The community loan

We bought this building without interest. We still owe our neighbours $ 3*.

In 2019 more than four hundred families lent the Toronto Islamic Centre {total} as qard hasan — a loan with no interest and no return. The masjid is repaying it, year by year. {due period} falls due in {year}.

817 Yonge Street, bought outright in 2019
$ 1*

Originally lent

$ 2*

Repaid so far

$ 3*

Still outstanding

$ 4*

Month

Percent % repaid as of Datetime
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How a riba-free purchase actually worked

Step one

Families pledged, not donated

Each lender signed a promissory note for a fixed amount, repayable on a published schedule. Nobody gave up ownership of their money.
Step two

The masjid bought outright

With the full amount in hand there was no mortgage, no lender and no interest — the condition the community set from the beginning.
Step three

Repayment comes from giving

Every donation to this campaign goes to repaying lenders. When a note comes due, the money must be there.

Questions lenders ask

Can I be repaid early?
Yes. Contact the finance committee and the request goes to the next board meeting.
Can I convert my loan into a donation?
Many have. A receipt is issued for the forgiven amount in the year you sign the waiver.
Where are the audited statements?
Published annually and linked from the About page alongside the board minutes.
مَن ذَا الَّذِي يُقْرِضُ اللَّهَ قَرْضًا حَسَنًا

Who is it that will lend to Allah a goodly loan?

Al-Baqarah 2:245
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817 Yonge St
Toronto, ON M4W 2G9
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(647) 350-4262
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