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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Media Release
March 18,2020

Mangalore, Mar 18: The Dakshina Kannada District Home Guards felicitated social activist and Executive Director of Centre for Integrated Learning, Sachitha Nandagopal at the Home Guards district office to mark the International Women's Day recently.

She was recognised for her achievements and contributions to the society in the field of education, culture and mental health.

Sachitha Nandagopal, a former Head of Department of Journalism at Besant Women's College and Principal of CMR Post Graduate Centre for Media Studies, Bangalore, is the Co-Founder of Centre for Integrated Learning, Mangalore which is an NGO working in the field of alternative education, adding value to the present education system. As a Facilitator in Dance Movement Therapy, she has founded Anveshanam - Centre for Mindfulness and Emotional Wellbeing, an organisation dedicated to addressing mental health issues.

She was honoured by District Commandant, Dakshina Kannada Home Guards, Dr. Muralimohan Chunthar. Senior Home Guard Ramesh Bhandary, Diwakar, Mahesh and lady personnel of Home Guards were present on the occasion.

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News Network
June 10,2020

Bengaluru, Jun 10: Janata Dal-Secular (JD-S) supremo and former Prime Minister H.D. Deve Gowda said on Tuesday that he filed his nomination for the June 19 Rajya Sabha elections from Karnataka in response to a collective call from national leaders to be back in the Parliament.

"Though I was not personally interested to contest, national leaders from Congress President Sonia Gandhi, National Conference President Farooq Abdullah, TMC and Left parties want me back in Parliament," he told reporters here.

Gowda, 87, filed his nomination in the Vidhana Soudha, submitting the papers to Assembly Secretary and Returning Officer M.K. Vishalakshi, a party official told IANS.

Gowda''s second son and former minister H.D. Revanna and third son and former Chief Minister H.D. Kumaraswamy were present on the occasion.

"Our party''s all 34 legislators also urged me to contest as my presence is necessary in Parliament at a time when the country was grappling with multiple crises in the aftermath of coronavirus," said Gowda.

Claiming that there was no pressure from his two sons as they are more concerned with his health, Gowda said he was touched by the requests of the national leaders, especially Gandhi who personally called him and asked him to contest as the country needed his presence in Parliament.

Gowda agreed to contest in the bypoll as his party''s candidate after the Congress state unit assured him of its support with its surplus votes, as the JD-S with 34 legislators is short of 10 votes of the required 44 votes.

It will be second time Gowda will enter the Rajya Sabha, 24 years after he was its member as the Prime Minster from June 1996 to April 1997 of the United Front government.

"Congress General Secretary K.C. Venugopal informed Kumaraswamy on June 6 that the party was fielding only its senior leader Mallikarjun Kharge from Karnataka and had surplus votes to ensure my victory as our party is 10 votes short of the required 44 votes to win," Gowda said.

Kharge filed his nomination on Monday.

Party''s outgoing member Kupendra Reddy, whose 6-year term ends on June 25, told Gowda that he was not interested for a second term as he did not get enough time in the upper house to raise issues.

"As our party does not have numbers in Parliament to get more time allotted to raise issues and participate in debates, Reddy wanted me to be in the Rajya Sabha in his place so that I could serve the nation better," Gowda said.

Gowda lost in the May 2019 general elections from Tumkur to G.S. Basvaraj of the BJP.

With the term of the four members -- Congress'' B.K. Hariprasad and Rajeev Gowda, BJP''s Prabhakar Kore and JD-S''s Reddy ending on June 25, the Election Commission notified the poll on June 1.

According to the poll panel, the nominations will be scrutinised on Wednesday and last date for withdrawal by candidates is June 12. Polling and vote count is on June 19.

From the ruling BJP, its grassroot cadres Eranna Kadadi and Ashok Gasti filed their nominations after Gowda.

By fielding Gowda for the fourth seat, the Congress and JD-S, who had post-poll and pre-poll alliances for the Lok Sabha and state Assembly elections in May 2019 and May 2018, queered the pitch for the BJP, denying it the chance to win a third seat.

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News Network
July 13,2020

Bengaluru, July 13: Chief Minister B S Yediyurappa on Monday made it clear that the government had no plans to extend the lockdown in Bengaluru Urban and Bengaluru Rural districts beyond July 22.  The two districts will enter a lockdown starting 8 pm on July 14. 

“There is no proposal before the government to extend the lockdown in Bengaluru Urban and Rural districts. The chief minister requests citizens not to panic and cooperate with the government without paying heed to rumours,” the Chief Minister’s Office (CMO) said. 

“The lockdown is being imposed to control the rising number of Covid-19 cases in these districts. The CM has instructed officials to make all arrangements in a week’s time and make ready whatever is necessary,” the CMO said. 

The clarification came after Yediyurappa chaired a meeting of the Covid-19 task force meeting. Yediyurappa also held a video conference with officials from all districts to review the Covid-19 situation, rainfall and irrigation measures. 

Two more districts - Dakshina Kannada and Dharwad - have decided to impose a lockdown to control the spread of Covid-19 following Yediyurappa’s video conference. Starting July 15, Dakshina Kannada will be under a lockdown for a week whereas it will be a 9-day lockdown in Dharwad. 

During his video conference, Yediyurappa noted that the number of cases was on the rise in Bengaluru, Dakshina Kannada, Dharwad, Ballari, Udupi and Kalaburagi. 

He further noted that Covid-19 fatalities were going up in Bidar, Dharwad, Gadag and Mysuru. He asked authorities to bring this under control. “Bidar is among five districts nationally when it comes to deaths. This has to be controlled,” Yediyurappa said, seeking a report by experts on this. 

Yediyurappa told authorities to prioritize rapid antigen tests. “One lakh test kits have been procured. Use them wisely in emergency cases,” the CM said. He ordered that those aged above 60 years, those with serious illnesses and showing symptoms of influenza-like illness (ILI) have to be identified and subjected to Covid-19 tests.  

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