Kerala: India's first Islamic bank gets RBI approval

[email protected] (News Network)
August 18, 2013

Kochi, Aug 18: The Kerala government has got a go-ahead from the Reserve Bank of India to launch a financial institution following the principles of Islamic finance.islamic_banking

Cheraman Financial Services Limited (CFSL) will be floated by Kerala State Industrial Development Corporation to function as a non-banking finance company (NBFC). A formal announcement on CFSL, the latest incarnation of Al Baraka Financial Services, was made on Saturday.

Industries minister PK Kunhalikutty and CFSL chairman P Mohamad Ali told reporters here that the firm would function as a non-banking finance company with an authorised capital of Rs 1,000 crore.

CFSL has already received clearances from the RBI, the Securities and Exchanges Board of India ( SEBI) and the wakf board, the chairman said.

The Kerala State Industrial Development Corporation ( KSIDC) will be the single largest shareholder in the company, holding 11% shares. The other individual shareholders can hold a maximum of 9% shares.

Counting on the state's traditional Gulf links, the previous government had hoped to raise Rs 40,000 crore. The Sharia-compliant CFSL will launch road shows in various cities of India and the Gulf countries from next month

The body will desist from charging interest on loans or give interests on deposits. It will target sectors like infrastructure, services and manufacturing sectors and keep off taboo areas including liquor, tobacco and gambling or speculation. Financing start-up projects is one of its pilot programmes.

The firm will float an alternative investment fund under the banner of Cheraman Fund, with a corpus of Rs 250 crore. The fund will focus on manufacturing and service sectors, mainly in Kerala.

Initially, the fund will raise about Rs 50 crore and one of the early projects to be taken up will be to provide support to startup schemes, managing director APM Mohammed Hanish said.

Comments

Sharif
 - 
Tuesday, 29 Mar 2016

Assalamu alaikum. Hi I got stuck in a private bank borrowing 13 lakhs for home loan. I need to get relief from that paying interest. Because I need to pay 17 lakhs as interest in 15 years. Please help me in this and do the needful.

NAZEER MOOSAFI
 - 
Monday, 28 Mar 2016

Looking for Islamic business loans and opening account in the same

Juber Khan
 - 
Sunday, 27 Mar 2016

Please give me details, how I can open my account in Islamic bank

Juber Khan
 - 
Sunday, 27 Mar 2016

Please give me details, how I can open my account in Islamic bank

Mohammad Azhar…
 - 
Friday, 18 Mar 2016

I would like to take money from Islamic banking for doing business without interest.As interest is haram in Islam.
PLEASE Give me the RIGHT GUIDANCE.

Rifaj Iqbal
 - 
Thursday, 10 Mar 2016

I want business loan...

MD ASLAM
 - 
Friday, 4 Mar 2016

I am very happy to know that R.B.I approves an Islamic Bank.
Sir I completed my diploma in civil engineering and I want to continue my higher studies. So I want to know the procedure to get education loan from your bank and shariah bonding while taking loan.

mujeeb
 - 
Saturday, 13 Feb 2016

I want to starts buisness in kerala. Can i get the loan if possible what is the procedure...?

mujeeb
 - 
Saturday, 13 Feb 2016

I want to starts buisness in kerala , can i get loan .If possible what is the procedure?

SYED MOHD. ZEYAUDDIN
 - 
Tuesday, 9 Feb 2016

SUBHANALLAH. DEAR SIR I WANT TO OPEN MY ACCOUNT IN ISLAMIC BANK IN INDIA, SIR CAN YOU GIVE ME LOAN TO EXPAND MY BUSINESS

Mohammed sauban khan
 - 
Tuesday, 26 Jan 2016

Assalam alaikum,
Well I need financial help to boost my business in Lucknow. We are in FnB segment of hospitality industry.I don't want to get involved in anything which have to deal with interest.moreover I hire my staff from our community only more preferably.
My no & email is mention below.
9794492760
[email protected]

Asma
 - 
Tuesday, 26 Jan 2016

Assalamu Walaikum Rahmatullah,
Sir I want to open an account in Islamic Bank in India please sent me details to my mail.
Thank & Regards.
b8

Mohammed Yaseen
 - 
Monday, 18 Jan 2016

Sir, It is nice to know that an Islamic Bank has been approved by RBI. I wish that its branches should be opened in Jammu and Kashmir. So that we will prevent ourselves from taking interests and help the persons who need loans to run their business.

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
February 12,2020

Bengaluru, Feb 12: Karnataka Sanghatanegala Okkoota, a congregation of various pro-Kannada organisations, has called for a state-wide bandh in Karnataka on Thursday (13 February 2020) demanding reservation in jobs for Kannadigas in both government and private sectors.

The Karnataka bandh, which will begin from 6 am to 6 pm, is likely to impact life in Bengaluru as well as in other parts of the state. Interestingly, Ola and Uber drivers have also extended support to the bandh. 

In Bengaluru, some other drivers’ associations, including Jai Bharatha Vehicle Owners and Drivers Association and Adarsha Auto and Taxi Union have also supported the bandh.

It is not yet clear as to whether the Karnataka State Road Transport Corporation (KSRTC) staff and workers associations will back Thursday’s bandh.

Several other organisations like the Karnataka Film Chamber of Commerce (KFCC), Centre of Indian Trade Unions (CITU), and Lorry Owners Association have supported the February 13 bandh.

In view of the bandh call, schools, colleges and hospitals across Karnataka are likely to remain closed on Thursday.

The Sarojini Mahishi report, which in 1984 suggested that Kannadigas should be given some reservation in jobs in private companies, public sector undertakings and multinational companies, is yet to be implemented.

It is to be noted that Sarojini Mahishi, a four-time MP and Janatha party leader, was appointed by the Ramakrishna Hegde government to head the panel in 1983. The committee submitted an interim report in June 1984. However, a final report was tabled in December 1986 with 58 recommendations, of which the Karnataka government had accepted 45.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 29,2020

New Delhi, July 29: The government of India today announced Unlock 3.0, lifting of night curfew from August 1 and opening of yoga institutes and gymnasiums from August 5 while educational institutes will remain closed throughout August.

According to the Unlock 3.0 guidelines issued by the Ministry of Home Affairs (MHA), the lockdown in containment zones will be extended until August 30. The new guidelines will be in effect from August 1.

The operation of Metro rail and international flights will remain suspended. Cinema halls, swimming pools, entertainment parks, theatres, bars, auditoriums, assembly halls and similar places will remain shut. Large gatherings are also prohibited.

Yoga institutes and gymnasiums will start operating from August 5 for which the Ministry of Health and Family Welfare will be issuing Standard Operating Procedures. 

Independence Day celebrations will be held with social distancing norms in place.

Restrictions on the movement of individuals during the night (Night curfew between 10 PM and 5 AM) have been removed.

According to the order, states have been given powers to prohibit certain activities outside containment zones or impose such restrictions as deemed necessary based on their assessment of the situation.

"However, there shall be no restriction on inter-state and intra-state movement of persons and goods. No separate permission/approval/e-permit will be required for such movements," the order said. 

In the previous two Unlock guidelines, the government had substantially opened various activities.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 15,2020

Bengaluru, Jun 15: Karnataka Chief Minister B S Yediyurappa on Monday laid the foundation stone for the construction of a Rs 220 crore airport project in his political bastion of Shivamogga, as he expressed confidence that it will give a boost to tourism, industries and economic activities in the region.

"The long cherished dream of people of Shivamogga about having an airport is finally becoming a reality.

The project that was planned when I was Deputy Chief Minister and Chief Minister in the past was shelved due to contractor issues and lack of interest by the governments that came later," Yediyurappa said.

Speaking at the foundation laying event for the airport, which he attended virtually via video conference, he said, now the government is once again taking up the project through infrastructure development and PWD departments.

The project to construct the well-equipped airport at Sogane in Shivamogga taluk at the cost of Rs 220 crore in about 662.38 acre land area has been initiated, he said, adding that the project will be taken up in two phases.

He expressed hope that it will be completed in a year's time.

The first phase consists of runway, taxiway, apron, approach road, peripheral road and compound wall construction, while the second phase consists of terminal building, ATC tower, fire station building, among others, a release said.

Noting that under the Udan scheme the project has been envisaged to provide affordable air travel to people, the Chief Minister expressed confidence about tourism, industries and economic activities in the region getting a boost, with the small airport coming up at Shivamogga.

He also directed officials to complete the airport work on time without compromising on the quality.

Highlighting various developmental works that is being implemented in Shivamogga, the district which is regarded as his political turf, Yediyurappa said, with the cooperation of the central government various railway projects have also been taken up in the district including Shivamogga- Shikaripura rail route.

Shikaripura is the constituency represented by the Chief Minister, while his son B Y Raghavendra represents Shimoga constituency in Lok Sabha.

Yediyurappa, who also inaugurated the divisional office of National Highway authority in the district, said a bridge project across river Sharavati at Singndur in Sagara taluk will be taken up.

Conceding that developmental work has taken a backseat due to the COVID-19 situation, the Chief Minister said the challenge is to overcome it and achieve development.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.