Certifying ethical products in New Zealand
Shariah Compliant Financing: EFCO
Our goal has always been to certify products that are simple, helpful, and more importantly ethical.
That’s the inspiration behind our first engagement in New Zealand with EFCO Limited. It is the only finance company in the country providing non-interest-based solutions that are also affordable and accessible to individuals and businesses. The asset and debt-based financing products are guided by both ethical rules and principles of Sharia compliance. They have worked hard to capture the niche market of underbanked clients and is now emerging as a mainstream financier with ultra-ethical solutions. We’ve already started to review the credit facility documents, and getting a better understanding of the Consumer Finance Act 2003 of New Zealand while exploring options to construct a Commodity Murabaha process. Making Sharia controls consistent across the products will help the implementation of products more easier, and we hope, even simpler to use.
We hope EFCO’s customers will have the opportunity to experience the new wave of Sharia compliance that is redefining finance in many countries around the world. We couldn’t be more excited to embark on this journey in New Zealand and help supervise products that are not only Sharia compliant but also simple, helpful and ethical.
Thank you for continuing to share this journey with us as we continue to progress towards our goal!