Pakistan’s non-banking financial sector expanded 21% in the first half of the fiscal year, with total assets reaching Rs. 6.84 trillion by the end of December 2025, according to data released by the Securities and Exchange Commission of Pakistan.
The increase from Rs. 5.63 trillion in June shows growth across mutual funds, pension schemes and lending institutions, underscoring a pickup in investor participation and private credit activity.
Mutual funds remained the largest segment, with assets climbing to Rs. 4.5 trillion. The number of funds rose to 409 from 369 six months earlier, while investor accounts increased 8% to 845,000.
Money market funds accounted for 44% of total mutual fund investments, followed by income funds at 23%. Equity funds accounted for 14% of overall allocations, indicating a continued preference for lower-risk and fixed-income products amid macroeconomic adjustments.
Assets of lending-focused non-bank financial companies surged 65% to Rs824 billion, highlighting accelerating activity in the private lending space as businesses seek alternatives to traditional bank financing.
Participation in voluntary pension schemes also expanded, with the number of contributors exceeding 143,000. Pension scheme accounts rose 30% during the six-month period.
Shariah-compliant assets reached Rs. 2.47 trillion, representing 36% of total non-bank financial assets, reflecting sustained demand for Islamic investment products.
The number of registered non-bank financial companies and Modaraba entities increased to 185 as of December, up from 174 in June, signaling continued expansion in the regulated non-bank segment as authorities seek to deepen capital markets and broaden financial inclusion.
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