Is Madison Pacific Properties (MPC.C) stock Halal?

Madison Pacific Properties is a real estate company engaged in property ownership and development within North America. Its primary function involves acquiring, managing, and developing high-quality commercial and industrial real estate properties. Madison Pacific’s portfolio is diverse, encompassing office spaces, shopping centers, and industrial warehouses, which cater to a range of corporate and retail tenants. Before any of that matters to a Muslim investor, one question comes first: is Madison Pacific Properties stock Halal?

Is Madison Pacific Properties Shariah compliant?

No. In the October 2026 screening Madison Pacific Properties (MPC.C) does not pass AAOIFI screening: it fails the interest-bearing debt screen. Real estate begins from a strong position in Shariah screening: buildings and land are permissible assets. What AAOIFI Shariah Standard No. 21 examines for Madison Pacific Properties is the mortgage financing behind the portfolio, capped at 30% of market capitalisation, and whether tenant income includes impermissible sources beyond the 5% ceiling.

Does Madison Pacific Properties pass the business activity test?

The activity screen is only part of the picture this month: Madison Pacific Properties currently fails the interest-bearing debt screen, so the overall verdict is not compliant regardless of the business itself. The watch item is the tenant roll: rental income from impermissible businesses counts against the 5% ceiling.

Is Madison Pacific Properties' income Halal?

Yes, within AAOIFI's tolerance. Madison Pacific Properties' income from non-permissible sources stays below 5% of revenue in the October 2026 screening.

Does Madison Pacific Properties meet AAOIFI's debt and investment ratio requirements?

Not in full. Interest bearing debt currently exceeds the 30% cap, measured against a market capitalisation of CA$271M (market data as of 1 October 2026), while the other ratio stays within it. One breach is enough to fail the screening; the ratios are reassessed monthly under our Shariah Supervisory Board.

Why do other halal screeners show a different verdict for Madison Pacific Properties?

Screeners can disagree without either being wrong. AAOIFI Shariah Standard No. 21, which Tabadulat applies, measures interest bearing debt and investments against market capitalisation with a 30% ceiling. MSCI and FTSE measure them against total assets with a 33% ceiling, and S&P and Dow Jones Islamic use a multi year average of market capitalisation. Data dates differ too, because each provider reads filings and prices on its own schedule. The same company can therefore pass one standard and fail another in the same month. Tabadulat publishes one answer, the AAOIFI result as of October 2026, and re-screens it every month.

Tabadulat is an ADGM regulated brokerage whose license covers Shari'a Compliant Regulated Activities, as the FSRA permission names them. New to the terminology? Gharar and Maysir, Sukuk, Zakat and purification are all explained in plain English.

New to the screening method? Read REITs: Halal Real Estate for Muslim Investors