ITS and ZakatFund sign MoU to advance Islamic finance in Kazakhstan
The international trading platform ITS and the corporate Zakat and Charity Fund under the Spiritual Administration of Muslims of Kazakhstan (ZakatFund) have signed a Memorandum of Understanding aimed at fostering cooperation in the field of Islamic finance in Kazakhstan and Central Asia.
The parties plan to jointly implement educational programmes and develop methodological materials to promote financial literacy and raise awareness of Islamic financial instruments in Kazakhstan.
Particular focus will be placed on the development of digital solutions and innovative services. This aligns with the strategic priorities of the Astana International Financial Centre, of which ITS is a resident, in advancing fintech solutions and expanding Islamic financial services across the region.
As part of the cooperation, the parties have agreed that any portion of dividend income from shares included in the ITS Shariah ETF, which requires purification in accordance with the decisions of the Shariah Supervisory Board of IPS Capital, will be donated to charitable causes through the ZakatFund.
“The signing of this memorandum with the ZakatFund marks an important step in the advancement of Islamic finance in Central Asia. Our joint efforts will help to develop a transparent and effective investment framework that adheres to Shariah principles and supports best practices in social assistance for those in need,” said Alexander Diakovsky, Managing Director of ITS.
Representatives of the ZakatFund, in turn, emphasised the significance of the memorandum in strengthening social responsibility and promoting charitable initiatives within the Islamic financial system.
The development of Islamic finance in Kazakhstan, supported by the AIFC, reinforces the country’s position as a regional financial hub and creates new opportunities for sustainable economic growth and investment across Central Asia and beyond.
About ITS
ITS is an international liquidity hub. Central to ITS's business model are the principles of best execution and smart order routing technology. These principles enable investors to execute securities transactions at the best prices available on the global financial market, regardless of the transaction volume. This technology ensures that the liquidity for foreign securities on ITS matches that of leading international platforms where these securities are traded.
ITS Central Securities Depository Limited, the central depository for ITS, offers depository services for the storage and settlement of securities. The depository has received Qualified Intermediary with primary withholding responsibility (WQI) status from the U.S. Internal Revenue Service (IRS).
Operating a clearing house that acts as a Central Counterparty, ITS assumes the counterparty role for all obligations of clearing participants and manages the clearing process for transactions on the ITS trading platform.
ITS also calculates its own indexes: the ITS World index (ITSW) and the ITS Shariah index (ITSS).
Trading of the first ETF in Central Asia and Caucasus, pegged to the performance of ITS’s own index – ITS World (ticker: ITSW), began on ITS in November 2024, providing a wide range of investors with a convenient and balanced instrument for investing and trading with a low entry threshold. In January 2025, the ETF lineup expanded with the introduction of a fund based on the ITS Shariah Index (ticker: ITSS).
ITS's direct clients include professional securities market participants from Kazakhstan and other countries, such as financial intermediaries who are accredited and directly registered at the AIFC. Investors, both private individuals and legal entities, access trading through these financial intermediaries, such as brokers and banks.
ITS Press Service
pr@itsx.kz