The Chairman SECP, Aamir Khan, here on Thursday unveils the Non-Banking Financial Institutions (NBFIs) and Modaraba Association of Pakistan Year-Book for 2019.
Addressing the virtual launch ceremony, the Chairman SECP remarked that the immense potential of the NBFI and Modaraba has not been fully utilized primarily due to lack of awareness in potential segments of society. He urged the NBFI and Modaraba Association of Pakistan to expand outreach to rural areas to get a competitive edge over commercial banks.
Chairman further emphasized that the impact of information technology has revolutionized financial services sector. Embracing available technologies can provide huge potential for product innovation, better customer services and business growth. He urged NBFIs and Modarabas to explore new technologies and apprised that those who are not able to adapt to the digital age would be at a competitive disadvantage.
The Chairman SECP expressed his commitment to introduce desired improvements and reforms in the legislative framework of NBFI & Modarabas in order to bring them in line with international standards. Beneficial regulations and enabling conducive business environment remain at the forefront of SECP’s agenda, he added.
As per year book data, the overall performance of the NBFI and Modaraba sector remained satisfactory. The total asset base of the sector, comprises of Modarabas, Leasing companies and Investment Finance Services, slightly increased from Rs 94,585 million to Rs 95,091 million.
The book launch ceremony was attended by senior officials from SECP, Pakistan Stock Exchange, NBFI & Modaraba Sector and executives from other financial sector.