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 12,2020

Bengaluru, Feb 12: Mohammed Nalapad, son of Karnataka Congress MLA NA Harris, who allegedly rammed his sports car into vehicles and a kiosk, injuring 4, on Bellary road in Bengaluru on February 9, said that he was not in the car which met with the accident.

Bengaluru Joint Commissioner of Police, Traffic, Ravikante Gowda told media, "Mohammed Nalapad appeared before the investigating officer today. He was arrested following interrogation. We are collecting evidence and will file a charge sheet shortly."

Nalapad is out on bail, in connection with the matter where he had assaulted a man in a pub in Bengaluru in 2018.

"I was not in the car which met with accident. I was travelling in a Lamborghini car which was moving ahead of the car. However, I called people to rescue the victims. We took them to the hospital and paid their hospital bill," said Mohammed Nalapad.

Further, details are awaited

Also Read: MLA N A Harris’ son Nalapad, out on bail, now crashes his luxury Bentley car, injures 4

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News Network
March 24,2020

Bengaluru, Mar 24: Bengaluru police registered an FIR against a 23 year-old woman who, while in home quarantine, visited supermarket despite having clear instructions to stay at home.

The Vijayanagar police said that the woman, a resident of Vijayanagar, had returned to the City on March 22 after a visit to Dubai."The city police had visited her house and stamped her for home quarantine and instructed her to stay at home but she visited Reliance Fresh on Monday.

We received information about it and the footage. Following this, we registered an FIR against her under section 269 (negligent act likely to spread infection of disease dangerous to life). We traced her and warned her to stay at home. We are also consulting senior officers and health officers on whether we have to send her to the government quarantine Centre or not,"the police said.

Commissioner of Police Bhaskar Rao strictly warned the people who are home quarantined to stay at home in public interest. If they were found in public places they will be picked up, arrested and sent to government quarantine."Please log in to get detailed story.

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News Network
February 15,2020

Mangaluru, Feb 15: Dense fog formation and poor visibility at the runway forced to delay and diversions of some flights arriving and take off at the Mangaluru International Airport (MIA) on Saturday.

Flights take off and landings were suspended from 0700 hours am to 1030 hours.

Many flights to land in the morning were diverted.

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