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.

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News Network
May 8,2020

Bengaluru, May 8: Karnataka Minister for Primary and Secondary Education S Suresh Kumar on Friday said that the next academic year will have to be shortened as it will delayed due to the COVID-19.

Mr Kumar in a meeting with Education Department officials said that the syllabus and curriculum for the academic year will have to be designed according to time available. Additional content in the syllabus will have to be removed, according to a statement issued here by the education department here on Friday.

The Minister also stated that plans are underway to conduct CET examination meant for admission into professional courses immediately after the SSLC examination.

He also advised the officials to make the Department’s YouTube channel feature more subject-wise and chapter-wise content for the aid of the students.

Additionally, a booklet will be launched to teach students on how to adjust to life in the post-COVID-19 world.

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News Network
March 29,2020

New Delhi, Mar 29: "What corona? My children are hungry, they have walked from Gurugram with me do you think corona is what I fear?," Yogesh Gangwar who is salesman in a cloth showroom said as he wiped his tears.

Many others regret for not leaving the city early on.

"God knows when we will reach our hometown. My family was telling me to leave work early in March and get back, but I avoided suggestions and now I am stranded here," Babu Ram who hails from Rampur and works at a plastic recycling factory here in Mundka told media.

Migrant labourers were forced to walk as the public transport were closed and borders were sealed due to the lockdown.

"There is no food to eat, I cannot pay rent of room without my daily wages so I decided to walk with my family from Narela to here. I just hope I get a bus soon," Revati, who works as construction labour said as she fed her three-year-old with pieces of bread that one of the policemen at Anand Vihar gave her.

However, when Yogi Adityanath-led BJP government in Uttar Pradesh decided to deploy around 1,000 buses to help these workers reach their respective hometowns, thousands of them reached Anand Vihar ISBT with a hope to catch one of these buses.

The Delhi government also announced that 100 buses have been deployed to help those trying to reach to their homes in other states on foot.

In order to avoid the spread of the virus, the police asked the people to stand in three queues and also asked the people to de-board the overcrowded buses.

Earlier, budget passenger carrier SpiceJet had offered its aircraft to operate few flights from Delhi and Mumbai to Patna to take migrant labourers, particularly from Bihar, who have got stuck in various parts of the country due to COVID-19 related lockdown.

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News Network
February 12,2020

New Delhi, Feb 12: Buoyed by the Aam Aadmi Party's stellar performance in the Delhi Assembly elections, the Maharashtra unit of the party has decided to fight all forthcoming local elections, including the Mumbai elections.

The AAP’s Bengaluru unit will also contest the municipal corporation polls likely to take place in August or September.

AAP National Executive Member Preeti Sharma Menon said the party will try to “replicate the Delhi model of pragmatism, performance, and people centric policies”.

“We are sure that Maharashtra will shower us with the same faith and love as Delhi has done so,” she said.

The party has decided to field candidates in all the 198 wards of the Bruhat Bengaluru Mahanagara Palike (BBMP).

"We have been planning to contest the BBMP election when we received a major shot in the arm. The Delhi victory happened because of the good work, which we want to replicate here," AAP's co-convener in Karnataka and party's BBMP campaign in charge Shanthala Damle told PTI on Tuesday.

Born out of an anti-corruption movement, the AAP led by Delhi chief minister Arvind Kejriwal registered the second landslide victory by winning 63 out of 70 seats in the Delhi Assembly elections.

According to Damle, AAP in Bengaluru was working in full swing to make its presence felt in the city. "The party has already done its ground workin terms of election campaign and reaching out to the people in Bengaluru," she added.

According to her, the party has already opened around 10 offices and about 50 people have been announced as the assembly president or ward president.

Last month, the party launched a 40-minute movie called 'Hosa Bengaluru' (New Bengaluru) and conducted 50 shows already.

"It shows the Delhi model and explains what can be done in Bengaluru. So that is part of our vision," the AAP leader said.

In its next level of the campaign, AAP intends to conduct 'Jana Samvada' (Dialogue with people) in every street and in every ward.

The preparedness of the party can be gauged from the fact that it has identified many of its candidates for the BBMP elections.

The party has never tasted success in Karnataka anywhere but the Delhi's success story has kindled a new hope as many people would now be waiting to join the AAP, Damle said. The AAP cadres in Bengaluru burst into celebration soon after it became clear that the party was going to script history by forming government for the third consecutive time since its inception.

Sporting their signature caps, party workers lit crackers, danced on the Delhi election song 'Lage Raho Kejriwal'.

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