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Islamic Finance NZ
In New Zealand there is a growing demand for Islamic finance options among business owners who adhere to Islamic principles. Islamic business loans are an alternative to conventional loans and in New Zealand you can get an approved Islamic business loan for starting a business, buying a business or growing your existing business.
Islamic business loans are structured differently from traditional loans, as they are designed to comply with Islamic principles that prohibit interest (riba) and promote ethical business practices. If you are a business owner or entrepreneur in New Zealand seeking an Islamic business loan, here’s all you need to know about Islamic finance in New Zealand.
Want to know more? Enquire below.
1. What is Islamic Finance
Islamic finance, also known as Sharia-compliant finance, is a system of financial principles and practices that adhere to Islamic law, or Sharia.
An Islamic business loan prohibits the charging or paying of interest, as well as investing in certain industries such as alcohol, gambling, and pork. Islamic finance emphasises the principles of fairness, transparency, risk-sharing, and social responsibility.
Instead of traditional interest-based lending, it utilises various mechanisms such as profit-sharing, lease-to-own arrangements, and asset-based financing, among others.
Islamic finance is not limited to Muslims, and has gained global recognition as a viable and ethical alternative to conventional finance.
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SHARIA COMPLIANT BUSINESS LOANS
Islamic Finance business loan broker
Chat with Compare Business Loans today about your Islamic finance requirements. We can help you prepare your application and ensure it is a successful one.
3. Who can use Islamic finance
Islamic finance was initially designed for Muslims, but it is now increasingly popular with non-Muslims as well.
Islamic business loans promote fairness, transparency, and risk-sharing and is being seen by business owners as a viable option for their business loan needs, regardless of their religion or beliefs.
Anyone, regardless of their religion, who seeks ethical and inclusive financial solutions can benefit from Islamic finance as an alternative to conventional finance.
Interested in applying for an Islamic business loan? Get in touch with Compare Business Loans today and see what funding is available to your business.
Business loan lenders in New Zealand
We are partnered with multiple business loan lenders throughout NZ. Each lender provides different types of business loans and will offer different rates for small business loans depending on your business’ financial situation and financial history.
Heres a few lenders we work with and their basic lending criteria.