Is GIL (Gildan Activewear Inc.) halal?

Q: Is GIL (Gildan Activewear Inc.) halal?

DOUBTFUL: Vertically integrated maker of basic apparel — the business is generally permissible, but current debt/assets is above the displayed asset-based limit. Gildan Activewear Inc. is a vertically integrated manufacturer of everyday basic apparel — activewear, t-shirts, fleece, socks, underwear, and hosiery — sold to wholesale printwear distributors and retailers under brands including Gildan, American Apparel, and Hanes. Manufacturing and selling basic clothing is generally permissible, and the basic product mix carries no modesty concern of the kind that affects intimate-apparel or luxury-fashion names. Its March 29, 2026 Q1 filing reports $10,473.214 million of assets, $4,715.1 million of interest-bearing debt, $237.055 million of cash and $1,009.678 million of receivables. Debt/assets is 45.02%, above the displayed 33.333% asset-based limit; the quantitative result is therefore doubtful even though liquidity and receivables-plus-cash pass. Gross interest income is not separately disclosed, so no purification percentage is invented.

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GIL

Gildan Activewear Inc.

DOUBTFUL — SCREEN DOES NOT PASSstock

Is GIL Halal?

Vertically integrated maker of basic apparel — the business is generally permissible, but current debt/assets is above the displayed asset-based limit.

What You Should Know

Gildan Activewear Inc. is a vertically integrated manufacturer of everyday basic apparel — activewear, t-shirts, fleece, socks, underwear, and hosiery — sold to wholesale printwear distributors and retailers under brands including Gildan, American Apparel, and Hanes. Manufacturing and selling basic clothing is generally permissible, and the basic product mix carries no modesty concern of the kind that affects intimate-apparel or luxury-fashion names. Its March 29, 2026 Q1 filing reports $10,473.214 million of assets, $4,715.1 million of interest-bearing debt, $237.055 million of cash and $1,009.678 million of receivables. Debt/assets is 45.02%, above the displayed 33.333% asset-based limit; the quantitative result is therefore doubtful even though liquidity and receivables-plus-cash pass. Gross interest income is not separately disclosed, so no purification percentage is invented.

⚠️ Concerns

•Debt/assets is 45.02% ($4,715.1 million / $10,473.214 million), above the displayed 33.333% limit
•Cash/assets is 2.26% and receivables-plus-cash/assets is 11.90%, but those passes do not cure the debt failure
•The Q1 2026 filing includes the first full period of HanesBrands consolidation and related acquisition debt
•Gross interest income is not separately disclosed; consult a qualified adviser for purification
•Re-screen after debt paydown, the HAA held-for-sale transaction or a newer filing

Current quantitative Sharia screen

Based on 6-K figures for the period ended 2026-03-29; calculated 2026-07-15.

USD · millions

Interest-bearing debt / assets

45.02%Above limit

Below 33.333% under FTSE Yasaar

4,715.1 / 10,473.214

Cash + interest-bearing securities / assets

2.26%Within limit

Below 33.333% under FTSE Yasaar

237.055 / 10,473.214

Receivables + cash / assets

11.90%Within limit

Below 50% under FTSE Yasaar

1,246.733 / 10,473.214

Methodology	Financial	Overall	What drives it
FTSE Yasaar v4.6, February 2026	Fails	Fails	Debt/assets is 45.02%, above the examined 33.333% limit; liquidity/assets is 2.26% and receivables plus cash/assets is 11.90%.
MSCI Islamic (total-assets series) October 2024 methodology	Fails	Fails	Debt/assets is 45.02%, above the examined MSCI 33.33% limit; liquidity/assets and receivables plus cash/assets are below their displayed limits.
Malaysia SAC financial ratios single 5% activity benchmark adopted November 2025	Fails	Fails	Debt/assets is 45.02%, above the examined Malaysia SAC financial limit; this is not an official classification.
Market-cap denominator methods MSCI M-Series, S&P and Dow Jones methods differ	Not calculated	Fails	A licensed historical market-cap series is not stored; the asset-based debt screen already fails.

FTSE Yasaar

v4.6, February 2026

Financial: Fails
Overall: Fails

Debt/assets is 45.02%, above the examined 33.333% limit; liquidity/assets is 2.26% and receivables plus cash/assets is 11.90%.

MSCI Islamic (total-assets series)

October 2024 methodology

Financial: Fails
Overall: Fails

Debt/assets is 45.02%, above the examined MSCI 33.33% limit; liquidity/assets and receivables plus cash/assets are below their displayed limits.

Malaysia SAC financial ratios

single 5% activity benchmark adopted November 2025

Financial: Fails
Overall: Fails

Debt/assets is 45.02%, above the examined Malaysia SAC financial limit; this is not an official classification.

Market-cap denominator methods

MSCI M-Series, S&P and Dow Jones methods differ

Financial: Not calculated
Overall: Fails

A licensed historical market-cap series is not stored; the asset-based debt screen already fails.

Business-activity disclosure

Gildan manufactures and sells activewear, hosiery and underwear, including basic apparel and the newly consolidated HanesBrands business. Clothing manufacturing is generally permissible, while product presentation, licensing, labor, sourcing and held-for-sale operations require qualitative review.

Limitation: The filing does not allocate every product, brand, customer or end use into a universal prohibited-activity numerator and does not separately disclose gross interest income.

Purification

Gross interest income is unavailable in the examined filing; no purification percentage is inferred from net financial expenses.

Inputs, assumptions and primary sources

Amounts are USD millions from Gildan's March 29, 2026 interim financial statements.
Debt combines $450.000 million of current long-term debt and $4,265.100 million of long-term debt; operating leases are excluded.
Cash and cash equivalents are $237.055 million; no separate interest-bearing securities balance is identified.
Trade accounts receivable are $1,009.678 million and first-quarter net sales are $1,165.944 million.
Gross interest income is not separately disclosed; financial expenses include $52.419 million of interest expense and other financing charges.
The first full period of HanesBrands consolidation and assets held for sale are included as presented by the issuer.

U.S. Securities and Exchange Commission: Gildan Activewear First Quarter 2026 Interim Financial Statements FTSE Russell: FTSE Yasaar Global Equity Shariah Index Series Ground Rules MSCI: MSCI Islamic Index Series Methodology Securities Commission Malaysia: Shariah-Compliant Securities Screening Methodology

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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