Islamic Fund Management
94
Figure 4.8: Overview of Pakistan's Financial Sector
Sources: SBP (2016), SECP (2013)
NBFCs, based on the types of services offered, are segregated into two broad categories, as
shown in Pakistan introduced modaraba companies in early 1980 (based on a
Shariah-compliant financial model) to stimulate the NBFC sector. These are regulated by the
Modaraba Companies and Modaraba Ordinance 1980 and Modaraba Companies and Modaraba
Rules 1981. Fund management services, which include AMCs, REIT management companies
(RMCs) as well as PE and VC companies, are also classified as NBFCs.