ISLAMIC SOCIETY OF CENTRAL VIRGINIA
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Interest Free Loan Policy 

Interest-Free Loans

The ISCV board may at its discretion offer interest-free loans up to an amount of $2,500 to Muslim members of the ISCV that are of good character and are in need of financial assistance. Such loans, which are to be offered from the ISCV operations account and not the Zakah Fund, are to be repaid by the applicant in a period of time that is agreed upon between the two parties.


In order to be considered by the ISCV board for an interest-free loan/financial assistance, potential recipients must successfully fill out and sign the Interest-Free Loan Application and provide the necessary documentation required for verification purposes; otherwise, the application will not be reviewed by the ISCV board. All applicants are also required to provide a post-dated check as a collateral either personally or through a guarantor. Post-dated checks will be filed by the treasurer in a secured filing cabinet or bank safe. 

For approved requests, the treasurer will issue a check in the amount approved by the ISCV board in the name of the applicant. All checks are to be duly signed by authorized ISCV signatures.
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In the event that the loan recipient does not abide by the loan repayment schedule agreed upon with the ISCV, then the ISCV will proceed with cashing the collateral. Should the outstanding loan amount be less than the amount obtained by cashing the collateral then the ISCV will issue a check to the recipient for the balance. In the event that the check bounces due to the unavailability of sufficient funds in the debtor’s account then the ISCV will pursue the collateral through a debt-collecting agency.
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At any time, the ISCV board has the right to forgo any portion or all of the loan owing to the ISCV if the debtor is found to be eligible for Zakah. 
Location
708 Pine St. Charlottesville Va 22903
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The purposes of ISCV shall be to share and advance the teachings of Islam and to serve the Muslim community and community at large in Charlottesville, Albemarle, and surrounding counties.

The ISCV is recognized as a tax-exempt nonprofit organization under section 501(c) under the United States Internal Revenue Code.
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​© 2020 Islamic Society of Central Virginia, All rights reserved.
  • Home
  • Information and Resources
    • Our Masjid >
      • Islam FAQ
      • About
      • Board of Trustees
    • Policies and Guidelines >
      • ISCV By-Laws
    • Living in Charlottesville
    • General Islamic Resources
  • Services
    • Prayer Times
    • Zakat >
      • Zakat Application
    • Interest Free Loans
    • Islamic Burials
    • Outreach
    • Space Use
  • Program and Activities
    • Youth Programs >
      • MSA at UVA
      • Dar ul Huda Sunday School >
        • Student Registration
        • Volunteer/Teacher Registration
        • Contact Us
      • Charlottesville Arabic Program
      • Youth Education Program
    • Community Activities >
      • Upcoming Events
  • Get Involved
    • Election Nominations
    • Become a Member
    • Join Our Mailing List
    • Volunteer
    • ISCV Civics Hub
  • Contact
    • Contact Us
  • Support Us
  • Ramadan 2021 HUB
  • ISCV By-Laws