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
January 3,2020

Bengaluru, Jan 3: Former Karnataka chief minister and Congress leader Siddaramaiah on Friday criticised Prime Minister Narendra Modi and said that 90 per cent of the promises made by him remain unfulfilled.

"He (Prime Minister Modi) had promised that in 2020 the economy will be doubled, but only their troubles have doubled. He just lied. 90 per cent of the promises made by Modi have remained unfulfilled," Siddaramaiah told media here.

Siddaramaiah's remarks come at a time when Prime Minister Modi is on a two-day visit to the state.

"In August, there was severe flood in state, he didn't visit Karnataka at that time. Flood situation was in 23 districts. Prime Minister will tweet for small issues. But at the time of severe flood he didn't even tweet. In 2009, Manmohan Singh was the Prime Minister. He did aerial survey of the state and announced Rs 1500 crore relief on spot," Siddaramaiah said.

"This time the estimated damage due to flood is more than Rs 1 lakh crores," he said.

He went on to say, "Prime Minister came to witness Chandrayaan-2. He did not give time to Chief Minister and ministers and opposition party to meet him and discuss about floods."

"When I was the Chief Minister, the Prime Minister visited the state two times. Prime Minister had told at the time of inauguration of food park that there will be 10,000 direct employment and 25,000 employment. But nothing has happened till now," Siddaramaiah said.

Besides the Prime Minister, Siddaramaiah also criticised Chief Minister BS Yediyurappa.

"In last election, Prime Minister had told that, if BJP comes to power in Centre and state, there will be development. But nothing has happened. Chief Minister and ministers should have spoken to the Prime Minister about relief funds. The central government should have announced it as National disaster... That's why I called BS Yediyurappa as weak Chief Minister," Siddaramaiah said.

"He had said if BJP is in power at the centre and state, doors of fortune of the state will be opened. People trusted him and gave 25 seats in Lok Sabha elections. But now, he doesn't even open the doors of his house for his party leaders," he said.

Congress leader further cornered the Prime Minister over his address in Tumkuru Mutt on Thursday and said, "We admit Pakistan is an evil country. But what are you doing about minorities in our country? You are bringing law against the minorities. Is that right? And you give speech about these things in front of young children."

Prime Minister Modi is on a two-day visit to Karnataka and is attending several events as part of his official engagements.

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coastaldigest.com news network
May 19,2020

Udupi, May 19: Within minutes after health and family welfare department announced four fresh covid-19 cases in Udupi district, a girl who had come from central part of Karnataka tested positive for the coronavirus thereby taking the count of cases detected after last evening to five. 

With this the total number of confirmed covid-19 cases in the district rose to 16. Three among them have recovered. One patient died last week. There are 12 active cases. 

According to sources, the 17-year-old girl from Chitradurga had visited KMC hospital in Manipal for cancer treatment on May 16. 

Her throat swabs were sent for corona testing on the following day. Today she obtained a positive report. Hence, she was shifted to Dr TMA Pai Covid hospital.

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coastaldigest.com web desk
June 9,2020

With the steep hike in excise duty in the past couple of months, an average consumer of petrol now pays over 275% in taxes to centre and states on a litre of the fuel.  The base price of petrol is just about Rs 18. The taxes are close to Rs 50 and the pump price is over Rs 72.

India imports 85% of all its crude oil demand.  After a steep hike in excise duty in the past two months despite a hold on daily price revisions by the oil public sector undertakings (PSUs), Indian consumers now pay 275% collectively in excise duty to state and centre. 

The central government hiked excise on petrol and diesel by Rs 10 and Rs 13 respectively last month. The excise duty on petrol is taxed around Rs 33-a-litre while the same on diesel it is Rs 32.

The Value-Added Tax (VAT) on both petrol and diesel is Rs 16.44 and Rs 16.26 respectively. Both the taxes together are around Rs 49 while it is sold at petrol pumps at 73-per-litre.

These two taxes cumulatively account for 69% of tax which is higher than anywhere else in the world. The same is taxed at 19% in the US, 47% in Japan, UK 62% and 63% in France. The government does not pass on the benefit of lower crude oil prices to the customer.

It is to be noted that Indian consumers continued to pay Rs 70-a-litre even when crude oil prices hit a paltry US $ 20-a-barrel on April 12.

Former finance minister and Congress leader recently took a jab at the Centre over rising prices stating, “Fuel selling prices raised twice in two days, following tax hikes two weeks ago. This time to benefit oil companies. Government is poor, it needs more taxes. Oil companies are poor, they need better prices. Only the poor and middle class are not poor, so they will pay”.

Comments

Lovely indian
 - 
Wednesday, 10 Jun 2020

Acche din for modi bakth....lets enjoy

 

you need only ram mandir and NRC

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