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Apply for a Loan from Iana
(Right click “Save Link As” to open files)
Before you apply
for a loan we recommend filling out the pre-application form by clicking on the link below, if you are eligible for a loan, we will inshaAllah contact you to submit the full application form.
http://spreadsheets.google.com/viewform?formkey=dDg4d2lmNExZcy01aWRubUtnQmdPaHc6MA
What Programs Does Iana Offer?
Iana has two lending programs and one grant program: 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 someone with a pressing need (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.
Iana Grants currently offers one annual grant, full tuition to the Edmonton Islamic School for a student whose family would otherwise not be able to do so without great difficulty.
What is the Qualification Criteria?
In order to qualify, you must 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
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 within 3 weeks, please plan accordingly.
How Does the Loan Repayment Work?
Iana Financial is in its initial growth phase and 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. To ensure 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 payment, a friendly reminder will 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), and after missing the second consecutive payment, the loan will be considered in default. At this point, guarantors 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.
How is the Loan Default Risk Mitigated?
Statistically, student loan defaults are lower than conventional loan defaults. However, through our rigorous application and evaluation process, we expect very few defaults - if any. Measures such as references, witnesses, guarantors and legal action are available to mitigate default risks.
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.