Think-it - Islamic Finance is Different?

Islamic Finance as the name suggests is finance according to the Law, Rules & Regulations of Allah (SWT) and His Messenger Muhammad (PBUH). It is not just Arabic names of conventional banking products. It is also not just Riba free. It is to accept, surrender or submit to the will of Allah (SWT). 

Dr. El- Gamal posted an eye opener, which states ""Islamic finance" started with a suggestion that the "Islamic economics" philosophy rests on sharing in profits and losses through partnership (i.e. equity) finance. In practice, of course, the industry moved toward debt finance, where the only risk is default risk. Now, they want to insure against credit risk as well, which is of course possible, but defeats the entire purpose."

In Islamic teachings, according to the Quran, an insolvent person should be allowed time to be able to pay out his debt. This is recorded in the Quran's second chapter (Sura Al-Baqara), Verse 280, which notes: "If the debtor is in difficulty, grant him time till it is easy for him to repay. But if ye remit it by way of charity, that is best for you if ye only knew."

Narrated Abu Huraira :

The Prophet said, "There was a merchant who used to lend the people, and whenever his debtor was in straitened circumstances, he would say to his employees, 'Forgive him so that Allah may forgive us.' So, Allah forgave him." Sahih Al-Bukhari 3.292

After clear instructions from Allah (SWT) and His Messenger Muhammad (PBUH), we still want our debt to be secured by Takaful and yet claim to be practising Islamic Banking & Finance.

The above referred Ayah consists of two parts. First part, "If the debtor is in difficulty, grant him time till it is easy for him to repay." Second part, "if ye remit if by way of charity that is best for you if ye only knew." As far as I have researched and obvious from the tone, the first part of the verse is an order from Allah (SWT) and is a mandatory, it has to be obeyed. Second part of the verse is more like a recommendation of best practice, one may adopt it or not.

Should not there be a clause in every debt based Islamic Banking contract so as to incorporate the above mentioned order of Allah(SWT)?