Women Shaping Ethical Finance & Sustainable Treasury Transformation in Kazakhstan

Diana Zharikova is a seasoned finance leader with over 15 years in banking, treasury management, and financial control. She specializes in Islamic finance, risk management, and strategic partnerships, driving innovation and stability while fostering strong relationships across local and international financial sectors.

In an engaging interview with Global Woman Leader Magazine, Diana shares her insights on the evolving role of treasury management amid global market volatility, highlighting how women leaders can harness emerging technologies and shape future risk strategies to ensure stability and resilience across sectors.

Given the current volatility in global markets, how do you see treasury management evolving in the next 3-5 years, especially for women in leadership positions?

In the face of global market volatility, Kazakhstan's treasury management is expected to change, with an increasing emphasis on Shariah-compliant financial products that encourage moral, risk-sharing financing. This change gives women in leadership roles the chance to develop digital and sustainable treasury solutions.

Government programs that promote financial inclusion and gender equality are consistent with Islamic finance principles and encourage the involvement of women. Strategic choices pertaining to risk, investment management, and liquidity can be led by female executives.

It is essential to empower women by giving them access to Islamic financial tools and training. The growing fintech sector in Kazakhstan gives women a chance to influence creative, robust treasury procedures, guaranteeing moral and forward-thinking financial systems.

In today’s rapidly changing financial environment, how can female leaders in treasury management leverage emerging technologies to drive financial stability and empower their teams?

In Kazakhstan’s evolving financial landscape, female leaders in treasury management can leverage emerging technologies—such as AI, blockchain, and digital platforms—to enhance transparency, efficiency, and risk management. Integrating Islamic finance principles, they can adopt Shariah-compliant fintech solutions to promote ethical, stable financial practices. These technologies enable real-time data analysis and automated processes, allowing leaders to make informed decisions and optimize liquidity.

Women in leadership can use digital tools to foster collaboration, upskill their teams, and drive inclusive innovation. Kazakhstan’s support for digital transformation and Islamic finance creates a unique space for female leaders to build resilient treasury frameworks.

By embracing tech-driven strategies rooted in ethical finance, they can ensure long-term stability while empowering their teams and contributing to national financial sustainability.

How can women in treasury influence the future of risk management strategies, particularly in navigating economic uncertainties that impact both the banking and broader sectors?

Future risk management plans can be greatly influenced by women in Treasury, particularly in uncertain economic times. Their varied viewpoints contribute to a more thorough method of risk identification and management.

With Islamic finance becoming more and more popular in Kazakhstan, female leaders can promote risk-sharing, ethical models that prioritize asset-backed investments and transparency, which can act as a buffer against economic shocks.

To better anticipate and get ready for possible risks in banking and other industries, they can also make use of sophisticated data analytics and scenario modeling. Women in treasury can take the lead in creating robust, flexible strategies that support long-term stability and growth, even in unstable environments, by cultivating a culture of cooperation and creativity.

With the increasing importance of sustainability, how do you think treasury operations can integrate ESG factors, and what role can women leaders play in championing these changes?

ESG integration into treasury operations in Kazakhstan is consistent with Islamic finance principles, which prioritize social responsibility and ethical investment, as well as the country's sustainable development goals. Green sukuk, Shariah-compliant securities that finance ecologically friendly projects, can be given priority by Treasury.

Women leaders, who are becoming more and more prominent in Kazakhstan's financial industry, can support ESG by encouraging openness, diversity, and moral behavior. Their leadership has the power to influence cultural changes and persuade organizations to implement financial strategies that prioritize sustainability. Women leaders can contribute to the development of a robust and accountable treasury framework that promotes long-term environmental and national well-being by coordinating Islamic finance principles with ESG goals.

How do you balance strategic decision-making with maintaining the financial integrity of the bank, especially as a woman in a traditionally male-dominated field?

In Kazakhstan’s evolving financial landscape, balancing strategic decision-making with financial integrity requires aligning growth initiatives with the ethical foundations of Islamic finance, such as risk-sharing and transparency.

As a woman in a traditionally male-dominated field, I bring a unique perspective that values collaboration, resilience, and inclusive leadership. Upholding Shariah-compliant principles ensures decisions support both profitability and social responsibility.

By fostering a culture of accountability and innovation, I aim to strengthen trust and stability in the bank. Empowering more women in leadership further enriches strategic thinking and promotes balanced, values-driven financial stewardship in Kazakhstan’s complex market environment.

How can female treasury leaders reshape the narrative around financial inclusion, ensuring that treasury operations contribute not only to profitability but also to equitable economic growth?

Female treasury leaders in Kazakhstan can reshape the financial inclusion narrative by aligning treasury operations with the ethical principles of Islamic finance, which emphasize justice, social equity, and shared prosperity.

By advocating for inclusive instruments like micro-sukuk and community-based financing, they can direct capital toward underserved populations, including women and rural communities. Their leadership can promote policies that integrate ESG goals, financial literacy, and access to Shariah-compliant products.

In a traditionally male-dominated sector, women bring fresh perspectives and empathetic leadership, fostering equitable economic growth while maintaining profitability. This approach strengthens both institutional integrity and national development objectives in Kazakhstan.