Qist Bazaar

In a country where access to credit and financial services remains a challenge for millions, Qist Bazaar has emerged as a game-changer. Founded in 2021, this innovative “Buy Now, Pay Later” (BNPL) platform is transforming the way Pakistanis access essential goods, from home appliances to electronics, by offering flexible installment plans. With a mission to democratize finance and empower the unbanked, Qist Bazaar is not just a fintech startup—it’s a movement toward financial inclusion and dignity for all.

What is Qist Bazaar?

Qist Bazaar is Pakistan’s first Shariah-compliant BNPL platform, licensed by the Securities and Exchange Commission of Pakistan (SECP) as a Non-Bank Financial Company (NBFC). It allows customers to purchase essential items like refrigerators, smartphones, and motorbikes through affordable monthly installments, without the need for credit cards or formal financial history

The platform caters primarily to low- and middle-income households, with a focus on serving the unbanked and underbanked population. By leveraging technology and innovative credit-scoring models, Qist Bazaar has made it possible for millions of Pakistanis to access products that were previously out of reach

How Does Qist Bazaar Work?

1. Simple Application Process: Customers can browse products online or visit physical stores, select their desired item, and choose a payment plan. The process is hassle-free, with no complex paperwork or documentation fees
2. Flexible Payment Plans: Qist Bazaar offers installment plans ranging from 6 to 18 months, tailored to the customer’s budget. The total cost, including mark-ups, is communicated upfront, ensuring transparency
3. Shariah-Compliant Model: Unlike traditional interest-based financing, Qist Bazaar operates on the principle of musawamah, adhering to Islamic financial principles
4. Home Delivery and Verification: Orders are delivered within 48 hours, and a verification officer assesses the customer’s income informally to determine affordability

Key Features and Offerings

1. Wide Product Range: Qist Bazaar offers over 1,400 products across 15 categories, including home appliances, electronics, and even solar power generators
2. Affordable Brands: The platform focuses on affordability, offering brands like Dawlance, Haier, and Samsung, while avoiding premium models16.
3. Inclusive Approach: Qist Bazaar serves a diverse customer base, including micro-businesses like naan shops and rickshaw drivers, as well as women and students through dedicated branches
4. Low Default Rates: With a 98% recovery rate, Qist Bazaar has demonstrated the trustworthiness of its customers, debunking the myth that the unbanked are high-risk

Impact on Financial Inclusion

Qist Bazaar is bridging the gap between traditional finance and the unbanked population. Here’s how:

• Empowering the Unbanked: Over 70% of Pakistanis lack access to formal financial services. Qist Bazaar’s hybrid credit-scoring model evaluates both traditional and alternative factors, enabling even those without financial history to access credit
• Building Creditworthiness: By providing installment-based financing, Qist Bazaar helps customers build a financial track record, paving the way for future access to banking services
• Promoting Dignity: The platform’s customer-centric approach ensures privacy and convenience, allowing individuals to purchase essential items without relying on loan sharks or unethical lenders

Growth and Future Plans

Since its inception, Qist Bazaar has disbursed over Rs. 3.4 billion in loans to 55,000 customers, with plans to expand further1013. Key initiatives include:

• Expanding Product Portfolio: Introducing new categories like solar power generators to address energy needs
• Scaling Operations: Establishing a presence in cities like Islamabad, Faisalabad, and Multan, and increasing capacity in Karachi and Lahore
• B2B2C Partnerships: Collaborating with textile companies and other industries to offer installment plans to their employees

Why Qist Bazaar Stands Out

1. Shariah Compliance: As Pakistan’s first Shariah-compliant BNPL platform, Qist Bazaar aligns with the religious and ethical values of its customers
2. Profitability: Unlike many fintech startups, Qist Bazaar has been EBITDA-positive from the start, showcasing sustainable growth and strong unit economics
3. Social Impact: By prioritizing accessibility and affordability, Qist Bazaar is improving the quality of life for millions of Pakistanis

Conclusion

Qist Bazaar is more than just a fintech platform—it’s a beacon of hope for millions of Pakistanis who have been excluded from the formal financial system. By offering affordable, Shariah-compliant installment plans, Qist Bazaar is not only meeting the immediate needs of its customers but also paving the way for a more inclusive and equitable future.

As the platform continues to grow and innovate, it stands as a shining example of how technology and empathy can come together to create meaningful change. For more information, visit Qist Bazaar’s official website or explore their offerings on YouTube