TSX Shariah screener · October 2026

Is Rubellite Energy Corp. (RBY) Halal?

PASS

Rubellite Energy Corp. · TSX: RBY · Energy

The short answer

Rubellite Energy Corp. (TSX: RBY) is a PASS in our October 2026 screen. The business gate passes: Rubellite is a Calgary-based heavy oil and natural gas exploration and production company (Q2 2026 production ~8,534 bbl/d) - a permissible segment. The debt gate passes: interest-bearing debt of C$115.7M at June 30, 2026 is ≈29.3% of the ~C$394.4M market cap, under the ~33% ceiling. The income gate passes: FY2025 other income was just C$827K (~0.4% of revenue), of which C$396K was processing income - even the entire non-processing remainder (~0.2%) is far below the 5% ceiling.

Gate 1 — Business activity: PASS

Rubellite Energy Corp., headquartered in Calgary, Alberta, is an oil and natural gas exploration and production company focused on heavy oil in Alberta’s Clearwater formation. Q2 2026 heavy oil sales production averaged 8,534 bbl/d across its Figure Lake, Frog Lake and Marten Hills assets (the Marten Hills working interest was doubled to 60% via an asset swap on June 30, 2026). Conventional oil and gas exploration and production is a permissible business segment. Gate 1 passes.

Gate 2 — Debt and cash: PASS

Interest-bearing debt at June 30, 2026 was C$115.7M — C$95.7M of bank borrowings under the C$160M first-lien credit facility plus C$20.0M of term loan principal. Against a market cap of ~C$394.4M (C$4.02, October 1, 2026) that is about 29.3% — under the ~33% ceiling. (The company’s reported ‘net debt’ of C$158.1M also includes working capital items; lease liabilities of ~C$4.7M are excluded per the screen’s methodology.) Gate 2 passes.

Gate 3 — Non-compliant income: PASS

Interest income is not separately disclosed, but the audited FY2025 statements report total ‘other income’ of C$827K against revenue of C$209.2M — about 0.4%. The Q4 2025 results show C$396K of that was processing income (fee income from processing third-party volumes, not interest). Even treating the entire non-processing remainder (C$431K, ~0.2% of revenue) as interest income, it is far below the 5% ceiling. Gate 3 passes.

Key figures used

Q2 2026 heavy oil sales production averaged 8,534 bbl/d (Clearwater: Figure Lake, Frog Lake, Marten Hills).
Q2 2026 interest-bearing debt C$115.7M (bank borrowings C$95.7M + term loan principal C$20.0M).
Company-reported net debt C$158.1M at June 30, 2026 (includes working capital items); credit facility limit raised to C$160M.
Market cap ~C$394.4M (C$4.02, October 1, 2026, TSX).
Debt-to-market-cap ≈29.3% vs ~33% ceiling — PASS.
FY2025 revenue (net of royalties) C$209.2M; net income C$32.6M.
FY2025 other income C$827K (~0.4% of revenue); processing income C$396K — income gate PASS.

Frequently asked questions

Is Rubellite Energy (RBY) halal?

Our October 2026 screen gives Rubellite Energy Corp. (RBY) a PASS. The business gate passes: Rubellite is a Calgary-based heavy oil and natural gas exploration and production company - a permissible business segment. The debt gate passes: interest-bearing debt of C$115.7M (C$95.7M bank borrowings + C$20.0M term loan principal, June 30, 2026) is about 29.3% of the ~C$394.4M market cap, under the ~33% ceiling. The income gate passes: FY2025 'other income' was C$827K - about 0.4% of C$209.2M revenue - of which C$396K was processing income, so the entire non-processing remainder (C$431K, ~0.2%) sits far below the 5% ceiling. No Musaffa/Zoya/ShariaPortfolio rating was found.

What business is Rubellite Energy in?

Rubellite Energy Corp., headquartered in Calgary, Alberta, is an oil and natural gas exploration and production company focused on heavy oil in Alberta's Clearwater formation. Q2 2026 heavy oil sales production averaged 8,534 bbl/d across its Figure Lake, Frog Lake and Marten Hills assets (the Marten Hills working interest was doubled to 60% via an asset swap on June 30, 2026). Conventional oil and gas exploration and production is a permissible business segment.

Does Rubellite Energy pass the debt gate?

Interest-bearing debt at June 30, 2026 was C$115.7M - C$95.7M of bank borrowings under the C$160M first-lien credit facility plus C$20.0M of term loan principal. Against a market cap of ~C$394.4M (C$4.02, October 1, 2026) that is about 29.3% - under the ~33% ceiling. (The company's reported 'net debt' of C$158.1M also includes working capital items; lease liabilities of ~C$4.7M are excluded per the screen's methodology.) The debt gate passes.

Is Rubellite Energy's income compliant?

Interest income is not separately disclosed, but the audited FY2025 statements report total 'other income' of C$827K against revenue of C$209.2M (oil and gas sales net of royalties) - about 0.4%. The Q4 2025 results show C$396K of that other income was processing income (fee income from processing third-party volumes, not interest). Even treating the entire non-processing remainder (C$431K, ~0.2% of revenue) as interest income, it is far below the 5% ceiling. The income gate passes.

What do Musaffa, Zoya or ShariaPortfolio say about Rubellite Energy?

No Zoya, Musaffa, or ShariaPortfolio rating was found for Rubellite Energy in public search - none of the three named providers surfaced coverage, so no rating is claimed here. This page's PASS result is based on the company's own filings and market data.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.