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 3,2020

Mangaluru, April 3: A police officer in Sullia town of Dakshina Kannada district got injured on Friday after unidentified youth pelted stones at him.

The incident took place when the cop stopped them from entering into the state from Kerala in the view of nationwide lockdown. He was later administered medical aid.

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News Network
May 11,2020

Bengaluru, May 11: As many as 343 Indians returned to Bengaluru from London by a special Air India flight on the fifth day of 'Vande Bharat Mission' on Monday. They arrived at the Kempegowda international airport at 4.40 am.

All passengers were found to be asymptomatic on arrival except one 27-year-old woman who had had an incomplete abortion and had vomiting on arrival. She has been shifted to KC General Hospital in Malleshwaram.

Dr Prabhu Dev Gowda, an officer on duty for COVID-19 screening at Kempegowda International Airport, said, "A 27-year-old woman has had an incomplete abortion of her three-month-old foetus before taking the flight from London. She was vomiting on arrival. She was shifted to Aster CMI Hospital for emergency care.”

“Thereafter, she and her husband were shifted to KC General Hospital in Malleshwaram. They will be in isolation there. Since there is nobody to look after her, we have to let the husband accompany her to the hospital where they will be in quarantine."

The patient was famished and was provided a few idlis on arrival, he added.

After she recovers at the hospital, the couple will be shifted to a hotel. As per protocol, their throat swabs were taken for COVID-19 testing too. All passengers whether symptomatic or not are being tested for COVID-19.

Dr Manjula Devi, District Health Officer, Bengaluru Rural district said that all passengers were found to be asymptomatic on arrival except this woman who is being treated as a non-COVID-19 emergency.

Ajith Rai, Devanahalli Tehsildar told DH, "All passengers have chosen to go to hotels over government hostels. We're yet to tabulate how many have chosen budget hotels, three-star and five-star hotels. Twenty of them are still here. The process is on."

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News Network
March 7,2020

New Delhi, Mar 7: The Supreme Court on Friday stayed the bail granted by Karnataka High Court to 21 Popular Front of India (PFI) members accused in connection with violence that erupted during the protests against the Citizenship Amendment Act (CAA) in Karnataka's Mangaluru in December 2019.

On February 17, the High Court had granted bail to the accused on the bail petition filed by Mohammed Ashik.

A bench consisting Chief Justice S A Bobde issued notice to the accused on Friday after taking cognisance of the plea filed by Karnataka government against the bail granted by the High Court.

Appearing for the state government, Solicitor General Tushar Mehta criticised the High Court's order stating that at least 56 policemen sustained injuries during the violent protests.

Two persons identified as Jaleel (43) of Kudroli and Nousheen (49) of Bengre had died at a private hospital following the bullet injuries they sustained in an alleged police firing during a protest against CAA 2019.

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Abdul Gaffar Bolar
 - 
Saturday, 7 Mar 2020

RSSupreme court!

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