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
June 25,2020

Bengaluru, Jun 25: Karnataka Chief Minister BS Yediyurappa on Thursday asked people to cooperate by following the measures put in place for the control of COVID-19 if they don't want another lockdown or sealing in Bengaluru.

Amid talks about re-imposing lockdown in the city following the recent spike in cases, the Chief Minister said he will hold discussions on Thursday and Friday regarding the strict measures that need to be taken to control the virus.

"COVID pandemic is increasing, we are making all efforts and we have even sealed some areas. Today afternoon at Krishna (the CM's home office) I have called a meeting with Ministers and officials and will discuss the strict measures to be taken to control COVID," Mr Yediyurappa said.

Speaking to reporters, he said, "Tomorrow noon I have called a meeting of legislators of all political parties from Bengaluru and all Ministers from the city to discuss with them, seek their opinion and take stringent measures."

Citing an increase in cases, Health Minister B Sriramulu on Tuesday had said the government may have to think about imposing lockdown in the city if the situation continues.

Following this several Ministers in the state cabinet on Wednesday had said, any decision on re-imposing lockdown in the city will be taken only after consulting experts.

Some reports had even suggested that a decision on lockdown is likely at the cabinet meeting scheduled today.

The Chief Minister said there is no lockdown in the entire city, adding only in a few areas it has been imposed and would continue.

Concerned over the increase in COVID-19 cases in the city, Mr Yediyurappa on Monday had directed officials to implement lockdown measures strictly in certain clusters which have reported greater number of coronavirus infections.

The city's busy K R Market and Kalasipalya Market have been sealed for 15 days by the civic body Bruhat Bengaluru Mahanagara Palike (BBMP) as part of measures to check the spread of the deadly virus.

Stating that Bengaluru is a model for the whole country in COVID-19 management, Mr Yediyurappa on Thursday said, when you compare with other major cities, "we have not yet lost control."

A total of 1,678 cases of COVID-19 have been reported in the city till last evening.

This includes 78 deaths and 475 discharges.

The number of COVID-19 cases in the state which stood at 3,408 as of June 1 has crossed the 10,000 mark on Wednesday with the state capital topping the districts in the infection count.

Seeking public cooperation in controlling the spread of the virus, Yediyurappa said social distancing and other measures in place were not followed, there has been spread to slums and other places.

"If you don't want Bengaluru to be sealed once again please cooperate and maintain distance," he added.

Mr Yediyurappa also said, the government has taken all measures for the safe conduct of SSLC (class 10) exams from today, and students should come out and write exams for their bright future.

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News Network
January 24,2020

Newsroom, Jan 24: BJP leader and Udupi-Chikkamagaluru MP Shobha Karandlaje has been booked by Kerala police over a misleading and communally provocative social media post.

Karandlaje had tweeted that that Hindus from a colony in Kuttipuram in Malappuram district were denied water supply as they supported the the Citizenship Amendment Act (CAA). 

"Kerala is taking baby steps to become another Kashmir. Hindus of Kuttipuram Panchayat of Malappuram was denied water supply as they supported #CAA2019. #SevaBharati has been supplying water ever since. Will Lutyens telecast this intolerance of PEACEFULS frm God's Own Country!?," she tweeted. 

A case has been booked under section 153(A) of IPC (promoting enmity between different groups on grounds of religion, race etc). Karandlaje took to Twitter to slam the Kerala government, and said it had lodged a complaint against her instead of acting against the discrimination faced by dalit families of Cherukunnu. 

"It is high time the society unites against these pressure tactics of a non-performing, biased left government," she said. 

Karandlaje claimed that the CAA had been accepted by both houses of Parliament and people supporting the Act were facing boycott in business and were being denied basic amenities and jobs. "The CPI(M) government is blind to all these incidents across Kerala, but files a case against me for speaking the truth!" she retorted.

According to reportage from multiple outlets, the colony in Malappuram district's Kuttippuram was dependent on a private individual for water; then came accusations that they were denied the water for attending BJP's pro-CAA rally. 

A resident of the colony was quoted by a newspaper, “We were denied drinking water because our husbands participated in a meeting organised to gather support for the CAA. Some people told the family that they should not give drinking water to us because CAA is a threat to the people in their community.” 

However, the individual in question denied the accusation, claiming a lack of water because of technical issues.

The case was registered after a complaint by lawyer Subhash Chandran, a resident of Malappuram. Aravindan E.A., SI of Kuttippuram police, said, "From a private person's borewell, water was being provided to the people of the colony. This motor had taken for agricultural work and he was recently issued a warning by State Electricity Board. He was told that if he uses the motor for any other purpose, power supply would be disconnected. He then had stopped using the pump following the crisis worsened.”

Comments

Vishwas
 - 
Friday, 24 Jan 2020

This is BJP's usual drama. If your bloody seva bharathi people denied water, there is strong govt and youths to provide water. and other facilities

Yashwantha
 - 
Friday, 24 Jan 2020

Sobhakka's adhika prasanga wont work in kerala. She should visit kerala and experience. She can only boast via social media

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coastaldigest.com web desk
July 13,2020

Mangaluru, July 13: A week-long lockdown will be imposed in Dakshina Kannada from the night of July 15, according to district in-charge minister Kota Srinivas Poojary.

The decision was taken in a meeting of elected representatives in the presence of Deputy Commissioner Sindhu B Rupesh. The DC is expected to issue guidelines for the lockdown soon. 

In a video message, Poojary said that during the video conference, chief minister B S Yediyurappa asked the administrations and elected representatives of the respective district to take a call on re-imposing lockdown to check the mounting coronavirus cases. 

“We have decided to impose a week-long lockdown from the night of July 15. Hence, people should buy all necessary things for a week before the beginning of lockdown,” he Mr Poojary. 

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