Is Topaz Energy / TPZ Halal?
Topaz Energy Corp. (TSX: TPZ) is a royalty and infrastructure energy company — gross overriding royalty interests on ~9 million gross acres plus non-operated interests in 9 natural gas processing and gathering facilities, largely on long-term fixed-fee take-or-pay contracts. The business has no verified haram lines — and total debt of ~C$545.4 million is ~12.2% of the ~C$4.47 billion market cap, with interest income of just ~0.07% of revenue. 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 — passes
Topaz operates two reportable segments: Royalty Assets (gross overriding royalties on ~9 million gross acres, over 60% undeveloped) and Infrastructure Assets (non-operated interests in 9 natural gas processing and gathering facilities with ~268 MMcf/d net capacity, crude oil/condensate handling, 2 water management facilities, and a contracted interest in third-party revenue from Tourmaline-operated facilities). Revenue comes from royalty production and fee-for-service processing, mostly under long-term fixed-fee take-or-pay contracts. No verified involvement in weapons/defence, gambling, alcohol, tobacco, pork or adult entertainment was found. Gate one: passes.
Gate two: the ratios — pass comfortably
The debt gate passes. As at June 30, 2026 (in Canadian dollars): the syndicated credit facility (C$700 million) had ~C$547.5 million drawn, for total debt of ~C$545.4 million after deferred financing costs; no other term debt or lease liabilities are disclosed separately. Market cap is about C$4.47 billion (C$28.87 TSX close on September 28, 2026 × about 154.851 million shares) — putting total debt at ~12.2% of market cap, comfortably below the ~33% ceiling. The income gate passes. The Q2 2026 release explicitly discloses interest income of C$0.08 million against total revenue and other income of C$111.214 million — ~0.07% of revenue, far below the ~5% ceiling. (Interest expense of C$5.8 million is a separate line and is not counted as income.) Gate two: passes.
What other screeners say
No publicly verifiable rating for TPZ was found on Zoya, Musaffa, or ShariaPortfolio — their assessments, if any, sit behind apps or APIs and could not be confirmed. No rating is reported here.
The bottom line
This screener gives Topaz Energy Corp. (TSX: TPZ) a PASS. The royalty-and-infrastructure business has no verified haram lines, total debt is ~12.2% of market cap, and interest income is ~0.07% of revenue — both far below the ceilings. Snapshot dated September 29, 2026; re-checked quarterly after earnings.
The purification angle: even on a PASS, interest income of ~0.07% of revenue means a small non-compliant share — run the purification calculator to estimate it on any dividends or gains.
Frequently asked questions
Is Topaz Energy stock halal?
This screener gives Topaz Energy Corp. (TSX: TPZ) a PASS. The royalty and infrastructure energy company (gross overriding royalties on ~9 million gross acres plus non-operated interests in natural gas processing and gathering facilities) has no verified haram business lines, and the ratios clear comfortably: total debt of ~C$545.4 million is about 12.2% of the ~C$4.47 billion market cap, and interest income of C$0.08 million is about 0.07% of quarterly revenue.
What are Topaz Energy's debt and market-cap figures?
As at June 30, 2026 (Q2 2026, in Canadian dollars): the syndicated credit facility (C$700 million) had ~C$547.5 million drawn, for total debt of ~C$545.4 million after deferred financing costs; no other term debt or lease liabilities are disclosed separately. Market cap is about C$4.47 billion (C$28.87 TSX close on September 28, 2026 × about 154.851 million shares). The debt-to-market-cap ratio is about 12.2% — comfortably below the ~33% ceiling.
Does Topaz Energy earn interest income?
Yes, a tiny amount — and it is explicitly disclosed. The Q2 2026 release reports interest income of C$0.08 million against total revenue and other income of C$111.214 million — about 0.07% of revenue, far below the ~5% ceiling. (Interest expense of C$5.8 million is a separate line and is not counted as income.)
Do any third-party screeners cover Topaz Energy?
No publicly verifiable rating for TPZ was found on Zoya, Musaffa, or ShariaPortfolio — their assessments, if any, sit behind apps or APIs and could not be confirmed. No rating is reported here.
What could change Topaz Energy's halal screener?
Topaz grows partly by acquisition, so a large debt-funded deal could push debt-to-market-cap toward the ~33% ceiling — it sits at ~12.2% today. Interest income rising above roughly 5% of revenue would also change the screen. This screener is a snapshot dated September 29, 2026 and is re-checked quarterly after earnings.