Mar 07, 2010Fourth Loan - $3000/ Let’s Support 10 in 2010/ Be Responsible!
Dec 30, 2009UofA Application Drive a Success
Jun 08, 2009Iana Learn - Islam, Edmonton Islamic School Tuition Sponsorship Program
Iana Financial Student Loan Application
(Right click “Save Link As” to open files)
What is the Qualification Criteria?
In order to qualify, you must be a resident of Canada.
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
- those who are proactive and value independence
What is the Loan Amount that Students Can Receive?
Iana 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 student applicant (not the parents, schools or outside agencies),
so the ability to follow instructions is a factor taken into consideration. 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 Western and Islamic Finance experts. The process is a combination of a scoring matrix, an interview, a credit check, and a reference check 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
- Guarantors unwilling to co-sign
- Disagreement in establishing payment schedule
- Other reasons deemed to be appropriate by Iana Financial
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 students obtain an education. 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 payments, a friendly reminder will be sent to the student in the form of a phone calls, 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 have been lower than conventional loan defaults. However, through our rigorous application and evaluation process, we expect very few defaults. 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. We are also exhausting other avenues such as grants to help the fund grow. Lastly, Iana Financial also plans on investing in low-risk long-term investments for stability and growth.