Tuesday, April 16, 2024
Editor's PickQistBazaar secures Shariah compliance approval becoming Pakistan’s first licensed Islamic BNPL platform

QistBazaar secures Shariah compliance approval becoming Pakistan’s first licensed Islamic BNPL platform

Qist Bazaar has secured a certificate from the Securities and Exchange Commission of Pakistan (SECP) verifying the Shariah compliance of its buy-now-pay-later (BNPL) offering, becoming the first non-banking finance company in the Republic to officially offer Muslim-friendly BNPL services.

Founded in 2021, Qist Bazaar utilizes the Musawamah concept to build its BNPL offering. The State Bank of Pakistan describes Musawamah as a general kind of sale in which the price of a commodity to be traded is stipulated between the seller and the buyer without any reference to the price paid or cost incurred by the former.

A requirement for the certificate, which was granted under the Shariah Governance Regulations 2018, is for Qist Bazaar to engage a Shariah advisor to structure its products.

“The first Shariah compliance certificate for a BNPL platform is a significant milestone, promoting Shariah compliant financial products and enabling new business models for tech-based entrepreneurs,” the SECP said.

Qist Bazaar in a statement said the certification from the SECP is part of its commitment toward financial inclusivity.

LEAVE A REPLY

Please enter your comment!
Please enter your name here