Pakistan’s non-banking financial sector has demonstrated robust expansion during the first half of the current fiscal year, with total assets surging by 21% to reach PKR 6.84 trillion by December 31, 2025, according to a new report released today by the Securities and Exchange Commission of Pakistan (SECP).
This significant increase, up from PKR 5.635 trillion recorded on June 30, 2025, was driven by rapid growth in both the fund management and lending sectors, signaling growing investor confidence and advancing financial inclusion across the country.
The lending sector of Non-Bank Financial Companies (NBFCs) showed exceptional performance, recording a remarkable 65% increase in its assets to PKR 824 billion over the six-month period.
Concurrently, the fund management industry recorded a substantial 17% growth. Mutual funds dominated the sector, with assets amounting to PKR 4.5 trillion, representing 66.3% of the entire industry.
Investments within mutual funds remained diversified, with 44% allocated to money market funds, 23% to income funds, and 14% to equity funds. The number of available funds and plans also increased from 369 to 409 during the period.
Public participation in the market saw a substantial rise, as the number of mutual fund investor accounts grew by 8% to 845,000. This number has doubled since December 2022, indicating a growing interest in investment opportunities from the general public.
Voluntary pension schemes also saw significant momentum. Participant accounts increased by 30% compared to June 2025 and have surged by 170% since December 2022, bringing the total number of accounts to 143,154.
The report also noted that the total size of Shariah-compliant assets stood at PKR 2.47 trillion, accounting for 36% of the industry’s total assets.
Reflecting the sector’s continuous growth, the number of registered NBFCs and Modaraba institutions increased from 174 to 185 over the six-month period.