Key Points
- Mutual funds account for 66.3 per cent of total assets
- Lending segment expands 65 per cent to Rs 824 billion
- Shariah-compliant assets stand at Rs 2.47 trillion
ISLAMABAD: Pakistan’s non-bank financial sector recorded strong growth in the second half of 2025, with total assets rising 21 per cent to Rs 6.84 trillion by December 31, 2025, up from Rs 5.635 trillion in June.
The expansion reflects increased investor participation and broader financial inclusion, according to the latest report issued by the Securities and Exchange Commission of Pakistan, the country’s corporate regulator and capital markets watchdog.
Growth was visible across both fund management and lending segments. The fund management industry expanded by 17% per cent during the period.
Mutual funds remained the largest sub-sector. Assets under management reached Rs 4.5 trillion, 66.3 per cent of the total industry assets.
The number of funds and plans increased from 369 to 409 over six months. Investments remained diversified. Approximately 44 per cent of assets were allocated to money market funds. Income funds accounted for 23 per cent, and equity funds represented 14 per cent.
Investor participation also increased. Mutual fund investor accounts reached 845,000 by December 31, 2025. This marks an 8 per cent increase since June 2025.
The number of investor accounts has doubled since December 2022. The trend signals growing retail engagement in capital market instruments.
Voluntary pension schemes also posted strong growth. Participant accounts rose to 143,154 by the end of December 2025, reflecting a 30 per cent increase in six months and a 170 per cent rise since December 2022.
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The lending segment of non-bank financial companies recorded the fastest growth. Assets surged 65 per cent to Rs 824 billion during the six months.
Across the sector, Shariah-compliant assets totalled at Rs 2.47 trillion, representing 36 per cent of the overall industry assets.
The number of registered non-bank financial companies and Modaraba entities increased to 185, compared to 174 in June 2025. The rise indicates continued sector expansion and regulatory outreach.
The Securities and Exchange Commission of Pakistan stated that it remains focused on strengthening transparency, resilience and inclusion in the non-bank financial system.
The sector plays a key role in mobilising savings, expanding access to finance and supporting sustainable economic growth.
