Qist Bazaar Marks Five Years, Expands Shariah-Compliant Installment Financing Across Pakistan

Qist Bazaar has marked five years of operations, growing from a startup founded in 2021 into a major Shariah-compliant installment financing platform in Pakistan. The company says it now operates more than 100 branches across over 18 cities and has helped hundreds of thousands of families access essential household products.

According to the company, Qist Bazaar has remained profitable since its launch. It has financed products worth more than PKR 15 billion and processed over one million applications nationwide.

Its offerings include smartphones, laptops, refrigerators, washing machines, motorcycles and solar solutions. Bank Alfalah, Indus Valley Capital and Gobi Partners are among the institutions and investors backing the business.

Focus on Essential Household Needs

Qist Bazaar distinguishes its approach from conventional buy-now, pay-later models by prioritising essential products over discretionary purchases.

The company says this focus, combined with community-based customer relationships and credit assessments, has helped it keep bad debt below 4%. Its customer base includes people who have limited access to financing through traditional financial institutions.

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The company’s model challenges the assumption that serving lower-income and underserved communities necessarily involves higher credit risk.

Community Presence Supports Customer Relationships

Qist Bazaar attributes part of its growth to its physical presence in the communities it serves. Its branches and weekend neighbourhood exhibitions bring installment financing closer to customers, from historic areas of Lahore to densely populated neighbourhoods such as Korangi in Karachi.

Local branch managers play a key role by combining knowledge of their communities and personal relationships with technology. The company says this approach helps it assess customers, build trust and encourage responsible repayments.

Retail Partnerships to Expand Financing Access

Building on its branch network and customer data, Qist Bazaar is expanding its point-of-sale (POS) partnerships with independent retailers and distributors.

The initiative will initially focus on smartphones and laptops. It aims to let customers access Qist Bazaar financing directly at participating retail outlets, creating an additional distribution channel without depending solely on new branch openings.

The company expects this approach to extend its reach through existing retail networks.

Co-Founder Highlights Financial Inclusion

Qist Bazaar Co-Founder Arif Lakhani said the company’s community-based approach had been central to its development.

“You cannot understand a household’s financial reality sitting in a boardroom. You have to be in the neighborhoods, understand the people, and earn their trust,” Lakhani said.

He added that the company had deliberately chosen to finance necessities rather than luxuries. According to Lakhani, combining that focus with community engagement had helped Qist Bazaar keep bad debt below 4%.

He said the company’s experience showed that financial inclusion and commercial discipline could work together.

Reflecting on the milestone, Lakhani said the team was proud of its progress but believed the company still had significant room to grow.

“Necessities First, Payments Later,” he said, describing the phrase as more than a tagline: “That’s how we do business.”