Pakistan, Sept. 1 -- Pakistani installment-financing platform QistBazaar has raised Rs500 million through a privately placed Sukuk. The company announced the development on Tuesday. The Sukuk marks the first tranche in a planned series of issuances. The company described it as Pakistan's first unrated, privately placed Sukuk of its kind. The transaction also expands QistBazaar's access to institutional funding.

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QistBazaar operates as a Buy Now, Pay Later platform in Pakistan. Dada Partners served as the company's exclusive financial adviser for the transaction. It also led the capital-raising process and arranged investors through institutional relationships. T...