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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coastaldigest.com news network
July 1,2020

Mangaluru, July 1: Even as the number of covid-19 positive cases is mounting with every passing day in the region, the Dakshina Kannada district recorded three new deaths due to coronavirus within 24 hours. 

According to sources, a septuagenarian from Bhatkal breathed his last on Wednesday afternoon. He was suffering from diabetes, high blood pressure and battling respiratory illness and pneumonia. His swab was collected and sent for test and the result came as positive.

Earlier in the day, two people had died in Mangaluru due to covid-19: A 31-year-old youth from Bhatkal and a 78-year-old man from Bengre in the city.

The coastal district has witnessed seven deaths from Sunday due to coronavirus.

The 31-year-old man, who was battling health issues due to high blood pressure, breathed his last at a private hospital. His swab was collected after his death. The report came as corona-positive.

The elderly man from Bengre was suffering from diabetes and pneumonia. He passed away at a private hospital.

With this, the total number of death of covid patients in the district reached to 17. Among them two people died due to non-covid reasons.

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News Network
June 1,2020

Manglauru, Jun 1: The southwest monsoon has made an onset over Kerala, marking the commencement of the four-month long rainfall season, the India Meteorological Department said on Monday.

"The southwest monsoon has made an onset over Kerala," IMD director general Mrutyunjay Mohapatra said.

The four-month monsoon season from June to September accounts for 75 per cent of rainfall in the country.

Private forecaster Skymet Weather on May 30 had declared arrival of monsoon, but the IMD had differed, saying conditions were not ripe then for such an announcement.

Orange alert

Meanwhile, coastal Karnataka’s Dakshina Kannada district, which is receiving sporadic rains for past couple of days, is on orange alert.

Deputy Commissioner Sindhu B Rupesh declared the orange alert following IMD’s prediction of heavy rainfall in the region.

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News Network
March 22,2020

Bengaluru, Mar 22: The Karnataka government on Sunday afternoon announced that 9 districts in the State will be under lock down till March 31, barring essential services. It also announced imposition of Section 144 across the state for 3 hours - between 9 p.m. (when the "Janata curfew" will end) to 12 midnight.

The nine COVID-19-affected districts are Bengaluru, Bengaluru Rural, Mysuru, Kodagu, Dakshina Kannada (Mangaluru), Dharwad, Belagavi, Kalaburgi and Chikkablapur.

Announcing these measures after attending a meeting chaired by Chief Minister B. S Yeddyurappa, Home Minister Basavaraj Bommai said that there will be no commercial activity in these districts till March 31.

Inter-district movement, including public transport will be restricted. "Public transport will not work across the state tomorrow too. Air conditioned buses will be stopped till March 31," he added. He also clarified that while public transport, including KSRTC, BMTC and Namma Metro, will be withdrawn, private transport services such as cabs and autos will continue to ply.

According to Mr. Bommai, the State government will put in place further measures next week depending on how the situation will unfold in the State and the neighbouring States.

"Government offices will be operational in the State, including in the nine COVID 19-affected districts. As per the current schedule, the legislature sessions will also continue. Pourakarmikas will be working at 50% strength," he added.

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