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
June 16,2020

Bengaluru, Jun 16: Karnataka Pradesh Congress Committee (KPCC) chief DK Shivakumar's daughter Aishwarya and Cafe Coffe Day founder late VG Siddhartha's son, Amarthya Hegde got engaged at SM Krishna Residence, Sadashivanagar in Bengaluru on Monday.
Only family members were present in the event. Amarthya Hegde is also the grandson of former Union Minister SM Krishna.
Last year in July, the body of Cafe Coffee Day (CCD) founder Siddhartha was unearthed on the banks of Netravati river.

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News Network
February 9,2020

Bengaluru, Feb 9: Senior JD(S) leader and former prime minister H D Deve Gowda has called upon all the regional parties and secular parties to join hands with the Congress and work in tandem to take on the BJP.

Noting that mere speeches would not help, he said the regional and secular parties should enhance their strength politically in the country.

"We all need to join together with Congress and work in tandem with the available strength only then will we be able to stop them (the BJP)," the JD(S) supremo said at a public meeting organised by the party in Hassan district on Saturday.

Gowda cautioned the regional and secular parties against sitting idle watching the developments in the country.

"If the small and regional parties do not exercise the powers given by Dr B R Ambedkar to the country, they (BJP) are going to the extent of finishing them up," he said. Interestingly, the JD(S) patriarch, had in the run-up to the December bypolls to Karnataka assembly said he would not align with the Congress and dubbed it as "not trustworthy."

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News Network
June 29,2020

Bengaluru, June 29: The Karnataka government on Monday issued guidelines to conduct online classes for all students of ICSE, CBSE and SSLC under the directions of the High Court.

According to the guidelines, for the kindergarten students, online classes can be held 30 minutes a week and students in classes 1-5 will have online classes for 30-45 minutes divided into two periods for three alternate days every week.

For students in classes 6-8, the online classes will be for 30-45 minutes divided into two periods for five days every week while students in classes 9 and 10 can have the virtual classes for 30-45 minutes divided into four periods for five days a week.

Earlier, the state government barred online classes for the kids from LKG to class 5.

Minister for primary and secondary education S Suresh Kumar had said that online classes cannot be held for the kids from LKG to class V.

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