Pakistan’s non-bank financial sector continued its strong growth in the second half of 2025, with total assets reaching Rs. 6.84 trillion by December, up 21% from Rs. 5.635 trillion in June. The Securities and Exchange Commission of Pakistan (SECP) said both fund management and lending segments saw healthy expansion, signaling growing investor confidence in alternative financial channels.
The fund management industry showed steady progress, recording a 17% rise in assets. Mutual funds remained the dominant segment, managing Rs. 4.5 trillion, or two-thirds of total industry assets. The number of mutual fund schemes increased from 369 to 409, and investments remained diversified, with the majority in money market and income funds, while equity funds accounted for 14%.
Investor participation in mutual funds also rose, with accounts hitting 845,000 by year-end, an 8% increase since mid-2025 and double the number seen in December 2022. Voluntary pension schemes saw even faster growth, with participant accounts climbing 30% in six months to 143,154, reflecting a 170% surge over three years.
The lending arm of non-bank financial companies (NBFCs) performed impressively, with assets rising 65% over six months to Rs. 824 billion. Shariah-compliant assets now account for 36% of total industry holdings, signaling a growing appetite for ethical finance solutions. The total number of registered NBFCs and Modarabas also increased to 185 from 174 in June.
The SECP emphasized its commitment to building a transparent and inclusive non-bank financial sector to support Pakistan’s economic stability and mobilize savings for sustainable growth.