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
January 17,2020

Bengaluru, Jan 17: Six persons, said to be supporters of Social Democratic Party of India, have been arrested in connection alleged attempt to murder a member of RSS in Bengaluru.

Varun Bhopala (34), a resident of Sarakki in JP Nagar, was attacked while he was on his way to his father's shop near JC Road after attending a pro-CAA event organised by the RSS and other Hindutva organisations on December 22, 2019.

Police commissioner Bhaskar Rao said the arrested are Irfan alias Mohammed Irfan (33), Syed Akbar alias Mechanic Akbar (46), Syed Siddiq Akbar (30), Akbar Basha (27), Sanaulla Sharif (28) and Sadiq UL Ameen (39) - all residents of KG Halli in East and North Bengaluru.

Rao said the arrested wanted to attack and kill the leaders who took part in the pro-CAA event. They initially pelted seven stones to scatter the crowd so that they can attack the leaders, but they failed. Later, they saw Varun walking out of the crowd wearing a saffron shirt. So the arrested followed him and attacked him with lethal weapons. Assuming he is dead, the gang fled on their bikes towards Bidadi.

''The SDPI activists were funded by their leaders to create a disturbance, kill Hindu organisation leaders,'' Rao said. "I have formed a special team to investigate in-depth about the SDPI activities and take necessary action,'' he added.

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coastaldigest.com news network
May 14,2020

Kuwait: The COVID-19 pandemic has affected all sections of the community in Kuwait, hundreds of NRIs are stranded due to unavailability of flights to fly back home. Leaders of associations belonging to Karnataka state in Kuwait and other part of Gulf countries have initiated a collective effort to discuss the challenges and issues faced by Kannadigas in Gulf Countries during COVID-19 pandemic.    

Mr. Ramesh S Bhandary – President of Tulu Koota Kuwait and Mr. Rajesh Vittal KKK president along with Other Gulf Karnataka Association leaders held video conference meeting arranged by GULF NRI Forum with Hon. Chief Minister of Karnataka Sri B.S. Yediyurappa to discuss the issue of COVID19 in Kuwait.

During this video conference, association leaders briefly explained various issues, statistics of emergency cases which include pregnant women, Senior citizens, visit visa expired cases and urgent medical treatment requirement cases who wish to travel back to Karnataka.

Evacuation flights to Bengaluru and Mangalore from Kuwait and other Gulf countries, request for free airline tickets or free quarantine facility at Bengaluru and Mangaluru also requested during this video call.

Dedicated Covid - 19 Helpline number for Karanataka NRIs- Nominate One line Contact person in Karnataka to co-ordinates all Covid related issues of NRI.

Responding to leaders requests, B.S Yediyurappa promised to address GCC Kannadigas concerns during this humanitarian crisis.

On Behalf of Kannadigaru Dubai & KNRI Forum , Gulf Kannadigas & Gulf Karantaka associations leaders expressed the happiness with BS Yadiyurappa - Hon Chief Minister of Karnataka, Raghavendra Yadiyurappa - Member of Parliament - Shivamogga constituency, for hearing problems of NRI and giving assurance of immediate action plan to repatriate needy Kannadigas from Gulf region to Karnataka.

Video conference was attended by Karnataka association leaders of Gulf Countries.

Karnataka NRI  Forum Kuwait committee comprising  representatives of leading associations of Karnataka in Kuwait such as Tulu Koota Kuwait (TKK), Kuwait Canara Welfare Association (KCWA), Kuwait Kannada Koota (KKK), Buntara Sangha Kuwait (BSK), Billava Sangha Kuwait (BSK), KKMA Karnataka Branch , Indian Doctors Forum and Karnataka Muslim Welfare Association Kuwait (KMWA).

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News Network
March 15,2020

Bengaluru, Mar 15: The Karnataka government has intensified screening all international passengers at airports by classifying them into three risk categories.

Passengers, who are symptomatic on arrival fall under risk category 1, those aged above 60 and have Symptoms fall under category 2. Those who fall in both these categories are being quarantined at designated facilities for 14 days from arrival.

Asymptomatic passengers arriving from any of the COVID-19 affected countries will fall under category 3 and will be advised to be under strict home quarantine for 14 days, Medical Education Minister Dr K Sudhakar said here on Sunday.

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