Is IGC halal?
IGC Pharma, Inc.
Doubtful
No clear verdict is possible for IGC Pharma, Inc. — data is insufficient or the case is contested in fiqh. As a precaution it is NOT included in the halal list.
Checked: 14 October 2026
Exchange
AMEX
Price
0.2460
Day
-3.19%
Market cap
$26.8M
Industry
Biotechnology
Sector
Healthcare
Manually identified reason
Automatic screening reads the industry label, not what's inside. This company's filings were checked by hand and a hidden prohibited activity was found:
Doubtful: THC-based drug (IGC Pharma — a cannabinoid for Alzheimer's)
What the company does
IGC Pharma develops IGC-AD1, a cannabinoid-based (low-dose THC) drug for agitation in Alzheimer's, in clinical trials, plus small branded-product sales. Revenue is tiny (the cannabis basis is considered by the screener).
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
Doubtful: THC-based drug (IGC Pharma — a cannabinoid for Alzheimer's)
Interest-bearing debt / market cap
limit 30%
3.4%
Pass
Cash & investments / market cap
limit 30%
0.9%
Pass
Non-compliant income / total revenue
limit 5%
—
No data
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 investingBlogAAOIFI Shariah Standard No. 21 in plain languageThe most widely used standard for halal stock screening: the two-step test, the three ratios and how it differs from other methods.
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.