Total assets of Non-Banking Financial Institutions in Pakistan reached Rs6,844.35 billion across 715 licensed and notified entities as of January 1, 2026, according to the latest data released by the Securities and Exchange Commission of Pakistan (SECP). The figures reflect sustained expansion across multiple segments of the non-banking financial sector, with strong growth momentum recorded since mid-2022.
The NBFI landscape comprises a wide range of sectors and sub-sectors, including mutual funds and plans, asset management companies and investment advisors, discretionary and non-discretionary portfolios such as pension funds, REIT management companies and real estate investment trusts, private fund managers, private equity and venture capital funds, investment banks, non-bank microfinance companies, leasing companies, Modarabas, discounting companies, and housing finance companies.
According to SECP data, the non-banking finance companies (NBFCs) segment included 69 fund management entities and 116 lending entities, including Modarabas, as of December 31, 2025. Mutual funds continue to dominate the asset mix, accounting for 66.3 percent of total NBFI assets.
Growth trends indicate a sharp rise in total industry assets over the past three and a half years. From June 2022 to December 2025, total assets expanded by 215 percent, with a compound annual growth rate (CAGR) of 39 percent over the same period. The data highlights the accelerating scale of Pakistan’s managed investment and alternative finance ecosystem.
A notable shift is visible in the composition of Shariah-compliant assets. Between June 2022 and December 2025, conventional assets grew by 183 percent, while Shariah-compliant assets surged by 295 percent, significantly outpacing their conventional counterparts. SECP clarified that Shariah-compliant assets include those held by Shariah-compliant mutual funds, Shariah-compliant pension funds, Shariah-compliant REIT schemes, and Modarabas, while the remainder of the industry’s assets are categorized as conventional.
Within the mutual funds segment, total funds and plans stood at 409. Asset growth in this category reached 254 percent from June 2022 to December 2025, with a compound annual growth rate of 44 percent during the period. Investor participation has also expanded considerably. As of December 31, 2025, active investor accounts in open-end mutual funds—defined as accounts with more than zero balance—stood at 844,919. Accounts with zero balance totaled 730,014, bringing the overall number of investor accounts to 1,574,933.
The regulator clarified that investor account figures should not be interpreted as the number of unique investors. For instance, a single individual maintaining accounts with three different asset management companies would be counted as three separate investor accounts in the industry’s reporting framework.
Voluntary pension schemes and pension funds also recorded substantial growth. From June 2022 to December 2025, assets in pension funds increased by 227 percent, with a compound annual growth rate of 40 percent. This reflects rising awareness and participation in long-term retirement savings products within the formal financial sector.
Meanwhile, lending NBFCs and Modarabas posted asset growth of 65 percent over the review period. However, certain segments remain relatively small in comparison to the broader industry. The combined share of leasing companies, housing finance companies, and discounting segments accounts for approximately 1 percent of total NBFI assets, according to SECP data.
The latest figures underscore the expanding footprint of Pakistan’s non-banking financial sector, particularly in asset management and Shariah-compliant finance. With sustained double-digit annual growth and increasing investor participation, the NBFI industry continues to strengthen its role within the country’s broader financial architecture under regulatory oversight.
Follow the PakBanker Whatsapp Channel for updates across Pakistan’s banking ecosystem.