Press Release
VIS Reaffirms Entity Ratings of GoldFin Limited
Karachi, January 15, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of GoldFin Limited ('GoldFin' or the 'NBFC') at ‘A-/A2’ (Single A Minus/A Two). Medium to long-term rating of ‘A-’ reflects good credit quality; protection factors are adequate. Risk factors may vary with possible changes in the economy. Short-term rating of ‘A2’ signifies good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Outlook on the assigned ratings remains ‘Stable’. Previous rating action was announced on December 19, 2024.
GoldFin is a licensed Non-Banking Finance Company (NBFC) specializing in Investment Finance Services (IFS). Originally incorporated as a Private Limited Company in Pakistan on February 17, 2020, under the Companies Act, 2017, it transitioned to a Public Limited Company on July 6, 2022, and was granted an IFS license in June 2023. The Company focuses on providing secured gold-backed loans (GBL) as its core business. This unique business model centers on leveraging the intrinsic value of gold as collateral, effectively reducing credit risk while offering accessible financing solutions to both individual and enterprise clients. In addition to directly serving its own clients, GoldFin has strategically positioned itself as a platform for banks and other financial institutions, facilitating partnerships that allow these entities to extend GBL products to their customer base.
The ratings reflect the Company’s strengthening business profile, supported by a fully secured gold-backed lending portfolio, sound governance practices, and a seasoned management team with several years of experience in microfinance, retail credit. GoldFin has expanded its operational footprint, enhanced productivity, and strengthened risk controls. Asset quality remains strong, with no record of non-performance due to the highly liquid and culturally significant nature of pledged gold, which incentivizes timely repayment. Profitability has continued to improve, driven by rising lending volumes across both organic and partnership channels, along with better operating efficiency. The capital base has grown through sponsor support and retained earnings, while leverage remains conservative, providing an adequate buffer for planned expansion. Liquidity remains sound, although it has moderated as the Company has scaled its portfolio; future stability will depend on mobilizing funding from diversified sources, including planned deposit mobilization and additional institutional lines. The Company’s strategic shift toward the enterprise segment and its planned launch of Shariah-compliant products, indicate continued diversification and growth potential. Sustaining operational discipline, maintaining asset quality amid rapid growth, and meeting projected business targets, will be key to maintaining the assigned rating.
For further information on this rating announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Non-Bank Financial Companies
https://docs.vis.com.pk/Methodologies-2025/NBFC-Nov-2025.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf