Is InPlay Oil (IPO) halal?

InPlay Oil Corp. (TSX: IPO) is an Alberta oil-and-gas producer whose ~C$258 million of interest-bearing debt runs about 56% of its roughly C$461 million market cap — a decisive debt-gate failure.

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

InPlay Oil Corp. is 'actively engaged in the acquisition, exploration and development of petroleum and natural gas properties, and the production and sale of crude oil, natural gas and natural gas liquids' (Note 1, Q2 2026 interim statements). Its operations are conducted entirely within Canada (corporate office Calgary, Alberta); in August 2026 it announced a C$54.25 million acquisition of a private Pembina-area producer. It lists on the TSX and the Tel Aviv Stock Exchange under the same ticker. The filings disclose no weapons, alcohol, gambling, conventional finance, tobacco, pork, or adult-entertainment lines.

Gate two: the ratios — debt gate fails decisively (~56% vs ~33% ceiling)

As at June 30, 2026 (unaudited Q2 2026 interim statements, C$ thousands): long-term debt of C$254.817 million — senior unsecured bonds issued February 11, 2026 (NIS 550 million principal, ~C$244 million, 6.23% coupon, due December 15, 2030); the revolving credit facility and term facility were fully repaid and cancelled. No current/short-term debt. Lease liabilities total C$3.031 million. Cash was C$1.613 million (plus C$8.752 million of restricted cash held by the bond trustee). With 27,659,356 shares at the September 29, 2026 quote of C$16.66, market cap is about C$461 million, so debt-to-market-cap is about 56% — decisively over the ~33% ceiling. Interest income is not separately disclosed in the statements (only finance expenses of C$9.386 million and a foreign-exchange loss on the NIS bonds), but the debt gate already fails decisively so the income line does not change the screener.

What other screeners say

We could not verify any current rating for IPO from Zoya, Musaffa, or ShariaPortfolio in public sources. Our screener is independent and based on the company’s Q2 2026 interim financial statements and results press release.

The bottom line

This screener gives InPlay Oil Corp. (TSX: IPO) a FAIL. The oil-and-gas business has no verified haram lines, but debt of about C$258 million runs about 56% of its roughly C$461 million market cap — decisively over the ~33% ceiling. Snapshot dated September 29, 2026; re-checked quarterly after earnings.

Sources

Frequently asked questions

Is InPlay Oil stock halal?

This screener gives InPlay Oil Corp. (TSX: IPO) a FAIL. The Alberta oil-and-gas producer has no haram business lines in its Q2 2026 filings, but its debt of about C$258 million — led by senior unsecured bonds — is about 56% of its roughly C$461 million market cap, decisively over the ~33% ceiling used by AAOIFI-style screens.

What are InPlay Oil's debt and market-cap figures?

As at June 30, 2026 (Q2 2026 interim statements): long-term debt of C$254.8 million (senior unsecured bonds issued February 2026, NIS-denominated, due December 15, 2030; the revolver and term facility were fully repaid/cancelled), no current debt, plus C$3.0 million of lease liabilities — about C$258 million of interest-bearing obligations in total. Market cap is about C$461 million (C$16.66 (September 29, 2026 quote) × 27,659,356 shares). Debt-to-market-cap is about 56% — decisively over the ~33% ceiling.

How much interest income does InPlay Oil earn?

Interest income is not separately disclosed anywhere in InPlay's Q2 2026 interim financial statements — the income statement shows only finance expenses (C$9.4 million) and a foreign-exchange loss on the NIS bonds. Because the debt gate already fails decisively, the unverifiable income line does not change the screener.

What does InPlay Oil do?

InPlay Oil Corp. is 'actively engaged in the acquisition, exploration and development of petroleum and natural gas properties, and the production and sale of crude oil, natural gas and natural gas liquids' (Note 1, Q2 2026 statements). Its operations are conducted entirely within Canada (head office Calgary), with its core Cardium/Willingdon position in Alberta. It lists on the TSX and the Tel Aviv Stock Exchange. The filings disclose no weapons, alcohol, gambling, conventional finance, tobacco, pork, or adult-entertainment lines.

What do Zoya, Musaffa, and ShariaPortfolio say about IPO?

We could not verify any current rating for IPO from Zoya, Musaffa, or ShariaPortfolio in public sources. Our screener is independent and based on the company's Q2 2026 interim financial statements and results press release.