SHEL
Shell PLC
Is SHEL Halal?
Integrated energy major; asset ratios are mixed with a conservative income treatment and environmental concerns.
What You Should Know
Shell's March 31, 2026 interim results report USD 380,598 million of assets, USD 75,645 million of debt, USD 69,691 million of Q1 revenue and USD 535 million of net interest and other income/expenses. Asset ratios pass the examined FTSE/MSCI/Malaysia limits, but the aggregate income line is treated conservatively and end-use, derivatives and environmental questions remain material.
⚠️ Concerns
- •Environmental and climate externalities may change a scholar's conclusion
- •Commodity trading, derivatives and shipping leases require contract review
- •Conservative income treatment prevents a clean quantitative pass
Current quantitative Sharia screen
Based on Q1 unaudited results figures for the period ended 2026-03-31; calculated 2026-07-14.
75,645 / 380,598
24,671 / 380,598
84,402 / 380,598
535 / 69,691
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 19.87%, liquidity/assets is 6.48%, receivables plus cash/assets is 22.16% and disclosed net interest/other income is 0.77% of revenue; the financial ratios pass, but prohibited-revenue and business classification are incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets, liquidity/assets and receivables plus cash/assets are below the examined MSCI asset limits, but prohibited-revenue and business classification are incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and liquidity/assets are below the examined Malaysia limits, but prohibited-revenue and business classification are incomplete; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Incomplete
Historical market-cap inputs are not stored and the aggregate interest/other line is not mapped to a scholar-approved income convention.
Business-activity disclosure
Shell's core oil, gas, LNG, refining and chemicals activities are broadly productive commercial activities, but environmental externalities and end-use exposure are central qualitative questions that the filing cannot resolve as a prohibited-revenue percentage.
Limitation: The filing does not allocate revenue by prohibited end use, environmental harm, derivative structure or customer contract.
Purification
Shell reports net interest and other income/expenses, but no scholar-approved purification percentage is inferred from the aggregate line.
Inputs, assumptions and primary sources
- Amounts are USD millions from Shell's Q1 2026 unaudited results.
- Debt is non-current USD 65,585 million plus current USD 10,060 million; cash is USD 23,117 million, investments in securities USD 1,554 million and trade/other receivables USD 7,294 million non-current plus USD 53,891 million current.
- Q1 revenue is USD 69,691 million and interest and other income/expenses are a net USD 535 million; the filing does not isolate a universally comparable conventional-interest numerator.
- Shell's statement includes derivatives, trading and lease-related balances; generic equity screens should be read with these limitations.
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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