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
April 24,2020

Kasaragod, Apr 24:  Stricter measures have been enforced in more places in this district, as part of intensifying efforts aimed at containing the spread of Covid19.

According to District Collector Dr Sajith Babu, the new norms of intensified lockdown would be enforced in Kumbala, Mogral-Puthur, Chemmanad, Madhur, Muliyar and Kumbala grama panchayats, being identified as new hotspots in the district.

Earlier, door-to-door police patrolling at regular intervals have been implemented in Thalankeri, Choori, Kalanad and Nellikkunnu, where more positive cases of Covid-19 has been reported.

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News Network
February 25,2020

Bengaluru, Feb 25: A smooth-talking ‘swamiji’ has come under police radar after a widow lodged a complaint stating he cheated her of over Rs 27 crore and three kgs of gold between 2016 and 2019.

The woman, Geetha of Ramamurthynagar, was staying with her three sons after her husband, a landlord, died in 2009. Her family owned several sites in Tavarekere and other parts of the city, apart from a farm near Bethamangala in Kolar district.

Geetha, who had got into property disputes with her relatives, said she was introduced to the accused, Nagaraj C of Bangarapet, who claimed to possess powers to ward off evil spirits, by one of her farm labourers. “I was assured that all my problems would be solved. He came to my house and claimed he had been sent by god and would find solutions to all my problems,” she stated.

Nagaraj allegedly pretended to be possessed by spirits and directed her to give him gold bars. Geetha ended up giving three kgs of gold in the process. Later, he began directing her to sell a few properties stating these were the root cause of her problems. “I sold many properties and pledged a few residential sites. He took Rs 22.5 crore that came from selling properties, apart from Rs 5 crore cash from my husband’s savings,” she stated.

She said Nagaraj took the money from her on the promise of buying alternative properties. “When I demanded he return all my money, he threatened to kill me and my kids using evil spirits,” she alleged.

Police have registered a case of cheating, criminal conspiracy, criminal intimidation under various IPC sections and Karnataka Prevention and Eradication of Inhuman Evil Practices and Black Magic Bill, 2017, against Nagaraj and others.

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News Network
March 5,2020

Mangaluru, Mar 5: As many as 29 police officers and personnel were examined by Udupi Deputy Commissioner G Jagadeesha, head of the magisterial enquiry into the police firing in the city in December 2019 which killed two anti- Citizenship (Amendment) Act (CAA) protesters.

A total of 176 police personnel have been directed to present their evidence before the magistrate for the enquiry.

ACPs K U Belliappa and Kodandarama presented his evidence on Wednesday, while ACP (central sub division) M Jagdish and ACP (traffic) M Manjunatha Shetty submitted their evidencein writing.

The next hearing is slated to be held on March 9 when statements of 41 officers including DCP (law and order) Arunangshu Giri will be recorded.

City police commissioner P S Harsha has been asked to submit his evidence on March 12, Jagadeesha said.

The enquiry report is to be submitted to the government on March 23.

Jagadeesha said he will seek an extension in the case of any delay in the recording of evidences.

Two people - Nausheen and Jaleel - were killed in the firing on December 19, 2019 during the protests here against the CAA.

The Karnataka government had decided to hold a CID probe and a magisterial enquiry into the incident.

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