QistBazaar Clinches PKR 500 Million in Landmark Shariah-Compliant Sukuk Issuance

Pakistan’s BNPL Sector Marks New Milestone with Shariah-Compliant Capital Raise

QistBazaar, a leading Pakistan-based Buy Now, Pay Later (BNPL) and installment financing platform, has successfully raised PKR 500 million through a privately placed Sukuk transaction, marking the first tranche of what the company envisions as a recurring funding mechanism. The deal is being hailed as a defining moment for Islamic finance in the country, particularly for growth-stage fintech firms seeking alternatives to conventional debt structures.

The issuance stands out as Pakistan’s first unrated, privately placed Sukuk of its kind, reflecting a maturing investor appetite for Shariah-compliant instruments. The transaction was structured with guidance from Dada Partners, which served as the exclusive financial advisor and led placement efforts through its institutional investor network. The Sukuk was fully subscribed by the Alfalah Shariah Private Financing Fund-I, managed by Alfalah Asset Management Company, underscoring strong demand from dedicated Islamic investment vehicles.

Support for the deal included Shariah advisory services from Al Hamd Shariah Advisory Services (Private) Limited, with Pak Brunei Investment Company Limited acting as the Investment Agent. Legal counsel was provided by Akhund Forbes, ensuring full alignment with both domestic regulations and Shariah principles.

The funds raised will be deployed to scale QistBazaar’s Shariah-compliant consumer financing portfolio, enhance merchant acquisition, and fuel expansion into new product lines and geographic markets across Pakistan. With over 100 branches in 18 cities and a workforce of around 800 employees, the platform continues to serve underbanked consumers seeking affordable monthly payment options for household and technology goods.

Arif Lakhani, Co-Founder of QistBazaar, emphasized that the Sukuk issuance not only diversifies the company’s funding base but also signals growing confidence in its operational model and long-term vision. The company, founded in 2021 and backed by institutional investors such as Bank Alfalah, Indus Valley Capital, and Gobi Partners, is reportedly evaluating a future listing on the Pakistan Stock Exchange (PSX). This latest move positions QistBazaar as a trailblazer in blending scalable fintech innovation with Islamic capital market mechanisms.

• First unrated, privately placed Sukuk in Pakistan’s BNPL segment
• Funds earmarked for portfolio growth and geographic expansion
• Advisory team includes Dada Partners, Akhund Forbes, and Al Hamd Shariah Advisory