EFCO Limited, New Zealand announces collaboration with Shariyah Review Bureau, Bahrain for Islamic Financing products in New Zealand

January 11, 2021 - 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.”