Is Kaspi.kz Stock (KSPI) Halal? A Complete Analysis

The Short Answer

Kaspi.kz stock (KSPI) is not halal under Sharia screening. While Kaspi's payments and marketplace segments are permissible in isolation, a substantial and central part of its profitability comes from consumer lending, buy-now-pay-later, and other interest-bearing credit products — riba-based banking, which is a core business-activity disqualifier.

Interest income and interest-based lending are core to the company's economics rather than incidental, far exceeding the 5% interest tolerance, so KSPI fails both the business-activity and financial screens.

Sharia Screening Methodology

Islamic scholars use several criteria to screen stocks:

• Business activity screen: Is the company's primary business halal?
• Debt ratio: Total debt / market cap must be under 33%
• Interest income: Interest income / total revenue must be under 5%
• Haram revenue: Revenue from haram sources must be under 5%
• Receivables ratio: Total receivables / total assets must be under 49–70% (varies by board)

Kaspi.kz's Business Activity

Kaspi.kz JSC is a Kazakhstan-based super-app with three core segments:

• Payments: Digital payments and transfers — permissible in isolation
• Marketplace: E-commerce and merchant services — permissible in isolation
• Fintech: Consumer lending, BNPL, and interest-bearing credit — riba-based

The decisive point is the fintech segment: interest-based lending is a core part of how Kaspi makes money.

Why KSPI Is Not Halal

1. Interest-Based Lending Is a Core Business

A central part of Kaspi's revenue and profit comes from interest-based consumer lending and BNPL (riba). This is a core business-activity disqualifier that cannot be cured by purification.

2. Deposit-Taking, Lending Institution

Kaspi operates as a deposit-taking, lending institution, so interest income far exceeds the 5% tolerance and the financial screens fail.

3. Permissible Segments Are Bundled In

The permissible payments and marketplace segments are bundled with the impermissible lending business within a single listed entity, so an investor cannot isolate the halal portion.

Financial Ratios (2025)

Based on Kaspi.kz's most recent financial statements:

• Interest Income / Revenue: Far above the 5% threshold — core lending ❌
• Business Activity: Interest-based lending and banking — core disqualifier ❌
• Haram Revenue: Substantial via interest income ❌
• Payments/Marketplace: Permissible, but bundled with the lending business ⚠️

Verdict from Major Screening Agencies

Kaspi.kz stock is generally screened as non-compliant, driven by interest-based lending by:

• Zoya App — Typically flagged on business activity / interest income ❌
• Musaffa — Generally non-compliant given the banking segment ❌
• Most major Sharia advisory boards — Non-compliant on the business-activity screen ❌

Bottom Line

Kaspi.kz (KSPI) is not halal for Muslim investors. Although its payments and marketplace segments are permissible in isolation, the decisive issue is that interest-based consumer lending and BNPL are core to the company's economics — a business-activity disqualifier that cannot be cured by purification. Muslim investors seeking emerging-market fintech exposure should look to payment-only or marketplace companies whose revenue does not depend on interest-based lending.

For permissible fintech and payments alternatives, consider screening Visa (V) and PayPal (PYPL), and review our guide to haram investments to avoid.