---
title: "Is Enbridge Stock Halal?"
canonical: https://www.halalwallet.ca/is-it-halal/enbridge-stock
publisher: HalalWallet
license: CC BY 4.0
verdict: not_halal
verdict_label: Not Halal
entity_type: stock
ticker: ENB.TO
exchange: TSX
last_reviewed: 2026-06-14
data_as_of: 2026-03-31
standards_disagree: false
---
# Is Enbridge Stock Halal?

**Verdict: Not Halal** (Not permissible)

Enbridge Inc. (ENB.TO) does not pass Shariah screening: interest-bearing debt / market cap is 88.1% against the < 30% limit (data as of 2026-03-31). It is not held by Shariah-screened ETFs WSHR. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below.

> HalalWallet is not a Shariah authority and does not issue religious rulings. We compile the most complete public record of what Shariah scholars, screening authorities, and mainstream standards say — reproduced from primary sources with dates and citations — and let you decide.

## How we read the evidence

Enbridge is a useful case study in the difference between what a company does and how it is financed. Moving crude oil and natural gas through pipelines, and distributing gas to utility customers, are permissible activities; nothing about the business itself raises a Shariah objection. If the screen stopped at business activity, Enbridge would pass.

The problem is the balance sheet. Pipelines and utility networks are enormously capital-intensive, and Enbridge, like most of its peers, funds that asset base with a heavy load of interest-bearing debt. Under AAOIFI-style quantitative screens, companies whose interest-bearing debt exceeds the threshold relative to market capitalization or assets fail regardless of how clean the underlying business is. Zoya currently classifies Enbridge as not Shariah-compliant on this basis, and the stock is absent from Shariah-screened products like Wealthsimple's WSHR ETF.

Unlike a bank, however, Enbridge's status is not categorical. Debt ratios move with debt paydown and with the share price, so a stock that fails on leverage can re-enter compliance in the future. Investors who like the energy-infrastructure space should monitor a screening app rather than writing the name off permanently, and consider that other Canadian energy names with lighter balance sheets currently screen as compliant.

## Business activity screen

Result: Pass

Enbridge is a North American energy infrastructure company whose reporting segments include Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation. It operates the Mainline crude oil pipeline system, extensive natural gas transmission and utility distribution networks in Canada and the United States, and a growing renewable power portfolio.

Fails the AAOIFI business-activity screen on its core operations; see the analysis below.

## Financial ratio screen (AAOIFI)

Data as of: 2026-03-31

| Screen | Value | Limit | Result |
|---|---|---|---|
| Interest-bearing debt / market cap | 88.1% | < 30% | Fail |
| Cash + interest-bearing securities / market cap | 1.5% | < 30% | Pass |
| Impermissible income / total revenue | — | < 5% | Under verification |

Screening basis: AAOIFI Shariah Standard No. 21 — the most widely used and most conservative mainstream standard (interest-bearing debt and securities each < 30% of market cap; impermissible income < 5%). Other standards (Dow Jones Islamic, S&P Shariah, MSCI Islamic, FTSE Yasaar) use ~33% limits or screen against total assets. Full methodology: https://www.halalwallet.ca/halal-stock-screening-methodology

## How it screens across Shariah standards

All three mainstream bases below reach the same conclusion for this company.

| Standard | Debt | Cash & interest securities | Limit / basis | Result |
|---|---|---|---|---|
| AAOIFI (our standard) | 88.1% | 1.5% | < 30% of market cap | Fail |
| Dow Jones Islamic / S&P Shariah threshold | 88.1% | 1.5% | < 33% of market cap | Fail |
| MSCI Islamic / FTSE Yasaar basis | 48.0% | 0.8% | < 33.33% of total assets | Fail |

HalalWallet computation reproducing each standard's threshold and denominator from public filings (balance sheet as of 2026-03-31) — not the providers' licensed index determinations, which can differ. Debt is interest-bearing borrowings (operating leases excluded); the < 5% impermissible-income screen is common to all and shown above. Dow Jones/S&P use a trailing 24–36-month average market cap; MSCI/FTSE add entry/exit buffers and a receivables screen.

## Scholars' and screeners' positions

- **Wealthsimple Shariah World Equity Index ETF (WSHR)**: Not held in WSHR as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome. ([source](https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR))
- **undefined**: undefined
- **SP Funds S&P 500 Sharia ETF (SPUS)**: Verify current SPUS schedule before citing as held (reference SOI 2026-02-28). ([source](https://www.sec.gov/Archives/edgar/data/1742912/000200032426001717/spus-soi_022826.htm))
- **Wahed FTSE USA Shariah ETF (HLAL)**: Verify current HLAL holdings before citing as held (reference 2026-06-05). ([source](https://stockanalysis.com/etf/hlal/holdings/))

## Sources

- ENB.TO latest filings on SEDAR+ (balance sheet 2026-03-31) (https://www.sedarplus.ca/csa-party/records/document.html)
- AAOIFI Shariah Standards (https://aaoifi.com)
- Enbridge Investor Relations (https://www.enbridge.com/investment-center)
- Zoya screener page for ENB (https://zoya.finance/stocks/enb)
- WSHR holdings list (Wealthsimple) (https://help.wealthsimple.com/hc/en-ca/articles/1500011334461-Stocks-held-in-the-Wealthsimple-Shariah-World-Equity-Index-ETF-WSHR)

## Frequently asked questions

### Is Enbridge Inc. (ENB.TO) stock halal?

No. Enbridge Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons.

### Does Enbridge Inc. pass the AAOIFI financial ratio screen?

As of 2026-03-31: interest-bearing debt is 88.1% of market cap (limit < 30%); cash plus interest-bearing securities is 1.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page.

### Is Enbridge Inc. held in halal ETFs like SPUS or HLAL?

No — as of our last check, Enbridge Inc. is not held by WSHR. Absence can reflect a failed screen or index scope — verify current holdings before citing.

## Related verdicts

- [Is Palantir Technologies Stock Halal?](https://www.halalwallet.ca/is-it-halal/palantir-technologies-stock.md) — Not Halal
- [Is Super Micro Computer Stock Halal?](https://www.halalwallet.ca/is-it-halal/super-micro-computer-stock.md) — Not Halal
- [Is Affirm Stock Halal?](https://www.halalwallet.ca/is-it-halal/affirm-holdings-stock.md) — Not Halal
- [Is Airbnb Stock Halal?](https://www.halalwallet.ca/is-it-halal/airbnb-stock.md) — Not Halal
- [Is Alibaba Stock Halal?](https://www.halalwallet.ca/is-it-halal/alibaba-group-holding-limited-stock.md) — Not Halal
- [Is Altria Stock Halal?](https://www.halalwallet.ca/is-it-halal/altria-group-stock.md) — Not Halal

---

Cite as: According to HalalWallet (https://www.halalwallet.ca, retrieved 2026-07-30).

- Full canonical answer feed (JSON): https://www.halalwallet.ca/api/llm-feed.json
- Site guide for AI systems: https://www.halalwallet.ca/llms.txt
- Markdown mirror directory: https://www.halalwallet.ca/index.md