Is Centerra Gold (CG) halal?
Centerra Gold Inc. (TSX: CG) is a gold-and-copper miner 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
Centerra is 'primarily focused on operating, developing, exploring and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide' (Q2 2026 interim statements, Note 1). It operates the Mount Milligan copper-gold mine in British Columbia and the Öksüt gold mine in Türkiye, owns the Kemess underground project (BC) and the Goldfield project (Nevada), and owns a vertically integrated US Molybdenum Business Unit (Langeloth metallurgical facility in Pennsylvania; Thompson Creek mine in Idaho, on care and maintenance). In Q2 2026 it sold about 72,000 oz of gold at an average realized price of US$3,437/oz and 13.4M lbs of copper at US$5.30/lb. Mining is not on standard AAOIFI haram-activity lists; no alcohol, gambling, conventional-lending/insurance, or other haram lines are disclosed.
Gate two: the ratios — both ceilings clear on our inputs — but a third-party screener disagrees
At June 30, 2026 (unaudited Q2 2026 interim statements): interest-bearing debt of US$0 — the balance sheet carries no long-term debt, loans, or borrowings line (financial liabilities of US$79.9 million are derivative instruments and hedges; financing cash flows show no debt draws or repayments). Debt-to-market-cap is therefore 0% — under the ~33% ceiling. Cash and equivalents were US$450.9 million, and market cap is about C$6.25 billion (~196.1 million shares at C$31.89, September 25, 2026 close). Interest income — Note 11 'Other nonoperating (income) expense' separately discloses interest 'primarily includes interest on bank term deposits' — was US$4.055 million in Q2 2026 against revenue of US$442.712 million (0.92%), and US$8.249 million in H1 2026 against revenue of US$927.406 million (0.89%) — well under the ~5% ceiling. The US$5.155 million of Q2 2026 finance costs are largely reclamation-provision accretion and lease interest, not debt interest.
What other screeners say
Musaffa classifies Centerra Gold (CGAU) 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. ShariaPortfolio's provider, Muslim Xchange, says 'Yes, Centerra Gold Inc. (CGAU) stock is Shariah compliant,' compliance updated September 10, 2026 (screened by an AAOIFI-certified Shariah advisor and auditor; per-ticker verdicts are behind a paywall). No verifiable Zoya rating exists (zoya.finance/stocks/cgau returns 404). 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 Centerra Gold Inc. (TSX: CG) a provisional PASS (PASS*). The ratio math clears on our inputs — 0% debt-to-market-cap and about 0.9% interest income of revenue — but Musaffa currently classifies CGAU as not halal under its AAOIFI methodology without disclosing which metric fails, while ShariaPortfolio's provider says compliant; 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 condensed consolidated interim financial statements (Centerra Gold, authorized July 28, 2026)
- Musaffa stock page for CGAU (not halal, Sept 2026)
- Muslim Xchange ticker page for CGAU (compliant, Sep 10, 2026)
Frequently asked questions
Is Centerra Gold stock halal?
Provisionally, yes — Centerra Gold Inc. (TSX: CG) passes both AAOIFI-style ratio gates on our inputs: zero interest-bearing debt (0% of market cap) and about 0.9% interest income of revenue in Q2 2026. But Musaffa currently classifies CGAU 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 Centerra's debt and market-cap figures?
At June 30, 2026 (Q2 2026 interim statements): interest-bearing debt of US$0 — the balance sheet carries no long-term debt, loans, or borrowings line (financial liabilities of US$79.9 million are derivative instruments and hedges; a US$600 million revolving credit facility was amended/extended on July 15, 2026, after quarter-end, with no drawing disclosed). Debt-to-market-cap is therefore 0%. Cash and equivalents were US$450.9 million. Market cap is about C$6.25 billion (~196.1 million shares at C$31.89, September 25, 2026 close).
How much interest income does Centerra earn?
Note 11 'Other nonoperating (income) expense' separately discloses interest income — 'primarily includes interest on bank term deposits' — of US$4.055 million in Q2 2026 against revenue of US$442.712 million (0.92%), and US$8.249 million in H1 2026 against revenue of US$927.406 million (0.89%) — both well under the roughly 5% ceiling. The US$5.155 million of Q2 2026 finance costs are largely reclamation-provision accretion and lease interest, not debt interest.
What does Centerra Gold do?
Centerra is 'primarily focused on operating, developing, exploring and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide' (Q2 2026 interim statements, Note 1). It operates the Mount Milligan copper-gold mine in British Columbia and the Öksüt gold mine in Türkiye, owns the Kemess underground project (BC) and the Goldfield project (Nevada), and owns a vertically integrated US Molybdenum Business Unit (Langeloth metallurgical facility in Pennsylvania; Thompson Creek mine in Idaho, on care and maintenance). In Q2 2026 it sold ~72,000 oz of gold at an average realized price of US$3,437/oz and 13.4M lbs of copper at US$5.30/lb. Mining is not on standard AAOIFI haram-activity lists; no haram segments are disclosed.
What do Zoya, Musaffa, and ShariaPortfolio say about CG?
Musaffa classifies Centerra Gold (CGAU) as 'not halal' as of September 2026 under its AAOIFI methodology, but does not disclose which ratio or threshold fails. ShariaPortfolio's provider, Muslim Xchange, says 'Yes, Centerra Gold Inc. (CGAU) stock is Shariah compliant,' compliance updated September 10, 2026 (screened by an AAOIFI-certified Shariah advisor and auditor; per-ticker verdicts are behind a paywall). No verifiable Zoya rating exists (zoya.finance/stocks/cgau returns 404). Because the ratio math clears on our inputs but a third-party screener disagrees, this screener is provisional (PASS*).