Is MRNA (Moderna, Inc.) Halal or Haram?

Based on our AAOIFI-standard shariah screening, MRNA is classified as Doubtful. It passed 3 of 4 compliance screens. Some scholars may permit investing with income purification, while others advise avoiding it. We recommend consulting a qualified Islamic scholar before investing in MRNA.

Moderna is a leading biotechnology company globally recognized for pioneering messenger RNA (mRNA) therapeutics and vaccines. Its product pipeline targets infectious diseases, immuno-oncology, and rare diseases, most notably including its widely distributed COVID-19 and respiratory syncytial virus (RSV) vaccines. For Muslim investors, Moderna currently holds a Doubtful status under AAOIFI standards despite its halal core business. While the company easily passes the debt and cash screening criteria, it fails the interest income screen, meaning investors must carefully weigh this non-compliant revenue stream before adding it to their portfolios. From an Islamic finance perspective, Moderna boasts a highly conservative balance sheet with a debt-to-market cap ratio of just 10.2%. However, the company generates significant interest from its massive cash reserves, pushing its interest income to revenue ratio to 16.15%, which far exceeds the strict 5% limit allowed for halal investments. Since the primary issue is interest generated from cash rather than an impermissible core business, some investors may choose to calculate and purify these earnings. Moving forward, halal investors should monitor Moderna's revenue growth and cash management strategies to see if this interest ratio drops back below the compliance threshold. Moderna, Inc. operates in the Healthcare sector under the Biotechnology industry and is headquartered in Cambridge, MA, US. The company is led by CEO Stéphane Bancel and employs approximately 5,800 people.

MRNA was screened using AAOIFI-based shariah compliance criteria. Four tests are applied: (1) Business Activity — the company's core business must not derive primary income from haram (prohibited) activities such as alcohol, gambling, tobacco, or interest-based finance. (2) Debt-to-Market-Cap — total debt must not exceed 33% of market capitalization. (3) Interest Income — interest income must not exceed 5% of total revenue. (4) Cash & Securities — cash and interest-bearing securities must not exceed 33% of market cap. MRNA passed 3 of these 4 screens.

MRNA was last screened on 2026-04-29. Shariah compliance status can change as companies report new financial data, acquire new businesses, or shift revenue streams. We recommend checking back periodically for the most up-to-date screening results.