Is Canadian Solar Inc. (CSIQ) halal? Not Halal. Based on AAOIFI screening, Canadian Solar Inc. passes the business activity screen but fails financial ratio screens with a compliance score of 0/100 (Grade: F).

Canadian Solar Inc.

CSIQ: Is Canadian Solar Inc. Halal?

Not Halal

Canadian Solar Inc.

NASDAQEnergyCA

$20.57

+12.44%

About Canadian Solar Inc.

Canadian Solar Inc., together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc. (CSI) Solar and Global Energy. The CSI Solar segment offers standard solar modules and battery storage solutions, as well as solar system kits that are a ready-to-install packages comprising inverters, racking systems, and other accessories; and engineering, procurement, and construction (EPC) services. The Global Energy segment engages in the development, construction, maintenance, and sale of solar and battery storage projects; operation of solar power plants; and sale of electricity. This segment also provides operation and maintenance (O&M) services, including monitoring, inspections, repair, and replacement of plant equipment; and site management and administrative support services for solar projects, as well as asset management services. As of January 31, 2021, this segment had a fleet of solar power plants in operation with an aggregate capacity of approximately 445 MWp. The company serves distributors, system integrators, project developers, and installers/EPC companies. It sells its products primarily under its Canadian Solar brand name; and on an OEM basis. The company was incorporated in 2001 and is headquartered in Guelph, Canada.

Sector: Energy 路 Industry: Solar

Shariah Compliance Status

AAOIFI Standard 21Updated Jun 18, 2026
F

Non-Compliant

Fails Shariah screening

0Score

Business Activity Screen

Passed

Checks if the business is involved in prohibited activities (alcohol, gambling, pork, conventional banking, etc.)

Financial Ratio Screen

Failed

Financial ratios must be below AAOIFI thresholds

Debt / Market Cap706.6% / 30.0%

Compliance History

Not Halal, unchanged since May 2026.

No status changes recorded since we began tracking.

Tracked since May 2026. Updates automatically on each re-screen.

Screened: Jun 18, 2026Fiscal: FY 2025Source: FMP

Financial Overview

Market Cap

1.4B

Price

$20.57

Sector

Energy

Industry

Solar

Halal Alternatives in Energy

This stock is not Shariah-compliant. Here are halal alternatives from the same sector, ranked by compliance score:

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Kinergy Advancement Bhd

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02
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Solarvest Holdings Bhd

$2.99

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Frequently Asked Questions

Is Canadian Solar Inc. (CSIQ) halal to invest in?
Canadian Solar Inc. (CSIQ) is rated Not Halal under AAOIFI Standard 21 screening. It fails either the business activity screen (primary involvement in prohibited sectors such as conventional banking, alcohol, or gambling) or one of the quantitative financial ratio thresholds. Muslim investors should avoid or exit this position.
Why did Canadian Solar Inc. get a F compliance rating?
Canadian Solar Inc. (CSIQ) received a grade of F (Non-Compliant) based on three AAOIFI Standard 21 financial ratios: debt-to-market-cap of 706.6% (limit 30%); interest-bearing deposits of 175.9% (limit 30%); prohibited income of 0.82% (limit 5%). The grade reflects the margin of safety across all three ratios relative to their thresholds.
What could change Canadian Solar Inc.'s Shariah verdict?
Canadian Solar Inc.'s verdict is re-evaluated at each annual re-screen. Three events could change it: (1) the debt-to-market-cap ratio crossing 30%, typically from new debt issuance or a major drop in share price; (2) interest-bearing deposits exceeding 30% of market cap; or (3) prohibited revenue (alcohol, gambling, conventional finance, etc.) exceeding 5% of total revenue. Verdict flips are tracked in the compliance history section above.
How often is Canadian Solar Inc. re-screened for Shariah compliance?
Canadian Solar Inc. (CSIQ) is re-screened annually using the most recent full-year financial data from SEC filings. HalalScreener also triggers an on-demand re-screen whenever the stored data is more than 7 days old, ensuring the ratios reflect the latest available financial statements. Last screened: Jun 18, 2026.

Screened according to AAOIFI Standard No. 21 路 For informational purposes only. Consult a qualified Islamic finance advisor before investing.

Disclaimer: This screening is for informational purposes only and does not constitute financial, legal, or religious advice. Compliance is evaluated using AAOIFI financial standards (debt, deposits, and prohibited income ratios) and publicly available data. Ethical, political, social, or environmental considerations are outside the scope of this screening. Individual scholars and methodologies may differ. Always consult a qualified Islamic finance advisor before making investment decisions.