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 7,2020

Mangaluru, Jun 7: The Sri Krishna temple at Udupi would not re-open on June 8 although permission has been given to all temples to allow devotees for darshan, Admaru mutt junior seer Paryaya Swami Ishapriya Teertha said on Saturday. He told reporters in Udupi that the mutt has decided not to allow devotees at present to join the fight against COVID-19 by the government, health department and the police.

The seer said the situation would be assessed in the next 20-30 days after which a decision to re-open the place of worship would be taken.

The health of the devotees and the staff at the mutt and temple would have to be protected.

However, pujas and rituals would continue to be held at the temple, he said.

Meanwhile, Dharmasthala dharmadhikari D Veerendra Heggade said in a press release that the Lord Manjunatheshwara temple in Dharmasthala in Dakshina Kannada district would open for devotees from June 8. He said 800-1,000 devotees would be allowed to have darshan at the temple every day, keeping with the regulations of the government.

Mass-feeding (annadhanam) in the Annapoorna hall would also be organised, maintaining social distance in view of the virus spread.

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coastaldigest.com web desk
July 24,2020

Indore, Jul 24: A woman who sells fruits on a cart and who lashed out at municipal officials here has done PhD in Materials Science. Her siblings too are well educated and sell fruits as they did not find jobs.

Dr Raisa Ansari, who lives at Bakery Street in Pardeshipura with her family said she wanted to be a scientist but did not get a job anywhere.

Speaking to media persons, Raisa said, "I have done PhD in Materials Science and wanted to be a scientist but did not get job anywhere. I sell fruit here but the municipal officials are bothering us. We are being forced to move from here to there like cattle. Our religion may be the reason why we are not getting jobs but we are proud to be Indian. I am still looking for a job."

Dr Raisa's mother Ayesha Ansari said she herself is not educated, but has four children of whom three girls and one boy studied a lot but no one got job.

Speaking to media persons Ayesha said, "I have four children and they are well educated. I have not studied but all my children are educated but did not get job so all of them sell fruits."

"When the matter came to marriage, one of the daughters got married. Raisa and Shahjahan Bi wanted an educated boy, but they were not able to find a suitable match because of their complexion and sometimes they rejected the proposal because of dowry, so both are single. Two of my grandchildren are studying biology. They will become doctors," said Ayesha.

Meanwhile, people in the neighbourhood lauded the family's abilities. They said theirs was an educated family had to sell fruits as they did not get jobs.

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News Network
January 8,2020

Bengaluru, Jan 8: The Karnataka government on Tuesday decided to adopt a no-fail approach for Class 7 examinations for government and private schools following the state syllabus.

The report card of a student doesn’t carry ‘pass’ or ‘fail’ remark, but points to his or her strengths and weaknesses in each subject in the exams, which will now be called Common Evaluation Exam.

The quality cell of the Karnataka Secondary Education Examination Board (which conducts SSLC exams) will prepare question papers, which will be evaluated at the district level by government and private schoolteachers. The Class 7 exams will be held in March.

The Common Evaluation Exam follows the Continuous Comprehensive Evaluation (CCE) currently practised under the Right to Education Act. “The formative and summative assessments (tests, projects and quizzes) will be held as usual,”KG Jagadeesha, commissioner of public instruction, said.

Edu dept to launch helpline by March

For the March exam, summative assessment 2 will be held with half the syllabus. Other modalities (exam duration and total marks) will be announced next week,” said KG Jagadeesha. The CCE system will continue for classes 8 and 9. The government hopes the exam and subsequent interventions in classes 8 and 9 will boost students’ confidence for crucial board examinations.

Minister S Suresh Kumar said, “More than an exam, it’s an evaluation of a child’s knowledge. The Belagavi division has done something similar. The Kalaburagi zone found mathematics and science were areas of concern; language was an issue in Urdumedium schools.” The minister said zilla panchayat CEOs have observed that intervention should start from class 8. “Keeping this in mind, we’ve started necessary preparation for class 7 exam ,” he added.

The education department will start a helpline by March for students, teachers, school managements and educationists to 11 raise problems on day-to-day issues.

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