Durban, South Africa, 18 May 2016: Lendcor Group is the first retail private finance institution in South Africa to launch a Shariah Compliant facility. Lendcor Group provides finance to end users via merchants around the country. The retail finance product was designed by Mufti Ismail Ebrahim Desai, a leading and reputed Shariah Scholar based in South Africa.
The product is based on the principle of Murabaha (Cost plus Financing). Lendcor purchases the assets from the merchant and then re-sells the assets to the client with a mark-up on a deferred payment basis. Lendcor appoints an agent to take possession of the assets before the sale of such assets to the client. All late penalties are used for justifiable administrative expenses on a fixed scale and the remainder distributed in charity.
Mufti Ismail said "This product was uniquely designed after analysing and approving all the processes and documentation for Shariah Compliance. I am happy to advise that Lendcor Group is the first fully fledged Shariah Compliant retail finance solution in South Africa. I am confident that this product launch will engender more activity and competition within the Islamic Finance Industry in South Africa".
About Mufti Ismail Ebrahim Desai
Mufti Ismail Ebrahim Desai is an internationally reputed Shari'a scholar and Islamic finance expert. He currently serves as Shari'a Advisor to various Islamic financial institutions and educational institutes around the world including Ethica Institute of Islamic Finance, Centre for Advanced Islamic Economics, Al-Mabroor Investments, PSG Wealth, Pegasus Agriculture, Park First besides other Islamic investment firms and real estate funds around the world. Mufti Ismail has developed various Shari'a auditing, governance and risk management standards for Islamic financial institutions and has issued several hundred expert legal opinions (fatwas) with a special focus on Islamic finance and economics. Mufti Ismail holds a Master's in Islamic Finance and a Master's in Islamic Theology from the Institute of Islamic Jurisprudence, Durban, South Africa.
Contact Details:
Mobile: 0027 71 683 8921
Email: ismailebrahim7861@gmail.com/ceo@globalislamic.co.za
Office: 0027 31 207 5772
About Lendcor
Lendcor Group is the first retail private finance institution in South Africa to launch a Shariah Compliant facility. Lendcor Group provides finance to end users via merchants around the country. Ledncor provides finance of up to R50 000 over 36 months.
Contact Details:
Office: 0027 31 310 7100
Email: info@lendcorgroup.co.za
© Press Release 2016
