Halal stock screener

Halal Stocks in Canada

70 Canadian companies have public Shariah screening pages on Mizaan so far, screened against AAOIFI Shari’ah Standard No. 21: 29 currently Compliant, 14 Questionable and 27 Not Compliant. Every page shows the business activity screen, the three financial ratios against their thresholds, the data sources and the screening date.

Verdicts are the output of a published screening standard applied to reported financials, refreshed on a rolling basis. They are not religious rulings.

Compliant Canadian stocks

Questionable: passes the ratios but needs a closer look

A missing statement line, a ratio close to its threshold, or a flagged business activity. The page lists the specific concern.

Not Compliant Canadian stocks

Screen a well-known Canadian listing

These have not been screened publicly yet. Opening one runs the screen and creates its page.

How Canadian stocks are screened

Mizaan screens any Canadian listing that Yahoo Finance holds annual financial statements for: the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian Securities Exchange and Cboe Canada, formerly NEO. Use the Yahoo suffix when you search, so Shopify on the TSX is SHOP.TO, a Venture listing ends in .V, a CSE listing in .CN and a Cboe Canada listing in .NE.

The financial ratio screen works the same way as for a US company: interest-bearing debt and interest-bearing securities against market capitalisation, and non-permissible income against revenue, with market capitalisation converted into the reporting currency when the two differ. The difference is the business activity data. Canadian companies do not file with the SEC unless they are cross-listed, so revenue segments are inferred from the company description and the page carries a lower-confidence label. SEDAR+ is not connected yet, and the page says so rather than guessing.

Many large Canadian companies are also listed in New York and file a 40-F with the SEC. Screening the US ticker, such as CNQ or SHOP without a suffix, gives the filing-backed result; the TSX ticker gives the same ratios from Yahoo statements. Canadian Depositary Receipts on Cboe Canada, such as NFLX.NE, represent a US company in Canadian dollars, so the screen that matters is the underlying company’s.

Conventional banks and insurers earn most of their revenue from interest, so under the AAOIFI business activity screen the big Canadian banks come out Not Compliant, and the cached results for Royal Bank and TD show exactly that. Energy, mining, railways and retail are where most Canadian compliant results sit, with ratios that can move between screenings as commodity prices change market capitalisation.

Read the full methodology, including the standards comparison table and refresh cadences.

Frequently asked questions

Are Canadian bank stocks halal?: Under the AAOIFI business activity screen that Mizaan applies, a company whose core business is conventional banking or insurance is excluded before any ratio is checked, because its revenue comes mainly from interest. The cached results for Royal Bank (RY.TO) and TD (TD) are Not Compliant for that reason. Scholars differ on some edge cases, so treat the verdict as the output of a published standard, not a ruling.
Does it matter whether I hold the stock in a TFSA or RRSP?: No. The screen looks at the company, not the account. A compliant company is compliant whichever account holds it, and a non-compliant one does not change because of the wrapper. Dividend purification, where it applies, is also calculated on the company’s figures.
Why does SHOP.TO show a different verdict from SHOP?: They are the same company screened from two data paths. The US ticker is backed by SEC filings, so its revenue segments are read directly; the TSX ticker is screened on Yahoo Finance statements with business-activity data inferred from the description and a lower-confidence label. When they disagree, the page explains which inputs differ, and the filing-backed result is the better-evidenced one.
Is the Wealthsimple Shariah ETF (WSHR) covered?: Yes. WSHR.NE trades on Cboe Canada and has a screening page like any other listing. It tracks a Shariah index, so its holdings are selected by that index’s methodology; Mizaan’s page shows the result of its own screen and the date it was run.

More from the screener

Mizaan applies published screening standards and explains the result. It does not issue religious rulings. Please consult a qualified scholar for a personal decision.

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Halal stock screener

Halal Stocks in Canada

Verdicts are the output of a published screening standard applied to reported financials, refreshed on a rolling basis. They are not religious rulings.

Compliant Canadian stocks

Questionable: passes the ratios but needs a closer look

A missing statement line, a ratio close to its threshold, or a flagged business activity. The page lists the specific concern.

Not Compliant Canadian stocks

Screen a well-known Canadian listing

These have not been screened publicly yet. Opening one runs the screen and creates its page.

How Canadian stocks are screened

Read the full methodology, including the standards comparison table and refresh cadences.

Frequently asked questions

Are Canadian bank stocks halal?: Under the AAOIFI business activity screen that Mizaan applies, a company whose core business is conventional banking or insurance is excluded before any ratio is checked, because its revenue comes mainly from interest. The cached results for Royal Bank (RY.TO) and TD (TD) are Not Compliant for that reason. Scholars differ on some edge cases, so treat the verdict as the output of a published standard, not a ruling.
Does it matter whether I hold the stock in a TFSA or RRSP?: No. The screen looks at the company, not the account. A compliant company is compliant whichever account holds it, and a non-compliant one does not change because of the wrapper. Dividend purification, where it applies, is also calculated on the company’s figures.
Why does SHOP.TO show a different verdict from SHOP?: They are the same company screened from two data paths. The US ticker is backed by SEC filings, so its revenue segments are read directly; the TSX ticker is screened on Yahoo Finance statements with business-activity data inferred from the description and a lower-confidence label. When they disagree, the page explains which inputs differ, and the filing-backed result is the better-evidenced one.
Is the Wealthsimple Shariah ETF (WSHR) covered?: Yes. WSHR.NE trades on Cboe Canada and has a screening page like any other listing. It tracks a Shariah index, so its holdings are selected by that index’s methodology; Mizaan’s page shows the result of its own screen and the date it was run.

More from the screener

Mizaan applies published screening standards and explains the result. It does not issue religious rulings. Please consult a qualified scholar for a personal decision.

Salaam

Compliant Canadian stocks

Questionable: passes the ratios but needs a closer look

Not Compliant Canadian stocks

Screen a well-known Canadian listing

How Canadian stocks are screened

Frequently asked questions

Are Canadian bank stocks halal?

Does it matter whether I hold the stock in a TFSA or RRSP?

Why does SHOP.TO show a different verdict from SHOP?

Is the Wealthsimple Shariah ETF (WSHR) covered?

More from the screener

Compliant Canadian stocks

Questionable: passes the ratios but needs a closer look

Not Compliant Canadian stocks

Screen a well-known Canadian listing

How Canadian stocks are screened

Frequently asked questions

Are Canadian bank stocks halal?

Does it matter whether I hold the stock in a TFSA or RRSP?

Why does SHOP.TO show a different verdict from SHOP?

Is the Wealthsimple Shariah ETF (WSHR) covered?

More from the screener