Sonny Bill Williams will replace a bank's logo on his Blues jersey with an advertisement for Plunket for the rest of the Super Rugby season.
Williams taped over the BNZ advertising on his jersey in his Super Rugby comeback on Saturday against the Highlanders, causing some to question whether he could face a misconduct charge.
But the NZRU says it had agreed to a request from Williams to cover it up permanently on the grounds of his Islamic faith. He objected to wearing the logo because Islam forbids financial institutions charging interest and fees on loans.
On Thursday, the Blues and BNZ said Williams, who has been named in the starting XV for the side to play the Hurricanes at Eden Park on Saturday, would be able to wear the Plunket brand instead.
The child support agency is also a core backer of the rugby side.
The idea was put to Williams on Wednesday and he agreed, says BNZ chief executive Anthony Healy.
"We think this is a fantastic outcome for all."
The Blues say they support the move.
Williams will still not be allowed to remove Investec from the tournament logo, as the banking and asset management group's logo is compulsory on all New Zealand team jerseys in the tournament.
The NZRU said Williams has assured them his objection doesn't extend to AIG, the insurance firm that is the major sponsor for the All Blacks.
And they also deny the situation sets a precedent for other players to object to other sponsors.
"The conscientious objection clause has been in the NZR and NZRPA collective agreement for some time and any player is entitled to invoke it based on genuine grounds," the NZRU said.