Is PAPL (Pineapple Financial Inc.) Halal or Haram?
Pineapple Financial fails AAOIFI Shariah standards primarily due to its core involvement in the conventional mortgage industry, a non-compliant business activity. Furthermore, the company's financials breach multiple thresholds, with debt to market cap at a staggering 80.3% and cash and securities to market cap at 127.9%. As a result, this stock is strictly non-compliant for Muslim investors despite having zero interest income.
Price Chart (5D)
PAPL — Last 7 Days
| Date | Open | High | Low | Close | Volume | Change |
|---|---|---|---|---|---|---|
| 2026-06-09 | 1.07 | 1.10 | 1.00 | 1.00 | 54K | -6.54% |
| 2026-06-08 | 0.96 | 1.20 | 0.96 | 1.04 | 367K | +8.33% |
| 2026-06-05 | 1.00 | 1.04 | 0.93 | 0.94 | 112K | -6.00% |
| 2026-06-04 | 1.02 | 1.07 | 1.01 | 1.03 | 64K | +0.98% |
| 2026-06-03 | 1.09 | 1.09 | 1.02 | 1.03 | 78K | -5.50% |
| 2026-06-02 | 1.08 | 1.12 | 1.05 | 1.07 | 64K | -0.93% |
| 2026-06-01 | 1.09 | 1.15 | 1.05 | 1.07 | 222K | -1.83% |
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Shariah Screening Details for PAPL
Business Activity
Non-Compliant
Pineapple Financial fails the business activity screen because its core operations involve conventional mortgage brokerage and loan processing, which heavily rely on prohibited interest-based (riba) financing.
Debt / Market Cap
80.25%
Interest Income
0.00%
Cash & Securities
127.86%
About Pineapple Financial Inc. (PAPL)
Pineapple Financial Inc. operates as a mortgage technology and brokerage company based in Canada. The company provides the cloud-based MyPineapple platform, which helps Canadian mortgage agents and brokers with loan processing, digital onboarding, and document collection.
For Muslim investors using HalalStocks.co.uk, Pineapple Financial is classified as Not Halal (Haram) and fails three out of four AAOIFI screening criteria. The company's fundamental business model is rooted in conventional, interest-bearing mortgages, making its primary revenue stream impermissible under Islamic law.
From a financial screening perspective, PAPL carries highly problematic ratios, including a debt-to-market cap ratio of 80.3%, far exceeding the 33% limit. Additionally, its cash and securities to market cap sits at an excessive 127.9%, further cementing its non-compliant status despite reporting 0.00% interest income.
Because the core business revolves around facilitating conventional loans and riba, there is no scholarly debate regarding its status; it is strictly haram. Halal investors must completely avoid this stock and look toward Shariah-compliant fintech or Islamic mortgage alternatives instead.
CEO
Shubha-Jeet Dasgupta
Employees
55
IPO Date
2023-11-01
Headquarters
North York, ON, CA
Website
gopineapple.comPAPL Key Financial Statistics
Revenue
$3.0M
Net Income
$-3.6M
EPS (Diluted)
$-5.46
Stock Price
1.23
Beta
2.34
52-Week Range
0.2-9.53
Total Debt
$1.3M
Total Equity
$906,679
Current Ratio
0.77
PAPL Financial Health & Profitability
Profit Margins
Revenue Growth (YoY)
+11.1%
Prior year: $2.7M
Net Cash
$788,292
Cash: $2.1M — Debt: $1.3M
Frequently Asked Questions About PAPL
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What does Pineapple Financial Inc. do?▾
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Disclaimer
This shariah compliance assessment for PAPL (Pineapple Financial Inc.) is provided for informational purposes only and does not constitute financial, investment, or religious advice. Screening criteria are based on widely accepted AAOIFI standards, but individual scholars may differ in their opinions. Always consult with a qualified Islamic scholar and licensed financial advisor before making investment decisions. Past screening status does not guarantee future compliance. Last screened: 2026-04-27.
