How much of Veeva’s revenue comes from haram?

Veeva Systems provides cloud-based software solutions for the global life sciences industry, expediting drug development and commercialization processes.

Veeva generates its revenue from subscription and professional services it offers from two products: 

  • Veeva Commercial Cloud:

A suite of software and data analytics solutions for life science companies to efficiently commercialize their products.

  • Veeva Vault

A unified suite of cloud-based, enterprise content and data management applications.

Revenues from professional services primarily consist of training, consulting, implementation, configuration, and data services. 

The contributions from each of Veeva’s revenue segments in their 2021 annual report were as follows:

Practical Islamic Finance concludes:

None of Veeva’s revenue comes from anything inherently haram.

Does Veeva rely on interest to operate?

Year-to-Date
for period ended
4/30/2021
Fiscal year
ended
1/31/2021
Fiscal year
ended
1/31/2020
Interest Income $15,859$25,185
Total Revenue$433,573$1,465,069$1,104,081
Interest Expense
Total Expenses$305,127$1,087,275$817,862
Interest Income / Revenue1.1%2.3%
Interest Expense / Total Expense
*Numbers in thousands, U.S. dollars

Practical Islamic Finance concludes:

Riba is used but not relied upon in Veeva’s operations.

What is Veeva’s Environmental, Social, and Governance (ESG) impact?

Environment

No notable environmental highlights.

Social

Veeva offers its employees an additional 1% of their annual base salary to donate to charitable causes through its 1% Veeva Giving Program.

In addition, Veeva donated more than 100 laptops to local high schools, hosted youth coding events, and participated in young entrepreneur programs in 2020.

Veeva has a high Glassdoor rating of 4.2 out of 5.0 from over 400 current and previous employees compared to a 3.3 average for all other Glassdoor rated companies.

Governance

No notable governance highlights.

Practical Islamic Finance concludes:

Veeva has a net positive ESG impact.

Comfort Rating

From Veeva Systems’ business, financial, and ESG reviews, Practical Islamic Finance rates Veeva Systems stock as:

Comfortable to invest in from a Halal perspective.

Sources

Corporate Citizenship | Veeva

Veeva Industries: Quality, Regulatory and Advertising Claims Management Software 

Veeva Systems Reviews 

Veeva 2021 Annual Report 

Veeva 2021 Q1 10Q