Pakistani installment-financing platform raises Rs500m through privately placed Sukuk
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…
Pakistani instalment-financing platform QistBazaar announced on Tuesday that it raised Rs500 million through a privately placed Sukuk bond. This marks the first tranche in a series of Sukuk issuances planned by the company. The statement emphasized that this was Pakistan's first unrated, privately placed Sukuk of its kind. Dada Partners served as the exclusive financial adviser and led the capital raise, with investors sourced through existing institutional relationships.
The Sukuk was subscribed by Alfalah Shariah Private Financing Fund-I, managed by Alfalah Asset Management Company, acting as the investment vehicle for participating investors. Al Hamd Shariah Advisory Services, Pak Brunei Investment Company, and Akhund Forbes were involved as the Shariah advisor, investment agent, and legal counsel, respectively.
QistBazaar's co-founder Arif Lakhani noted that the investor confidence validated the company's business model and growth prospects. The raised capital will be used to expand its Shariah-compliant consumer installment financing portfolio, aiming to provide more affordable financing solutions to underserved and unbanked consumers across Pakistan.
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