KARACHI: Dada Partners (Private) Limited acted as the exclusive financial advisor to QistBazaar on its PKR 500 million unrated, privately placed Sukuk and builds on several other transactions which Dada Partners has advised in the last few years. This transaction, a first issuance under a planned series of sukuk financing, marks a landmark Shariah-compliant capital markets structure in the buy-now-pay-later (BNPL) platform in the fintech sector in Pakistan.
This is an innovative transaction where Dada Partners advised QistBazaar end-to-end, from developing the underlying concept, structuring the Shariah-compliant Sukuk, preparing the marketing materials, and leading a targeted investor roadshow through to commitment, subscription, and disbursement. The fund was fully subscribed by leading corporate and high-net-worth investors participating through a dedicated private placement fund vehicle.
Commenting on the transaction, Shazad Dada, Founder and Managing Partner of Dada Partners, said “Dada Partners is committed to providing innovative solutions to help our clients meet their financing objectives. A first of its kind, this transaction reflects the increasing appetite among institutional and private investors for a well-structured Shariah-compliant instrument”.
Dada Partners worked closely with the QistBazaar team, under the able leadership of it’s CEO, Mr. Arif Lakhani, to develop this concept. He remarked “Dada Partners innovative Sukuk deal proves startups don’t have to keep diluting equity to grow, paving a vital new funding pathway for the ecosystem”.
We thank the Board and Management of QistBazaar and our partners – Akhund Forbes, Alfalah Asset Management Company, Pak Brunei Investment Company Limited, and Al Hamd Shariah Advisory Services, who were part of this transaction.
