QistBazaar, founded in 2021, has raised PKR 500 million through Pakistan’s first unrated, privately placed Sukuk of its kind, subscribed by the Alfalah Shariah Private Financing Fund-I. The company has grown to more than one hundred branches across eighteen cities, employing around eight hundred people, with revenue and bottom line roughly doubling year after year since its founding.
This funding represents the first tranche in a planned series, marking the company’s move from a fast growing buy now pay later platform toward an institutionally funded financial services business, with a Pakistan Stock Exchange listing on the horizon. The shift from venture backed BNPL fintech toward Sukuk based institutional financing reflects a maturing capital strategy, allowing QistBazaar to access Shariah compliant debt financing alongside or in place of purely equity based growth capital.
The PKR 500 million raised will expand Shariah compliant consumer financing for underserved and unbanked Pakistanis, positioning the funding directly toward QistBazaar’s core mission of extending financial access to populations who have historically lacked formal access to credit and financing products. This focus on underserved and unbanked consumers reflects a persistent gap within Pakistan’s broader financial inclusion landscape, one that fintech companies focused on consumer lending have increasingly targeted.
The Sukuk structure itself represents a notable financing milestone, given its status as Pakistan’s first unrated, privately placed Sukuk of its kind, potentially opening a new pathway for other growth stage companies in Pakistan seeking Shariah compliant institutional capital without pursuing a public credit rating process. This kind of structured financing innovation could offer a template for other fintech and lending focused companies looking to diversify their funding sources beyond conventional equity fundraising.
Arif Lakhani and Karim Gilani, the founders behind QistBazaar, were recognised for this milestone, which was also acknowledged by figures connected to Indus Valley Capital and Gobi Partners, reflecting the broader network of investors and ecosystem figures who have supported QistBazaar’s growth. The transaction adds to a growing list of Pakistani fintech companies moving toward more sophisticated, institutionally backed financing structures as they scale, with QistBazaar’s continued growth and now diversified capital base positioning it toward its stated goal of a future PSX listing.
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