Frequently Asked Questions

In the Name of Allah, Most Gracious, Most Merciful. All Thanks are Due to Allah. Allah send infinite Blessings and Peace upon Prophet Muhammad, the one through which good works are guided and blessed.

Are there any fees?

No. There are no hidden fees, no administrative fees, no late fees, etc. Borrowers are given loans in good faith and required to pay back only what they borrowed, not a penny more. Borrowers may pay fees to others to transfer funds to Iana (e.g. to mail cheques or to send wire transfers). Iana does not make profits; donations or gifts given to Iana go to help advance Iana’s work and to give more interest-free loans – no strings attached. By the Grace of God, Iana is a community service that is currently run by volunteers who cover all administrative fees.

Are International Applicants Eligible?

Yes, international applicants are eligible and have been awarded loans; however, preference goes to those from Edmonton, Alberta, Canada, the US, Europe, then other countries.  What’s more important than geographic considerations is giving a loan to the right person for the right reasons. See the Award Philosophy for more information.

You may also explore means of support by others

What types of Loans are available?

  1. Iana Learn is for educational loans, tuition or expenses to pursue studies, or to pay off existing student loans.
  2. 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.
  3. Iana Independence is to help small businesses get on their feet or expand their operations.
  4. Iana Community is for non-profit organizations and institutions and their work.

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 final application forms and all documentation. 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 denied.

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 in turn be given loans.

What are reasons for loan applications to be rejected?

There are many reasons why an application may be denied; the most common reason is the basic logistics of cash-flow needs based on loan amount and duration, this must be measured against the needs of the community members who entrust Iana by lending their savings (e.g. for Hajj, a home, children’s education, retirement, etc.).  Aside from this, it is very difficult to try to assess applications and weigh between various applications and their merit, perceived individual needs and societal benefit, while trying to ascertain the character of the applicant (e.g. honesty and competence). When an application lacks information or does not list a guarantor, it is less likely to be approved.  We hope you understand. Please pray for us that Allah guide us to give and withhold in accordance with His Pleasure.

Loan Applications may 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?

Applications are accepted year-round. 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, 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 uncooperative, 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


Prophet Muhammad



Praise and Thanks

are due