Pakistan’s Abhi Issues First Sukuk Bond for a Fintech in Region

Pakistan’s financial platform Abhi has raised the first-ever Sukuk bond for a fintech firm in the region, opening a new funding line for startups that have seen a slowdown in venture capital.

The Karachi-based startup raised 2 billion rupees ($6.8 million), an industry first for the Middle East, Africa and Pakistan region, said Omair Ansari, chief executive officer and co-founder. Demand exceeded expectations with subscriptions reaching twice the anticipated amount, he said in an interview.

Pakistan’s startups are experiencing a funding crunch in an economy that is going through one of its biggest downturns. In the past year, Vitol-backed ...