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 22,2020

Bengaluru, Apr 22: The Karnataka government has announced partial relaxation of COVID-19 lockdown norms in the state allowing certain construction activities, manufacturing of packaging materials, courier services, among others, from April 23.

The activities will be permitted only outside the COVID-19 containment zones identified by the government.

Service provided by self-employed people like electrician, IT repair, plumbers, motor mechanics, and carpenters in local areas have also been given exemption.

Tea, coffee and rubber plantation have been allowed to work with 50 per cent workforce, and a similar exemption have been given to processing, packaging, sale and marketing of these produce.

“To mitigate hardship to the public, select additional activities have been allowed,which will come into effect from 00.00 hours of April 23,” Chief Secretary TM Vijay Bhaskar said in an order on Wednesday.

However, these additional activities will be operationalised by District Administrations and BBMP (city corporation in the case of Bengaluru city) based on strict compliance to the guidelines on lockdown measures, it said.

Before operating these relaxations, district administrations and BBMP (city corporation) shall ensure that all the preparatory arrangements on social distancing in offices, work place establishments as also sectoral requirements are in place, it said, adding that relaxations will not apply in containment zones.

Facing a financial crunch, the state government has been eager to kick-start economic activities in the state that had come to halt due to the coronavirus lockdown.

While hospitality services, bars, malls, theatres, shopping complexes, religious and places of worship among others will continue to remain shut, relaxation of norms has been for activities that are linked to essential services such as health, infrastructure and agriculture.

As per the order, while, public transportation will continue to remain suspended till May 3,private vehicles with passes for emergency services and personnel commuting with passes to places of work and back will be allowed.

Activities permitted include construction of roads, irrigation projects, buildings and all kinds of industrial projects, including MSMEs, in rural areas and all kinds of projects in industrial estates, where workers are available on site and no one is required to be brought in from outside.

Also permitted to function are manufacturing units of essential goods – drugs, pharmaceuticals, medical devices, their raw materials and intermediates;

food processing industries in rural areas, coal production (mines and mineral production and activities incidental to mining) besides manufacturing units of packaging materials.

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News Network
February 15,2020

Bengaluru, Feb 15: The Karnataka Legislative Assembly has decided to set aside two days - March 2 and 3 - for a special discussion over the controversial Citizenship (Amendment) Act continues across the country.

Assembly Speaker Vishweshwara Hegde Kageri told media persons here today that the Assembly would act as a platform for legislators to speak about the relevance of the Constitution and its contributions for the last seven decades. He had already held a round of discussions with senior legislators and all have expressed their willingness to participate in the debate. More details of the discussion would be worked out in the next few days after a meeting of the Business Advisory Committee of the House on February 18.

Asked whether it would be possible to have discussions rising above partisan politics in the present scenario, Mr. Kageri said “I have appealed to members to discuss the Constitution beyond the political prism.” Each member would be asked to speak on a specific topic of the Constitution.

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coastaldigest.com web desk
May 12,2020

Mangaluru, May 12: The first repatriation flight to Mangaluru from Dubai with nearly 180 passengers landed at the international airport here. 

The total passengers, including 88 men, 84 women, five children and two infants arrived by the Air India Express flight IX 384 late Tuesday night, airport sources said.

There were 12 medical emergency cases and 38 pregnant women among them, they said. The district administration had made arrangements for receiving the passengers, who were provided with sanitizers and masks. They were advised to maintain social distancing as per the health protocol.

All the foreign returnees were screened as per the standard operating procedure to ensure that they were asymptomatic.

The passengers were taken to their chosen place of accommodation in KSRTC buses. They will be undergoing a 14-day quarantine in the places, which will be monitored by doctors assigned by the health department. More than 17 hotels and 12 hostels have been arranged for the accommodation of the returnees.

Passengers were also asked to download the mandatory 'Aroygya Sethu' app for contact tracing. Rahul Shinde IAS who is in charge of arranging quarantine facilities, airport director V V Rao and district health officer Ramachandra Bairy were present at the airport.

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