BNS
Bank of Nova Scotia (Scotiabank)
Is BNS Halal?
Canadian bank — riba-based conventional banking.
What You Should Know
Scotiabank's Q2 2026 statements report CAD 1,521,521 million of assets, funding/assets of 80.57%, liquidity/assets of 42.06%, receivables-plus-cash/assets of 54.99%, and net interest income of 56.12% of quarterly revenue. Core interest-based banking operations are not permissible.
⚠️ Concerns
- •Conventional banking operations
- •Funding/assets is 80.57%
- •Net interest income is 56.12% of Q2 revenue
Current quantitative Sharia screen
Based on Q2 2026 Report to Shareholders figures for the period ended 2026-04-30; calculated 2026-07-14.
1,225,918 / 1,521,521
639,973 / 1,521,521
836,735 / 1,521,521
5,521 / 9,837
- Financial
- Fails
- Overall
- Fails
Funding/assets is 80.57%, liquidity is 42.06%, receivables plus cash are 54.99% and net interest income is 56.12%; conventional banking independently fails the activity screen.
- Financial
- Fails
- Overall
- Fails
Funding/assets, liquidity, receivables plus cash and net interest income exceed the examined limits; conventional banking also independently fails.
- Financial
- Fails
- Overall
- Fails
Funding, liquidity, receivables plus cash and net interest income exceed the examined limits; this is a calculation against SAC ratios, not an official SAC classification.
- Financial
- Not calculated
- Overall
- Fails
Historical market-cap ratios are not stored; a different denominator cannot cure the failed conventional-banking business activity.
Business-activity disclosure
Scotiabank is a conventional Canadian bank whose deposits, mortgages, consumer and commercial lending, treasury, securities and wholesale-banking operations are core activities. The qualitative business screen therefore fails independently of ratio methodology.
Limitation: The report does not classify every fee, trading, advisory, insurance or subsidiary contract by Sharia status. That limitation does not change the result because conventional banking is the core business.
Purification
Purification is not calculated because Scotiabank fails at the core conventional-banking activity level; the interest-income ratio is evidence of that failure, not a donation amount that makes ownership compliant.
Inputs, assumptions and primary sources
- Amounts are CAD millions from Scotiabank's Q2 2026 consolidated statement of financial position and statement of income.
- Interest-bearing funding proxy includes deposits of CAD 981,489 million, repos/securities lent of CAD 238,663 million and subordinated debentures of CAD 5,766 million.
- Cash includes cash and deposits with financial institutions of CAD 79,301 million; identifiable securities include trading assets, resale agreements and investment securities totaling CAD 560,672 million.
- Net loans of CAD 757,434 million are used as the conservative receivables/financing-assets numerator.
- Q2 total revenue was CAD 9,837 million and net interest income was CAD 5,521 million; the latter is treated as a conservative upper-bound indicator of conventional interest activity.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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