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 23,2020

Mangaluru, May 23: In order to ensure that students do not miss out on their studies due to educational institutions being shut owing to the coronavirus lockdown, Dakshina Kannada Pre-university College Principles Association (DKPUCPA) is conducting online classes on YouTube for pre-university students.

The online lessons are shot by lecturers at St Aloysius College and the lectures are then uploaded on YouTube enabling students to watch them online.

"The whole world is currently in a crucial situation because of COVID-19, and because of the lockdown, all are forced to stay indoors. Usually, we used to conduct lectures in a class full of students, but now it is a new experience that we are providing the same information to students in their absence," Rajaram Rao, a lecturer said while speaking to news agency.

He said at present these classes are being conducted for second year pre-university students.

If any student has a doubt on any concept, he said they can contact the teachers. "At present, students also are getting information about the teachers who have uploaded the videos. All the information about the teachers is already being uploaded on the system so that they can contact the teacher," he said.

Dhanya, a student, hailed the DKPUCPA for the setting up of the online classes despite the prevailing situation.

"The teachers who have taught in these classes have taught very well, as if they are teaching right in front of us. It has been very useful for me during this time," she said.

The nationwide lockdown imposed to combat the threat posed by the coronavirus pandemic has been extended to May 31.

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News Network
January 19,2020

Mangaluru, Jan 19: Karnataka’s coastal city of Mangaluru has been ranked India’s safest city with the lowest crime index (24.14) in the country, according to a survey conducted by Numbeo.

Numbeo is a crowd-sourced global database of reported consumer prices, perceived crime rates, and quality of healthcare, among other statistics.

Mangaluru was named the city with the highest safety index of 75.86 among all major Indian cities.

According to the survey, Abu Dhabi is the world's safest city which has the lowest crime index of 11.33. It has the highest safety index of 88.67 in the list of 374 global cities.

Abu Dhabi sits on number one spot - as an increase in a city's ranking means a drop in its crime rate.

Sharjah ranked fifth safest and Dubai was ranked as the seventh safest city in the world with its safety index at 82.95.

Joining Abu Dhabi in the top ten are Taipei, Quebec, Zurich, Dubai, Munich, Eskisehir, and Bern. Islamabad (74) was ranked the safest in Pakistan.

Meanwhile, Caracas in Venezuela was rated the as the most unsafe city with the highest crime index 84.90.

Comments

Waseem Mohammed
 - 
Monday, 18 May 2020

Mangalore is the safest place in Karnataka and arguably in India.

That 'Fairman' user is a troll and his comment is fake.

I have stayed in Mangalore, Bangalore and Dubai.

 

I found Bangalore to be the worst of the 3 cities, regarding crime

 

 

Fairman
 - 
Sunday, 19 Jan 2020

This is soofi story.

 

The surveyor is in the different planet

Karnataka, specially mangalur is the 2nd most crimed city next to UP.

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News Network
August 6,2020

Bengaluru, Aug 6: Firebrand BJP Bengaluru South MP Tejasvi Surya on Wednesday said that control of state power by Hindus is absolutely essential for sustenance of Dharma.

His comments, in a series of tweets, came on a day Prime Minister Narendra Modi performed the groundbreaking ceremony for the Lord Ram temple at Ayodhya.

"Dear Hindus, Most important lesson is that control of State power by Hindus is absolutely essential for sustenance of Dharma. When we didn't control State, we lost our temple. When we regained, we rebuilt. The 282 (seats) in 2014 and 303 (seats) in 2019 to Sri Narendra Modi made today possible!", Surya, who is also the party's BJP youth Wing state general secretary, tweeted.

He also said that the survival of India depends on the survival of Sanatana Dharma.

"The Sanatana Dharma, that is nationalism,' Sri Aurobindo had said in his Uttarapara speech. But what does it mean? Along with Jai Sri Ram, the purohits also chanted Bharat Mata Ki Jai - That is Dharmic nationalism. If Dharma survives, India survives," he said in another tweet.

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