[1] In the 13th century, the church was converted into a monastery, in large part due to the work of Saint Iyasus Mo'a and later Emperor Yekuno Amlak.

[2] The monastery is responsible for producing five people, known as "Lights" (or important sources of knowledge and Christian salvation) of the Ethiopian Orthodox Tewahedo Church.

One of these Lights was Saint Tekle Haymanot, who was educated in this monastery, and helped to convert Shewa and other southern provinces by ministering and building churches.

Istifanos Monastery was looted by Imam Ahmad Gragn in 1531, who, upon coming upon the lake ordered the Arabs in his ranks to construct boats to reach the island.

Created in the 15th century, the icon was cleaned and repaired by a British charity, The Ethiopian Heritage Fund in 2010, and subsequently was housed in a special museum as the monastery.