Oil and gas production, pipelines, and utilities all pass the Sharia sector test â energy is permissible. The challenge for capital-heavy operators (pipelines, integrated oils with leveraged balance sheets) is Gate 2 debt thresholds. Pipelines like Enbridge and TC Energy carry interest-bearing debt at 80%+ of market cap, well above the 30-33% caps. Lower-debt E&P names (CNQ, SU, TOU) often pass cleanly.
| Ticker | Company | Sector | Debt | Cash | AR | Verdict |
|---|---|---|---|---|---|---|
| XOM | Exxon Mobil Corporation | PASS | 6.79% | 1.67% | 7.96% | PASS |
| CVX | Chevron Corporation | PASS | 10.59% | 1.64% | 5.58% | PASS |
| CNQ | Canadian Natural Resources Limited | PASS | 16.98% | 0.69% | 4.35% | PASS |
| SU | Suncor Energy Inc. | PASS | 18.19% | 4.58% | 5.66% | PASS |
| CVE | Cenovus Energy Inc. | PASS | 26.16% | 5.04% | 4.80% | PASS |
| IMO | Imperial Oil Limited | PASS | 6.59% | 1.82% | 10.33% | PASS |
| TOU | Tourmaline Oil Corp. | PASS | 7.45% | 0.00% | 3.43% | PASS |
| ARX | Accelerant Holdings | FAIL | 4.13% | 85.47% | 33.40% | FAIL |
| ENB | Enbridge Inc. | PASS | 87.86% | 0.91% | 3.24% | FAIL |
| TRP | TC Energy Corporation | PASS | 87.30% | 0.24% | 2.35% | FAIL |
| PPL | PPL Corporation | PASS | 68.17% | 3.77% | 2.45% | FAIL |
Verdicts shown for AAOIFI standard. Run any ticker against all three standards in the dashboard. Educational use only — confirm with your qualified scholar.
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