Is IGM Financial (IGM.TO) stock halal?
Screened against AAOIFI Shari’ah Standard 21
No. IGM Financial (IGM.TO) does not pass the AAOIFI Shari’ah Standard 21 screen. Interest-bearing debt is 60.9% of the company’s 36-month average market value. AAOIFI’s limit is under 30% (Shari'ah Standard 21, 3/4/2). Last checked 27 September 2026.
IGM Financial is not compliant under Halal / Islamic guidelines
AAOIFI Shari’ah Standard 21 Financial Audit
Figures from the latest annual report (the SEC filing or, for European companies, the ESEF annual report, where one exists, checked against Yahoo Finance) and a 36-month average market value.
| Test | Standard Limit | Actual Figure | Status |
|---|---|---|---|
| Main business | — | — | Pass |
| Interest-bearing debt | 30% | 60.88% | Fail |
| Cash and interest-bearing investments | 30% | 31.11% | Fail |
| Prohibited income | 5% | 20.52% | Review |
| Not just cash and debts | 90% | 35.01% | Pass |
Key Findings & Observations
- Interest-bearing debt is 60.9% of the company’s 36-month average market value. AAOIFI’s limit is under 30% (Shari'ah Standard 21, 3/4/2).Source: AAOIFI Shari'ah Standard 21
- Cash and interest-bearing investments are 31.1% of the company’s 36-month average market value. AAOIFI’s limit is under 30% (Shari'ah Standard 21, 3/4/3).Source: AAOIFI Shari'ah Standard 21
- The prohibited income test couldn’t be settled: Only an upper estimate is available, and it is over the limit. Interest income is not reported, so we assume all cash, investments and receivables earned 10%, which is more than they could have.Source: AAOIFI Shari'ah Standard 21
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Frequently Asked Questions about IGM Financial Inc. (IGM.TO)
Is IGM Financial (IGM.TO) stock halal?▾
No. IGM Financial (IGM.TO) does not pass the AAOIFI Shari’ah Standard 21 screen. Interest-bearing debt is 60.9% of the company’s 36-month average market value. AAOIFI’s limit is under 30% (Shari'ah Standard 21, 3/4/2). Last checked 27 September 2026.
What is IGM Financial's debt ratio under Islamic finance standards?▾
Under AAOIFI Shari’ah Standard 21, interest-bearing debt must stay under 30% of a company's 36-month average market value. IGM Financial's ratio is about 60.9%.
How much dividend purification is required for IGM Financial (IGM.TO) stock?▾
IGM Financial does not pass the screen, so purification does not apply: the standard does not permit holding it.
Does IGM Financial operate in prohibited business activities?▾
AAOIFI Shari’ah Standard 21 excludes companies whose main business is prohibited, such as alcohol, pork, gambling, conventional interest-based finance and adult entertainment. IGM Financial's main business is checked against these. For companies that file with the US SEC, revenue by division is also read from the filing, so a division in a prohibited business is counted. Where the check cannot be settled, the result is shown as Needs Review rather than guessed.
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