Pakistan-based Buy Now, Pay Later (BNPL) and installment-financing platform QistBazaar has raised PKR 500 million through a privately placed Sukuk, marking the first tranche of a planned series of Sukuk issuances by the company.
The transaction is being described as a significant milestone for QistBazaar as it expands its access to institutional capital and strengthens its funding base through Shariah-compliant financing.
The company said the issuance is an unrated, privately placed Sukuk, with the entire issue subscribed by the Alfalah Shariah Private Financing Fund-I, managed by Alfalah Asset Management Company (Alfalah AMC).
Dada Partners Leads Capital Raise
Dada Partners acted as QistBazaar’s exclusive financial advisor and led the capital-raising process.
The issue was placed in full with investors sourced through the institutional relationships of Dada Partners Founder and Managing Partner Shazad Dada.
Other organizations also played key roles in structuring and executing the transaction.
Al Hamd Shariah Advisory Services (Private) Limited served as the Shariah advisor responsible for certifying the structure, while Pak Brunei Investment Company Limited acted as the Investment Agent.
Akhund Forbes provided legal counsel for the transaction.
The company said raising capital through a secured but unrated instrument reflects investor confidence in its business model, management team, track record and growth prospects.
Funds to Expand Consumer Financing
QistBazaar plans to use the PKR 500 million raised through the Sukuk to expand its Shariah-compliant consumer installment financing portfolio.
The additional capital is expected to help the company increase financing origination and provide installment-based purchasing options to a larger number of consumers across Pakistan.
The company also plans to use the funding to expand its merchant network, enter additional product categories and increase its geographic footprint.
QistBazaar focuses on consumers who may have limited access to conventional financing channels, allowing them to purchase essential household and technology products through manageable monthly installments.
Company Sees Sukuk as More Than a Funding Source
QistBazaar co-founder Arif Lakhani said the Sukuk represents more than simply a new source of capital for the company.
According to Lakhani, the confidence shown by corporate and high-net-worth investors validates the business developed by QistBazaar and its future growth opportunities.
He said the company has focused on making essential products more accessible through affordable, Shariah-compliant installment solutions.
The new funding, he added, will provide QistBazaar with greater capacity to serve customers, expand its reach and bring more consumers into the formal financial system.
Lakhani also credited Dada Partners for its role in bringing the transaction to the market.
Milestone for Islamic Finance and Pakistani Businesses
The transaction could also highlight the growing potential for Pakistani growth companies to access institutional capital through Shariah-compliant financial instruments.
Sukuk can provide businesses with an alternative to traditional bank financing while giving institutional and high-net-worth investors opportunities to participate in emerging sectors.
The QistBazaar transaction also reflects the expanding role of Islamic finance in supporting businesses focused on financial inclusion.
By directing institutional capital toward consumer financing, Shariah-compliant structures can help connect Pakistan’s capital markets with consumers who have historically remained outside the formal financial system.
QistBazaar Expands Nationwide
Founded in 2021 by Arif Lakhani and Karim Gilani, QistBazaar has expanded rapidly in Pakistan’s installment-financing market.
The company currently has more than 100 branches across 18 cities and approximately 800 employees, according to the company.
Its platform enables customers to purchase household and technology products through monthly installment plans, with a particular focus on consumers who may not qualify for conventional financing.
The company’s expansion reflects the growing demand for alternative consumer financing solutions in Pakistan.
Institutional Investors Back Company
QistBazaar is backed by institutional investors including Bank Alfalah, Indus Valley Capital and Gobi Partners.
The company said it has recorded sustained growth over the past five years, with revenue and its bottom line approximately doubling year after year.
The latest Sukuk issuance is part of the company’s broader effort to transition toward a more institutionally funded financial services business.
Future PSX Listing Planned
As part of its longer-term growth strategy, QistBazaar also plans to pursue a future listing on the Pakistan Stock Exchange (PSX).
The company views the inaugural Sukuk as the first step in a planned series of issuances designed to institutionalize its funding base.
By developing a repeatable channel for Shariah-compliant capital, QistBazaar aims to increase the scale of its financing portfolio while reducing reliance on traditional bank funding.
The company also expects the additional capital to help widen access to affordable consumer financing across Pakistan.
The PKR 500 million transaction therefore represents both a new funding source for QistBazaar and a broader example of how emerging Pakistani financial-services businesses can use Islamic capital-market instruments to support expansion and financial inclusion.
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