It's not often that God and financial services are mentioned together in one sentence but Iana Financial's mission statement is an exception: "Towards God-centred community financial services, for the common good." Since 2009, the Edmonton, Alberta based organization has provided interest-free loans across Canada and the world to relieve people of the burden of usury and to help them pursue their goals.
Despite the Islamic prohibition on interest or riba, many, if not most Muslims have credit cards. While it’s possible to use a credit card and never pay interest by paying off the full credit card balance each month, it doesn’t always work out this way. Any number of situations such as emergencies, unexpected expenses, unstable income or loss of employment can lead people to carry a balance on their card and accrue interest on their debt. From there, getting out of debt can become a very difficult challenge.
One of the biggest challenges Muslims face when it comes to reconciling their faith with their finances is home ownership. With house prices starting in the hundreds of thousands of dollars, how is it possible to buy a house without borrowing money through an interest-based mortgage?