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
March 11,2020

Bengaluru, Mar 11: Heated verbal exchange between Minister K Sudhakar and former Speaker K R Ramesh Kumar in the assembly over disqualification of 17 MLAs last year, continued to disrupt the proceedings on Wednesday, with both opposition and treasury benches pushing for a privilege motion and demanding action.

Chaotic scenes and adjournments marked the House proceedings, with both sides not ready to budge.

As the House met for the day, around 11 am, senior Minister K S Eshwarappa accusing Congress MLA Ramesh Kumar of using "expletive" during a debate last evening, demanded his apology and that he be kept out of the proceedings.

Sudhakar, against whom expletive was allegedly used by Kumar, said, the words used were unpardonable and he should be heard, as he has given notice.

Leader of Opposition Siddaramaiah then demanded that he be allowed to speak first as he had given notice on Tuesday itself.

The Congress leader on his part has accused Sudhakar of breaching Kumar's privilege by allegedly making derogatory remarks against him.

Intervening, Speaker Vishweshwar Hegde Kageri said he has received breach of privilege notice from both sides and would allow it only after the question hour as per rules.

Though Congress expressed its agreement with the Speaker about letting them raise the matter after question hour, BJP legislators including Ministers said, Ramesh Kumar should be suspended.

Pointing out that Kumar was not inside the House, some ruling party MLAs even called him "escapist" and demanded action against him.

Strongly objecting to it, Siddaramaiah questioned the ruling party's intentions in running the house smoothly.

As this was followed by heated arguments between both sides, the Speaker adjourned the House for 15 minutes.

When the house met after much delay at 12:55 pm, the chaos continued.

As the Speaker allowed Minister Jagadish Shettar to speak, who was requesting permission to raise a point, Siddaramaiah objected to it and said he had given notice first.

He said, "this is not correct, it looks like government doesn't want the House to function, they don't want discussion on the budget, they are purposely blocking the proceedings of the House".

However, some BJP MLAs reacted to this by shouting slogans "shame shame Ramesh Kumar".

As his repeated attempts to conduct the proceedings failed, the Speaker adjourned the House for lunch.

Sudhakar, while speaking during a special discussion on the Constitution on Tuesday evening had made critical remarks against the decision of Kumar, as speaker, to disqualify 17 Congress-JD(S) MLAs under the anti-defection law, including him.

Angered by this Kumar, who opposed discussion on the subject, amid heated argument between BJP and Congress members allegedly uttered the expletive, which aggravated the situation and had resulted in pandemonium in the House last evening.

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News Network
July 13,2020

Bengaluru, Jul 13: Referring to political happenings in Rajasthan, Karnataka Pradesh Congress Committee President and former Karnataka Minister D K Shivakumar on Monday expressed confidence, saying Sachin Pilot is a 'sincere Congressman' and he will not quit the party.

"No, he (Pilot) will not leave. I have full confidence that he will not leave. He is a very sincere Congressman like his father (Rajesh Pilot). He has built the party for the past six-seven years. He is the President (Rajasthan state unit), he has done his best for the party," Shivakumar added.

Talking to media here on Monday, he said, "there may be some issues, I'm not saying no, but everything will be sorted out." A crucial meeting of the Congress Legislature Party (CLP) will be held at Jaipur on Monday, amid deepening political crisis in Rajasthan, and the party has issued a whip to all party legislators to attend without fail.

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News Network
March 28,2020

Bengaluru, Mar 27: A software engineer has been arrested for giving a "call" to the people to sneeze in the open and spread coronavirus, police said on Friday.
The person identified as Mujeeb Mohammad had made this call in a Facebook post.
"Let's join hands, go out and sneeze with open mouth in public. Spread the virus," he wrote.

"The person who put this post saying people should go out and sneeze and spread the virus has been detained. His name is Mujeeb. He works in a software company," Bengaluru Joint Commissioner of Police Sandeep Patil said in a statement.

40 migrant labourers working in Mumbai caught while trying to flee to UP in truck, booked
Meanwhile, Infosys tweeted: "We are deeply concerned with an inappropriate post being attributed to an Infosys employee. We strongly reaffirm our commitment to responsible social-sharing.

The company also said, "Our preliminary enquiry, and discussions with our employees suggest that this could be a case of a mistaken identity."
"However, given the seriousness with which we take such matters, we are investigating this further and will also assist with any independent investigation. The company would take appropriate action based on its investigation," it added

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