ISLAMABAD: Securities and Exchange Commision of Pakistan Chairman Aamir Khan has asked the non banking financial institutions (NBFIs) and Modarabas to explore new technologies to become competitive.

Unveiled the Non-Banking Financial Institutions (NBFIs) and Modaraba Association of Pakistan 2019 Yearbook here on Thursday, he remarked that the immense potential of the industry has not been fully utilised 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.

Khan added that the impact of IT has revolutionised the financial services sector and Embracing available technologies can provide huge potential for product innovation, better customer services and business growth.

The chairman expressed his commitment to introduce desired improvements and reforms in the legislative framework of NBFI and Modarabas in order to bring them in line with international standards.

He added, “Beneficial regulations and enabling conducive business environment remain at the forefront of SECP’s agenda.” The total asset base of the sector, comprising Modarabas, leasing companies and investment finance services, slightly increased from Rs94,585 million to Rs95,091m, as per the yearbook.

Published in Dawn, June 26th, 2020