giant — Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft, Can-Am on- and off-road vehicles, Quintrex boats, and Rotax engines. Recreational vehicles are a permissible business, but the debt load fails gate two. |
| CAE Inc. | CAE · TSX | PASS | Sept 2026 | CAE Inc. (TSX: CAE) is the Montreal-based global leader in flight simulators and pilot training, serving civil aviation and defence customers. It is a technology and services business — permissible under the screen — and ~29% debt-to-market-cap clears the ratios. |
| Canada Goose Holdings Inc. | GOOS · TSX | FAIL | Sept 2026 | Canada Goose Holdings Inc. (TSX: GOOS) is the Toronto-based luxury outerwear maker — parkas, lightweight down, rainwear, and apparel sold through its own stores, e-commerce, and wholesale. Making and selling clothes is a permissible business, but the balance sheet fails gate two. |
| Canadian Apartment Properties REIT | CAR.UN · TSX | FAIL | Sept 2026 | Canadian Apartment Properties REIT (TSX: CAR.UN) is Canada's largest residential landlord, owning apartment buildings across the country and internationally. Rental income is a permissible business — but this is one of the most leveraged names in the screener database. |
| Canadian National Railway | CNR · TSX | PASS | Sept 2026 | Canadian National Railway passes Shariah screening as of September 2026. Its business (freight rail) is halal, its debt is 20.8% of market cap, and its interest income is effectively zero. Zoya, Musaffa, and ShariaPortfolio independently agree. Below: the full screening math and the caveats. |
| Canadian Natural Resources | CNQ · TSX/NYSE | PASS | Sept 2026 | Canadian Natural is Shariah-compliant as of September 2026. Oil and gas production is a permissible business, and the balance sheet is one of the cleanest among Canadian large-caps: C$17.1B of gross interest-bearing debt (C$14.5B net of C$2.6B cash) against ~C$138.4B of market cap, a debt-to-market-cap ratio of ~12.4% against a 33% ceiling. |
| Canadian Pacific Kansas City | CP · TSX | PASS | Sept 2026 | Canadian Pacific Kansas City passes Shariah screening as of September 2026. Its business (freight rail) is halal, its debt is 23.2% of market cap, and its interest income is C$0. Zoya rates CP Shariah-compliant. Below: the full screening math and the caveats. |
| Canadian Utilities | CU · TSX | FAIL | Sept 2026 | Canadian Utilities Limited (TSX: CU) is an ATCO-family utility — regulated electricity and natural gas distribution, power generation, energy storage, and natural gas distribution in Australia. The business is clean, but the balance sheet is not: ~87% debt-to-market-cap fails gate two by a wide margin. |
| Capital Power Corporation | CPX · TSX | FAIL | Sept 2026 | Capital Power Corporation (TSX: CPX) is an Edmonton-based power generator with about 12 GW of capacity across Canada and the US. The electricity business clears gate one, but ~71.7% debt-to-market-cap is more than double the ~33% ceiling — a FAIL, re-checked every quarter. |
| Cargojet Inc. | CJT · TSX | FAIL | Sept 2026 | Cargojet Inc. (TSX: CJT) is Canada's time-sensitive overnight air-cargo carrier, operating a domestic co-load network plus dedicated-aircraft and scheduled international routes. The air-cargo business clears gate one, but ~70% debt-to-market-cap is more than double the ~33% ceiling — a FAIL, re-checked every quarter. |
| CCL Industries Inc. | CCL.B · TSX | PASS | Sept 2026 | CCL Industries Inc. (TSX: CCL.B) is the world's largest label company — pressure-sensitive labels, plastic tubes, aluminum aerosols, Avery office products, and Checkpoint RFID tagging, from 214 facilities in 42 countries. Labels and packaging are a permissible business, and the ratio math clears comfortably. |
| Choice Properties Real Estate Investment Trust | CHP.UN · TSX | FAIL | Sept 2026 | Choice Properties Real Estate Investment Trust (TSX: CHP.UN), anchored by Loblaw, is one of Canada's largest REITs — 699 properties including grocery-anchored retail, industrial, and mixed-use developments. The rental business clears gate one, but ~63.8% debt-to-market-cap is roughly double the ~33% ceiling — a FAIL, so it gets re-checked every quarter. |
| Constellation Software | CSU · TSX | PASS | Sept 2026 | Constellation Software passes Shariah screening as of September 2026. Its business (vertical-market software) is halal, its debt is 9.6% of market cap, and its interest income is about 0.4% of revenue. An independent screener rates CSU.TO compliant across 8 standards including AAOIFI. Below: the full screening math and the caveats. |
| Definity Financial Corporation | DFY · TSX | FAIL | Sept 2026 | Definity Financial Corporation (TSX: DFY) is the Waterloo, Ontario property-and-casualty insurer behind Economical, Sonnet, Family, and Petline — and, since its acquisition closed, Travelers Canada. Selling conventional insurance is a prohibited business activity under AAOIFI standards. |
| Docebo Inc. | DCBO · TSX | PASS | Sept 2026 | Docebo Inc. (TSX: DCBO) is a Toronto-based cloud learning-management-system (LMS) SaaS provider, dual-listed on the TSX and Nasdaq, earning revenue from SaaS subscriptions and professional services. The software business clears gate one, and ~16.5% debt-and-leases-to-market-cap with ~0.04% interest income clears gate two — a PASS, re-checked every quarter. |
| Dollarama | DOL · TSX | PASS | Sept 2026 | Dollarama passes Shariah screening as of September 2026. Its business (discount retail) is halal, its debt is 6.1% of market cap, and it discloses no interest income. Below: the full screening math and the caveats. |
| Dye & Durham Limited | DND · TSX | FAIL | Sept 2026 | Dye & Durham Limited (TSX: DND) is a Toronto-based provider of cloud-based legal-practice management software — electronic filing, land-title and corporate registry services, and transaction workflows for law firms and government agencies. The software business clears gate one, but ~4,080% debt-and-leases-to-market-cap is far over the ~33% ceiling — a FAIL, so it gets re-checked every quarter. |
| Element Fleet Management | EFN · TSX | FAIL | Sept 2026 | Element Fleet Management Corp. (TSX: EFN) is the world's largest publicly traded pure-play automotive fleet manager, overseeing 1.56 million vehicles. The problem: it is also a financing company — interest income is its second-largest revenue line. |
| Emera | EMA · TSX | FAIL | Sept 2026 | Emera Inc. (TSX: EMA) is a Halifax-based regulated energy utility — Nova Scotia Power, Tampa Electric, and others. The business is fine. The balance sheet is not: debt-to-market-cap of roughly 106.6% — debt exceeds the entire market value of the company. |
| Empire Company | EMP.A · TSX | FAIL | Sept 2026 | Empire Company Limited (TSX: EMP.A) is the Sobeys parent — Safeway, FreshCo, Foodland, Thrifty Foods, and IGA across Canada. Grocery clears gate one, but the balance sheet fails gate two: about 73% debt-to-market-cap when leases count as debt — the approach this site applies. |
| Enbridge | ENB · TSX | FAIL | Sept 2026 | Enbridge fails Shariah screening as of September 2026. Its business (energy infrastructure) is perfectly fine, but its debt is about 71% of its market cap — more than double the 33% ceiling. Zoya's screener independently rates ENB non-compliant. Below: the screening math, the dividend question every Canadian asks, and what to hold instead. |
| Fairfax Financial | FFH · TSX | FAIL | Sept 2026 | Fairfax fails Shariah screening as of September 2026. Prem Watsa's holding company is a conventional property and casualty insurer, and conventional insurance is a prohibited industry at step one of every major screening methodology. The ratios are never reached — the category is the screener. A 93.1% combined ratio tells you the insurance is not a side business; it is the business. |
| Finning International Inc. | FTT · TSX | PASS | Sept 2026 | Finning International Inc. (TSX: FTT) is the world's largest Caterpillar dealer, selling, servicing, and renting heavy equipment across Canada, South America, and the UK & Ireland. It's a straightforward industrial distributor — with ratios to match. |
| First Quantum Minerals | FM · TSX | PASS | Sept 2026 | First Quantum Minerals Ltd. (TSX: FM) is a Vancouver-based copper miner with operations in Zambia, Mauritania, Türkiye, and elsewhere — one of the world's largest copper producers. Mining clears gate one, and ~23% debt-to-market-cap with ~1.6% finance income clears gate two. |
| Fortis | FTS · TSX | FAIL | Sept 2026 | Fortis fails Shariah screening as of September 2026. The business (regulated electric and gas utilities) is perfectly fine; the balance sheet is not. Debt is ~94% of market cap against a 33% ceiling — nearly triple the limit — because regulated utilities fund their rate base with debt by design. Zoya independently agrees. Below: the full screening math, the dividend question, and what to hold instead. |
| Franco-Nevada | FNV · TSX/NYSE | PASS* | Sept 2026 | Franco-Nevada passes the ratio screens as of September 2026. Zero debt (0% debt-to-market-cap), US$1.0B of cash, and only ~0.8% interest income leave huge headroom on every screen — but the royalty/streaming business model is a disclosed gray area, Musaffa classifies FNV as not halal, and it was removed from the S&P/TSX 60 Shariah index in May 2025. This is a conditional PASS, not a fatwa. |
| George Weston | WN · TSX | FAIL | Sept 2026 | George Weston Limited (TSX: WN) is the holding company over Loblaw (grocery and pharmacy) and Choice Properties (real estate). The businesses pass gate one; the consolidated balance sheet fails gate two: ~52% debt-to-market-cap, above the ~33% ceiling even when leases are excluded. |
| Gibson Energy | GEI · TSX | FAIL | Sept 2026 | Gibson Energy Inc. (TSX: GEI) is a Calgary-based oil-and-gas midstream company — terminals, pipelines, and a marketing segment. The business clears gate one, but ~50% debt-to-market-cap is well above the ~33% AAOIFI ceiling. |
| Gildan Activewear Inc. | GIL · TSX | FAIL | Sept 2026 | Gildan Activewear Inc. (TSX: GIL) is the Montreal-based apparel manufacturer — basic tees, fleece, underwear, and socks under Gildan, American Apparel, Comfort Colors, and (new in 2026) HanesBrands. Making clothes is a permissible business, but the HanesBrands acquisition loaded the balance sheet, and the debt fails gate two. |
| goeasy Ltd. | GSY · TSX | FAIL | Sept 2026 | goeasy Ltd. (TSX: GSY) is one of Canada's leading non-prime consumer lenders, operating under the easyfinancial, easyhome, and LendCare brands. Its core product is interest-bearing installment loans to borrowers with weak credit — and that fails gate one. |
| Great-West Lifeco | GWO · TSX | FAIL | Sept 2026 | Great-West fails Shariah screening as of September 2026. One of Canada's three big life insurers is a conventional insurer, and conventional insurance is a prohibited industry at step one of every major screening methodology. The ratios are never reached — the category is the screener. C$3.7 trillion in assets under administration tells you the insurance is not a side business; it is the business. |
| H&R Real Estate Investment Trust | HR.UN · TSX | FAIL | Sept 2026 | H&R Real Estate Investment Trust (TSX: HR.UN) is one of Canada's largest REITs — about 20.5 million square feet of residential (Lantower Residential), industrial, and office properties in Canada and the US. The rental business clears gate one, but ~133.5% debt-to-market-cap is about four times the ~33% ceiling — a FAIL. |
| Hudbay Minerals Inc. | HBM · NYSE/TSX | PASS | Sept 2026 | Hudbay Minerals Inc. (HBM) is a Toronto-based copper, gold and zinc producer with mines in Canada, Peru and the United States. Mining clears gate one, and a net-cash balance sheet keeps debt far under the ~33% ceiling — a PASS, re-checked every quarter. |
| Hydro One | H · TSX | FAIL | Sept 2026 | Hydro One Limited (TSX: H) runs Ontario's biggest electricity grid — a perfectly permissible business. But the balance sheet kills it: roughly 65.5% debt-to-market-cap, nearly double the AAOIFI-style ceiling of ~33%. |
| iA Financial Corporation Inc. | IAG · TSX | FAIL | Sept 2026 | iA Financial Corporation Inc. (TSX: IAG) is one of Canada's largest life and health insurance groups. Conventional insurance fails the business-activity screen outright, so IAG gets a FAIL at gate one — the ratio math never comes into it. |
| Ivanhoe Mines | IVN · TSX | FAIL | Sept 2026 | Ivanhoe Mines Ltd. (TSX: IVN) is a Canadian copper and zinc miner with tier-one operations in Southern Africa. The mining business is clean, but the income statement is not: ~28% finance income of revenue fails gate two by a wide margin — driven by interest on loans to the Kamoa-Kakula joint venture. |
| Keyera | KEY · TSX | FAIL | Sept 2026 | Keyera Corp. (TSX: KEY) is a Calgary-based midstream energy company — NGL gathering, processing, fractionation, storage, and transportation, plus an NGL marketing business. The business clears gate one; the balance sheet does not: ~51% debt-to-market-cap, far above the ~33% ceiling. |
| Kinaxis Inc. | KXS · TSX | PASS | Sept 2026 | Kinaxis Inc. (TSX: KXS) is an Ottawa-based supply-chain planning software company — its AI-infused Maestro platform helps enterprises orchestrate planning from multi-year strategy to last-mile delivery. Subscription revenue grew 20% in the latest quarter, and the balance sheet is nearly debt-free. |
| Kinross Gold Corporation | K · TSX | PASS | Sept 2026 | Kinross Gold Corporation (TSX: K) is the Toronto-based senior gold producer with mines in the Americas (including Tasiast in Mauritania and Paracatu in Brazil) and a portfolio of development projects. Mining and selling gold is a permissible business. |
| Linamar Corporation | LNR · TSX | FAIL | Sept 2026 | Linamar Corporation (TSX: LNR) is a Guelph-based manufacturer of auto parts (Mobility segment) and Skyjack aerial work platforms plus agriculture equipment (Industrial segment), with 75 manufacturing locations across 19 countries. Manufacturing clears gate one, but ~37.6% debt-to-market-cap is over the ~33% ceiling — a FAIL on gate two, so it gets re-checked every quarter. |
| Loblaw | L · TSX | PASS* | Sept 2026 | Loblaw passes the AAOIFI-style ratio screens as of September 2026 (grocery/pharmacy business, 8.7% debt ratio, no disclosed interest income from continuing operations). The asterisk matters: Musaffa classifies L.TO as doubtful (August 2026) — a genuine divergence across screeners, laid out in full below. |
| Lundin Mining Corporation | LUN · TSX | PASS* | Sept 2026 | Lundin Mining Corporation (TSX: LUN) is a Vancouver-based copper producer with three operating mines in Chile and Brazil plus the Vicuña development asset in Argentina. Metals mining is a permissible business — and the balance sheet is nearly debt-free. But one major third-party screener disagrees with us, so this PASS is conditional. |
| Magna International Inc. | MG · TSX | PASS | Sept 2026 | Magna International Inc. (TSX: MG; NYSE: MGA) is one of the world's largest automotive suppliers — body exteriors and structures, power and vision systems, seating, and complete vehicle assembly. Manufacturing clears gate one, and the ratios clear gate two with room to spare. |
| Maple Leaf Foods Inc. | MFI · TSX | FAIL | Sept 2026 | Maple Leaf Foods Inc. (TSX: MFI) is the Mississauga-based protein company — Prepared Foods (about 60% of sales: deli, bacon, sausage, snack kits) and Poultry (about 40%) under brands like Maple Leaf, Schneiders, and Prime. Food manufacturing is a permissible business, but the debt load fails gate two. |
| MDA Space Ltd. | MDA · TSX | PASS | Sept 2026 | MDA Space Ltd. (TSX: MDA) is the Brampton-based space-technology company behind Canadarm3, satellite systems and geointelligence — with a $4.0 billion backlog, a NYSE listing since March 2026, and a net cash balance sheet. Both gates clear — a PASS, re-checked every quarter. |
| Methanex Corporation | MX · TSX | FAIL | Sept 2026 | Methanex Corporation (TSX: MX) is the world's largest producer and supplier of methanol — an industrial chemical building block made at sites across the Americas, Egypt, and New Zealand. The business is clean. The balance sheet is not: US$2.4 billion of debt against a ~US$4.6 billion market cap. |
| National Bank of Canada | NA · TSX | FAIL | Sept 2026 | National Bank fails Shariah screening as of September 2026. It is a conventional bank, and conventional banking is a prohibited industry at step one of every major screening methodology. The financial ratios are never reached — the category is the screener. Below: the reasoning, the dividend question, and halal alternatives. |
| Northland Power | NPI · TSX | FAIL | Sept 2026 | Northland Power Inc. (TSX: NPI) builds and runs renewable and contracted power plants around the world — a clean business. But the balance sheet carries roughly C$6.64 billion of debt against a ~C$5.78 billion market cap, which fails the ~33% ceiling by a wide margin. |
| Nutrien | NTR · TSX | FAIL | Sept 2026 | Nutrien fails Shariah screening as of September 2026. The business (crop inputs) is perfectly fine; the balance sheet is not. Debt sits at ~33.1% of market cap on a spot basis and ~35–40% on the trailing-average basis the methodologies actually use — against a 33% ceiling. Zoya and Musaffa independently agree. Below: the full screening math, the close-call nuance, and what to hold instead. |
| Power Corporation | POW · TSX | FAIL | Sept 2026 | Power Corporation of Canada (TSX: POW) is a Montreal-based holding company whose core holdings are Great-West Lifeco — one of Canada's largest conventional life insurers — and IGM Financial, a conventional wealth manager. Insurance fails the business-activity gate, so the ratio math never gets applied. |
| Quebecor Inc. | QBR.B · TSX | FAIL | Sept 2026 | Quebecor Inc. (TSX: QBR.B) is the Montreal communications company behind Videotron (wireless, internet, cable TV, wireline) and Freedom Mobile, plus a Media segment (TVA network, newspapers) and a Sports and Entertainment segment. Selling connectivity is a permissible business — its debt is not. |
| RioCan Real Estate Investment Trust | REI.UN · TSX | FAIL | Sept 2026 | RioCan Real Estate Investment Trust (TSX: REI.UN) owns and operates a portfolio of retail-focused, increasingly mixed-use properties, mostly in Ontario — tenants include grocery stores, pharmacies, restaurants, and cinemas. Rental income is a permissible business, but REITs are structurally leveraged, and RioCan's debt load fails gate two. |
| Rogers Communications | RCI.B · TSX | FAIL | Sept 2026 | Rogers fails Shariah screening as of September 2026. The debt is staggering: C$42.3B of interest-bearing debt against roughly C$27.1B of market cap, a debt-to-market-cap ratio of ~156% — nearly five times the 33% ceiling. And that's before the C$4.35B MLSE buyout closes. |
| Royal Bank of Canada | RY · TSX/NYSE | FAIL | Sept 2026 | RBC fails Shariah screening as of September 2026. Canada's biggest bank is a conventional bank, and conventional banking is a prohibited industry at step one of every major screening methodology. The financial ratios are never reached — the category is the screener. Even a record quarter doesn't change it. |
| Saputo | SAP · TSX | PASS | Sept 2026 | Saputo Inc. (TSX: SAP) is a global dairy processor — cheese, milk, and ingredients across Canada, the United States, Australia, and the United Kingdom. The business clears gate one, and the ratio math clears with plenty of room: ~15.5% debt-to-market-cap, no interest income. |
| Scotiabank | BNS · TSX/NYSE | FAIL | Sept 2026 | Scotiabank fails Shariah screening as of September 2026. It is a conventional bank, and conventional banking is a prohibited industry at step one of every major screening methodology. The financial ratios are never reached — the category is the screener. C$5.87B of net interest income in a single quarter tells you why. |
| Shopify | SHOP · TSX | PASS | Sept 2026 | Shopify passes Shariah screening as of September 2026. Its business (e-commerce software) is halal, its debt is effectively zero, and its interest income sits at 2.86% of revenue — under the 5% ceiling. Zoya's screener independently rates SHOP Shariah-compliant. Below: the full screening math, where the numbers come from, and the caveats that could change the answer. |
| SmartCentres Real Estate Investment Trust | SRU.UN · TSX | FAIL | Sept 2026 | SmartCentres Real Estate Investment Trust (TSX: SRU.UN) owns and manages retail shopping centres and mixed-use developments across Canada, anchored by Walmart and Loblaw. The rental business clears gate one, but ~116.3% debt-to-market-cap is more than three times the ~33% ceiling — a FAIL, so it gets re-checked every quarter. |
| Spin Master Corp. | TOY · TSX | PASS | Sept 2026 | Spin Master Corp. (TSX: TOY) makes Paw Patrol and Rubik's Cube toys plus kids' digital games like Toca Boca. Toys and children's entertainment are permissible businesses — and the debt left over from the Melissa & Doug acquisition is well under the screen. |
| Stantec Inc. | STN · TSX | PASS | Sept 2026 | Stantec Inc. (TSX: STN) is a global engineering, architecture, and environmental consulting firm — about 34,000 employees in 450+ locations across six continents. Professional consulting is a permissible business, the ratio math clears comfortably, and both Zoya and Musaffa independently rate it halal. |
| Stella-Jones Inc. | SJ · TSX | FAIL | Sept 2026 | Stella-Jones Inc. (TSX: SJ) is the Montreal manufacturer of pressure-treated wood products — utility poles, railway ties, residential lumber, and industrial timbers. Treating and selling wood is a permissible business — its debt is not. |
| TC Energy | TRP · TSX | FAIL | Sept 2026 | TC Energy fails Shariah screening as of September 2026. The business (natural gas pipelines and power) is perfectly fine; the balance sheet is not. Debt is ~70% of market cap against a 33% ceiling — ~55% even on the most generous reading that excludes hybrid junior notes. Below: the full screening math, the dividend question, and what to hold instead. |
| TD Bank | TD · TSX | FAIL | Sept 2026 | TD Bank fails Shariah screening as of September 2026. It is a conventional bank: interest-based lending is its core business, not an incidental side-line. Conventional banking is excluded at step one of every major screening methodology (AAOIFI, Dow Jones Islamic Market, FTSE, MSCI Islamic) — no ratio threshold can make it acceptable. Below: the reasoning, the dividend question every Canadian asks, and what to hold instead. |
| TFI International | TFII · TSX | PASS | Sept 2026 | TFI International Inc. (TSX/NYSE: TFII) is a Montreal-based transportation and logistics holding company — less-than-truckload, truckload, package and courier, and logistics services across North America. Freight clears gate one, and ~17.4% debt-to-market-cap with no interest income disclosed clears gate two. |
| Thomson Reuters | TRI · NASDAQ | PASS | Oct 2026 | Thomson Reuters Corporation (NYSE: TRI) - PASS: five professional segments (Legal Professionals ~38%, Corporates ~27%, Tax & Accounting ~17%, Reuters News ~11%, Global Print ~7%) with no haram segments; debt $2,941M ~ 6.83% of ~$43.05B mktcap; interest income $40M ~ 0.54% of FY2025 revenue $7,476M. Westlaw, Practical Law, CoCounsel, UltraTax, Reuters news. |
| TMX Group Limited | X · TSX | PASS* | Sept 2026 | TMX Group Limited (TSX: X) runs the Toronto Stock Exchange, the TSX Venture Exchange, the Montréal Exchange derivatives market, and CDS Clearing. It is market infrastructure — tolls on trading, not lending — and the ratio math clears comfortably. But facilitating interest-based securities markets is a genuine gray area, so this PASS is provisional. |
| Toromont Industries | TIH · TSX | PASS | Sept 2026 | Toromont Industries Ltd. (TSX: TIH) is the Caterpillar equipment dealer for much of Canada plus the CIMCO industrial refrigeration business. It is also one of the least leveraged companies in this screener database — net cash positive, with ~4% gross debt-to-market-cap. |
| TransAlta Corporation | TA · TSX | FAIL | Sept 2026 | TransAlta Corporation (TSX: TA) is a Calgary-based independent power producer with hydro, wind, solar, and gas-fired generation across Canada, the United States, and Australia. Power generation clears gate one, but ~82.2% debt-and-leases-to-market-cap is far over the ~33% ceiling — a FAIL, so it gets re-checked every quarter. |
| Waste Connections | WCN · TSX/NYSE | PASS | Sept 2026 | Waste Connections passes Shariah screening as of September 2026. Its business (non-hazardous waste services) is halal, its debt is 23.7% of market cap, and interest income is 0.16% of revenue. Zoya rates it compliant and Musaffa lists it as Halal — independent confirmation on this one. Below: the full screening math. |
| West Fraser Timber | WFG · TSX | PASS | Sept 2026 | West Fraser Timber Co. Ltd. (TSX/NYSE: WFG) is one of the world's largest lumber and OSB producers, grinding through a cyclical downturn. The business is clean and the balance sheet is light — this screener gives it a PASS on both gates. |
| Whitecap Resources Inc. | WCP · TSX | PASS | Sept 2026 | Whitecap Resources Inc. (TSX: WCP) is a Calgary-based upstream oil and gas producer — light oil, NGLs, and natural gas from the Montney and Duvernay — after its all-share combination with Veren Inc. closed in May 2025. The business clears gate one, and ~12.7% debt-and-leases-to-market-cap with no interest income clears gate two — a PASS, re-checked every quarter. |
| WSP Global | WSP · TSX | FAIL | Sept 2026 | WSP Global Inc. (TSX: WSP) is a Montreal-based engineering, science, and infrastructure consulting firm with about 84,600 employees. Consulting clears gate one, but ~35.8% debt-and-leases-to-market-cap is over the ~33% ceiling — a FAIL on gate two, so it gets re-checked every quarter. |
| Agnico Eagle | AEM · TSX/NYSE | PASS | Sept 2026 | Agnico Eagle passes Shariah screening as of September 2026. ~0.1% debt-to-market-cap — the company is essentially unlevered, with US$3.3B of net cash. The cleanest balance-sheet screen in our Canadian database. |
| Bank of Montreal | BMO · TSX/NYSE | FAIL | Sept 2026 | BMO fails Shariah screening as of September 2026. Canada's oldest bank is a conventional bank, and conventional banking is a prohibited industry at step one of every major screening methodology. The financial ratios are never reached — the category is the screener. C$5.57B of net interest income in a single quarter tells you why. |
| Barrick Mining | ABX · TSX | PASS | Sept 2026 | Barrick passes Shariah screening as of September 2026. ~6.5% debt-to-market-cap with a net-cash balance sheet, and gold/copper mining is a permissible business. (Barrick renamed itself from Barrick Gold to Barrick Mining; it trades as ABX on the TSX and B on the NYSE.) |
| Cameco | CCO · TSX | PASS | Sept 2026 | Cameco passes Shariah screening as of September 2026. Uranium mining and nuclear fuel services are a permissible business, debt-to-market-cap is ~2.2% against a 33% ceiling, and finance income is ~1.1% of revenue against the 5% screen. This is a screening result, not a fatwa — screen again quarterly. |
| Canadian Tire | CTC.A · TSX | FAIL | Sept 2026 | Canadian Tire fails Shariah screening as of September 2026. Debt-to-market-cap is ~53%, above the 33% ceiling — on gross interest-bearing debt including the current portion. The retail business (Canadian Tire, SportChek, Mark's) is permissible, and Q2 2026 earnings were solid, but the balance sheet is too indebted for the screen. |
| Cenovus Energy | CVE · TSX/NYSE | PASS | Sept 2026 | Cenovus passes Shariah screening as of September 2026. ~10.5% debt-to-market-cap, net debt slashed by C$2.7B in a single record quarter, and a permissible integrated oil-and-gas business. One of the cleaner Canadian energy screens. |
| CGI Inc | GIB.A · TSX | PASS | Sept 2026 | CGI passes Shariah screening as of September 2026. ~22% debt-to-market-cap (including leases — the strictest basis), a C$31.79B backlog at 1.9x annual revenue, and a permissible IT-services business. |
| CIBC | CM · TSX/NYSE | FAIL | Sept 2026 | CIBC fails Shariah screening as of September 2026. The Canadian Imperial Bank of Commerce is a conventional bank, and conventional banking is a prohibited industry at step one of every major screening methodology. A 26% jump in adjusted earnings doesn't change the category — it only sharpens the answer. |
| Imperial Oil | IMO · TSX | PASS | Sept 2026 | Imperial Oil passes Shariah screening as of September 2026. Integrated oil and gas is a permissible business, debt-to-market-cap is ~4.7% against a 33% ceiling, and all investment and other income is ~0.4% of revenue against the 5% screen. This is a screening result, not a fatwa — screen again quarterly. |
| Intact Financial | IFC · TSX | FAIL | Sept 2026 | Intact fails Shariah screening as of September 2026. Canada's largest property-and-casualty insurer fails at step one: conventional insurance is a prohibited business under AAOIFI standards. Ratios are never reached. |
| Manulife | MFC · TSX/NYSE | FAIL | Sept 2026 | Manulife fails Shariah screening as of September 2026. Canada's largest insurer is a conventional insurer, and conventional insurance is a prohibited industry at step one of every major screening methodology. The ratios are never reached — the category is the screener. 21% growth in new insurance sales tells you the insurance is not a side business; it is the business. |
| Metro Inc | MRU · TSX | PASS | Sept 2026 | Metro passes Shariah screening as of September 2026. Debt-to-market-cap is ~17.1% on gross interest-bearing debt excluding leases (~26.5% including them) — both under the 33% ceiling. The weak quarter (net earnings -34.6% on the Laval labour conflict) is an earnings story, not a screening problem. |
| OpenText Corporation | OTEX · TSX | FAIL | Sept 2026 | OpenText Corporation (TSX/NASDAQ: OTEX) is a Waterloo-based enterprise software company. The business clears gate one — information management software is permissible — but the balance sheet is a legacy of the Micro Focus acquisition: more debt than market cap. This screener ends at the first ratio. |
| Pembina Pipeline | PPL · TSX | FAIL | Sept 2026 | Pembina Pipeline fails Shariah screening as of September 2026. Debt-to-market-cap is ~38%, above the 33% ceiling. The business itself — fee-based energy transportation and midstream services — passes step one, but the balance sheet carries too much interest-bearing debt, and the ~C$3B of newly sanctioned growth projects will add more before they generate earnings. |
| Restaurant Brands | QSR · TSX | FAIL | Sept 2026 | Restaurant Brands fails Shariah screening as of September 2026. Debt-to-market-cap is ~53%, far above the 33% ceiling. The quick-service restaurant business (Tim Hortons, Burger King, Popeyes) passes step one, but the balance sheet — a legacy of the debt-funded Burger King merger — carries too much interest-bearing debt. Net leverage did improve to 4.1x in Q2, but it is not close to screen-compliant. |
| Sun Life | SLF · TSX/NYSE | FAIL | Sept 2026 | Sun Life fails Shariah screening as of September 2026. A conventional insurer is a conventional insurer: interest-bearing reserves, guaranteed contracts, and investment income at the core. That is a prohibited industry at step one of every major screening methodology — before any ratio is ever calculated. |
| Suncor Energy | SU · TSX/NYSE | PASS | Sept 2026 | Suncor Energy passes Shariah screening as of September 2026. Debt-to-market-cap is only ~8.7% — computed on gross interest-bearing debt from the official Q2 2026 filing, not the headline net-debt number. A record quarter (C$5.3B of adjusted funds from operations) leaves the debt screen with enormous headroom. |
| Teck Resources | TECK.B · TSX | PASS* | Sept 2026 | Teck Resources Limited (TSX: TECK.A / TECK.B, NYSE: TECK) is a Vancouver-based metals miner — copper and zinc, after selling its coal and oil-sands businesses. The business clears gate one, and the ratio math clears with room. But Musaffa rates Teck not halal, so this PASS carries an asterisk. |
| Telus | T · TSX | FAIL | Sept 2026 | Telus fails Shariah screening as of September 2026. Debt-to-market-cap is ~164%, nearly five times the 33% ceiling. The July 2026 dividend cut and the 2028 deleveraging plan are the company's own acknowledgment of how heavy the debt load is — but the screen still fails by a wide margin. |
| Wheaton Precious Metals | WPM · TSX/NYSE | PASS | Sept 2026 | Wheaton passes the ratio screens as of September 2026. ~2.2% debt-to-market-cap and ~1.6% interest income, both far under their ceilings — but the streaming business model is a disclosed gray area: upfront payments for future mineral delivery (a salam-like contract) is something scholars differ on. This is a conditional PASS, not a fatwa. |
Screeners are snapshots, not permanent rulings — each is re-screened quarterly after earnings. *BAM, Loblaw, Thomson Reuters, Couche-Tard, Teck Resources, Wheaton Precious Metals, Franco-Nevada, B2Gold, Eldorado Gold, DPM Metals, Lundin Mining, TMX Group, FirstService, Calfrac, Enerflex, RB Global, Ovintiv, NexGen, Seabridge, Fortuna Mining, Skeena Resources, and Spartan Delta are provisional/conditional passes: the ratio math clears on our inputs, but a third-party screener disagrees, a business-activity gray area applies, or the company is pre-revenue. This is screening methodology, not a fatwa.
How the screening works
Two gates, applied in order:
- Business activity. Companies whose core business is in a prohibited industry — conventional banking and insurance, alcohol, gambling, weapons, adult entertainment, non-halal food production — are excluded outright. No ratio can rescue a prohibited business.
- Financial ratios (AAOIFI-style, applied only if gate one passes):
- Total debt ÷ market cap — under 30–33%
- Cash + interest-bearing securities ÷ market cap — under 30–33%
- Non-compliant income ÷ total revenue — under 5%
Both gates must pass. The full methodology walkthrough is in our complete halal investing guide.
What's next in the database
We screen the stocks Canadians ask about most — TSX blue chips and the biggest NASDAQ and NYSE names. On the bench: AtkinsRéalis, Ivanhoe Mines, West Fraser Timber, Northland Power, TransAlta, Dye & Durham. Each new screener lands here with its full screening math.
FAQ
How do you screen stocks for Shariah compliance?
Two gates. First, the business-activity screen: companies in prohibited industries (conventional banking and insurance, alcohol, gambling, weapons, adult entertainment, non-halal food) are excluded outright. Second, three AAOIFI-style financial ratios: total debt under 30–33% of market cap, cash plus interest-bearing securities under 30–33%, and non-compliant income under 5% of revenue. Both gates must pass.
How often do you re-screen the screeners?
Quarterly, after earnings. Company financials and market caps move every quarter, so a screener is a snapshot with a screen date — not a permanent ruling. Each screener page shows its screen date and the next scheduled check.
A stock I own failed your screen. What should I do?
The common guidance in screening methodologies is to exit the position. Scholars differ on timing — immediately vs. waiting to avoid a loss — and on how to handle dividends already received. Those are personal-ruling questions for a qualified scholar, not for a website.
Why do different Shariah screeners disagree on the same stock?
Different data vendors, different market-cap averaging (current vs 24-month trailing), and different treatments of line items like cash classifications. A "questionable" flag from one screener doesn't necessarily contradict a "compliant" from another — it usually means different inputs. When in doubt, check two screeners and ask a qualified scholar.
Can I request a stock to be screened?
The database grows every week, prioritizing the stocks Canadians ask about most — TSX blue chips first. Each screener shows its full screening math with sourced figures, so you can also run any stock through a screener like Zoya yourself using the same method.
Affiliate disclosure. This page contains no affiliate links, and the site currently earns no affiliate revenue; commissions never influence our scores or rankings, and every product is Shariah-screened before review. Nothing on this site is financial advice — facts and screening methodology only, no fatwas.