Is Calfrac (CFW) halal?
Calfrac Well Services Ltd. (TSX: CFW) is a Calgary-based oilfield-services provider whose ratio math clears both AAOIFI-style ceilings — but Musaffa currently classifies it as not halal, making this a provisional PASS*.
The two-gate Shariah screen
Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, weapons manufacturing, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).
Gate one: the business — no haram lines identified
Calfrac Well Services 'provides specialized oilfield services, including hydraulic fracturing, coiled tubing, cementing and wireline services to the oil and natural gas industries in North America and Argentina' (Note 1, Q2 2026 interim statements, filed August 6, 2026; principal place of business Calgary, Alberta). Its two segments are geographic — North America and Argentina — and 'all activities are related to hydraulic fracturing, coiled tubing, cementing and wireline services for the oil and natural gas industry' (Note 14). The filings disclose no weapons, alcohol, gambling, conventional finance, tobacco, pork, or adult-entertainment lines.
Gate two: the ratios — both ceilings clear on our inputs — but a third-party screener disagrees
As at June 30, 2026 (unaudited Q2 2026 interim statements, C$ thousands): long-term debt of C$135.236 million (C$30 million drawn on C$200 million revolving facilities plus a C$106.667 million amortizing term loan, both due July 1, 2028, less unamortized issuance costs) — of which C$53.333 million is the current portion — plus lease obligations of C$15.379 million (Note 6), for about C$150.6 million of interest-bearing obligations in total. Cash and cash equivalents were C$9.473 million. With 100,942,603 shares at the September 29, 2026 quote of C$6.76, market cap is about C$682 million, so debt-to-market-cap is about 22% — under the ~33% ceiling. Interest income of C$272,000 (Note 12) against total revenue of C$426.687 million is about 0.06%, well under the ~5% ceiling. Note: TSX approved a Normal Course Issuer Bid on August 6, 2026 (up to 5 million shares), so the share count may have fallen slightly since the filing date.
What other screeners say
Musaffa classifies Calfrac Well Services (CFWFF) as 'not halal' as of September 2026 under its stated AAOIFI methodology, but its stock page does not disclose which business-activity line or ratio threshold fails. We could not verify any current Zoya or ShariaPortfolio rating for CFW in public sources (Zoya's rating lives in-app and is not accessible). Because the ratio math clears on our inputs while a third-party screener disagrees, this screener is provisional (PASS*): disclose the divergence, and consult a qualified scholar.
The bottom line
This screener gives Calfrac Well Services Ltd. (TSX: CFW) a provisional PASS (PASS*). The ratio math clears on our inputs — about 22% debt-to-market-cap and about 0.06% interest income of revenue — but Musaffa currently classifies CFW as not halal under its AAOIFI methodology without disclosing which metric fails, so this screener is provisional: treat it as a flag to consult a qualified scholar. Snapshot dated September 29, 2026; re-checked quarterly after earnings.
Sources
- Q2 2026 interim financial statements (quotemedia, Aug 6, 2026)
- Q2 2026 results press release (GlobeNewswire)
- Musaffa stock page for CFWFF (not halal, Sept 2026)
Frequently asked questions
Is Calfrac stock halal?
Provisionally, yes — Calfrac Well Services Ltd. (TSX: CFW) passes both AAOIFI-style ratio gates on our inputs: about 22% debt-to-market-cap and about 0.06% interest income of revenue in Q2 2026. But Musaffa currently classifies CFW as not halal under its AAOIFI methodology without disclosing which metric fails, so this is a provisional PASS* — the ratio math clears on our inputs, a third-party screener disagrees, and you should consult a qualified scholar.
What are Calfrac's debt and market-cap figures?
As at June 30, 2026 (Q2 2026 interim statements): long-term debt of C$135.2 million (C$30 million drawn on the revolving facility plus a C$106.7 million term loan, both due July 1, 2028), including a C$53.3 million current portion, plus C$15.4 million of lease obligations — about C$150.6 million of interest-bearing obligations in total. Cash was C$9.5 million. Market cap is about C$682 million (C$6.76 (September 29, 2026 quote) × 100,942,603 shares). Debt-to-market-cap is about 22% — under the ~33% ceiling.
How much interest income does Calfrac earn?
In Q2 2026 (three months ended June 30, 2026), Calfrac disclosed interest income of C$272,000 in Note 12 ('Interest, net': C$3,524,000 interest expense less C$272,000 interest income) against total revenue of C$426.7 million — about 0.06%, well under the roughly 5% ceiling.
What does Calfrac do?
Calfrac Well Services provides specialized oilfield services — hydraulic fracturing, coiled tubing, cementing, and wireline services — to the oil and natural-gas industry in North America and Argentina (Note 1, Q2 2026 statements; head office Calgary). All activities relate to oil-and-gas services; the filings disclose no weapons, alcohol, gambling, conventional finance, tobacco, pork, or adult-entertainment lines.
What do Zoya, Musaffa, and ShariaPortfolio say about CFW?
Musaffa classifies Calfrac (CFWFF) as 'not halal' as of September 2026 under its AAOIFI methodology, but does not disclose which ratio or threshold fails. We could not verify any current Zoya or ShariaPortfolio rating for CFW. Because the ratio math clears on our inputs but a third-party screener disagrees, this screener is provisional (PASS*).