Small island in the Inner Hebrides on which St Columba founded a monastery in 563 (4)
I believe the answer is:
iona
(Other definitions for iona that I've seen before include "Inner Hebridean island" , "Isolated part of UK" , "Site of St Columba's monastery" , "'Hebridean island, early centre of Celtic Christianity (4)'" , "Macbeth's resting" .)