Is Ur-Energy (URG) stock Halal?

Ur-Energy is an exchange-traded fund (ETF) designed to provide investors with an amplified exposure to the real estate sector. Its primary function is to deliver twice the daily performance of the Dow Jones U.S. Real Estate Index, which tracks shares of companies and real estate investment trusts (REITs) that invest in a broad range of real estate markets. For Muslim investors, though, the most pressing question is simpler: is Ur-Energy a Halal investment?

Is Ur-Energy Shariah compliant?

No. In the October 2026 screening Ur-Energy (URG) does not pass AAOIFI screening: it fails the non-permissible income screen. AAOIFI Shariah Standard No. 21 asks two kinds of question about Ur-Energy: whether the business itself is permissible, and whether the finances stay inside the thresholds, non-permissible income below 5% of revenue, and interest bearing debt and investments each below 30% of market capitalisation.

Does Ur-Energy pass the business activity test?

The activity screen is only part of the picture this month: Ur-Energy currently fails the non-permissible income screen, so the overall verdict is not compliant regardless of the business itself. Where incidental impermissible income exists, AAOIFI tolerates it only below the 5% revenue ceiling.

Is Ur-Energy's income Halal?

No. Ur-Energy's 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 Ur-Energy 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 $541M (market data as of 1 October 2026). Because the caps move with the share price, our Shariah Supervisory Board has URG re-screened every month, and the result above always shows the latest verdict.

Why do other halal screeners show a different verdict for Ur-Energy?

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?