CVE
Cenovus Energy Inc.
Is CVE Halal?
Canadian integrated energy company — current financial ratios pass, while oil-sands and downstream ethics remain qualitative.
What You Should Know
Cenovus's 2025 Form 40-F reports debt/assets of 17.34%, liquidity/assets of 4.32%, receivables plus cash/assets of 9.74%, and a conservative interest-received ratio of 0.28% of revenue. Its oil-sands, refining, marketing, trading, emissions, water, reclamation, and Indigenous-rights impacts remain material qualitative concerns.
⚠️ Concerns
- •Oil-sands extraction, emissions, water, land and reclamation impacts
- •Refining, marketing, trading and derivative contracts require review
- •Interest-bearing debt and cash-management structures
- •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.
11,000 / 63,424
2,740 / 63,424
6,175 / 63,424
141 / 49,696
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 17.34%, liquidity/assets is 4.32%, receivables plus cash/assets is 9.74%, and the conservative income ratio is 0.28%; 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
Cenovus produces, refines, transports, and markets oil and natural-gas products; energy extraction and processing require both industry-level and contract-level qualitative review.
Limitation: The filing does not provide a school-neutral prohibited-revenue numerator for trading, derivatives, financing, downstream products, or environmental liabilities.
Purification
Interest received was CAD 141 million, or a conservative 0.28% of 2025 revenue. The figure is disclosed as an upper bound and not a prescribed investor purification percentage.
Inputs, assumptions and primary sources
- Amounts are CAD millions from Cenovus's 2025 Form 40-F.
- Interest-bearing debt uses reported borrowings of CAD 11,000 million; lease liabilities are not added separately to avoid double counting the reported borrowing balance.
- Cash is CAD 2,740 million. No separate current interest-bearing securities balance was identified in the selected filing inputs.
- Revenue uses 2025 revenue of CAD 49,696 million. Interest received of CAD 141 million is used only as a conservative purification upper bound, not as a universal prohibited-income measure.
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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