Is TBN halal?
Tamboran Resources Corporation
Doubtful
No clear verdict is possible for Tamboran Resources Corporation — data is insufficient or the case is contested in fiqh. As a precaution it is NOT included in the halal list.
Checked: 15 October 2026
Exchange
NYSE
Price
31.33
Day
-1.69%
Market cap
$1.14B
Industry
Oil & Gas E&P
Sector
Energy
What the company does
Tamboran Resources (Australia, NYSE-listed 2024) is developing shale gas in the Beetaloo Basin, Northern Territory (25–100% interests), with first gas deliveries planned. No revenue yet.
What was checked
The AAOIFI standard has four steps: business activity first, then three financial ratios. Fail one and the stock is not halal.
Business activity
No prohibited activity
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $67.40M ÷ 36-month average market cap $498.40M = 13.5%
13.5%
Pass
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $88.15M ÷ 36-month average market cap $498.40M = 17.7%
17.7%
Pass
Non-compliant income / total revenue
limit 5%
—
No data
Figures from the company's filings (2026-03-31), USD. Market cap is a 36-month average (the S&P Shariah index approach), so a one-day price move does not flip the verdict. Today's market cap: $1.14B.
For information (AAOIFI 3/1 note): cash + receivables are 14.1% of total assets (2026-03-31). AAOIFI recommends tangible assets of at least one third — this figure does not affect the verdict, and other major screeners do not apply it either.
In the lists
- In the S&P 500
- Not in the S&P 500
- Held by funds
- Not held by any tracked fund
Halal stocks in the same industry
The largest halal stocks in Oil & Gas E&P — for comparison.
Related articles
- Halal investingBlogThe "doubtful" category: film, music and scholarly disagreementWhy Netflix, Disney and Spotify are not on our halal list — yet not labelled "haram" either. How we handle a disputed question.
- Halal investingBlogWhy does a stock's halal status change?A stock that was halal yesterday can leave the list today. The four main reasons — and why none of them is a bug.
- Halal investingBlogAAOIFI Shariah Standard No. 21 in plain languageThe most widely used standard for halal stock screening: the two-step test, the three ratios and how it differs from other methods.
Halal is the first question. The second: when to enter?
Our scanner watches 1454 halal stocks around the clock and fires a signal with entry, TP and SL when a technical setup completes. The full signal history — with outcomes — is public.
This is neither investment advice nor a fatwa. Screening is based on public financial statements and AAOIFI standard No. 21; data may lag. For a personal decision consult your own scholar.