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
June 19,2020

Bengaluru, June 19: Karnataka Chief Minister B.S. Yediyurappa''s home-office in the city centre was shut for sanitisation after the husband of a woman employee working there tested COVID-19 positive, an official said on Friday.

"The chief minister''s home-office has been closed for sanitisation after the employee''s husband tested positive for coronavirus," an official of the Chief Minister''s Office told media persons here.

The employee did not report for duty for two days after her husband was infected with the virus.

"The chief minister''s engagements, including an official event involving the state police department were shifted to the Vidhana Soudha (state secretariat)," said the official.

As the employee was on outpost duty, she did not come in contact with the Chief Minister or his cabinet colleagues and other senior officials.

Earlier in the day, the divisional railway manager''s office in the city centre was shut for sanitisation after a visiting employee tested positive for coronavirus.

"The three-floor DRM office has been closed for the day for santisation and all employees have been advised to work from home as one of our staffer who visited the office early this week tested positive for COVID-19 on Thursday," senior Divisional Commercial Manager Krishna Reddy told media persons here.

The DRM''s office is located adjacent to the Krantivira Sangoli Rayanna (KSR) main railway station in the city centre.

The state''s mini secretariat Vikas Soudha adjacent to the iconic Vidhana Soudha in the city centre has also been shut for sanitisation after a government employee working in it tested COVID positive.

The Bruhat Bengaluru Mahanagara Palike (BBMP), entrusted with the task of containing the virus spread, has already sanitised a portion of the massive building in the city centre.

After an employee of the food and civil supplies department tested positive, all offices on the ground floor of the mini-secretariat were sealed and sanitised.

The city registered 17 fresh cases on Thursday, taking the total number of positive cases to 844. With 14 discharged earlier in the day, 384 have been cured of the infection, while 408 are under treatment.

Of the 114 COVID deaths across the southern state since March 10, Bengaluru has accounted for 51 till date.

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News Network
April 19,2020

Bengaluru, Apr 19: Karnataka Deputy Chief Minister CN Ashwath Narayan on Sunday said that "only essential and critical number of" employees of the Information Technology (IT) companies will be allowed to work from offices from April 20 onwards in Bengaluru, while others will have to continue working from home.

"Only essential and critical number of employees required will be allowed to turn up. In the next two days, it will be reviewed and a suitable decision will be taken. 

All the details will be communicated to the IT companies," Narayan said here.

Earlier on Saturday, in a meeting to review COVID-19 situation in Karnataka, it was considered that one-third of the employees of IT and biotechnology companies could be allowed to work from the office premises, while the rest should continue to work from home.

Earlier on April 17, the Deputy CM, after holding a video conference meeting with heads of the IT and biotechnology companies, had told reporters that up to 50 per cent of the workforce would have the opportunity to function from office premises after April 20.

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News Network
March 13,2020

Bengaluru, Mar 13: India has registered the first confirmed case of death due to novel coronavirus. A 76-year-old man from Karnataka's Kalaburgi who passed away recently has been tested positive for Covid-19.

The doctors had suspected that the man had coronavirus, however, the test had not confirmed it.

In an official notification, a senior health official in Karnataka government Dr Suresh Shastri said that the lab test has confirmed that the deceased man had Covid-19.

"The 76-year-old man from Kalburgi who passed away and was a suspected COVID 19 patient has been confirmed for COVID 19. The necessary contact tracing, isolation and other measures as per protocol are being carried out. Telangana government has also been informed since he went to a private hospital there," Dr Suresh Shastri said.

The same information was also shared by Karnataka health minister B Sriramulu.

A senior Union health ministry official said in New Delhi that the death of the man had visited Saudi Arabia from January 29 to February 29. The official said the man had reached in Hyderabad on February 29 and went to Kalaburagi in Karnataka.

State Joint Director (Communicable Diseases) BG Prakash Kumar said all protocols were followed for disposal of the body.

"The body is disinfected completely and disposed of as per the Government of India guidelines," he added when asked to elaborate on the protocols.

He said the Telangana government has also been informed as the man had gone to a private hospital in Hyderabad earlier.

While announcing the death of the man on Tuesday, the state authorities had said the exact cause his death was being ascertained.

According to the Union health ministry official, "While he was asymptomatic on his return (from Saudi Arabia), he developed symptoms of fever and cough on 6th March. One private doctor visited him at his home and treated him there."

"On 9th March, the symptoms got aggravated and he was shifted to a private hospital in Kalaburagi. In this private hospital, he was provisionally diagnosed as 'mid-zone viral pneumonia' and 'suspected Covid-19'," the official said.

"The sample was collected on March 9... Without waiting for the test results, the attendees insisted and the patient was discharged against medical advice and the attendees took him to a private hospital in Hyderabad," the official said.

The patient was admitted to a private hospital in Hyderabad and treated. He died on Tuesday when he was being brought back to the Gulbarga Institute of Medical Sciences (GIMS) in Kalaburagi.

Apart from the deceased, Karnataka has confirmed five other positive cases of the novel coronavirus. The fifth case, confirmed on Thursday is of a 26-year-old man who recently returned from Greece.

The patient has been admitted and isolated at a hospital and his condition is stable, a department media bulletin said.

The day also saw the education department declaring summer holidays for students from kindergarten to class six and study leave for higher classes in the city as a precautionary measure.

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