Pakistan’s non-bank financial sector maintained strong growth momentum during the second half of 2025, with total assets rising to Rs. 6.84 trillion as of Dec. 31, 2025, against Rs. 5.635 trillion on June 30, 2025, a 21% hike.
In its latest report, the Securities and Exchange Commission of Pakistan (SECP) notes robust expansion across both fund management and lending segments, reflecting growing investor confidence and continued progress toward financial inclusion.
The fund management sector, it said, recorded solid growth of 17% during the period. Mutual funds remained the largest sub-sector, managing assets of Rs. 4.5 trillion, accounting for 66.3% of total industry assets. The number of funds and plans increased from 369 to 409. Mutual fund investments remained well diversified, with 44% allocated to money market funds, 23% to income funds, and 14% to equity funds.
Investor participation also expanded significantly, with the number of mutual fund investor accounts reaching 845,000 as of Dec. 31, 2025, representing an 8% increase since June 2025. Notably, the number of investor accounts has doubled since December 2022, indicating growing retail engagement in capital market instruments.
Participation in voluntary pension schemes also surged, with participant accounts rising to 143,154 by Dec. 31, 2025, reflecting a 30% growth since June 2025 and an impressive 170% increase since December 2022.
The lending segment of non-bank financial companies (NBFCs) recorded particularly strong performance, with assets increasing by 65% over six months to reach Rs. 824 billion. Across the sector, Shariah-compliant assets totaled Rs. 2.47 trillion, representing 36% of overall industry assets.
The number of registered NBFCs and Modaraba entities increased to 185, up from 174 in June 2025, underscoring the sector’s sustained expansion.
The SECP remains committed to promoting a resilient, transparent, and inclusive non-bank financial sector to support economic stability, mobilize savings, and facilitate sustainable growth in Pakistan’s financial system.