Is TLSA halal?

What the company does

Tiziana Life Sciences (UK) is a clinical-stage biotech developing intranasal foralumab, an antibody for multiple sclerosis and Alzheimer's. No commercial product; pre-revenue.

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 $456K ÷ 36-month average market cap $124.49M = 0.4%

  0.4%

  Pass

• Cash & investments / market cap

  limit 30%

  Cash + interest-bearing securities $4.01M ÷ 36-month average market cap $124.49M = 3.2%

  3.2%

  Pass

• Non-compliant income / total revenue

  limit 5%

  —

  No data

Figures from the company's filings (2025-12-31), 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. Today's market cap: $131.71M.

For information (AAOIFI 3/1 note): cash + receivables are 71.9% of total assets (2025-12-31). 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