Is Veeva Systems Stock Halal?
Table of Contents
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 / Revenue | – | 1.1% | 2.3% |
| Interest Expense / Total Expense | – | – | – |
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
Veeva Industries: Quality, Regulatory and Advertising Claims Management Software