TRP
TC Energy Corp.
Is TRP Halal?
Pipeline infrastructure — 2025 debt/assets fails the examined financial methods.
What You Should Know
TC Energy's 2025 Form 40-F reports debt/assets of 39.52%, liquidity/assets of 0.14%, and receivables plus cash/assets of 2.49%. Pipeline and energy infrastructure can be permissible in principle, but debt, interest expense, safety, climate, land, Indigenous-rights, and regulated-customer issues require continuing review.
⚠️ Concerns
- •Debt/assets is 39.52%, above the examined 33% limits
- •Debt-intensive infrastructure and interest expense
- •Pipeline safety, methane, spills, land and Indigenous-rights risks
- •Regulated rates, affordability, commodity contracts and derivatives
Current quantitative Sharia screen
Based on 40-F figures for the period ended 2025-12-31; calculated 2026-07-14.
46,928 / 118,751
168 / 118,751
2,962 / 118,751
- Financial
- Fails
- Overall
- Fails
Debt/assets is 39.52%, above the examined limit; liquidity/assets is 0.14% and receivables plus cash/assets is 2.49%. The income input remains unavailable.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 39.52%, above the examined MSCI 33.33% limit.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 39.52%, 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
TC Energy owns and operates natural-gas, liquids, and power infrastructure; infrastructure can be permissible in principle, while financing, contracts, and energy impacts require review.
Limitation: The filing does not provide a school-neutral prohibited-revenue numerator for regulated utility, pipeline, storage, power, trading, financing, or derivative activities.
Purification
A gross non-compliant-income numerator is not separately disclosed in the selected 2025 filing data, so no purification percentage is inferred.
Inputs, assumptions and primary sources
- Amounts are CAD millions from TC Energy's 2025 Form 40-F.
- Interest-bearing debt uses the reported debt-instrument carrying amount of CAD 46,928 million; lease liabilities are not added separately to avoid double counting.
- Cash is CAD 168 million. No separate current interest-bearing securities balance was identified in the selected filing inputs.
- Revenue uses 2025 revenue of CAD 15,239 million. The filing data selected here does not provide a gross non-compliant-income numerator.
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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