Is MDA halal?

What the company does

MDA Space (Canada) is a space-technology company: satellite manufacturing (for Telesat Lightspeed, Globalstar), Canadarm robotic arms and radar Earth observation. Its money comes from satellite contracts (military customers are checked by the screener).

What was checked

The AAOIFI standard has four steps: business activity first, then three financial ratios. Fail one and the stock is not halal.

• Business activity

  Activity needs clarification: Aerospace & Defense

• Interest-bearing debt / market cap

  limit 30%

  Interest-bearing debt $266.44M ÷ current market cap $4.57B = 5.8%

  5.8%

  Pass

• Cash & investments / market cap

  limit 30%

  Cash + interest-bearing securities $280.17M ÷ current market cap $4.57B = 6.1%

  6.1%

  Pass

• Non-compliant income / total revenue

  limit 5%

  Interest income $5.49M ÷ annual revenue $1.15B (2025) = 0.5%

  0.5%

  Pass

Figures from the company's filings (2026-06-30), USD. Market cap is a 36-month average (the S&P Shariah index approach), so a one-day price move does not flip the verdict.

For information (AAOIFI 3/1 note): cash + receivables are 22.6% of total assets (2026-06-30). AAOIFI recommends tangible assets of at least one third — this figure does not affect the verdict, and other major screeners do not apply it either.

In the lists

In the S&P 500

Not in the S&P 500

Held by funds

Not held by any tracked fund