Is Immunic (IMUX) stock Halal?

Immunic is a biotechnology company focused on developing pioneering therapies in the field of immunology. The company's primary aim is to create and advance oral therapies to treat severe and chronic autoimmune and inflammatory diseases. Immunic's pipeline includes multiple drug candidates specifically designed to inhibit certain proteins involved in inflammatory pathways, which are aimed at conditions such as multiple sclerosis, ulcerative colitis, and Crohn's disease. Before any of that matters to a Muslim investor, one question comes first: is Immunic stock Halal?

Is Immunic Shariah compliant?

No. In the October 2026 screening Immunic (IMUX) does not pass AAOIFI screening: it fails the non-permissible income and interest-bearing investments screens. The Shariah case on a technology company like Immunic is rarely about the product. What AAOIFI Shariah Standard No. 21 examines is the money around the product: cash parked in instruments that earn Riba, borrowing measured against a market capitalisation that moves daily, and any incidental income from sources Islam prohibits, which must stay below 5% of revenue.

Does Immunic pass the business activity test?

The activity screen is only part of the picture this month: Immunic currently fails the non-permissible income and interest-bearing investments screens, so the overall verdict is not compliant regardless of the business itself. The watch item for technology names is incidental: cash returns and platform content can carry impermissible elements, which AAOIFI tolerates only below the thresholds.

Is Immunic's income Halal?

No. Immunic's income from impermissible sources currently exceeds AAOIFI's 5% revenue ceiling, which makes the stock non-compliant on this screen regardless of the others. The screen is reassessed monthly, so the status can change when new financial statements arrive.

Does Immunic meet AAOIFI's debt and investment ratio requirements?

Not in full. Interest bearing investments currently exceed the 30% cap, measured against a market capitalisation of $127M (market data as of 1 October 2026), while the other ratio stays within it. One breach is enough to fail the screening; the ratios are reassessed monthly under our Shariah Supervisory Board.

Why do other halal screeners show a different verdict for Immunic?

Screeners can disagree without either being wrong. AAOIFI Shariah Standard No. 21, which Tabadulat applies, measures interest bearing debt and investments against market capitalisation with a 30% ceiling. MSCI and FTSE measure them against total assets with a 33% ceiling, and S&P and Dow Jones Islamic use a multi year average of market capitalisation. Data dates differ too, because each provider reads filings and prices on its own schedule. The same company can therefore pass one standard and fail another in the same month. Tabadulat publishes one answer, the AAOIFI result as of October 2026, and re-screens it every month.

Tabadulat is an ADGM regulated brokerage whose license covers Shari'a Compliant Regulated Activities, as the FSRA permission names them. New to the terminology? Gharar and Maysir, Sukuk, Zakat and purification are all explained in plain English.

New to the screening method? Read Why a Halal Stock Screener Matters for Halal Investing