Is Moderna Stock Halal?

Is Moderna Stock Halal?

How much of Moderna’s revenue comes from haram?

Moderna develops mRNA-based vaccines and therapeutics for infectious diseases, cancer, rare genetic diseases, cardiovascular diseases, and auto-immune diseases. 

Moderna earns its revenue from the following revenue sources:

  • Grant Revenue:

Includes funding from governments and private organizations.     

  • Collaboration Revenue:

Includes revenue generated from partnerships with other biotech companies including AstraZeneca, Merck, and Vertex Pharmaceuticals.

  • Product Sales:      

Includes revenue generated from COVID-19 vaccine supply agreements with the U.S. Government and international government agencies.

The contributions from each of Moderna’s revenue segments in their Q2 2021 report were as follows:

Practical Islamic Finance concludes:

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

Does Moderna rely on interest to operate?

for period ended
Fiscal year
Fiscal year
Interest Income $4,000$24,715$38,530
Total Revenue$1,937,000$803,395$60,209
Interest Expense $3,000$9,886$6,612
Total Expenses$671,000$1,566,539$605,929
Interest Income / Revenue0.21%3.08%63.99%
Interest Expense / Total Expense0.45%0.63%1.09%
*Numbers in thousands, U.S. dollars

Practical Islamic Finance concludes: 

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

What is Moderna’s Environmental, Social and Governance (ESG) Impact?


Moderna’s manufacturing site in Massachusetts is equipped with CO2 sensors to measure air quality. 

In addition, Moderna offers fully subsidized transportation, bike-sharing, and complimentary electric vehicle charging stations across its campuses. 


Moderna works with several organizations and communities to raise awareness about rare diseases and dangerous viruses.

In addition, Moderna has a high Glassdoor rating of 4.3 out of 5 from over 160 current and previous employees compared to a 3.3 average for all other Glassdoor rated companies. 


No notable governance highlights.

Practical Islamic Finance concludes: 

Moderna has a net positive ESG impact. 

Comfort Rating 

From Moderna’s business, financial, and ESG reviews, Practical Islamic Finance rates Moderna stock as: 

Comfortable to invest in from a halal perspective.


Moderna Q2 2021 Report 

Moderna 2020 Annual Report

Moderna Community Outreach

Moderna’s Environmental Commitments

Moderna Reviews 

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