Is Maxim Power (MXG) stock Halal?

Maxim Power is an independent power producer that engages in the development, acquisition, and operation of power generation facilities. This Canadian-based company primarily focuses on power generation from natural gas, making it a pivotal player in the energy sector. Maxim Power Corp.'s facilities contribute to the stabilization and reliability of electricity supply, especially in Alberta's power market. For Muslim investors, though, the most pressing question is simpler: is Maxim Power a Halal investment?

Is Maxim Power Shariah compliant?

Yes. In the October 2026 screening Maxim Power (MXG) passes AAOIFI Shariah Standard No. 21: the business activity screen and every financial ratio screen hold. Supplying power, gas or water is a permissible service, so utilities like Maxim Power rarely trouble the activity screen. The pressure point is the balance sheet: grids and plants are among the most debt financed assets in any market, and AAOIFI Shariah Standard No. 21 caps interest bearing debt at 30% of market capitalisation, the screen that decides most utility verdicts.

Does Maxim Power pass the business activity test?

Yes. In the October 2026 screening Maxim Power holds an overall PASS, which a stock only earns when its core business clears the activity screen. Delivering power or water raises no Shariah objection in itself; the scrutiny belongs to the debt behind the network.

Is Maxim Power's income Halal?

Yes, within AAOIFI's tolerance. Maxim Power's income from non-permissible sources stays below 5% of revenue in the October 2026 screening, and the small impure portion is handled through purification: the factor of 97.16% tells holders of MXG what share of each dividend to keep and what remainder to donate to charity. On a dividend yield of around None, the purification amount is modest but real.

Does Maxim Power meet AAOIFI's debt and investment ratio requirements?

Yes. Both caps hold this month: interest bearing investments and interest bearing debt each stay below 30% of market capitalisation, measured against a market capitalisation of CA$265M (market data as of 1 October 2026). Because the caps move with the share price, our Shariah Supervisory Board has MXG re-screened every month, and the result above always shows the latest verdict.

Why do other halal screeners show a different verdict for Maxim Power?

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 What is Riba? A Clear Guide for Ethical Muslim Investing