Is TMC the metals (TMC) stock Halal?

TMC the metals is a company engaged in the exploration and development of polymetallic nodules from the seafloor. These nodules are rich in critical metals such as nickel, cobalt, copper, and manganese, which are essential for manufacturing electric batteries and sustainable energy technologies. The company's primary function focuses on collecting and processing these nodules to support the growing demand for electric vehicles and renewable energy infrastructure. For Muslim investors, though, the most pressing question is simpler: is TMC the metals a Halal investment?

Is TMC the metals Shariah compliant?

No. In the October 2026 screening TMC the metals (TMC) does not pass AAOIFI screening: it fails the non-permissible income screen. Extracting and selling oil, gas or materials is a permissible business, so companies like TMC the metals rarely stumble on the activity screen. The pressure point is capital structure: energy is a capital hungry industry that borrows heavily, and AAOIFI Shariah Standard No. 21 caps interest bearing debt at 30% of market capitalisation, a line that moves as commodity cycles move the share price.

Does TMC the metals pass the business activity test?

The activity screen is only part of the picture this month: TMC the metals currently fails the non-permissible income 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 TMC the metals' income Halal?

No. TMC the metals' income from impermissible sources currently exceeds AAOIFI's 5% revenue ceiling, which makes the stock non-compliant on this screen regardless of the others. The screen is reassessed monthly, so the status can change when new financial statements arrive.

Does TMC the metals meet AAOIFI's debt and investment ratio requirements?

Yes. Both caps hold this month: interest bearing investments and interest bearing debt each stay below 30% of market capitalisation, measured against a market capitalisation of $2.17B (market data as of 1 October 2026). Because the caps move with the share price, our Shariah Supervisory Board has TMC re-screened every month, and the result above always shows the latest verdict.

Why do other halal screeners show a different verdict for TMC the metals?

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?