SAU
Saudi Aramco
Is SAU Halal?
Saudi Aramco's current filing-based asset ratios pass, but hydrocarbon, financing and downstream activity require methodology-dependent qualitative review.
What You Should Know
Saudi Aramco's audited December 31, 2025 statements report SAR 2,551,964 million of assets, SAR 363,617 million of total borrowings, SAR 243,099 million of cash, SAR 84,067 million of securities and short-term investments, SAR 228,598 million of receivables and SAR 1,559,342 million of revenue. Debt/assets is 14.24%, liquidity/assets is 12.82%, receivables-plus-cash/assets is 18.49% and the finance/other-income proxy is 0.99%. Oil, gas, chemicals, emissions, derivatives and downstream end uses remain qualitative.
⚠️ Concerns
- •Hydrocarbon extraction, emissions and climate-transition impacts
- •Refining, petrochemical and downstream product end uses
- •Conventional borrowings, derivatives and joint ventures
- •No universal prohibited-revenue numerator is disclosed
- •SAU is a preserved Saudi-listed alias; the URL is unchanged
Current quantitative Sharia screen
Based on Annual Report figures for the period ended 2025-12-31; calculated 2026-07-15.
363,617 / 2,551,964
327,166 / 2,551,964
471,697 / 2,551,964
15,504 / 1,559,342
- Financial
- Pass
- Overall
- Incomplete
Debt is 14.24%, liquidity is 12.82%, receivables plus cash are 18.49% and the finance/other-income proxy is approximately 0.99%; business allocation remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
The examined total-assets ratios pass; this is not an index-membership claim and the activity screen remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt and liquidity are below the examined Malaysia limits; this is an illustrative calculation, not an official SAC classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored; filing-based ratios remain documented.
Business-activity disclosure
Saudi Aramco's core oil, gas, refining and chemicals activities are generally permissible under many approaches, while derivatives, financing, petrochemicals, environmental stewardship and downstream end uses require continuing review.
Limitation: The annual report does not classify every product, customer, downstream use and finance-related activity under one school-neutral prohibited-revenue test.
Purification
Finance and other income is a mixed disclosed line; no fixed purification percentage is inferred without a scholar-selected treatment.
Inputs, assumptions and primary sources
- Amounts are SAR millions from Saudi Aramco's audited 2025 consolidated statements.
- Total borrowings are SAR 363,617 million; cash is SAR 243,099 million; securities and short-term investments total SAR 84,067 million; trade, government and other receivables total SAR 228,598 million.
- Finance and other income of SAR 15,504 million is used as a conservative upper-bound proxy against revenue of SAR 1,559,342 million; it includes mixed finance, dividend and other items and is not a purification prescription.
- Oil, gas, chemicals and energy-transition activities are retained in qualitative analysis; no universal prohibited-revenue numerator is inferred.
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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