Qist Bazaar Private Limited, a Bank Alfalah backed Fintech, has reached a significant milestone that sets it apart in Pakistan’s financial landscape. The startup is the first Buy Now Pay Later (BNPL) in the country certified as a ‘Shariah-Compliant Company’ by the Securities and Exchange Commission of Pakistan (SECP). This accomplishment holds great importance as it aligns Qist Bazaar’s innovative installment plans with Islamic finance principles, catering to a previously underserved population in Pakistan while adhering to ethical financial practices.
Qist Bazaar’s BNPL services have been designed with a consumer-friendly approach, offering convenient installment plans that allow customers to make purchases and pay for them over time. This model particularly benefits the unbanked and underserved individuals in Pakistan who might have been overlooked by traditional financial institutions. These individuals often lack access to credit cards, bank accounts, and other standard financial tools. By tailoring its services to this demographic, Qist Bazaar not only taps into a previously untapped market but also fulfills a crucial need for accessible and flexible financial solutions.
What sets QistBazaar.pk apart is its adherence to Shariah-compliant principles. In Islamic finance, interest (or usury) is strictly prohibited, and transactions must adhere to ethical guidelines outlined in Shariah teachings. With its certification as a Shariah-Compliant Company, Qist Bazaar assures its customers that its BNPL services are developed in line with these principles. This entails avoiding interest-based transactions and adopting financial methods that are in harmony with Islamic values. This achievement not only demonstrates Qist Bazaar’s commitment to ethical finance but also empowers its customers to make financial decisions that align with their religious beliefs.
The certification of Qist Bazaar as a Shariah-compliant BNPL provider is a significant moment in Pakistan’s financial industry. It represents a move toward greater inclusivity and access to modern financial solutions while respecting religious convictions. This achievement goes beyond just serving a niche market; it bridges the gap between traditional Islamic finance and innovative fintech solutions, creating a model that can serve as an example for other companies within Pakistan and the broader Islamic financial world.
One of the standout features of Qist Bazaar’s BNPL service is its accessibility. Unlike traditional financial products that often require debit/credit cards or bank accounts, Qist Bazaar’s BNPL service is designed to be accessible to all, including those without these traditional financial tools. The convenience and flexibility of this offering align with the preferences and needs of the average Pakistani, making it a sought-after solution in the local market.
