QistBazaar raises Rs500 million via privately placed sukuk
Pakistani buy‑now‑pay‑later platform QistBazaar secured Rs500 million through an unrated, privately placed sukuk, marking the first such issuance in the country.
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Sector Effect
Neutral · Watch
Fintech sukuk issuance is positive for the broader financial services ecosystem but has no direct listed ticker impact, so watch the sector.
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Desk call: Watch · Neutral effect
- EconomyNeutral effect
Companies
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Sectors: Economy — Neutral · Watch. PSX tickers: MEBL, MCB, UBL, HBL, BAHL, FABL. Fintech sukuk issuance is positive for the broader financial services ecosystem but has no direct listed ticker impact, so watch the sector.
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Open on Dawn## QistBazaar completes Rs500 million sukuk raise
QistBazaar, a Pakistani installment‑financing (BNPL) platform, announced on Tuesday that it has raised Rs500 million by issuing a privately placed sukuk. The funding represents the first tranche of a planned series of sukuk issuances for the company.
## Transaction details and advisers
The sukuk is unrated and was placed with institutional investors through long‑standing relationships of the founder. Dada Partners acted as the exclusive financial adviser and led the capital raise. Al Hamd Shariah Advisory Services (Private) Limited provided Shariah certification, Pak Brunei Investment Company Limited served as the investment agent, and Akhund Forbes acted as legal counsel.
## Purpose of the funds
QistBazaar said the proceeds will be used to expand its Shariah‑compliant consumer installment‑financing portfolio, aiming to reach more underserved and unbanked consumers across Pakistan. Co‑founder Arif Lakhani highlighted that the investment reflects confidence in the platform’s business model and will enable the company to scale its reach and bring more Pakistanis into the formal financial system.
## Significance for the market
The transaction is described as a milestone for QistBazaar, marking its evolution from a fast‑growing BNPL platform to a larger, institutionally funded financial‑services business. It also demonstrates growing investor appetite for Shariah‑compliant fintech financing in Pakistan.