CNQ
Canadian Natural Resources
Is CNQ Halal?
Canadian oil and gas producer — current financial ratios pass, while oil-sands and environmental ethics remain qualitative.
What You Should Know
Canadian Natural's 2025 Form 40-F reports debt/assets of 18.10%, liquidity/assets of 0.73%, receivables plus cash/assets of 5.09%, and a conservative finance-income ratio of 0.53% of revenue. Oil-sands extraction, natural-gas operations, trading, emissions, water, reclamation, and Indigenous-rights impacts remain material qualitative concerns.
⚠️ Concerns
- •Oil-sands extraction, emissions, water, land and reclamation impacts
- •Commodity trading, hedging, pipeline and marketing contracts
- •Interest-bearing debt and finance income
- •Worker safety, spills, climate transition and community impacts
Current quantitative Sharia screen
Based on 40-F figures for the period ended 2025-12-31; calculated 2026-07-14.
16,617 / 91,830
673 / 91,830
4,672 / 91,830
205 / 38,762
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 18.10%, liquidity/assets is 0.73%, receivables plus cash/assets is 5.09%, and the conservative income ratio is 0.53%; the business numerator remains undisclosed.
- Financial
- Pass
- Overall
- Incomplete
The calculated total-assets ratios are below the examined MSCI limits, but the business-activity percentage is not reproducible from the filing.
- Financial
- Pass
- Overall
- Incomplete
Debt and liquidity are below the examined Malaysia limits; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Not calculated
A licensed, reproducible 24- or 36-month market-cap series is not stored.
Business-activity disclosure
Canadian Natural explores, develops, produces, and markets crude oil, natural gas, and natural-gas liquids; energy extraction and processing require qualitative review.
Limitation: The filing does not provide a school-neutral prohibited-revenue numerator for trading, derivatives, downstream activities, financing, or environmental liabilities.
Purification
Finance income was CAD 205 million, or a conservative 0.53% of 2025 revenue. The ratio is disclosed as an upper bound and not a universal purification prescription.
Inputs, assumptions and primary sources
- Amounts are CAD millions from Canadian Natural's 2025 Form 40-F.
- Interest-bearing debt uses reported borrowings of CAD 16,617 million, including current and non-current borrowings.
- Cash is CAD 673 million. No separate current interest-bearing securities balance was identified in the selected filing inputs.
- Revenue uses 2025 revenue of CAD 38,762 million. Finance income of CAD 205 million is used only as a conservative purification upper bound.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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