Is Suncor Energy (SU / SU.TO) Halal? 2026 AAOIFI Analysis
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AAOIFI screening result
SU / SU.TO: Compliant
Suncor's integrated energy operations are treated as permissible and all three financial ratios pass in the current screen.
Based on Halalytic's AAOIFI 30/30/5 screen dated July 11, 2026, Suncor Energy (SU / SU.TO) is compliant. This is a dated screening snapshot, not a permanent fatwa: company filings, market capitalization, and scholarly analysis can change the result.
What does Suncor Energy do?
Suncor operates across oil-sands production and upgrading, offshore production, refining, trading, and Petro-Canada retail and wholesale networks. These activities centre on physical energy products and are generally permissible. Environmental and climate concerns may still lead some investors to apply a separate values-based exclusion.
Primary company source: Suncor — Who we are.
SU / SU.TO AAOIFI screening breakdown
| Screen | Result | AAOIFI limit | Status |
|---|---|---|---|
| Interest-bearing debt / market cap | 21.17% | Below 30% | Pass |
| Cash and interest-bearing securities / market cap | 4.68% | Below 30% | Pass |
| Non-permissible income / revenue | 0.01% | Below 5% | Pass |
Business activity: Pass · Sector: Energy · Industry: Integrated energy. The income screen uses reported interest income as a proxy when available.
Why the result can change
Suncor passes with room below the debt limit and very little non-permissible income in this snapshot. The debt ratio is closer to the threshold than the cash and income measures, so commodity-price-driven market-cap declines or additional borrowing are the main compliance variables to watch.
- Debt changes and market capitalization through oil-price cycles
- Interest and trading income outside core physical energy activity
- Any investor-specific environmental or stewardship exclusions
Investment questions beyond halal status
Passing a Shariah screen does not mean a stock is undervalued, financially safe, or suitable for a particular portfolio. A non-compliant verdict is also not a prediction that the share price will fall.
- How resilient are integrated margins through commodity cycles?
- Can operational improvements lower oil-sands costs?
- How should investors price environmental liabilities and long-duration transition risk?