Is Suncor Energy Stock Halal?
Suncor Energy Inc. · SU.TO · TSX
Suncor Energy Inc. (SU.TO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 9.9% of market cap and cash plus interest-bearing securities 3.2% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETF WSHR, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.
Financial data as of 2026-03-31 · Screening basis: AAOIFI · Last reviewed 2026-06-15
HalalWallet is not a Shariah authority and does not issue religious rulings. We compile the most complete public record of what Shariah scholars, screening authorities, and mainstream standards say — reproduced from primary sources with dates and citations — and let you decide.
Do the halal screening authorities agree?
- HalalWallet (AAOIFI)· Halal
HalalWallet (AAOIFI) rates Suncor Energy Inc. halal; no other recognized authority has a published position.
Stances are normalized from each authority's own dated public position. Disagreement usually reflects a methodology or standard difference (ratio timing, market-cap vs total-assets denominator), not an error. For the fund screens (Wahed/HLAL, SP Funds/SPUS), only a confirmed holding that passed the fund's screen counts as a pass — a non-holding is left blank because absence can reflect index scope.
Is Suncor Energy Stock Halal?
Suncor Energy Inc. (SU.TO) passes our AAOIFI-based screen. Its core business is permissible, and (data as of 2026-03-31) interest-bearing debt is 9.9% of market cap and cash plus interest-bearing securities 3.2% — both inside the 30% AAOIFI thresholds. It is independently held by Shariah-screened ETF WSHR, confirming it passes professional screens. Ratios move with the share price, so check the data-as-of date; any incidental interest income should be purified.
- Interest-bearing debt / market cap: 9.9% (< 30%) — Pass
- Cash + interest-bearing securities / market cap: 3.2% (< 30%) — Pass
- Impermissible income / total revenue: 0.4% (< 5%) — Pass
- Financial ratios sourced from filings as of 2026-03-31.
How we read the evidence
HalalWallet's editorial synthesis of the screens, scholar positions, and sources documented on this page — not a religious ruling.
Suncor Energy currently sits on the compliant side of the ledger for most major screening services. Producing, upgrading, refining, and selling oil is a permissible business, and Suncor passes the quantitative screens as well: Zoya and Musaffa both publicly classify the stock as Shariah-compliant based on its latest financial reports, it appears in the Wealthsimple Shariah World Equity Index ETF (WSHR) holdings, and it is a constituent of the S&P/TSX 60 Shariah index.
Two nuances are worth knowing. First, Suncor's Petro-Canada chain includes convenience stores that, like gas-station retail generally, sell items such as tobacco and lottery tickets alongside fuel; Suncor does not break out revenue at that level, and screening bodies have evidently treated this as incidental within a fuel-dominated retail business. Second, energy is a capital-intensive industry, so Suncor's debt ratios, while currently within screening thresholds according to the public screener verdicts, can shift with commodity cycles and the share price.
For a Canadian Muslim investor wanting large-cap TSX energy exposure with a dividend, Suncor is one of the names that currently clears independent screening from multiple directions. The standard discipline still applies: verify the live compliance status on a screening app before buying, purify the small impermissible-income portion of dividends as your app calculates, and re-check quarterly.
Business Activity Screen
Suncor Energy is an integrated energy company headquartered in Calgary, with reporting segments for Oil Sands, Exploration and Production, and Refining and Marketing. Its operations span oil sands development, production and upgrading (including the wholly owned Fort Hills project), offshore oil production, petroleum refining in Canada and the U.S., and the Petro-Canada retail and wholesale fuel distribution network.
Oil and gas production and refining are permissible business activities. Suncor's Petro-Canada retail network includes convenience stores at fuel stations, which, like convenience retail generally, can involve sales of tobacco and lottery products; Suncor does not disclose revenue at that category level, and fuel dominates the retail business. The principal quantitative consideration is interest-bearing debt typical of capital-intensive energy companies, which should be checked on a current screener; both Zoya and Musaffa currently classify the stock as compliant, and it is held in WSHR.
Financial Ratio Screen
| Screen | Value | AAOIFI limit | Result |
|---|---|---|---|
| Interest-bearing debt / market cap | 9.9% | < 30% | Pass |
| Cash + interest-bearing securities / market cap | 3.2% | < 30% | Pass |
| Impermissible income / total revenueInterest income $192.0M on $48.91B total revenue (Suncor Energy Inc. FY2025 (fiscal year ended 2025-12-31, annual report (SEDAR+))) = 0.4% — under AAOIFI's 5% limit. | 0.4% | < 5% | Pass |
Spot market cap at research date (consider trailing average for borderline names). Data as of 2026-03-31 · thresholds per AAOIFI Shariah standards.
This verdict uses the AAOIFI standard — the most widely used and, at a 30% debt limit, the most conservative mainstream Shariah standard. Interest-bearing debt and interest-bearing securities each stay under 30% of market cap, and impermissible income under 5% of revenue. Other standards (Dow Jones Islamic, S&P Shariah, MSCI Islamic, FTSE Yasaar) use ~33% limits or screen against total assets, so a borderline company can be rated differently by each. How we screen & why screeners disagree →
How Suncor Energy screens across Shariah standards
All three mainstream bases below reach the same conclusion for this company.
| Standard | Debt | Cash & interest securities | Limit / basis | Result |
|---|---|---|---|---|
| AAOIFI (our standard) | 9.9% | 3.2% | < 30% of market cap | Pass |
| Dow Jones Islamic / S&P Shariah thresholdDow Jones and S&P apply this limit against a trailing 24–36-month average market cap; shown here on the same point-in-time market cap for comparison. | 9.9% | 3.2% | < 33% of market cap | Pass |
| MSCI Islamic / FTSE Yasaar basisTotal-assets denominator. MSCI/FTSE also apply entry/exit buffers and a receivables screen we do not reproduce. | 10.9% | 3.5% | < 33.33% of total assets | Pass |
HalalWallet computation reproducing each standard's threshold and denominator from public filings (balance sheet as of 2026-03-31) — not the providers' licensed index determinations, which can differ. Debt is interest-bearing borrowings (operating leases excluded). The impermissible-income screen (< 5% of revenue) is common to all of these standards and is shown in the ratio table above. Dow Jones and S&P apply their limit against a trailing 24–36-month average market cap; MSCI and FTSE add entry/exit buffers and a receivables screen. Full methodology →
Scholars' & Screeners' Positions
Published positions, cited as stated. Screeners can reach different conclusions on the same company because of ratio timing and methodology differences — we report the disagreement rather than flatten it.
Wealthsimple Shariah World Equity Index ETF (WSHR)
Held in WSHR as of 2026-06-11 — passed the Shariah screen applied by the index provider.
Source →SP Funds S&P 500 Sharia ETF (SPUS)
Verify current SPUS schedule before citing as held (reference SOI 2026-02-28).
Source →Wahed FTSE USA Shariah ETF (HLAL)
Verify current HLAL holdings before citing as held (reference 2026-06-05).
Source →
Purification
Even Shariah-compliant companies typically earn a small amount of incidental interest on corporate cash. The standard practice is to purify: donate the proportion of your dividends (and, per some scholars, capital gains) attributable to impermissible income. Our purification calculator automates the math from your holding and the company's disclosed figures.
Purification calculatorKeep your portfolio halal
A pass today isn't a pass forever — ratios drift across thresholds between filings. A halal screener monitors holdings continuously.
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The Final Step: Your Scholar Conversation
Major whether Suncor Energy Inc. is halal decisions involve nuances that vary by scholarly opinion and personal circumstance — which is why HalalWallet is built as the research step, not the ruling. We do the homework on comparisons, structures, and oversight; a qualified Islamic scholar, your local imam, or a Shariah-certified financial advisor covers what no comparison site can — guidance specific to your situation. Bring your shortlist to that conversation so it starts at the decision, not the basics.
How to use this comparison: HalalWallet is an independent educational comparison platform — by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider — their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.
Frequently Asked Questions
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-07-01
- SU.TO latest filings on SEDAR+ (balance sheet 2026-03-31)
- AAOIFI Shariah Standards
- Suncor Investor Relations
- Zoya screener page for SU
- Musaffa screener page for SU.TO
- WSHR holdings list (Wealthsimple)
- S&P/TSX 60 Shariah index page (spglobal.com)
- HalalWallet Methodology
- Editorial Policy
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- Halal verdict corpus (JSON)
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