Is CUVL halal?
Clinuvel Pharmaceuticals Limite
Not halal
Clinuvel Pharmaceuticals Limite did not pass AAOIFI screening. The failed check is shown below.
Checked: 10 October 2026
Exchange
NASDAQ
Price
5.59
Day
-0.18%
Market cap
$280.4M
Industry
Biotechnology
Sector
Healthcare
What the company does
Clinuvel Pharmaceuticals (Australia) makes Scenesse (afamelanotide), an implant that lets patients with the rare light-sensitivity disorder EPP tolerate sunlight. Revenue comes from selling the drug in the US and Europe; the company is profitable.
What was checked
The AAOIFI standard has four steps: business activity first, then three financial ratios. Fail one and the stock is not halal.
Business activity
No prohibited activity
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $1.36M ÷ current market cap $280.38M = 0.5%
0.5%
Pass
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $176.21M ÷ current market cap $280.38M = 62.9%
62.9%
Fail
Non-compliant income / total revenue
limit 5%
Interest income $7.30M ÷ annual revenue $65.73M (2026) = 11.1%
11.1%
Fail
Figures from the company's filings (2026-06-30), USD. Market cap is a 36-month average (the S&P Shariah index approach), so a one-day price move does not flip the verdict.
For information (AAOIFI 3/1 note): cash + receivables are 93.4% of total assets (2026-06-30). AAOIFI recommends tangible assets of at least one third — this figure does not affect the verdict, and other major screeners do not apply it either.
In the lists
- In the S&P 500
- Not in the S&P 500
- Held by funds
- Not held by any tracked fund
Halal stocks in the same industry
The largest halal stocks in Biotechnology — for comparison.
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Halal is the first question. The second: when to enter?
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This is neither investment advice nor a fatwa. Screening is based on public financial statements and AAOIFI standard No. 21; data may lag. For a personal decision consult your own scholar.