The Securities and Exchange Commission of Pakistan (SECP) has extended the effective date for applicability of the International Financial Reporting Standard (IFRS-9) for non-banking finance companies (NBFCs), including non-bank microfinance companies (NBMFCs) and modarabas, until June 30, 2024. Currently, only 17 out of 42 members of NBFI and Modaraba Association of Pakistan and only two NBMFC