KSPI

Kaspi.kz JSC

HARAM

Score: 15/100

stock

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 that combines a payments platform, an e-commerce marketplace, and a fintech/banking business. While the payments and marketplace segments are permissible in isolation, a substantial and central part of Kaspi's profitability comes from its fintech segment — consumer lending, buy-now-pay-later, and other interest-bearing credit products — which is riba-based banking. Interest income and interest-based lending are core to the company's economics rather than incidental, far exceeding the 5% interest tolerance, and the company operates as a deposit-taking, lending institution. Because interest-based lending is a core business activity, Kaspi fails the business-activity and financial screens and is best classified as non-compliant.

⚠️ Concerns

•A central part of Kaspi's revenue and profit comes from interest-based consumer lending and BNPL (riba), which is a core business-activity disqualifier that cannot be cured by purification
•The company operates as a deposit-taking, lending institution, so interest income far exceeds the 5% tolerance and the financial screens fail
•The permissible payments and marketplace segments are bundled with the impermissible lending business within a single listed entity
•Muslim investors seeking emerging-market fintech exposure should look to payment-only or marketplace companies whose revenue does not depend on interest-based lending