The short answer
Elevance Health (ELV) is DOUBTFUL on ZakatInvest's qualitative assessment, while the examined total-assets financial ratios pass. Elevance provides health-benefit plans, pharmacy products and care services. Some scholars distinguish necessary health coverage from commercial insurance; others identify gharar and conventional risk-transfer concerns. The answer therefore depends heavily on the school and methodology used.
This is a reproducible research screen, not a fatwa or investment recommendation. A financial-ratio pass does not settle the separate jurisprudential question about conventional insurance, investment portfolios or health-plan operations.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
31,842 / 125,827
36,676 / 125,827
32,447 / 125,827
765 / 50,181
- Financial
- Pass
- Overall
- Incomplete
Debt is 25.31%, liquidity is 29.15%, receivables plus cash are 25.79% and disclosed investment income is 1.52%; each is below the examined FTSE asset and income limits. Conventional-insurance and activity allocation remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt is 25.31%, liquidity is 29.15% and receivables plus cash are 25.79%, below the examined MSCI total-assets limits. This is a calculation against the named method, not an index-membership claim; insurance and business allocation remain incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt is 25.31% and liquidity is 29.15%, below the examined 33% Malaysia SAC financial limits. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security; screened business revenue remains unavailable.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
Elevance provides health-benefit plans, pharmacy products and services, and care-management services. Health insurance is debated in Islamic finance: some scholars distinguish socially necessary coverage, while others identify gharar and conventional risk-transfer concerns.
Limitation: The filing reports premiums, product revenue, service fees and investment income but does not quantify a universal prohibited-revenue numerator for conventional insurance, pharmacy, behavioral-health, government-plan or investment activity.
Purification
Elevance discloses $765 million of net investment income, or 1.52% of total first-quarter revenue, but does not prescribe a scholar-approved purification percentage or complete allocation for investment and insurance activities. Readers should follow the scholar or methodology they use.
Inputs, assumptions and primary sources
- Debt uses $724 million of short-term borrowings, $350 million of current long-term debt and $30.768 billion of long-term debt at March 31, 2026.
- Cash uses $9.657 billion of cash and cash equivalents. Interest-bearing securities use $25.905 billion of current and $1.114 billion of long-term fixed-maturity securities; equity securities and other invested assets are not assumed to be interest-bearing securities in this input.
- Receivables use $11.525 billion of premium receivables, $5.098 billion of self-funded receivables and $6.167 billion of other receivables. Revenue uses $50.181 billion of total revenue, including $765 million of net investment income.
- The filing reports $765 million of net investment income, including income from fixed-maturity securities and alternative investments. It is used transparently for the income screen; net losses on financial instruments are not treated as income.
- Elevance operates health-benefit plans, pharmacy and care services. Conventional insurance, investment income, medical necessity, government programs and Carelon activities are debated or incompletely allocated across Islamic methodologies.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
Current quantitative screen
The calculations above use Elevance Health's official filing (Form 10-Q for the quarter ended March 31, 2026). Amounts are in USD millions and use total assets as the denominator so the inputs can be reproduced.
- Interest-bearing debt / assets: 25.31%, using $724 million of short-term borrowings, $350 million of current long-term debt and $30.768 billion of long-term debt.
- Cash and fixed-maturity securities / assets: 29.15%, using $9.657 billion of cash and cash equivalents plus $27.019 billion of fixed-maturity securities.
- Receivables plus cash / assets: 25.79%, using $22.790 billion of premium, self-funded and other receivables plus cash.
- Net investment income / total revenue: 1.52%, using $765 million of net investment income against $50.181 billion of total first-quarter revenue.
FTSE Yasaar, MSCI total-assets and Malaysia SAC financial-ratio calculations pass on these inputs. Market-cap denominator methods are not calculated because ZakatInvest does not store a licensed, reproducible historical market-cap series. The combined result remains methodology-dependent because the insurance and investment activities are not resolved by ratio arithmetic alone.
What Elevance Health does
Elevance serves approximately 45.4 million medical members through affiliated health plans. Its Health Benefits segment provides commercial, Medicare, Medicaid and Federal Employee Program coverage. CarelonRx provides pharmacy products and services, while Carelon Services includes specialty-care, behavioral-health and other care-management capabilities.
Health-care administration and pharmacy services can be socially useful and may be permissible in themselves. The central qualitative issue is the conventional insurance contract: premiums, risk pooling and claims obligations can be assessed differently under Islamic jurisprudence. The official filing does not quantify a universal prohibited-revenue numerator for these activities.
Investments, debt and interest income
At March 31, 2026, Elevance reported $27.019 billion of fixed-maturity securities, $1.511 billion of equity securities and $11.009 billion of other invested assets, in addition to $9.657 billion of cash and cash equivalents. Net investment income was $765 million for the quarter, including income from fixed-maturity and alternative investments.
Debt was $31.842 billion across short-term borrowings and current and long-term debt. The examined debt-to-assets ratio is below the named total-assets limits, but investment-portfolio composition and the treatment of insurance liabilities remain scholar-specific questions. No fixed purification percentage is prescribed here.
Qualitative considerations
- Gharar and necessity: commercial insurance is often treated differently from cooperative takaful; health coverage may receive a necessity-based analysis in some schools.
- Government programs: Medicare Advantage and Medicaid activity is subject to regulatory, reimbursement and eligibility rules; Elevance disclosed Medicare-related sanctions and risk-adjustment data exposure.
- Pharmacy and care: CarelonRx and Carelon Services require review of product categories, claims management, behavioral-health services and provider relationships.
- Stakeholders: privacy, claims fairness, medical-necessity decisions, access, affordability, staffing and patient outcomes remain important ethical diligence questions.
The halal verdict
ELV is presented as DOUBTFUL on ZakatInvest's qualitative assessment, with the examined FTSE Yasaar, MSCI total-assets and Malaysia SAC financial ratios passing. This is not an official index membership or fatwa: insurance and investment treatment differs across schools, activity allocation is incomplete, market-cap methods are not calculated, and readers should consult a qualified scholar for their own circumstances.
Use the quantitative screen alongside the gharar, investment-portfolio, Medicare, pharmacy and care-services analysis and consult a qualified scholar for your chosen methodology.
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