NYSE Shariah screener · October 2026

Is Shell plc (SHEL) Halal?

PASS

Shell plc · NYSE: SHEL · Energy

The short answer

Yes - Shell plc (SHEL) passes this Shariah stock screen at all three gates. Shell, the London-based integrated energy company, earns its revenue from oil and gas exploration and production, LNG, refining, marketing, chemicals, and renewables (FY2025 revenue $266,886M) - none of which involve alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance. The financial ratios pass: total debt of $75,643M is about 28.5% of its ~$265.0B market cap (September 30, 2026), below the ~33% ceiling, and interest income of $1,960M is about 0.73% of revenue, below the 5% ceiling. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

Gate 1 — Business activity: PASS

Shell plc (NYSE: SHEL), headquartered in London, England, is an integrated energy company. Per its Form 20-F for the year ended December 31, 2025 (filed March 12, 2026; accession 0001628280-26-017024), it reports six segments: Integrated Gas (including LNG), Upstream, Marketing, Chemicals and Products, Renewables and Energy Solutions, and Corporate. It explores for, extracts, markets, and refines crude oil and natural gas, trades energy, produces petrochemicals, and operates renewables and low-carbon solutions (wind, solar, hydrogen, EV charging). Business-screen implication (factual): oil and gas E&P, LNG, refining, marketing, chemicals, and renewables - none involve alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance. Oil and gas exploration and production is a permissible business under AAOIFI-style screens. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

Per Shell's Form 20-F for the year ended December 31, 2025, total debt was $75,643M - current debt $9,128M plus non-current debt $66,515M (including lease liabilities of $28,933M), from the 20-F capitalization table. Against a market cap of about $265.0B (ad-hoc-news.de, September 30, 2026; sanity check: 5,890.8M ordinary shares x $95.61 ADR price / 2 shares per ADR = about $267B, October 2026), debt / market cap is about 28.5% - below the ~33% ceiling. Cash and cash equivalents of $30,216M is about 11.4% of market cap. Gate 2 passes - the tightest of the three gates. Facts only.

Gate 3 — Non-compliant income: PASS

Shell's FY2025 Form 20-F, Note 9 'Interest and other income', discloses interest income of $1,960M (2024: $2,372M; 2023: $2,313M). $1,960M / FY2025 total revenue of $266,886M (Note 8 / Consolidated Statement of Income) = about 0.73% of revenue - below the 5% non-compliant income ceiling. Third-party screener Zoya independently reports the same $1,960M figure at 0.73% of revenue. Gate 3 passes. Facts only.

Key figures used

Business: integrated energy - Integrated Gas (incl. LNG), Upstream, Marketing, Chemicals and Products, Renewables and Energy Solutions; HQ London, England
FY2025: total revenue $266,886M; interest income $1,960M; interest expense $4,671M; cash $30,216M
Debt: $75,643M total (current $9,128M + non-current $66,515M, incl. lease liabilities $28,933M, FY2025 20-F) - about 28.5% of ~$265.0B market cap (Sep 30, 2026), below the ~33% ceiling
Interest income: $1,960M - about 0.73% of $266,886M revenue, below the 5% ceiling (Zoya reports the same figure)
No haram segments: oil and gas E&P, LNG, refining, marketing, chemicals, renewables - no alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance
Third-party screeners: Zoya covers (data matches 20-F; headline rating text garbled, not quoted); MuslimXchange rates Shariah-compliant (Sep 2026); Boubyan Capital lists SHEL as Sharia-compliant; Musaffa - no page found; ShariaPortfolio - no coverage found
Material: Q2 2026 income attributable to shareholders $10.8B; Q3 2026 results and dividends due Oct 29, 2026; LNG Canada Phase 2 approved Oct 1, 2026; 2026 cash capex guidance $24-26B; $3.5B/quarter buybacks ongoing
Listing: NYSE-listed ADR (ticker SHEL, 2 ordinary shares per ADR); live quotes Oct 1-2, 2026 - no delisting

Frequently asked questions

What does Shell do?

Shell plc (NYSE: SHEL), based in London, England, is an integrated energy company. Per its Form 20-F for the year ended December 31, 2025, it reports six segments: Integrated Gas (including LNG), Upstream, Marketing, Chemicals and Products, Renewables and Energy Solutions, and Corporate. It explores for, extracts, markets, and refines crude oil and natural gas, trades energy, produces petrochemicals, and operates renewables and low-carbon solutions (wind, solar, hydrogen, EV charging). Its shares trade on the NYSE as American Depositary Shares (ticker SHEL), each ADR representing two ordinary shares. In FY2025 it reported total revenue of $266,886M.

Why does Shell pass this Shariah stock screen?

Shell passes all three gates of this Shariah stock screen. Gate 1 (business activity): oil and gas exploration, LNG, refining, marketing, chemicals, and renewables involve no alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance - oil and gas E&P is a permissible business under AAOIFI-style screens. Gate 2 (debt): total debt of $75,643M is about 28.5% of its ~$265.0B market cap (September 30, 2026), below the ~33% ceiling - the tightest of the three gates. Gate 3 (non-compliant income): interest income of $1,960M is about 0.73% of FY2025 revenue ($266,886M), below the 5% ceiling. Result: PASS. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

What is Shell's interest-bearing debt ratio?

Per Shell's Form 20-F for the year ended December 31, 2025 (filed March 12, 2026; accession 0001628280-26-017024), total debt was $75,643M - current debt $9,128M plus non-current debt $66,515M (including lease liabilities of $28,933M), from the 20-F capitalization table. Against a market cap of about $265.0B (ad-hoc-news.de, September 30, 2026; sanity check: 5,890.8M ordinary shares x $95.61 ADR price / 2 shares per ADR = about $267B, October 2026), debt / market cap is about 28.5% - below the ~33% ceiling. Cash and cash equivalents of $30,216M is about 11.4% of market cap. Gate 2 passes. Facts only.

How much interest income does Shell earn?

Shell's FY2025 Form 20-F, Note 9 'Interest and other income', discloses interest income of $1,960M (2024: $2,372M; 2023: $2,313M). $1,960M / FY2025 total revenue of $266,886M (Note 8 / Consolidated Statement of Income) = about 0.73% of revenue - below the 5% non-compliant income ceiling. Third-party screener Zoya independently reports the same $1,960M figure at 0.73% of revenue. Gate 3 passes. Facts only.

Do Zoya, Musaffa, or ShariaPortfolio cover Shell?

Zoya covers Shell at zoya.finance/stocks/shel and publishes FY2025 revenue of $266,886M and interest income of $1,960M (0.73%) - exactly matching the 20-F; its public page's headline rating text is garbled in the crawl, so only the coverage and underlying data are reported here, not a Zoya PASS/FAIL quote. MuslimXchange (muslimxchange.com/ticker/shel/) rates Shell PLC Shariah-compliant, compliance updated September 10, 2026, screened by an AAOIFI-certified Shariah Advisor and Auditor across 8 standards. Boubyan Capital lists Shell PLC among Sharia-compliant companies (Q4 2025 list). Musaffa: no SHEL page was found in public search - honestly reported as coverage unverified, not invented. ShariaPortfolio: no SHEL coverage was found - honestly reported as no coverage found, not invented.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).