Finance from Albaraka Bank - one of their pre-requisites is that one has to have house-hold insurance

Kindly find below a response we received from Al-Barakah Bank.%0D%0A%0D%0Aand Allah Ta'ala Knows Best%0D%0A%0D%0AMufti Ebrahim Desai%0D%0AFATWA DEPT.%0D%0A%0D%0AAssalamu Alaykum Wa Rahmatullaahi Wa Baraakutuhu%0D%0ARESPECTED MUFTI EBRAHIM DESAI SAHEB%0D%0AWE REFER TO YOUR EMAIL DATED 11 JUNE AND THANK YOU FOR APPROACHING US FOR%0D%0AOUR COMMENTS.%0D%0A%0D%0ATHE QUESTION REFERS TO HOUSE HOLDERS INSURANCE.THIS TYPE OF INSURANCE COVERS%0D%0ATHE CONTENTS OF A HOUSE.WE DO NOT REQUIRE THIS TYPE OF INSURANCE POLICY NOR%0D%0AHAVE WE CALLED FOR THIS FROM OUR CLIENTS.%0D%0A%0D%0ATHE OTHER TYPE OF POLICY IS A HOUSE OWNERS INSURANCE POLICY WHICH COVERS THE%0D%0ABUILDING ITSELF AGAINST CERTAIN RISKS SUCH AS FIRE.ALBARAKA BANK INSISTS ON%0D%0ATHIS POLCY IN MOST CASES FROM CLIENTS WHO AVAIL OF PROPERTY FINANCE FROM THE%0D%0ABANK.%0D%0A%0D%0ATHE REASON FOR THIS IS THAT ALBARAKA BANK WAS HEAVILY CRITISED BY THE SOUTH%0D%0AAFRICAN RESERVE BANK(SARB) FOR NOT HAVING THIS TYPE OF COVER ON PROPERTIES%0D%0AFINANCED BY THE BANK.SARB HAS INSISTED THAT WE OBTAIN THIS TYPE OF COVER%0D%0AFROM OUR PROPERTY FINANCE CLI%0D%0AENTS AS WITHOUT IT THE RISK PROFILE OF THE BANK IN THE EYES OF SARB WILL%0D%0AINCREASE.THE REASONING BEHIND THIS IS THAT IF A PROPERTY IS DESTROYED BY SAY%0D%0AFIRE THEN THERE WILL BE A TENDENCY ON THE PART OF A CLIENT TO DEFAULT ON HIS%0D%0APAYMENT TO THE BANK.%0D%0A%0D%0AIN VIEW OF SARB REQUIREMENTS WE HAVE TO INSIST ON THIS POLICY.%0D%0A%0D%0AHOWEVER WE DO MAKE AN EXCEPTION WHERE A CLIENT CAN DEMONSTRATE TO THE BANK%0D%0ATHAT HE HAS INCOME AND ASSETS TO CONTINUE PAYMENTS TO BANK SHOULD THE ABOVE%0D%0AEVENTUALITY OCCUR.WHERE SUCH A CLIENT REQUESTS INSURANCE COVER TO BE WAIVED%0D%0AWE OBTAIN AN INDEMNITY TO BE SIGNED BY THE CLIENT FOR VIEWING BY SARB.%0D%0ACLIENTS ARE FREE TO CANCEL THEIR INSURANCE COCER AS SOON AS THEY HAVE REPAID%0D%0ATHE BANK.%0D%0A%0D%0AWE TRUST THAT THIS EXPLANATION WILL HELP IN RESPONDING TO THE QUESTION.%0D%0A%0D%0APLEASE DO NOT HESITATE TO CONTACT ME SHOULD YOU REQUIRE ANY FURTHER%0D%0ACLARIFICATION.%0D%0A%0D%0A%0D%0AWAS SALAAM%0D%0AAHMED KADWA%0D%0A