Is Ramaco Resources (METC) stock Halal?

Ramaco Resources is an industrial company that primarily engages in the production and sale of metallurgical coal in the United States. This coal is critical for steel manufacturing, specifically in the production of coke, which is essential for steelmaking processes. The company focuses on developing and operating high-quality, low-cost metallurgical coal reserves and operates mines in the Central Appalachian region, known for its rich coal deposits. Before any of that matters to a Muslim investor, one question comes first: is Ramaco Resources stock Halal?

Is Ramaco Resources Shariah compliant?

No. In the October 2026 screening Ramaco Resources (METC) does not pass AAOIFI screening: it fails the interest-bearing debt screen. For a resources company like Ramaco Resources, AAOIFI Shariah Standard No. 21 has little quarrel with the product; the scrutiny falls on the financing. Heavy machinery and long project cycles are usually funded with debt, and the standard tolerates interest bearing borrowing only below 30% of market capitalisation.

Does Ramaco Resources pass the business activity test?

The activity screen is only part of the picture this month: Ramaco Resources currently fails the interest-bearing debt screen, so the overall verdict is not compliant regardless of the business itself. The activity itself, extracting and selling resources, raises no Shariah objection; the scrutiny belongs to the financing.

Is Ramaco Resources' income Halal?

Yes, within AAOIFI's tolerance. Ramaco Resources' income from non-permissible sources stays below 5% of revenue in the October 2026 screening.

Does Ramaco Resources meet AAOIFI's debt and investment ratio requirements?

Not in full. Interest bearing debt currently exceeds the 30% cap, measured against a market capitalisation of $527M (market data as of 1 October 2026), while the other ratio stays within it. One breach is enough to fail the screening; the ratios are reassessed monthly under our Shariah Supervisory Board.

Why do other halal screeners show a different verdict for Ramaco Resources?

Screeners can disagree without either being wrong. AAOIFI Shariah Standard No. 21, which Tabadulat applies, measures interest bearing debt and investments against market capitalisation with a 30% ceiling. MSCI and FTSE measure them against total assets with a 33% ceiling, and S&P and Dow Jones Islamic use a multi year average of market capitalisation. Data dates differ too, because each provider reads filings and prices on its own schedule. The same company can therefore pass one standard and fail another in the same month. Tabadulat publishes one answer, the AAOIFI result as of October 2026, and re-screens it every month.

Tabadulat is an ADGM regulated brokerage whose license covers Shari'a Compliant Regulated Activities, as the FSRA permission names them. New to the terminology? Gharar and Maysir, Sukuk, Zakat and purification are all explained in plain English.

New to the screening method? Read AAOIFI Standards Explained: What Makes a Stock Halal?