New Zealand based financial services company Efco said that it has received Sharia certification as a mark of compliance from Shariyah Review Bureau (SRB) - a Bahrain based Shariah advisory firm licensed by the Central Bank of Bahrain.
The engagement comes as Efco integrate Shari’a compliance to its set of assets & debt-based products. The arrangement will allow Efco to rely on SRB to oversee and supervise its asset financing and personal loans in a Sharia compliant manner.
To date there is no enterprise in New Zealand that provides dedicated Sharia compliant finance offerings even though the Muslim population is estimated over 62,000.
Efco’s Managing Director Mahmood Raza said: “With an international clientele from multiple industries SRB is a global name for Sharia advisory. We wanted to work directly with a reputable firm who understands local challenges and is able to propose pragmatic Sharia compliant solutions for our customers.”
Efco has been gradually arising to the expectations of the local demand and has set forth ambitious milestones of offering diverse Islamic financial products that are also guided by ethical precepts.
“This is the right time to invest our leadership in catering to our customers growing faith based needs. Efco will continue to focus and build this area and deliver the best possible Sharia compliant offerings; one that resonates with the need of the local customer,” Raza added.
Yasser S Dahlawi, CEO of SRB commented: “This engagement marks our first Sharia advisory engagement in New Zealand. We look forward to helping them in developing more products to cater to the faith driven and ethical focused consumer demands.” – TradeArabia News Service