Speaking of Islamic Banks, the word "Islamic" should be fairly simple to comprehend, anything that is Islamic would involve "helping people go to heaven". But I guess this is only my naive understanding and it is definitely not shared by the board members of current Islamic banks/financers in Jordan. They probably think of all the Shari'a compliance regulations, they look so closely that they overlook the core essence of Islamic teachings.
Now if the nature of an institute is commercial I can understand that all you care about is getting as much money as you can with the lowest risk on planet earth, while taking advantage of people's beliefs.
So why would all "Islamic" Financing Institutes in Jordan, charge the highest rate, ask for down payments of 40% (20% if you are connected -wasta-) and must have two Government/Public Shareholding Company Employees to act as loan sponsors (one if you are connected -wasta-)!?
Having too many complications is toooo much and I just hate it. I would probably not approach a bank in the first place if I had that 20-40% of the apartment value in the first place!
Let's check other banks that are not Shari'a compliant (not Islamic), hmmm ok they will only ask for a salary transfer through their bank!? No down payment and no loan sponsors كفلاء...
After many attempts, men and women who originally sought Islamic financing usually go for other banks, where they are received with open arms and a touch of mint!... diving into an open War with the skies above for years and years to come...
يا أيها الذين امنوا اتقوا الله وذروا ما بقي من الربا إن كنتم مؤمنين فَإِنْ لَمْ تَفْعَلُوا فَأْذَنُوا بِحَرْبٍ مِنَ اللَّهِ وَرَسُولِهِ وَإِنْ تُبْتُمْ فَلَكُمْ رُءُوسُ أَمْوَالِكُمْ لا تَظْلِمُونَ وَلا تُظْلَمُونَ (البقرة 278-279)
Translation from the holy Koran :278. "O ye who believe! Fear Allah, and give up what remains of your demand for usury, if ye are indeed believers. 279. If ye do it not, Take notice of war from Allah and His Messenger. But if ye turn back, ye shall have your capital sums: Deal not unjustly, and ye shall not be dealt with unjustly."
If those Islamic banks were truly Islamic, would they in a million years divert seekers of heaven to a war with God and His Messenger! Would they complicate the matter to the point that willing customers who are more than eager to deal with them would turn to non-Islamic banks?
Don't they understand the simple fact that they pave the way to hell for everyone that is turned away!
It's OK to have an eye on commercial success but having all eyes on it and taking advantage of people because they have no other option is NOT Islamic, to say the least.
In spite of all the bitterness I feel everyday when I look at friends who deal with non-Islamic banks because it was too complicated or too expensive, still at the end of the day, some people will go to "Islamic" Banks in Jordan simply because they have no other choice...
Placing beliefs above everything else is not easy, and "Islamic" banks in Jordan are not making it any easier but is a must especially when it comes to the food your family will eat, the cloths they wear and the roof that stands above their heads.
As far as most religious people are concerned, it is non-negotiable and never will be, Islamic banks in Jordan are to an extent the lesser of two evils...
The day will come when a competitive True Islamic Bank will open in Jordan, a bank that cares for the people... not for what's inside their pockets, for helping them avoid what is against their beliefs, when that day comes, personally, I will not wait for the counter offers of our pathetic current "Islamic" banks in Jordan and will do my best to have everyone bail out of the so-called Islamic Banks in Jordan. Till that day comes, keep crunching on those embers (burning stones).
( يأتي على الناس زمان الصابر فيهم على دينه كالقابض على الجمر ( حديث صحيح - الترمذي
"There will come A TIME for people, in which, he who persists to uphold his religion is like a man who holds a burning stone in hand." Prophet Mohammad Peace Be Upon Him (PBUH).