A Pakistani instalment-financing platform, QistBazaar, said on Tuesday that it had successfully raised Rs500 million through a privately placed Sukuk bond.
In a press release, QistBazaar — also a Buy Now, Pay Later (BNPL) platform — said the Sukuk marked the first tranche in a planned series of Sukuk issuances by the company.
“The transaction represents Pakistan’s first unrated, privately placed Sukuk of its kind and marks an important milestone for QistBazaar as it expands its access to institutional capital,” the statement said.
It noted that Dada Partners acted as QistBazaar’s exclusive financial adviser and led the capital raise, placing the issue with investors sourced through “long-standing institutional relationships” with its founder.
“The Sukuk was subscribed by the Alfalah Shariah Private Financing Fund-I, managed by Alfalah Asset Management Company (Alfalah AMC), acting as the investment vehicle through which these investors participated in the issuance,” the statement said.
It added Al Hamd Shariah Advisory Services (Private) Limited were the Shariah advisor certifying the structure, Pak Brunei Investment Company Limited acted as the investment agent, and Akhund Forbes the legal counsel on the transaction.
“Raising capital through a secured but unrated instrument for QistBazaar reflects investor confidence in the strength of its business model, management team, track record and future growth prospects,” QistBazaar said.
“The transaction also represents an important step in the company’s evolution from a rapidly growing BNPL platform toward a larger, institutionally funded financial services business.”
It noted that the Rs500m raised would be deployed toward expanding its Shariah-compliant consumer installment financing portfolio, enabling the company to extend affordable financing solutions to more underserved and unbanked consumers across Pakistan.
The platform’s co-founder Arif Lakhani said that the confidence shown by corporate and high-net-worth investors validated the business and the opportunity that lay ahead.
“Our focus has always been on making essential products more accessible through affordable, Shariah-compliant installment solutions,” he said. “This funding gives us greater capacity to serve more customers, expand our reach and bring more Pakistanis into the formal financial system.”
