Financial Stability

  Structure of Financial System:

Financial sector of Pakistan constitute banks, Development Finance Institutions (DFIs), Microfinance Banks (MFBs), Non-banking Finance Companies (NBFCs), insurance companies, Modarabas and other financial intermediaries. Latest asset structure of the financial sector is given below.

Institution Regulatory Body Licensed under
Banks SBP Section 27 of BCO, 1962
of which: Islamic Banking Institutions SBP Section 27 of BCO, 1962
Microfinance Banks SBP Microfinance Institutions Ordinance 2001
Exchange Companies SBP Foreign Exchange Regulation Act, 1947
Nonbank financial institutions: SECP  
Investment companies SECP Companies Ordinance, 1984
Asset Management Companies SECP Companies Ordinance, 1984
Mutual Funds and Plans SECP Companies Ordinance, 1984
Pension Funds SECP Companies Ordinance, 1984
Discretionary & Non-Discretionary Portfolios SECP Companies Ordinance, 1984
Real Estate Investment Trust SECP Companies Ordinance, 1984
Leasing Companies SECP Companies Ordinance, 1984
Modarabas SECP Companies Ordinance, 1984
Insurance companies SECP Companies Ordinance, 1984

Financial sector of Pakistan predominantly comprises of banks, as they hold the largest share of financial assets as a percentage of GDP.
State Bank of Pakistan (SBP) regulates Banks, DFIs, Exchange Companies and MFBs, while Securities and Exchange Commission of Pakistan (SECP) regulate NBFCs, Insurance Companies and Modaraba Companies.

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