New Zealand based financial services company EFCO Ltd, today announces receiving 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.
In response to the announcement of assigning SRB as the Shari’a advisor, EFCO’s Managing Director, Mahmood Raza says “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,” Mr. Mahmood adds ”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.”
Yasser S. Dahlawi, CEO of SRB comments, “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”.
About EFCO:
EFCO Ltd is a New Zealand based financial services company offering life changing loans to different niche markets including Muslims, migrants, students, start-up businesses and SMEs. Customers can take advantage of deferred payments, free of confusing and complicated payment plans, with the added assurance of Sharia compliance. This is not limited to ethnic, cultural or social groups, but is available to all people; a financing solution that is non-interest based. To learn more visit http://efco.co.nz/.
About Shariyah Review Bureau:
Shariyah Review Bureau (SRB) is the Corporate World’s leading Shari’a Advisor with scholarly presence in more than 21 countries from US, Europe, Africa, GCC and Asia. SRB provides professional Shari’a Advisory and Shari’a Audit services to Banks, Insurance operators, Asset Management Firms, Wealth Management and more recently Fintechs. Its service offerings span a broad set of complementary disciplines that include product certification, consultation, Shari’a Audit and equity screening. To learn more visit www.shariyah.com
© Press Release 2021
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