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 web desk
May 10,2020

Mangaluru/ Bengaluru, May 10: Nearly 11,000 non-resident Kannadigas who are seeking repatriation from various countries across the world should be ready to shell out a huge amount for a two-week private quarantine in Karnataka before reaching their home.

The Kannadigas stranded in Gulf countries including UAE and Saudi Arabia have already expressed shock over the high airfare for repatriation during coronavirus lockdown. Another shocker is heavy quarantine fee once they reach their home state.

Officials in Mangaluru and Bengaluru have confirmed that administration has fixed charges for quarantine facilities starting from Rs 1,200 up to Rs 4,500, including food per day. 14 day quarantine will be mandatory for all healthy and asymptomatic international passengers. Hence, they should be ready to pay Rs 16,800  to Rs 63,000.

The other option is government quarantine centres: hostels run by social welfare, backward classes welfare and minority welfare departments but they are far from satisfactory. This is in stark contrast to the plush government quarantine facilities in Kerala.

In Mangaluru

The first repatriation flight to Mangaluru International Airport is expected to land on Tuesday, May 12 from Dubai.

The quarantine facilities include lodges, hostels and service apartments. Rates are fixed based on four categories: basic, economy, medium and premium. The basic facilities are mainly hostels of educational institutions, and the rest are budget and star hotels, said Rahul Shinde, probationary IAS officer, who is In-charge of the quarantine facilities for those being repatriated.

In Bengaluru

As many as 350 international passengers are set to arrive in Bengaluru at 3 am on Monday, May 11. So far, nobody has opted for government quarantine facilities, according to Lakshman Reddy, Joint Director, Social Welfare Department.

In Bengaluru, there are 55 hostels of the social welfare department, 51 of the backward classes welfare department and 12 of the minority welfare department. “We provide them with three square meals a day,” he added.

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News Network
February 29,2020

Kochi, Feb 29: The Kerala Non-Resident Indians' Commission on Friday passed a resolution to request the Centre and Election Commission (EC) to make appropriate amendments in the Representation of Peoples Act, 1951, to ensure voting rights to the non-resident Indians working abroad. According to People’s Representation Act, 1951, None-Resident Indians (NRIs) can vote by proxy.

The Commission is a statutory body constituted for the welfare of Non-Resident Keralites working outside India.

The Centre had introduced a bill for this purpose which was passed by the Lok Sabha in 2018, but the same has since lapsed.

Therefore, the Kerala NRI Commission decided to request the Centre to consider introducing the bill in the next session of Parliament considering the interest of the NRI community at large.

The resolution was moved by commission member and NRI entrepreneur Shamsheer Vayalil, who is also a petitioner in the writ petition, filed regarding this in the Supreme Court.

"The central government may consider introducing the bill in the next session of the Parliament session considering the interest of the NRI community at large," read the resolution which will now be sent to the Ministry of Law and the Election Commission (EC).

Commission chairman Justice PD Rajan said the right to vote for NRIs is a genuine demand.

"This is the time that we step up pressure on the agencies concerned to implement this. Voting from the workplace would be a different experience for them. It would be a decisive step," he said.

This fresh development comes at a time when a petition filed in the Supreme Court on the same topic last week came before a bench headed by Justice Deepak Gupta, which considered the case and said it will be heard in April.

"We are expecting a favourable decision from the Supreme Court. We would also approach the NRI commission in other states and request them to raise the same demand," said Vayalil.

If implemented, millions of NRIs around the world would be able to exercise their franchise in the electoral processes of the nation. According to the estimate of the Ministry of External Affairs, there are about 3.10 crore NRIs.

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News Network
June 3,2020

Bengaluru, Jun 3: Former Union minister and senior Congress leader K H Muniyappa on Wednesday extended his support to former Prime minister and JD(S) National president H D Deve Gowda in the Rajya Sabha polls.

In a statement issued here here, Mr Muniyappa said that party which had an electoral understanding in the Lok Sabha elections, may extend support to Gowda in the June-19 Rajya Sabha elections from Karnataka.

It may be recalled that the Election Commission of India, is conducting elections to Rajya Sabya to fill four vacancies from the Karnataka Assembly, in which the ruling BJP may bag two seats, while the remaining may be won by the Congress and the JD(S).

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