Key Takeaways
- QistBazaar, a Pakistani BNPL platform, raised Rs500m through a privately placed Sukuk bond.
- This marks the first unrated, privately placed Sukuk of its kind in Pakistan.
- The funds will be used to expand Shariah-compliant consumer financing options.
QistBazaar, a Pakistani installment-financing platform, has successfully raised Rs500 million through a privately placed Sukuk bond, marking a significant milestone for the company.
In a press release, QistBazaar highlighted that the transaction represents Pakistan’s first unrated, privately placed Sukuk of its kind, underscoring investor confidence in the platform’s business model and future growth prospects.
The capital raise was led by Dada Partners, which acted as the exclusive financial adviser and placed the issue with investors through long-standing institutional relationships.
Alfalah Shariah Private Financing Fund-I, managed by Alfalah Asset Management Company (Alfalah AMC), acted as the investment vehicle for the investors, while Al Hamd Shariah Advisory Services (Private) Limited served as the Shariah advisor, certifying the structure.
Pak Brunei Investment Company Limited was the investment agent, and Akhund Forbes provided legal counsel on the transaction.
QistBazaar’s co-founder, Arif Lakhani, expressed confidence in the transaction, stating, 'Our focus has always been on making essential products more accessible through affordable, Shariah-compliant installment solutions. This funding gives us greater capacity to serve more customers and bring more Pakistanis into the formal financial system.'
The funds raised will be deployed toward expanding QistBazaar’s Shariah-compliant consumer installment financing portfolio, enabling the company to extend affordable financing solutions to more underserved and unbanked consumers across Pakistan.
This development reflects the growing interest in Islamic finance and the potential for BNPL platforms to play a significant role in Pakistan’s financial inclusion efforts.
Our focus has always been on making essential products more accessible through affordable, Shariah-compliant installment solutions.
Arif Lakhani, Co-founder of QistBazaar
