Pakistan leasing sector is a major component of non banking financial institution (NBFI) and has played a vital role in economic growth of Pakistan. Leasing is an institutional arrangement that channelize resources to small and medium size enterprises to fund their business needs. The objective of this study is to empirically examine the relationship between the growth and its determinants (Liquidity, Leverage, Profitability, Size, Inflation, and Terrorism) on the leasing sector of Pakistan over the period of 2005-2008. The relationship is determined by applying Ordinary Least Square Regression, Pearson Correlation and Descriptive Statistics. The result of the study indicates that there is a positive relationship between growth, leverage and profitability, and a negative relationship between growth and terrorism. The study found positive but insignificant relationship between size, inflation and liquidity with growth. The comparative analysis between leasing firms and Modarabas shows that there exist positive relationships between profitability, Size with Growth but statistically significant in leasing firms and insignificant in Modarabas.