Frequently Asked Questions
Does Iana accept international applicants?
Yes, RARELY; international applicants are eligible and have been awarded loans; however, preference goes to those from Edmonton, then Alberta, then Canada, then the US, then other countries. See the top of the Apply page for other means of support.
What types of Loans are available?
- Iana Learn is for educational loans, tuition or expenses to pursue studies, or to pay off existing student loans.
- Iana Personal is for emergency or short-term loans for those who have urgent needs or unanticipated expenses (e.g. dental, medical, auto, etc.) as well as important vehicle purchases, or home renovations.
- Iana Independence is to help small businesses get on their feet or expand their operations.
- Iana Community is for non-profit organizations and institutions and their work.
Note: since the bulk of our loans are educational, much of this page reflects that; bear with us (and pray for us!), soon each loan category will, God-willing, have its own page. In the meantime, please follow this as a guide to be modified based on the specifics of the other categories.
How do applicants apply?
1. Please email the answers to the pre-application questions; you may not receive an answer at all or for an extended period of time due to the volume of emails we receive. If pre-approved, you will, inshaAllah (God-willing) be asked to:
2. Submit the full application forms provided via the link. Loans are made to the applicant (not the parents, schools or outside agencies). All additional information must be supplied for the committee to consider your application.
3. A personal interview will be required as well as reference checks.
4. If any requirements are not satisfied or documentation not submitted, the application may be automatically rejected.
How are applicants assessed?
Applications are reviewed through a rigorous process devised by Islamic and Western finance experts. The process is a combination of a thorough application review, documentation, reference checks, an interview, potentially a credit check, praying for guidance or istikhara and more; all to try to ensure the applicants are responsible, trustworthy, prudent, competent and will inshaAllah (God-willing) successfully repay their loans so that others may benefit from the pool of funds.
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 funds available
- Disagreement in establishing repayment schedule
- Guarantors unwilling to co-sign (if applicable)
- Poor judgement or poor character displayed by applicant
- Other reasons deemed 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.
When is the deadline for applications and how long does the process take?
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, submit your request early, and continue to pursue other options in parallel.
Loans may be given within days or weeks or months depending on many factors – this is a volunteer team and no paid staff so keep that in mind.
How does loan repayment work?
Iana Financial 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 borrower fails to make a payment for repaying their loan?
Delays in repayment place a burden on Iana and delay much needed help to others who are applying for loans; we strongly emphasize the need for borrowers to honourably fulfill their contractual repayment plans. However, if given notice and explanation, a rare late payment is simply deferred. There are never any late fees.
Repeat missed payments may result in the loan being default. Guarantors will be contacted to resume payments, if this is unsuccessful, Iana will take the case to arbitration; if the Borrower is belligerent, Iana may make the case public to help recover funds, or may take legal action to recover Iana Financial’s (i.e. the community’s) assets. Our main mitigation is in the front-end – being extra careful in selecting the borrowers in the first place through a thorough application and vetting process.
We try to do our best and we rely on God.
What is the role of the Guarantor?
The Guarantor is fully liable to repay the entire loan or whatever balance remains in case the borrower is unable to fulfill their contractual obligations or in case the borrower is unwilling to renegotiate their loan repayment plan in the case of default. The Guarantor should have a high level of confidence that the borrower is an upright, honest, and competent person who will do everything they can to honour their word.
Peace and Blessings
Praise and Thanks