In New Zealand, Islamic Finance aims to offer a halal financing solution to Muslims and non-Muslims who wish in the context of Islamic sharia to acquire for example real estate in New Zealand.
New Zealand's Muslim population was thought to be not big enough to see a growth of Shari-compliant banking options in the past, times have changed meanwhile.
A few mortgage lenders have obtained the authorisation of Islamic religious ruling to offer Islamic mortgage to the New Zealand Muslim community. New Zealand’s potential Islamic finance market is too small for the banking sector but viable for a smaller mortgage banks.
One first halal package for the New Zealand Muslim market has been offered in the context of the new Islamic Finance in New Zealand.
New Zealand Islamic Mortgages lenders would now target 40,000 Muslims living in New Zealand.
NEW ZEALAND'S ISLAMIC MORTGAGE LENDERS