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 19,2020

Bengaluru, May 19: Chief Minister B S Yediyurappa-led Karnataka government has recommended the withdrawal of 46 cases against leaders belonging to Sangh Parivar who had apparently involved in violence during the birth anniversary celebration of Tipu Sultan in the state. 

These cases – ranging from very serious forms of assaults on Muslims to unlawful assembly – were registered across Karnataka between 2014 and 2018.

Among the cases recommended to be withdrawn include those registered against senior state BJP leader Sanjay Patil, VHP leader Swaroop Kalkundri, and several district level Bajrang Dal activists. 

The government recommended withdrawal of these cases under Section 321 of the Code of Criminal Procedure on March 5. 

The recommendations, however, have been opposed by three crucial law enforcement departments – Director General and Inspector General of Police (DG & IGP), Director-Department of prosecution and Government litigation and Law department. 

While the DG & IGP has opined that these cases “cannot be withdrawn”, both the department of prosecution and law have observed that these are “not a fit case to withdraw”.

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News Network
June 14,2020

Bengaluru, Jun 14: Karnataka's Health Department has shut down four city clinics for not reporting Influenza Like Illness (ILI) and Severe Acute Respiratory Infection (SARI) cases, which are COVID symptoms, an official said on Sunday.

"We have shut four Bengaluru clinics for not reporting ILI and SARI cases," a health official told IANS.

The clinics are Namma Clinic at Sahakaranagar, Panchamukhi Specialty Clinic at Peenya 2nd Stage, Mathru Chaya Clinic at Sudhama Nagar in Bommanahalli and Nayak Hospital in Gayathri Nagar.

"We gave notice to 17 clinics for not reporting ILI and SARI medical conditions in patients. Out of the 17, 13 reverted that they did not do and will start reporting," said the official.

However, the four named clinics did not revert leading to their shutdown.

According to the official, the clinics failed to adhere to the Epidemic Diseases Act, 1987, Disaster Management Act, 2005 and others.

All medical facilities and hospitals should report all patients with ILI and SARI symptoms as many COVID positive cases have them as underlying conditions.

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News Network
July 16,2020

Bengaluru, Jul 16: Eminent theatre personality and renowned vocalist Dr Subhadramma Mansur who had won many awards including the prestigious Karnataka Rajyotsava award died on Wednesday night, according to her family.

She was 81 and is survived by two sons and a daughter.

The family said she developed severe respiratory problems last night following which she was rushed to hospital, but died on the way.

Condoling her death, Chief Minister B S Yediyurappa said Dr Mansur had contributed to the theatre world for five decades. He also recalled her devotion to music as an eminent vocalist.

"I pray for her soul to rest in peace and strength to the family to bear the irreparable loss," the Chief Minister said in his message posted on Twitter.

The veteran theatre personality from Ballari earned recognition for her roles in mythology-based dramas.

Connoisseurs of stage performances recall her memorable portrayal of Draupadi, a character from the Mahabharata.

Her depiction of Hemareddy Mallamma left a deep imprint on the audience.

Many awards were bestowed on her including the Rajyotsava Award, Nataka Akademi and Gubbi Veeranna Award and an honorary doctorate by the Srikrishna Devaraya University

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