KSPI
Kaspi.kz JSC
Is KSPI Halal?
Super-app combining payments and marketplace with a core consumer-lending and banking business — interest-based lending (riba) is a business-activity disqualifier.
What You Should Know
Kaspi.kz JSC is a Kazakhstan-based super-app combining payments, an e-commerce marketplace and a fintech/banking business. Its December 31, 2025 Form 20-F reports KZT 11,081.748 billion of assets and KZT 6,699.890 billion of interest-bearing liabilities, with KZT 903.143 billion of cash, KZT 1,179.819 billion of investment securities and KZT 4,046.074 billion of revenue. Interest revenue was KZT 1,579.346 billion, or 39.03% of revenue. Payments and marketplace services may be permissible in isolation, but deposit-taking, consumer lending and BNPL are core riba-based activities, so the listed entity fails.
⚠️ Concerns
- •Interest revenue was 39.03% of 2025 revenue and interest-bearing liabilities were 60.46% of assets
- •Kaspi operates as a deposit-taking lender; customer accounts, consumer loans and BNPL cannot be separated from the listed company for this screen
- •The permissible payments and marketplace segments are bundled with the impermissible lending business
- •Credit, collection, data and customer-protection practices require additional qualitative review
Current quantitative Sharia screen
Based on 20-F figures for the period ended 2025-12-31; calculated 2026-07-15.
6,699.89 / 11,081.748
2,082.962 / 11,081.748
8,075.305 / 11,081.748
1,579.346 / 4,046.074
- Financial
- Fails
- Overall
- Fails
Interest-bearing liabilities/assets is 60.46%, receivables-plus-cash/assets is 72.87% and interest revenue is 39.03% of revenue; conventional lending independently fails.
- Financial
- Fails
- Overall
- Fails
Deposit-taking, interest-bearing lending and disclosed interest revenue are core to the business; asset ratios also exceed examined limits. This is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Interest revenue is 39.03% of reported revenue and the entity is a conventional lender; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the core banking failure is independent of market capitalization.
Business-activity disclosure
Kaspi.kz combines payments and marketplace services with a deposit-taking fintech and consumer-lending business. Interest-bearing loans, BNPL and deposit economics are central to the listed company's revenue and operations, so the activity screen fails.
Limitation: The 20-F provides consolidated segment and interest-revenue disclosures but does not transform every payment, marketplace, loan or customer contract into a scholar-approved classification.
Purification
Kaspi fails at the core business-activity level; disclosed interest revenue is evidence of the business model, not a purification percentage.
Inputs, assumptions and primary sources
- Amounts are KZT billions converted from Kaspi.kz's KZT-million presentation in the December 31, 2025 Form 20-F.
- Interest-bearing liabilities combine customer accounts of KZT 6,561.950 billion, due to banks of KZT 24.474 billion, debt securities issued of KZT 51.050 billion and subordinated debt of KZT 62.416 billion; the deposit-taking model is not treated as an ordinary industrial issuer.
- Cash and cash equivalents are KZT 903.143 billion and investment securities and derivatives are KZT 1,179.819 billion.
- Loans and advances to customers are KZT 7,172.162 billion and annual revenue is KZT 4,046.074 billion.
- Interest revenue calculated using the effective-interest method is KZT 1,579.346 billion, or 39.03% of reported revenue; interest-based lending is core business activity rather than incidental income.
- Kaspi is a foreign private issuer; the SEC 20-F is used as the primary filing source without changing the article URL.
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.
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