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Islamic Finance
 IslamiCity Forum - Islamic Discussion Forum : Religion - Islam : Islamic Finance
Message Icon Topic: Lack of Financial Banking support in SA Post Reply Post New Topic
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Joined: 01 September 2008
Location: South Africa
Online Status: Offline
Posts: 5
Quote yasmine Replybullet Topic: Lack of Financial Banking support in SA
    Posted: 01 September 2008 at 12:06pm
My husband and myself have been trying to get some sort of financial assistance through the Islamic banks in SA, namely Al Baraka, Habib Bank and Wesbank islamic banking.
They do exist in this country, but sadly, you have to borrow a certain amount (large to be exact) as well as be a high earner in order to qualify to get the support.
We started a printing business with one small machine - they wouldnt assist.  After 6 months we actually paid it off with the work we had done and then wanted to buy a 2nd machine.  Here too they would not assist - they apparently would not supply funds for industrial equipment.  We bought it through a normal banking system (interest based).  Almost 10 years later we have 4 large machines and still have our payments going through the interest based bank.
We have tried to get our house rebonded through the Islamic banks but they are not interested, and the one that is is insistant that a huge deposit be put through and then the repayment are so high, it leaves very little left for anything else as they said they require the loan to be paid off quickly.  I have a BMW and tried to get that funded, but there too they are not interested.   Too much of a risk i was told because it is a 2005 model.  Has to be 2007/8 model to be financed.
What i am trying to point out here is that it is fard upon us tolive a halaal lifestyle and do what we can to make it halaal.  The institutions that are there to assist us, are not interested, so what now.
It is a shame that muslims like me (and i am a convert), who want to do what is right, are finding it impossible to fulfil my islamic duties because of internal red tape and the only word i can find to describe them  is "greed".
Has anybody else had the same problem as me. I am curious?
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