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.
News Network
March 16,2020

Kalaburagi, Mar 16: A family member of the 76-year-old man from Kalaburgai who died of COVID-19 on March 10 has been tested positive for the virus.

Kalaburagi Deputy Commissioner B Sharat said, "One member of the family of the 76-year-old man from Kalaburgai, who died due to coronavirus has tested positive for the virus."

The disease which originated in China's Wuhan city in December last year has so far spread to more than 100 countries, infecting over 1,30,000 people.

The World Health Organisation (WHO) has declared coronavirus a pandemic.

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.
Agencies
June 26,2020

Mumbai, Jun 26: In a humanitarian gesture, a mosque in Bhiwandi town of adjoining Thane district has been converted by its administrators into a temporary COVID-19 facility, where oxygen is provided free of cost to patients.

The facility at Makkah Masjid in the Shanti Nagar area of the powerloom town has been set up by the local chapter of Jamaat-e-Islami Hind (JIH), Movement for Peace and Justice and the Shanti Nagar Trust, which runs the mosque.

Apart from putting up five beds equipped with oxygen cylinders, the JIH also delivers them for free to patients homes if required, an office-bearer of the JIH said, adding the makeshift facility is open to all communities.

So far, the Bhiwandi-Nizampur municipality has recorded over 1,332 COVID-19 cases and 88 casualties. It has a mortality rate of 5.26 per cent, a release stated.

"Bhiwandi-Nizampur has been hit hard by the pandemic as it is a congested city. It doesn't even have proper health infrastructure.

"The situation has only worsened during the pandemic as general medical practitioners have shut their clinics fearing the virus spread," said Ausaf Ahmed Falahi, president of the JIH's Bhiwandi chapter.

As a majority of people here lack awareness about the viral disease and are unable to afford treatment, a facility like this one was the need of the hour, he said.

Over 70 persons have benefited from this facility, which has two doctors, while 15 oxygen cylinders have been delivered to the homes of eight COVID-19 patients, Falahi said.

People irrespective of their religion have been availing treatment at the mosque, he added.

"Makkah Masjid has been shut for prayers since the lockdown. So, we decided to use a part of the premises to help those who can't avail treatment elsewhere," said Qaiser Mirza of the Shanti Nagar Trust. 

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 2,2020

Bengaluru, Jul 2: As many as 3,363 students from Covid-19 containment zones have appeared for SSLC examinations in different parts of Karnataka till yesterday. On the first day of exam, i.e., on June 25, only 998 students these zones had written the exam.

In the past few days the number of containment zones has increased across the state in general and Bengaluru in particular. In all, 32 students could not appear for the exam as they turned positive.

While on June 25, the number of students who were found unwell during the check up at exam centre was 201, it was 613 on Wednesday. Students who are sick and those from the containment zones take the exam in a different room.

The social science exam on Wednesday saw an attendance percentage of 97.96 (7.68 lakh). This was against 98.78% last year. There were 7.45 lakh fresh candidates, 20,000 private candidates and 593 from outside the state.

Five students in Yadgir district were given question papers based on the old syllabus for maths exam on June 27. Their answerscripts will be evaluated separately and action will be taken against the officials.

Malpractices assisted by schools by switching off CCTV cameras were reported in Ballari and Koppal. “We’ve completed all the core subjects. Now only languages are left. We’ll complete them too in a safe environment,” said S Suresh Kumar, primary and secondary education minister.

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.