ENB
Enbridge Inc.
Is ENB Halal?
Pipeline and utility infrastructure — Q1 2026 debt/assets fails the examined financial methods.
What You Should Know
Enbridge's Q1 2026 Form 10-Q reports debt/assets of 48.00%, liquidity/assets of 1.30%, and receivables plus cash/assets of 5.29%. Pipeline, utility, renewable-power, and energy-infrastructure activity can be permissible in principle, while leverage, interest expense, safety, climate, land, Indigenous-rights, and affordability issues remain material.
⚠️ Concerns
- •Debt/assets is 48.00%, above the examined 33% limits
- •Debt-intensive infrastructure and interest expense
- •Pipeline safety, methane, spills, land and Indigenous-rights risks
- •Regulated rates, customer affordability, derivatives and utility contracts
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
109,525 / 228,201
2,964 / 228,201
12,075 / 228,201
- Financial
- Fails
- Overall
- Fails
Debt/assets is 48.00%, above the examined limit; liquidity/assets is 1.30% and receivables plus cash/assets is 5.29%. The income input remains unavailable.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 48.00%, above the examined MSCI 33.33% limit.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 48.00%, above the examined Malaysia 33% limit; 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
Enbridge operates pipelines, gas distribution, utilities, renewable power, and energy infrastructure; these activities are generally permissible in principle, subject to financing and environmental review.
Limitation: The filing does not provide a school-neutral prohibited-revenue numerator for regulated utilities, pipeline tolls, power, financing, derivatives, or related services.
Purification
A gross non-compliant-income numerator is not separately disclosed in the selected Q1 2026 filing data, so no purification percentage is inferred.
Inputs, assumptions and primary sources
- Amounts are CAD millions from Enbridge's Q1 2026 Form 10-Q.
- Interest-bearing debt includes long-term debt and capital-lease obligations, current long-term debt, and short-term borrowings reported at March 31, 2026.
- Cash is CAD 1,635 million. CAD 1,329 million of identifiable investments and restricted investment balances is included conservatively as interest-bearing securities; restricted cash treatment can differ by methodology.
- Revenue uses total Q1 2026 revenue of CAD 22,357 million. A gross non-compliant-income numerator is not separately disclosed in the selected filing data.
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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