QistBazaar, a Pakistan-based Buy Now, Pay Later (BNPL) and installment-financing platform, has raised PKR 500 million through a privately placed Sukuk, marking the first tranche of a planned series of Shariah-compliant issuances by the company.
The transaction represents a significant milestone for QistBazaar as it expands its access to institutional funding. The Sukuk is described as Pakistan’s first unrated, privately placed instrument of its kind and reflects growing investor interest in Shariah-compliant financing opportunities within the country’s emerging financial services sector.
Dada Partners acted as the exclusive financial advisor to QistBazaar and led the capital raise, placing the issue in full with investors through its institutional network. The Sukuk was subscribed by the Alfalah Shariah Private Financing Fund-I, managed by Alfalah Asset Management Company, which served as the investment vehicle through which investors participated in the transaction.
Al Hamd Shariah Advisory Services (Private) Limited served as the Shariah advisor for the transaction, while Pak Brunei Investment Company Limited acted as the Investment Agent. Akhund Forbes provided legal counsel.
The PKR 500 million raised will be used to expand QistBazaar’s Shariah-compliant consumer installment financing portfolio. The additional funding is expected to support higher financing origination, expansion of the company’s merchant network, entry into new product categories and growth into additional geographic markets across Pakistan.
Arif Lakhani, Co-Founder of QistBazaar, said the Sukuk provides the company with a new source of capital while demonstrating investor confidence in its business model, management team and growth prospects. He added that the funding will allow QistBazaar to serve more customers and expand access to affordable, Shariah-compliant installment financing.
The transaction also highlights the growing potential for Pakistani growth companies to access institutional capital through Islamic capital-market instruments. Sukuk can provide businesses with an alternative to traditional bank financing while giving institutional and high-net-worth investors access to opportunities within Pakistan’s expanding financial services ecosystem.
For QistBazaar, the issuance forms part of its broader strategy to develop a more institutionalized funding base. The company aims to establish a repeatable channel for accessing Shariah-compliant capital to support the continued expansion of its consumer financing portfolio and reduce its reliance on traditional sources of funding.
Founded in 2021 by Arif Lakhani and Karim Gilani, QistBazaar has developed into a major BNPL and installment-financing platform in Pakistan. The company operates more than 100 branches across 18 cities and employs approximately 800 people. Its platform enables consumers to purchase household and technology products through monthly installment plans, with a particular focus on customers who have limited access to conventional financing.
QistBazaar is backed by institutional investors including Bank Alfalah, Indus Valley Capital and Gobi Partners. The company has reported sustained growth in recent years and is also considering a future listing on the Pakistan Stock Exchange (PSX).
The PKR 500 million Sukuk is the first issuance in QistBazaar’s planned Sukuk programme. As the company continues to expand its financing operations, the initiative could contribute to the development of Pakistan’s Islamic capital market while increasing the availability of Shariah-compliant consumer financing for underserved segments of the population.