FNV
Franco-Nevada Corporation
Is FNV Halal?
Gold royalty/streaming — permissible partnership model.
What You Should Know
Royalty-based model resembles profit-sharing (mudarabah). Its March 31, 2026 Q1 filing reports $8,797.6 million of assets, no interest-bearing debt, $714.7 million of cash and $650.7 million of quarterly revenue. Debt/assets is 0.00%, liquidity/assets is 8.12%, receivables-plus-cash/assets is 8.12% and disclosed finance income is 0.85% of revenue; activity allocation remains qualitative. Strong dividend yield.
⚠️ Concerns
- •Commodity price exposure
- •Energy and iron-ore royalty mix requires review
Current quantitative Sharia screen
Based on 6-K figures for the period ended 2026-03-31; calculated 2026-07-15.
0 / 8,797.6
714.7 / 8,797.6
714.7 / 8,797.6
5.5 / 650.7
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 0.00%, liquidity/assets is 8.12%, receivables-plus-cash/assets is 8.12% and disclosed finance income is 0.85%; examined financial ratios pass, but activity allocation remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt, liquidity and receivables-plus-cash are below the examined total-assets limits; activity allocation remains incomplete. This is not an index-membership claim.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and identifiable conventional cash are below the examined Malaysia limits; activity allocation remains incomplete.
- Financial
- Not calculated
- Overall
- Incomplete
A properly licensed and reproducible historical market-cap series is not stored; filing-based asset ratios remain documented.
Business-activity disclosure
Franco-Nevada owns precious-metal, mining and energy royalties and streams. The royalty model is retained as generally permissible, while diversified energy exposure and asset-level allocation require qualified review.
Limitation: The filing does not provide a universal prohibited-revenue numerator across metals, energy, equity investments and royalty interests.
Purification
Franco-Nevada discloses $5.5 million of finance income, but no scholar-approved purification percentage is asserted for the operating business.
Inputs, assumptions and primary sources
- Amounts are USD millions from Franco-Nevada's March 31, 2026 Q1 results filed with its Form 6-K.
- The filing describes Franco-Nevada as debt-free; no interest-bearing debt is included.
- Cash and cash equivalents are $714.7 million. Equity investments are not counted as interest-bearing securities; accounts receivable is not separately identified in the condensed highlights.
- Quarterly revenue is $650.7 million and disclosed finance income is $5.5 million, or 0.85% of revenue; the filing reports no interest revenue in Q1 2026.
- Royalty and streaming interests are retained as generally permissible qualitative activity, while energy, iron-ore and customer allocation require review.
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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