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.

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 26,2020

Bellary,  Jul 26: A 100-year-old woman resident of Huvina Hadagali town in Bellary district, Karnataka, recovered from COVID-19 after testing positive for the virus earlier this month.

"Doctors treated me well. Along with regular food, I was eating an apple a day. The doctors are giving me tablets and injection, and I am healthy now. COVID-19 is like a common cold," said Hallamma while speaking to news agency.

The woman's son, daughter-in-law, and grandson had also tested positive for the virus, and the family was treated at their home.

According to health department officials, her son works at a bank and had tested positive on July 3, after which Hallamma tested positive on July 16; the 100-year-old reported negative for the virus on July 22.

Meanwhile, the covid-19 death toll in the country rose to 32,063 with 705 fatalities being recorded in a day on Sunday. The number of tests for detection of covid-19 has crossed the 16-million mark in the country.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 16,2020

Bengaluru, Jul 16: Former Karnataka Chief Minister Siddaramaiah on Thursday hit out at state Health Minister B Sriramulu for stating that "only God can save Karnataka" from COVID-19 and asked him to resign from his post.

Speaking to media here in Bengaluru, Siddaramaiah said, "The government cannot say that we are helpless. Why is the government in power? You have power and you have money. It is your primary duty to serve the citizens of the state."

On being asked about Karnataka Health Minister's statement, the Congress leader said: "Let him resign and go out. God will help you only if you will put all your efforts."

Meanwhile, President of the Karnataka Pradesh Congress Committee DK Shivakumar tweeted "Karnataka's Health Minister saying 'Only God can save Karnataka' reflects poorly on @BSYBJP govt's ability to handle the Covid crisis. Why do we need such a government if they cannot tackle the pandemic?"

Sriramulu had said on Wednesday that either people should inculcate awareness or only God can save them from COVID-19.

"Who can save us at this time? It's either God or people should inculcate awareness in them. Congress leaders are involved in political mudslinging at this time. This is not fine and it will not help them in any way," the Minister had said.

"It is a crucial time, in the interest of the general public. I request all the Congress leaders not to indulge in loose talk regarding the issue, it leads to more panic situation among the general public. We are ready to adhere to any punishment if we did any wrong thing," he had added.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 19,2020

Bengaluru, Jul 19: Three legislators of the opposition Congress in Karnataka, including 2 MLAs and 1 MLC tested positive for coronavirus and are under treatment, a party official said on Saturday.

"Our Bailhongal MLA Mahantesh Koujalgi in Belagavi district and Humnabad MLA Rajashekhar Patil and his MLC brother Chandrashekhar Patil in Bidar district tested positive for the infection and are under treatment at designated hospitals," party spokesman Ravi Gowda told media persons in Bangaluru.

Koujalgi's swab sample was taken on Friday after he showed signs of illness and its result turned positive earlier in the day.

"As Koujalgi attended a review meeting at Bailhongal, about 20 officials who participated in the meeting have been home quarantined," said Gowda.

Koujalgi is the second lawmaker in the state's northwest region to test positive after BJP's Belagavi North assembly segment MLA Anik Benake tested positive for the virus on July 15.

"Patil brothers were in self quarantine after meeting BJP's Bidar Lok Sabha member Bhagwanth Khuba, who tested positive on Wednesday. Their tests also showed they were infected with the virus," Gowda said.

Congress MLC Sandesh Nagaraj, who tested positive on Friday, is under treatment at a private hospital in Mysuru.

Dakshina Kannada district Youth Congress president Mithun Rai is in institutional quarantine in Bengaluru after he tested positive for the infection.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.