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
February 17,2020

Mangaluru, Feb 17: Kambala superstar Shrinivas Gowda, who is drawing comparisons to ace sprinter Usain Bolt, has reportedly refused to take part in athletics trials with the Sports Authority of India.

28-year-old Gowda, who hails from Moodbidri in Dakshina Kannada, was celebrated as a potential Olympian after a clip of his race went viral, amid claims that he had done 100m in 9.55 seconds, against Bolt's record of 9.58. He has so far won 32 medals in 11 kambala events this season.

Union sports minister Kiren Rijiju and SAI said Gowda would appear for trials at SAI's Bengaluru centre on Monday. The government "will do everything to identify sporting talents", Rijiju had tweeted.

"I will meet the Chief Minister. I am keen on continuing in kambala," Gowda said. Asked about the clamour for a crossover into athletics, he said, "For the time being I have no plans to appear for SAI trials. I am busy with the Kambala season and will consider meeting them following that and after consulting my well-wishers."

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coastaldigest.com news network
July 18,2020

Mangaluru, July 18: The Dakshina Kannada district administration is likely to earmark a common burial ground in the wake of growing resistance from residents of various localities in Mangaluru against burial of Covid-19 victims in their vicinity.

Recently, following protests by residents on Bolar, the body of a Covid-19 victim remained in the ambulance for hours together. The residents refused to allow the victim to be laid to rest at a burial ground attached to a mosque. The victim, who had been a resident of Idya in Surathkal, was subsequently laid to rest after DC’s intervention.

In a bid to avoid such instances in the future, the district administration has identified a burial ground on the outskirts of Mangaluru. 

Former minister and incumbent Mangaluru MLA UT Khader said that he had discussed the problem at length with the officials of the Dakshina Kannada district administration, and had suggested they look for a relatively isolated space on the outskirts of Mangaluru city in order to avoid confrontation with the public.

“A parcel of land at Badaga Yekkuru, some 20km from the city has been identified as being suitable for the burial ground, but the district administration is yet to take a final decision,” Khader said.

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News Network
January 18,2020

Bengaluru, Jan 18: The government slammed Kerala’s tourism department for putting out a tweet on Sankranti Day, promoting ‘beef ularthiyathu’, a specialty in that state, but the move backfired spectacularly with Karnataka’s tourism minister being heavily trolled.

After Kerala put out its advertisement, state tourism minister CT Ravi, seizing the opportunity, took a dig at the Left government in Kerala, saying, “Welcome to Karnataka”. He followed that up with another tweet listing delicious “vegetarian” dishes of coastal Karnataka — a coastline which runs to Kerala.

“Welcome to Karnataka to bring out the Vegetarian in you. Enjoy the flavors of Tulu Nadu – Pathrode, Kotte Kadubu, Halasina Hannina Gatti, Avalakki Upkari, Badanekayi Mosaru Gojju and a whole lot of authentic food to hit Your tastebuds,” Ravi’s tweet read.

Ravi’s tweet sparked a debate between those for and against eating beef, including legislators like Sowmya Reddy (Congress) and Shobha Karandlaje (BJP). Some pointed out that Karnataka is 80% non-vegetarian and an appropriate response to beef curry would have been “pandi curry” (wild pig curry) — a Kodagu specialty.

Realising his tweets were getting more negative than positive traction, Ravi quickly amended his stand and on Friday tweeted: “Nati Koli Saaru Mudde. Aw! Delightful Delicacy of Old Mysuru region. Farm bred Chicken traditionally cooked to perfection and served with the soft Ragi Mudde. You will ask for more !!!”

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