This month we highlight Cochlear Limited (COH) as a Shariah-compliant investment. COH began commercial operations in 1981 and was listed on the Australian Stock Exchange in 1995. The business has grown substantially to become a top 50 ASX-listed company with a market capitalisation of approximately $13 billion.
OH provides implantable hearing devices that allow healthcare professionals to treat individuals with moderate to profound types of hearing loss. Professor Graeme Clark, an Australian ear surgeon in 1977, realised there was a safe way to insert electrodes into the inner ear, which led to the development of the first implantable hearing device. Cochlear is the leader in implantable hearing solutions connecting hundreds of thousands of people globally to a life full of hearing.
In some cases, the recipient of a cochlear implantable hearing device can be a life-changing event as it opens their life to the world of sounds. In 2022, cochlear helped over 40,000 people hear with one or more cochlear implants providing an estimated net societal benefit of more than $6bn over the recipients' lifetime. The economic benefits associated with cochlear implants extend well beyond healthcare budgets, with significant net economic gains reported from a broader societal perspective, including health outcomes, educational costs, and productivity gains.
Cochlear implantable hearing devices provide benefits across all age groups. Children with implants have a greater likelihood of acquiring oral language, integrating into regular schools and developing better speech skills. While adults with implants reduce the possibility of unemployment or underemployment, increased income compared to pre-implantation and the ability to stay in work for longer.