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
March 23,2020

Bengaluru, Mar 23: Karnataka Health Minister B Sriramalu on Monday confirmed that there are 27 positive coronavirus cases in the state so far.

A fresh COVID-19 positive case has been reported from Mysore today.

"One hospital in every district is dedicated to COVID-19 treatment. We have placed an order for 1000 ventilators. We have also ordered 10 lakh N90 mask, five lakh PPE testing kits, 15 lakh three-layer masks. Sanitizers and thermal scanners will also be purchased on-demand," said Sriramalu while addressing a press conference here.

The Karnataka Health Minister said that decision will also be taken to purchase lab testing kits and equipment.

Meanwhile, Dr Ashwath Marayan, Deputy Chief Minister, Karnataka said that all necessary measures are being taken to contain the spread of COVID-19.

"We will take important decisions as soon as possible. 80 per cent of the companies are following work from home. Critical and essential things should be provided in this situation and we have kept them available to serve the people," said Marayan.

"We have taken all the required decisions including the logistics and supply. Social distancing is much important and we will implement it," he added.

The total number of positive coronavirus cases in the country mounts at 415, according to the Indian Council of Medical Research (ICMR).

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Ram Puniyani
March 8,2020

They say ‘history repeats itself first as a tragedy and then as a farce’. In case of India, communal violence not only keeps repeating itself, the pattern of the tragedy keeps changing every next time. Some features of the violence are constant, but they are under the wraps mostly. The same can be said about the Delhi violence (February 2020). The interpretations, the causative factors are very discernible, but those who are generally the perpetrators have a knack of shifting the blame on the victim community or those who stand for the victims.

As the carnage began presumably in the aftermath of statement of Kapil Mishra of BJP, which was given in front of a top police official, in which he threatened to get the roads emptied. The roots of violence were sown earlier. The interpretations given by the Hindu Nationalist camp is that the riot is due to the changing demographic profile of the area with Muslims increasing in number in those areas, and coming up of Shaheen Bagh which was presented was like ‘Mini Pakistan’. As per them the policies of BJP in matters of triple talaq, Article 370 and CAA, NPR, NRC has unnerved the ‘radical’ elements and so this violence.

As such before coming to the observations of the activists and scholars of communal violence in India, we can in brief say that violence, in which nearly 46 people have died, include one from police and another from intelligence. Majority victims are Muslims. The violence started right under the nose of the police and the ruling party. From the videos and other eye accounts, police not only looked the other way around, at places it assisted those attacking the innocent victims and burning and looting selective shops. Home minister, Amit Shah, was nowhere on the scene. For first three days the rioters had free run. After the paramilitary force was brought in; the violence simmered and slowly reduced in intensity. The state AAP Government, which in a way is the byproduct of RSS supported Anna Hazare movement, was busy reading Hanuman Chalisa and praying at Rajghat with eyes closed to the mayhem going in parts of Delhi.

Communal violence is the sore point of Indian society. It did begin during colonial period due to British policy of ‘Divide and Rule’. At root cause was the communal view of looking at history and pro active British acts to sow the seeds of Hindu-Muslim divide. At other level the administrative and police the British were fairly neutral. On one hand was the national movement, uniting the people and creating and strengthening the fraternal feeling among all Indians. On the other were Muslim Communalists (Muslim League) and Hindu Communalists (Hindu Mahasabha, RSS) who assisted the British goal of ‘divide and rule’ promoting hatred between the communities. After partition the first major change was the change in attitude of police and administration which started tilting against Muslims. Major studies by Dr. Asghar Ali Engineer, Paul Brass and Omar Khalidi demonstrated that anti Muslim bias is discernible in during and after the riots.

Now the partisan role of police has been visible all through. Sri Krishna Commission report brought forth this fact; as did the research of the Ex DIG of UP police Dr. V.N.Rai. Dr. Rai’s studies also concluded that no communal violence can go on beyond 24 hours unless state administration is complicit in the carnage. In one of the violence, investigation of which was done by concerned Citizen’s team (Dhule, 2013) this author observed that police itself went on to undertake the rampage against Muslims and Muslim properties.

General observation about riots is that violence sounds to be spontaneous, as the Home Minister is pointing out, but as such it is well planned act. Again the violence is orchestrated in such a way that it seems Muslims have begun the riots. Who casts the First stone? To this scholars point out that the carnage is so organized that the encircled community is forced to throw the first stone. At places the pretext is made that ‘they’ (minorities) have thrown the first stone.

The pretexts against minorities are propagated, in Gujarat violence Godhra train burning, in Kandhamal the murder of Swami Laxamannand and now Shaheen bagh! The Hindu Muslim violence began as riots. But it is no more a riot, two sides are not involved. It is plain and simple anti Minority violence, in which some from the majority are also the victims.

This violence is possible as the ‘Hate against this minority’ is now more or less structural. The deeper Hate against Muslims and partly against Christians; has been cultivated since long and Hindu nationalist politics, right from its Shakhas to the social media have been put to use for spreading Hatred. The prevalent deeper hate has been supplanted this time by multiple utterances from BJP leaders, Modi (Can be recognized by clothes), Shah (press EVM machine button so hard that current is felt in Shaheen Bagh), Anurag Thakur (Goli (bullet) Maro) Yogi Aditya Nath (If Boli (Words)Do not work Goli will) and Parvesh Varma (They will be out to rape).

The incidental observation of the whole tragedy is the coming to surface of true colors of AAP, which not only kept mum as the carnage was peaking but also went on to praise the role of police in the whole episode. With Delhi carnage “Goli Maro” seems to be becoming the central slogan of Hindu nationalists. Delhi’s this violence has been the first one in which those getting killed are more due to bullets than by swords or knifes! Leader’s slogans do not go in vain! Courts the protectors of our Constitution seem to be of little help as if one of them like Murlidhar Rao gives the verdict to file against hate mongers, he is immediately transferred.

And lastly let’s recall the academic study of Yale University. It concludes; BJP gains in electoral strength after every riot’. In India the grip of communalism is increasing frighteningly. Efforts are needed to combat Hate and Hate mongers.

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coastaldigest.com news network
July 29,2020

Mangaluru, July 29: Justifying the transfer of Dakshina Kannada deputy commissioner Sindhu B Rupesh, district in-charge minister Kota Shrinivas Poojari has accused Mangaluru MLA U T Khader of politicizing the issue. 

The IAS officer was transferred by the Karnataka government on July 28, a day after a saffron activist issued a death threat against her on social media after she warned of legal action against the miscreants who attack cattle traders.

Condemning the development, Mr Khader had tweeted that the state government has punished the deputy commissioner instead of punishing the culprit, who issued death threat.

Responding to Mr Khader’s tweet, Mr Poojari said that the transfer of the officer was on administrative ground. “It is unfortunate that Khader politicized a transfer carried out by the government on administrative ground. This is not Khader’s time to protect any accused,” tweeted Mr Poojari. 

It is worth mentioning here that Mr Khader was the district in-charge minister of Dakshina Kannada before Mr Poojari taking over the position. 

Meanwhile, police has arrested a person in connection with the death threat against the IAS officer.

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