Active TopicsActive Topics  Display List of Forum MembersMemberlist  CalendarCalendar  Search The ForumSearch  HelpHelp
  RegisterRegister  LoginLogin  Old ForumOld Forum  Twitter  Facebook
Advertisement:
         

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
Author Message
yasmine
 
Starter
Starter
Avatar

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?
IP IP Logged
Post Reply Post New Topic
Printable version Printable version

Forum Jump
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot delete your posts in this forum
You cannot edit your posts in this forum
You cannot create polls in this forum
You cannot vote in polls in this forum

Disclaimer:
The opinions expressed herein contain positions and viewpoints that are not necessarily those of IslamiCity. This forum is offered to stimulate dialogue and discussion in our continuing mission of being an educational organization.
If there is any issue with any of the postings please email to icforum at islamicity.com or if you are a forum's member you can use the report button.

Note: The 99 names of Allah avatars are courtesy of www.arthafez.com

Advertisement:



Sponsored by:
Islamicity Membership Program:
IslamiCity Donation Program  http://www.islamicity.com/Donate
IslamiCity Arabic eLearning http://www.islamiCity.com/ArabAcademy
Complete Domain & Hosting Solutions www.icDomain.com
Home for Muslim Tunes www.icTunes.com
Islamic Video Collections www.islamiTV.com
IslamiCity Marriage Site www.icMarriage.com