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
May 14,2020

Bengaluru, May 14: Amid the COVID-19 pandemic, Former Union Minister and Congress Karnataka MLC, C M Ibrahim has, in a letter to Chief Minister BS Yediyurappa, sought permission for the Muslim community to congregate at Idgah grounds and mosques to offer namaz together on the occasion of Id-ul-Fitr later this month.

"The Id-ul-Fitr festival in the state may be celebrated on the 24th or 25th May 2020, during which Muslims have to offer special prayers. On behalf of the entire community. I would suggest that the Government may take a decision by having due consultation with medical experts to grant permission for Muslims on the day of Id to offer prayers in the Idgah maidans or masjids from morning till 1 pm with all precautionary measures and safety norms," the letter states.

"In this regard. I request you to kindly look into the matter and after consulting the medical experts, take a suitable decision enabling Muslims all over the state to offer ld prayers at ldgah Maidans or Masjids in their respective localities," the letter added.

As part of its COVID-19 guidelines, the Ministry of Home Affairs had earlier directed states and Union territories to prevent social gatherings and religious congregations and ensure lockdown measures were strictly followed.

Comments

Sayed Noorulla
 - 
Friday, 15 May 2020

If Mr. Yediyurappa gives permission as reqested by Ibrahim, it will be adisastor for Muslims community, Saudi Arabia imposed , full curfew from 23rd to 30th May, 2020, this is  to avoid Eid gathering and spread of Corona Virus, our community should boycott such so called self declared leader.

 

Any new cases of Covid-19 cases will be blamed as Eid Jihad, request all our like minded people to protest this request.

Alert
 - 
Thursday, 14 May 2020

CM Ibrahim is just trying to attract media and public atttention. he is a useless politician. 

suhail
 - 
Thursday, 14 May 2020

Who is he?  What is he?  And what did he do to Muslim community and  who gave him the authorization to talk to the minister of behalf of Muslim Community

ahmed
 - 
Thursday, 14 May 2020

It will be disastrous for PR, and Joy ride for Atunab & sudir...

This Chadi people will be very happy and start calling this Eid Jeehad...

 

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News Network
April 13,2020

Mangaluru, Apr 12: A 70-year-old woman who tested positive for COVID-19 got discharged from a hospital here on Sunday after she recovered from the novel coronavirus, said Dakshina Kannada Deputy Commissioner, Sindu B Rupesh.

Seven other patients have also recovered and discharged in Dakshina Kannada till date. Total number of active cases in the district has decreased to 5 now.

As many as 232 COVID-19 positive cases have been reported in Karnataka till date.

The total number of coronavirus cases in India on Sunday climbed to 8447, including 764 cured and discharged, 1 migrated and 273 deaths, said the Ministry of Health and Family Welfare.

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News Network
March 4,2020

New Delhi, Mar 4: Tech giant Intel has said one of its employees in Bengaluru has "potentially been exposed" to coronavirus and is currently under quarantine.

The company also said it has implemented precautionary measures like travel restrictions, increased frequency of office sanitisation, and work-from-home provisions in India.

"An Intel employee in Bangalore has potentially been exposed and is currently under quarantine in accordance with government requirements," Intel said in a late night statement on Tuesday.

The company said it is monitoring the coronavirus situation closely and working to ensure that its employees have the information and resources they need to stay safe and informed.

In India, we have implemented precautionary measures such as travel and event restrictions, visitor screenings at all our offices, increased frequency of office sanitisation, and work-from-home provisions," it said.

The virus outbreak, which has seen cases being registered across the world including South Korea, Iran, Italy and Japan, has had a significant impact on businesses across industries.

Microblogging platform Twitter has asked its employees to work from home while other tech giants like Tata Consultancy Services and HCL Technologies instructed staff to avoid non-essential travel as IT firms put in place measures to safeguard workers against the deadly coronavirus.

The coronavirus outbreak claimed over 3,000 lives globally, and fresh cases being reported in India.

The government has stepped up its efforts to detect and check the virus outbreak whose epicentre was in China.

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