Canadian Halal Investor

TSX Shariah screener · September 2026

Is International Petroleum (IPCO) Halal?

PASS

International Petroleum Corporation · TSX / Nasdaq Stockholm: IPCO · Energy

The short answer

International Petroleum (IPCO) is a PASS on all three gates. The business gate passes: it is a pure oil and gas exploration and production company (Lundin Group) with producing assets in Canada, Malaysia and France, and no prohibited business lines. The debt gate passes: about US$517.1M of interest-bearing debt at June 30, 2026 is roughly 18.7% of the ~C$3.90B September 2026 market cap, against a ~33% ceiling. The income gate passes: interest income of US$221k was about 0.12% of US$185,738k of second-quarter 2026 revenue, against a ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating was found for IPCO as of September 2026. As with every screener here, this is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.

Gate 1 — Business activity: PASS

International Petroleum Corporation describes itself as being in the business of exploring for, developing and producing oil and gas, with a portfolio of production assets and development projects in Canada, Malaysia and France. Its common shares are listed on the Toronto Stock Exchange and the Nasdaq Stockholm exchange. The company's single operating business is oil and gas production; there are no disclosed alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons or cannabis lines. The business-activity gate passes under this screen's AAOIFI-style criteria. Facts only, no fatwa.

Gate 2 — Debt: PASS

The Q2 2026 consolidated balance sheet at June 30, 2026 reports non-current financial liabilities of US$70,247k (drawn bank loans) and bonds of US$443,132k - the US$450M 7.50% senior unsecured bond maturing October 2030, at carrying amount - plus lease liabilities of US$3,758k, for total interest-bearing debt of about US$517.1M. At US$1 = C$1.414 (close, September 25, 2026), that is roughly C$731.2M. Against a market capitalization of about C$3.90B (112,826,752 shares outstanding at C$34.61, the TSX close of September 25, 2026), the debt-to-market-cap ratio is roughly 18.7% - against a ~33% ceiling. The company is also running an ongoing normal-course issuer bid that is shrinking the share count.

Gate 3 — Non-compliant income: PASS

For the three months to June 30, 2026, Note 4 (Net Financial Items) of the interim financial statements discloses interest income of US$221k against revenue of US$185,738k - a ratio of about 0.12%, against a ~5% ceiling. For the six months to June 30, 2026, interest income was US$346k. The interest-income component is separately disclosed in the note; the face of the income statement nets all financial items at US$(22,385)k for the quarter, which includes US$10,051k of interest expense.

Key figures used

Frequently asked questions

Is International Petroleum (IPCO) halal?

Our September 2026 screen gives International Petroleum (TSX/Nasdaq Stockholm: IPCO) a PASS on all three gates. The business gate passes: it is a pure oil and gas exploration and production company with producing assets in Canada, Malaysia and France and no prohibited business lines. The debt gate passes: about US$517.1M of interest-bearing debt at June 30, 2026 is roughly 18.7% of the September 2026 market cap, against a ~33% ceiling. The income gate passes: interest income of US$221k was about 0.12% of US$185,738k of second-quarter 2026 revenue, against a ~5% ceiling. This is a rules-based screening of published figures, not a religious ruling.

What business is International Petroleum in?

International Petroleum Corporation is in the business of exploring for, developing and producing oil and gas, with producing assets in Canada, Malaysia and France. Its shares are listed on the Toronto Stock Exchange and the Nasdaq Stockholm exchange. There are no disclosed alcohol, tobacco, gambling, conventional finance, weapons, cannabis or other prohibited lines, so the business gate passes under this screen's AAOIFI-style criteria.

How leveraged is IPCO on the debt gate?

The Q2 2026 balance sheet reports about US$517.1M of interest-bearing debt - non-current financial liabilities of US$70,247k, bonds of US$443,132k and lease liabilities of US$3,758k - against a market cap of about C$3.90B (112,826,752 shares at C$34.61, the TSX close of September 25, 2026), for a debt-to-market-cap ratio of roughly 18.7% versus a ~33% ceiling. Debt converts at the September 25, 2026 close of about US$1 = C$1.414.

How much interest income does IPCO earn?

For the three months to June 30, 2026, Note 4 (Net Financial Items) of the interim financial statements discloses interest income of US$221k against US$185,738k of revenue - about 0.12%, against a ~5% ceiling. For the six months it was US$346k. The income statement face nets financial items at US$(22,385)k, which includes US$10,051k of interest expense, so the interest-income component is separately disclosed in the note.

What do Zoya, Musaffa or ShariaPortfolio say about IPCO?

No public Zoya, Musaffa or ShariaPortfolio rating for IPCO was found as of September 2026, so this screen relies entirely on the company's published figures. Other oil and gas producers on this site - Canadian Natural Resources (CNQ), Suncor (SU), Cenovus (CVE) and ARC Resources (ARX) - all screen PASS for their own reasons.

Sources

Screened September 30, 2026 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.