Aug 29, 2011Loans 10 and 11 Issued in Ramadan
Apr 16, 2011Who’s the Extra-Special Person?
Nov 23, 2010Loans 6 and 7! Masters in Engineering & Certified Personal Trainer
Before you Apply
Before applying, we kindly advise you to:
0. renew your intentions and make sincere duah in your sujood and other blessed times for help from Allah.
1. try to find part-time work during school and full-time work during the summer to save up money for your tuition and expenses.
2. look for some wealthier people in your community who might be able to give you a loan.
3. if you’re out of options, follow the advice of Dr. Kutty and take a student loan with the intention to work hard to pay it back before graduation (i.e. before having to pay interest).
Some major scholars note that it is permissible to sign an interest-based contract for a sound reason (e.g. for educational purposes) so long as you don’t pay interest (riba); hence the conditional permissibility of using credit-cards by a number of scholars so long as one does not pay interest.
Regarding students seeking interest-free loans from Iana, all else being equal, students in their final years of study take preference over students in their first years of study as the former are at a greater risk of falling into paying interest.
Ways to Increase Your Rizq (wealth) based on Allah’s guidance in the Qur’an and the Sunnah (traditions) of our beloved Prophet, may he be blessed, include:
- be conscious of Allah
- seek forgiveness and repent to Him
- put your trust in Allah
- consistently worship Him
- thank Him
- perform Hajj and Umrah
- keep good ties with your relatives
- ask Allah to increase your wealth
- give charity
- emigrate for Allah
- get married
- support students of Islamic knowledge
- show kindness to the poor
- be honest
- make the hereafter your main concern
- strive to achieve your goal
May Allah (swt) guide us all to what He loves and is pleased with.
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Before you send the full application for a loan please send an email to
with the following information:
Full Name
City
Current Area of Study
Date of Graduation inshaAllah (yyyy/mm/dd)
Current Student Loan Amount
Amount of Student Loans Expected at Graduation
Reason For Not Using Conventional Student Loans
Other Outstanding Loans
Loan Amount Requested from Iana
Date Loan Needed By (yyyy/mm/dd)
Expected Monthly Payments inshaAllah
Date to Start Repaying your Loan inshaAllah (yyyy/mm/dd)
Date to Finish Paying your Loan inshaAllah (yyyy/mm/dd)
Donors have many competing initiatives for their dollars, why should a donor donate money to Iana to lend to you? Have you been working hard trying to avoid taking loans? Do you have other circumstances? Here’s where you can share more about your situation, why you deserve an interest-free student loan, and any other relevant information.
Are you involved in the community? Do you volunteer? Tell us about how you help out.
If you are eligible for a loan, we will inshaAllah contact you to submit the full application form.
Apply for a Loan from Iana
What Programs Does Iana Offer?
Iana offers two lending services: Iana Learn and Iana Now. Iana Learn offers educational loans to current students or former students paying off student loans. Iana Now offers urgent loans to people with pressing needs (e.g. an urgent medical or family need), typically these loans are smaller and paid off in shorter time-frames. Iana’s main focus is on Iana Learn.
What is the Qualification Criteria?
In order to qualify, you must demonstrate good character and ideally be a resident of Canada. Preference will be given to applicants from Edmonton, Alberta.
Are there special considerations to qualify for a loan? If so, what are they?
Yes! Special consideration is given to:
-orphans
-widows
-people with a difficult financial situation
-women
-volunteers and local activists
-people with disabilities
-immigrants
-ex-convicts
What is the Loan Amount that Students Can Receive?
The loan amount will be reviewed on a case by case basis.
How Do Students Apply?
Please complete the application form provided in the link above. Loans are made to the applicant (not the parents, schools or outside agencies). All additional information (see application checklist link above) must be supplied before the board will consider your application. Also, a personal interview will be required. If any requirements are not satisfied, the application may be automatically rejected. (Please make a copy of applications for your records)
How are Applicants Assessed by the Committee?
Applications are reviewed through a rigorous process devised by Islamic and Western finance experts. The process is a combination of a thorough application review, reference checks, an interview, and potentially a credit check; all to ensure the applicants are responsible, trustworthy, and will inshaAllah successfully repay their loans.
What are Reasons for Loan Applications to be Rejected?
Loan Applications can be rejected for the following reasons:
- Incomplete application or missing supporting documents
- Insufficient funding
- Disagreement in establishing payment schedule
- Guarantors unwilling to co-sign (if applicable)
- Other reasons deemed to be appropriate by Iana Financial
Please note that the funds Iana has are a trust from those who have donated or loaned money to Iana, as such, we are fully accountable for the responsible management of these funds. We take our role seriously and can deny an application at our discretion - just as you may refuse to lend someone your money at your own discretion.
What is the Deadline for Applications?
Currently, there is no deadline for submitting an application. Once an application is submitted, the response will inshaAllah be given as soon as possible, please plan accordingly and submit your request early.
How Does the Loan Repayment Work?
Iana Financial is in its initial growth phase and highly depends upon the repayment of loans in order to continue to help people meet their needs. It is important that applicants recognize there is a moral obligation as well as a legal obligation to repay any loan that he or she may receive. As such, a loan agreement is signed to ensure the terms are clear to both parties. For accountability and practicality, a loan repayment plan is set on a case-by-case basis.
What if the Applicant Fails to Make a Payment for Repaying their Loan?
After missing the first and second payments, a friendly reminder will inshaAllah be sent to the applicant in the form of a phone call, email, and/or letter. Unless alternate arrangements have been made (e.g. the repayment plan adjusted), after missing the third consecutive payment, the loan will be considered in default. At this point, guarantors (if applicable) will be contacted to resume payments, the payment schedule may be revised if necessary. If there is still not a resolution in fulfilling payments, further action, for example legal action, may be taken to recover Iana Financial’s assets. Our main mitigation is in the front-end - being extra careful in selecting the borrowers in the first place with a thorough application process. We do our best, then we rely on Allah’s Help.
How are Funds for the Student Lending Program Generated?
After Allah, we rely on generous donations to make the lending program grow. The pool will inshaAllah be continuously regenerated through repayments and continuous donations.