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
April 27,2020

Bengaluru, Apr 27: As many as 345 Bengaluru-based journalists tested negative for coronavirus on Monday after undergoing a medical check-up got up for them at a hospital here, a top official said.

They had undergone the tests at the Sir C V Raman General Hospital here on April 25 and the results came out negative on Monday. They were among a total of 1,170 journalists who took the tests at the four-day medical check-up camp at the Hospital here from April 23.

"The medical check-up was done in four slots at the Hospital here from Thursday and concluded on Monday. A total of 1,170 journalists undertook the tests, 480 of them on Monday alone, the joint director of the Department of Information and Public Relation D P Muralidhar said.

The test reports of the 480 journalists may come out on Wednesday, he said. Only one journalist tested positive so far and has been admitted to the designated COVID-19 hospital, he said, adding 36 of his primary and secondary contacts have been quarantined.

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News Network
June 22,2020

Bengaluru, Jun 22: The opening of Schools in the state, is unlikely before Dasara festival, as a majority of the parents are averse to send their children due to the COVID-19 scare.

According to official sources, in the State education department, a majority of parents, who were asked to give their opinion on re-opening of schools in the state, have reportedly favoured continuing the closing of schools till September.

The primary and Secondary education department had received feedback from various stakeholders including educational institutions, parents and Teachers, clocking high towards not opening the schools for the 2020-21 academic year till Dasara days.

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News Network
April 14,2020

Dubai, Apr 14: Around 2,500 Indians have approached Indian missions in the United Arab Emirates (UAE) seeking help to be flown home during the ongoing coronavirus lockdown, top diplomats have said.

The Indian Embassy in Abu Dhabi and the Indian Consulate in Dubai together have received requests from "a little more than 1,000 individuals" while the latter has received an additional request from an employer who has laid-off around 1,000 Indian workers, reports Gulf News on Monday.

According to the Indian Ambassador to the UAE Pavan Kapoor, the missions have not been bombarded with mass requests from the people who wish to take an immediate flight home unlike widespread reports on social media.

Most of the individuals who have expressed their interest to return home are visitors and those who lost their jobs, he told Gulf News.

Consul General of India in Dubai, Vipul said his mission had received nearly 1000 requests via email and phone from people who want to return home.

"A majority of them are visit visa holders. On Sunday, we got information about another large group of around 1,000 Indian workers who have lost jobs. The employer has got in touch to know the options to send them back home as early as possible," he told Gulf News.

However, the diplomatic heads refuted unverified reports that claim tens of thousands of Indians were scrambling to fly home during the pandemic.

They added that the missions have been aiding hundreds of workers, who have been left in the lurch by their employers, with provisions.

The Indian government had said that flight services cannot be resumed during the lockdown period, which has now been extended till May 3.

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