QistBazaar raises PKR 500M in Pakistan's first unrated Sukuk issuance
What's the deal? Pakistani buy-now-pay-later platform QistBazaarDealroom has a profile for this one. Try Dealroom → has raised PKR 500 million (roughly $1.8 million) through a privately placed Sukuk, the first tranche in a planned series. The issue was subscribed by the Alfalah Shariah Private Financing Fund-I, managed by Alfalah Asset Management CompanyDealroom has a profile for this one. Try Dealroom →.
Why it matters: The company says the transaction is Pakistan's first unrated, privately placed Sukuk of its kind. It marks QistBazaar's move from a fast-growing BNPL platform toward a larger, institutionally funded financial services business.
What's the endgame? The capital will expand QistBazaar's Shariah-compliant consumer installment financing portfolio, aimed at underserved and unbanked consumers. It will fund more financing origination, a wider merchant network, new product categories, and a broader geographic footprint.
Dada PartnersDealroom has a profile for this one. Try Dealroom → acted as exclusive financial advisor and placed the issue in full. Pak Brunei Investment CompanyDealroom has a profile for this one. Try Dealroom → acted as investment agent, Al Hamd Shariah Advisory ServicesDealroom has a profile for this one. Try Dealroom → certified the structure, and Akhund ForbesDealroom has a profile for this one. Try Dealroom → served as legal counsel.
By the numbers: Co-founded in 2021 by Arif Lakhani and Karim Gilani, QistBazaar operates more than 100 branches across 18 cities with roughly 800 employees. It lets customers buy household and technology products through monthly installments, targeting people who cannot access conventional financing.
"The confidence shown by corporate and high-net-worth investors validates the business we have built and the opportunity that lies ahead," said co-founder Arif Lakhani.
The signal: The deal shows how high-growth Pakistani companies can tap institutional capital through Shariah-compliant instruments rather than traditional bank lending. It points to a growing role for Islamic finance in channeling capital toward consumers outside the formal financial system.
Read more: newsupdatetimes.com
Image credit: Kai Hendry
