QistBazaar Raises PKR 500 Million Through Landmark Sukuk Issuance
Pakistan’s first unrated, privately placed Sukuk of its kind signals institutional confidence in the company’s growth and opens a new avenue for Shariah-compliant funding Karachi, September 01, 2026: QistBazaar, one of Pakistan’s leading Buy Now, Pay Later (BNPL) and installment-financing platforms, has successfully raised PKR 500 million through a privately placed Sukuk, marking 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. Dada Partners acted as exclusive financial advisor to QistBazaar and led the capital raise, placing the issue in full with investors sourced through the deep, long-standing institutional relationships of its Founder and Managing Partner, Shazad Dada. 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. 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. 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. The PKR 500 million raised will be deployed toward expanding QistBazaar’s Shariah-compliant consumer installment financing portfolio, enabling the company to extend affordable financing solutions to more underserved and unbanked consumers across Pakistan. The additional capital will support increased financing origination, expansion of the company’s merchant network, entry into new product categories and a wider geographic footprint. Arif Lakhani, co-Founder QistBazaar, said: “This Sukuk represents much more than a new source of capital for QistBazaar. The confidence shown by corporate and high-net-worth investors validates the business we have built and the opportunity that lies ahead. Our focus has always been on making essential products more accessible through affordable, Shariah-compliant installment solutions. This funding gives us greater capacity to serve more customers, expand our reach and bring more Pakistanis into the formal financial system. This landmark issuance would not have been possible without Dada Partners, our exclusive financial advisor, whose institutional relationships and guidance were instrumental in bringing it to market” Beyond QistBazaar, the transaction demonstrates the potential for high-growth Pakistani businesses to access institutional funding through Shariah-compliant capital-market instruments. It offers an example of how credible growth companies can diversify beyond traditional bank financing while providing corporate and high-net-worth investors with opportunities to participate in Pakistan’s emerging financial services ecosystem. It also reflects the evolving role of Islamic finance in supporting businesses that are addressing gaps in financial access. By channeling institutional capital toward consumer financing, structures such as Sukuk can help connect Pakistan’s capital markets with the financing needs of consumers who have historically remained outside the formal financial system. Co-founded in 2021, by Arif Lakhani and Karim Gilani, QistBazaar, in a very short time has grown into one of Pakistan’s largest BNPL and installment-financing platforms, with 100+ branches across 18 cities and approximately 800 employees. The company enables customers to purchase essential household and technology products through manageable monthly installments, focusingon consumers who are generally unable to access conventional financing channels. QistBazaar is backed by institutional investors including Bank Alfalah, Indus Valley Capital and Gobi Partners. Over the past five years, the company has recorded sustained growth, approximately doubling both revenue and its bottom line year after year. As it enters its next phase of institutional development, QistBazaar also plans to pursue a future listing on the Pakistan Stock Exchange (PSX). This inaugural PKR 500 million issuance is the first in a planned series of Sukuk through which QistBazaar intends to institutionalize its funding base and finance the next phase of its growth. By building a repeatable channel to Shariah-compliant capital, the company aims to scale its financing portfolio, reduce reliance on traditional bank funding, and widen access to affordable consumer finance across Pakistan
