Is TMCR halal?
The Metals Royalty Company Inc.
Doubtful
No clear verdict is possible for The Metals Royalty Company Inc. — 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
NASDAQ
Price
2.04
Day
-10.53%
Market cap
$156.4M
Industry
Other Industrial Metals & Mining
Sector
Basic Materials
What the company does
The Metals Royalty Company (formerly Low Carbon Royalties) collects metal royalties/streams; its main asset is a 2% interest in NORI (The Metals Company's seabed polymetallic-nodule project). 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 $42.29M ÷ current market cap $156.40M = 27.0%
27.0%
Pass
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $11.79M ÷ current market cap $156.40M = 7.5%
7.5%
Pass
Non-compliant income / total revenue
limit 5%
—
No data
Figures from the company's filings (2026-06-30), 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.
For information (AAOIFI 3/1 note): cash + receivables are 6.9% of total assets (2026-06-30). 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 Other Industrial Metals & Mining — for comparison.
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- 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?
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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.