Licensed & notified entities: NBFCs’ assets total Rs6.84trn on January 1

ISLAMABAD: Total assets of Non-Banking Financial Institutions (NBFIs) stood at Rs6,844.35 billion of 715 licensed & notified entities as on January 1, 2026.

According to a latest report of the Securities and Exchange Commission of Pakistan (SECP), the NBFI sectors included sectors and sub-sectors covering Mutual Funds and Plans, Asset Management Companies/ Investment Advisors, Discretionary & Non-Discretionary Portfolios - Pension Funds, REIT Management Companies, Real Estate Investment Trust, Private Fund Managers, Private Equity & Venture Capital Funds, Investment Banks, Non-Bank Microfinance Companies, Leasing Companies, Modarabas, Discounting, Housing Finance Companies.

The SECP data revealed that the non-banking finance companies (NBFCs) sector comprised 69 fund management entities and 116 lending entities (including Modarabas) as of December 31, 2025.

The SECP data further revealed that the share of Mutual Funds in total assets stood at 66.3 percent.

The growth trend in NBFI industry’s total assets revealed that the growth of assets since June 2022 till December 2025 is 215% and Compound Annual Growth Rate of total Assets from June 2022 till December 2025 stood at 39 percent.

Breakup of Shariah-compliant and conventional assets of NBFI industry disclosed that growth since June 2022 till December 2025 of Conventional Assets was 183 percent and Shariah-Compliant Assets was 295 percent.

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The SECP further revealed that Shariah-Compliant assets include assets of Shariah-Compliant Mutual Funds, Shariah-Compliant Pension Funds, Shariah-Compliant REIT Schemes and Modarabas, while rest of the assets of NBFI industry are considered as conventional assets.

Trend of total assets of mutual funds & plans revealed that the total number of Mutual Funds & Plans were totaled at 409. Growth of Assets since June 2022 till December 2025 was 254 percent and Compound Annual Growth Rate (June 2022 till December 2025) was 44 percent. Within the category of mutual funds, the number of active investor accounts, ie, Accounts having more than zero balance as at

December 31, 2025 is 844,919; number of investor accounts having zero balance at December 31, 2025 is 730,014 and total number of investor accounts as at December 31, 2025 is 1.574,933.

The above data shows the number of investor accounts in open end mutual funds only.

The SECP has explained that the number of investors’ accounts is different from the number of investors in mutual fund industry, ie, If Investor-A has opened three accounts with three different Asset management companies, the same shall be reported as three investor accounts instead of one investor, SECP added.

The data of voluntary pension schemes/funds reflected the trend of total assets of pension funds during this period.

Growth of Assets since June 2022 till December 2025 is 227 percent and Compound Annual Growth Rate (June 2022 till December 2025) is 40%, SECP data added.

Lending NBFCs and Modarabas trend of total assets data revealed growth of 65 percent was witnessed during the period under review. The combined share of Leasing Companies, Housing Finance Companies, and Discounting segments is approximately 1% of total assets, the SECP added.

Copyright Business Recorder, 2026