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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coastaldigest.com news network
July 30,2020

Mangaluru, July 30: Medical doctor turned IAS officer K V Rajendra assumed charge as the 130th deputy commissioner of Dakshina Kannada district here today.

The 2013 batch Karnataka cadre officer succeeds Sindhu B Rupesh, who was transferred as Director of Electronic Delivery of Citizen Services (EDCS), Bengaluru. The outgoing DC welcomed the new DC in the presence of staff. 

Dr Rajendra said that he expects cooperation from all stakeholders in administering the district, amidst the mounting Covid-19 cases.

Rajendra, an alumnus of JJM Medical College, Davanagere, was serving as the CEO of Belagavi zilla panchayat before being posted as DC of this coastal district. 

Having served as assistant commissioner of Puttur sub-division for nearly a year from December 2015, Dr Rajendra, hails from Thirthahalli in Shivamogga district, had his probationary training in Bidar. He posted as CEO of Ballari ZP where he worked for nearly three till 21, 2019.

He also had a brief stint as assistant secretary in the department of fertiliser with the ministry of chemicals and fertilisers.

Sindhu who was the CEO of Udupi zilla panchayat had succeeded Sasikanth Senthil, who resigned from the Indian Administrative Service on September 6, 2019. She had taken charge on September 7, 2019.

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News Network
May 9,2020

Bengaluru, May 9: The Karnataka government may not extend the daily working hours from 8 to 12, with Labour Minister A Shivaram Hebbar saying on Saturday that the move would neither benefit the industries nor workers.

Hebbar said that the proposal has not been discussed and it may come for final deliberations next week. He also noted that some States have already extended the working hours. More than extending working hours, there should be employment to be given. If there are no jobs what can be done by extending working hours? If it is done (working hours extended to 12 hours), it would neither benefit workers nor industries. Let's see what happens, he said.

Asked if the government was in favour of the extension, he said, "I don't think it will be ready for the (12 hour) proposal." Meanwhile, the Minister also said that their top priority now was to see that all MSMEs start operating again, salaries are paid to employees and there are no job losses for any reason. If industries don't reopen, how can workers get their employment? We should think in parallel, Hebbar said adding, the government was keeping the interests of both MSMEs and workers in mind.

He urged the Centre to offer a relief package to the MSME sector, saying it is facing very difficult times due to the adverse impact of the COVID-19-induced lockdown, and also noting its role in generating large-scale employment and feeding large industries.

The BJP-led government has done whatever within its limitations to help the MSMEs, he said. Earlier this week, the Chief Minister B S Yediyurappa announced that the monthly fixed charges of electricity bills of MSMEs would be waived for two months. MSMEs have suffered huge production losses due to the lockdown. It takes some time for them to revive, Yediyurappa had said. The Chief Minister had also said payment of fixed charges in the electricity bills of the large industries will be deferred without penalty and interest for a period of two months.

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News Network
July 12,2020

Bosnia, Jul 12: Bosnians commemorated on Saturday the massacre of about 8,000 Muslim men and boys in Srebrenica, marking the 25th anniversary of killings that shocked the world and have stood out as Europe's only atrocity since World War Two constituting genocide.

Nine newly identified victims were buried at a flower-shaped cemetery near the town, where tall white tombstones mark the graves of 6,643 other victims.

"After 25 years we succeeded in finding his mortal remains, so they can be laid to their final rest," said Fikret Pezic, who buried his father Hasan.

The remains of some 1,000 victims of the massacre in the eastern town during Bosnia's 1992-1995 war are still missing.

Ifeta Hasanovic decided to bury incomplete remains of her husband, saying: "We were aware they cannot be complete after 25 years, at least there are some, I did not want to make any new delays."

World leaders addressed the ceremony by video link, unable to attend because of coronavirus epidemic. Instead of the tens of thousands visitors who typically attend the commemoration each year, only a few thousand came after organisers banned organised visits.

During the Bosnian war, Bosnian Serb forces pushed non-Serbs out of territories they sought for their Serb statelet. Fleeing Muslims took shelter in several eastern towns, including Srebrenica, that were designated as United Nations "safe zones".

On July 11, 1995, the Serb forces commanded by General Ratko Mladic overran Srebrenica, which was protected by lightly armed Dutch peacekeepers.

They sent women and children away and captured and executed the men and boys they found. The bodies were dumped into mass graves and later exhumed by U.N. investigators and used as evidence in war crimes trials of Bosnian Serb leaders.

"We grieve with the families that tirelessly seek justice for the 8,000 innocent lives lost, all these years later," said U.S. Secretary of State Mike Pompeo. Washington brokered Bosnia's peace deal months after the massacre.

Most people at the commemoration were Muslim Bosniaks, reflecting conflicting narratives about the bloodshed - which hinders reconciliation nearly 25 years after the end of war in which about 100,000 people were killed.

The U.N. war crimes tribunal for the former Yugoslavia convicted Mladic and his political chief Radovan Karadzic over Srebrenica genocide but they remained heroes for Serbs, many of whom deny that genocide happened.

On Saturday, the Serbs in the nearby town of Bratunac organised an event marking July 11 as the "Srebrenica Liberation Day".

Sefik Dzaferovic, the Bosniak chairman of Bosnia's tripartite presidency, called for legislation that would ban denial of genocide.

"There can be no trust as long as we witness attacks on the truth, denial of genocide and glorification and celebration of executors," Dzaferovic told the commemoration gathering.

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