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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coastaldigest.com news network
May 12,2020

Mangaluru, May 12: Air India will operate two flights - one each from Doha and Muscat - to bring back stranded Kannadigas from Qatar and Oman to Mangaluru next week. 

The flight from Muscat to Mangaluru will be operated on May 20 via Bengaluru. It will depart from Muscat International Airport at 1.15 pm local time and reach Bengaluru at 6.15 pm. After the layover at Bengaluru airport, the flight will take off at 7.15 pm and land at Mangaluru International Airport at around 8.10 pm.

Doha – Bengaluru – Mangaluru flight is will be operated May 22. The flight will take off from Doha at 1.30 pm local time and will land at Bengaluru at 8 pm. It will take off from Bengaluru at 9 pm and land at Mangaluru airport around 9.35 pm.

Comments

Shahabaz Shaikh
 - 
Tuesday, 12 May 2020

Hi my dear Indian, 

 

 

Im ready to pay for my flight and corantine, I wish to go back my country India, im facing many challenges in Muscat. My parents both r diabetic patients they my support pls help me to go back india, I wish to go to manglore on 20th may I saw flight. pls do the needfull. 

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News Network
March 26,2020

Bengaluru, Mar 26: Karnataka government has warned strict penal action against landlords or house-owners under provisions of law for forcing doctors, paramedical staff and healthcare professionals to vacate their rented residences citing COVID-19 spread through them as the reason.

Stating that lot of complaints have been received in this regard, an order issued by Additional Chief Secretary Health and Family Welfare department Jawaid Akhtar said such behaviour amounted to obstructing public servant in discharging their duties./

Noting that the state government has issued Karnataka Epidemic Diseases (COVID-19) regulations 2020 for prevention and containment of the virus, it directed Deputy Commissioners of the district, Commissioner and Joint Commissioner of BBMP (civic body in Bengaluru), Commissioners of Municipal Corporations and District Deputy Commissioner of Police to take action against such incidents.

"Strict penal action should be taken against such landlords or house-owners under relevant provisions of law and submit an action taken report on a daily basis to the office of Additional Chief Secretary, Home Department," the order read.

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News Network
July 28,2020

Bengaluru, Jul 28: After the Central Board of Secondary Education (CBSE) reduced the syllabi for Classes 9 to 12 due to COVID-19 pandemic, the Karnataka government has followed the suit. The Department of Public Instruction has omitted the chapters on legendary south Indian rulers Hyder Ali and Tipu Sultan from the textbooks of Class 7 in their attempt to reduce syllabus for state board schools by 30 per cent. 

The department, however, has decided to retain similar chapters on Tipu Sultan in 6th and 10th Classes, though the syllabus in text books for all classes from 1 to 10th has been trimmed. 

The trimmed textbooks uploaded on the website of the Department of State Education Research and Training (DSERT) by Karnataka state Textbook Society revealed removal of chapters on Tipu Sultan for the seventh grade.

Justifying the decision, officials said, "students study similar chapters in Class 6 and more in the 10th grade." Yet another senior official from the Text Book Society said, "Trimming does not mean we have removed half of the syllabus from textbooks. It is only keeping in mind the repetition we have condensed the chapters. In case students study about a particular dynasty in higher grades, then the same had been removed from lower grades."

A few months ago, there was an uproar over dropping of content on Tipu Sultan and MLAs from the ruling BJP also demanded the same and petitioned to the Chief Minister. Even an expert committee led by Prof Baraguru Ramachandrappa suggested to not drop any content on the historic figure. However, the department still decided to drop lessons from one of the classes while keeping the syllabus short for the next 120 active academic days.

Earlier this month, a controversy had erupted over the CBSE's decision to omit topics like federalism, secularism, citizenship, etc while reducing the syllabus for Classes 9 to 12. The education board had issued a detailed clarification later, stating that topics claimed to be dropped "are either being covered by the rationalised syllabus or in the Alternative Academic Calendar of NCERT".

"The rationalisation of syllabus up to 30 per cent has been undertaken by the Board for nearly 190 subjects of class 9 to 12 for the academic session 2020-21 as a one-time measure only. The objective is to reduce the exam stress of students due to the prevailing health emergency situation and prevent learning gaps," it said.

Last week, the Congress in Uttar Pradesh expressed its concern over 'deliberate and systematic' deletions of chapters related to the freedom struggle and the party's role in it from the Class 10-12 syllabi of the Secondary Education Board.

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