Is Tourmaline Oil (TOU.TO) stock halal?
Screened against AAOIFI Shari’ah Standard 21
Not settled. Tourmaline Oil (TOU.TO) could not be confirmed either way under the AAOIFI Shari’ah Standard 21 screen. The cash and interest-bearing investments test couldn’t be settled: The figures needed were not available. We show this as Needs Review rather than guess. Last checked 23 September 2026.
Tourmaline Oil needs further review under Halal / Islamic guidelines
AAOIFI Shari’ah Standard 21 Financial Audit
Figures from the latest annual report (the SEC filing or, for European companies, the ESEF annual report, where one exists, checked against Yahoo Finance) and a 36-month average market value.
| Test | Standard Limit | Actual Figure | Status |
|---|---|---|---|
| Main business | — | — | Pass |
| Interest-bearing debt | 30% | 7.67% | Pass |
| Cash and interest-bearing investments | 30% | — | Review |
| Prohibited income | 5% | — | Review |
| Not just cash and debts | 90% | — | Review |
Key Findings & Observations
- The cash and interest-bearing investments test couldn’t be settled: The figures needed were not available.Source: AAOIFI Shari'ah Standard 21
- The prohibited income test couldn’t be settled: The figures needed were not available.Source: AAOIFI Shari'ah Standard 21
- The not just cash and debts test couldn’t be settled: The figures needed were not available.Source: AAOIFI Shari'ah Standard 21
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Frequently Asked Questions about Tourmaline Oil Corp. (TOU.TO)
Is Tourmaline Oil (TOU.TO) stock halal?▾
Not settled. Tourmaline Oil (TOU.TO) could not be confirmed either way under the AAOIFI Shari’ah Standard 21 screen. The cash and interest-bearing investments test couldn’t be settled: The figures needed were not available. We show this as Needs Review rather than guess. Last checked 23 September 2026.
What is Tourmaline Oil's debt ratio under Islamic finance standards?▾
Under AAOIFI Shari’ah Standard 21, interest-bearing debt must stay under 30% of a company's 36-month average market value. Tourmaline Oil's ratio is about 7.7%.
How much dividend purification is required for Tourmaline Oil (TOU.TO) stock?▾
No purification is required for Tourmaline Oil based on its latest annual report.
Does Tourmaline Oil operate in prohibited business activities?▾
AAOIFI Shari’ah Standard 21 excludes companies whose main business is prohibited, such as alcohol, pork, gambling, conventional interest-based finance and adult entertainment. Tourmaline Oil's main business is checked against these. For companies that file with the US SEC, revenue by division is also read from the filing, so a division in a prohibited business is counted. Where the check cannot be settled, the result is shown as Needs Review rather than guessed.
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