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
August 1,2020

Mandya, Aug 1: In a terrific incident, a college student has stabbed his own mother to death in Karnataka’s Mandya town over a trivial issue. The police have managed to nab the accused. 

According to police, the boy was irked by his mother rebuking him for staying out with his friends late in the night.

On Wednesday (July 29), she scolded him for not listening to her advice, following which he stabbed her to death, the official said. 

The student was arrested on July 30. He reportedly confessed to the crime. 

A police officer said that the woman was upset over her son frequently spending time with his friends till late in the night.

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May 15,2020

Managluru, May 15: Kannadigas in Saudi Arabia deserve more attention from the government amidst covid-19 crisis as they remit huge amount of money to their home state and ultimately get no benefit, opined U T Khader, Mangaluru MLA.

The former minister held a video conference with stranded Kannadigas in Saudi Arabia on May 15 and assured to do his best to convince the Centre to operate more repatriation flights from Saudi Arabia to Karnataka. 

He also said that he would urge the chief minister of Karnataka to announce a separate rehabilitation package for Indian expatriates who have lost their jobs in Gulf countries amidst covid-19 lockdown.

Mr Khader also interacted with two medical emergency patients and promised them to inform the Indian embassy in Riyadh to facilitate their homeward journey via Dammam-Bengaluru flight in the second phase of Vande Bharat Mission. 

Mr Khader expressed regret over the inept handling of passengers from Dubai at Mangaluru International Airport on May 12 and said that next batch of passengers would not face such problems on arrival.

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News Network
July 31,2020

Bengaluru, Jul 31: The Karnataka government on Wednesday put on hold a controversial proposal to drop certain chapters, including on Islam, Christianity, Tipu Sultan and his father Hyder Ali, from social science textbooks to reduce the 2020-21 syllabi for students in classes 1-10.

Citing the COVID-19 pandemic and the disruption caused to the academic calendar of the year, the government had earlier dropped the chapter on Tipu Sultan and Hyder Ali from the Class 7 social science textbook, saying chapters on Tipu Sultan have been retained in the Class 6 and 10 textbooks.

The move did not go down well with the opposition, which saw certain ulterior motives behind the decision.

Apparently under sharp criticism, the Department of Public Instruction issued a new notification on Wednesday "on the directions of the Karnataka Primary and Secondary Education Minister S Suresh Kumar".

There is a delay in opening the schools during the academic year 2020-21 due to COVID-19 pandemic, said the latest order.

In this context, the order said, chapters were dropped to fit in 120 days of the academic year for classes 1 to 10 and the same was published in the department's website.

"However, on the directions of the Minister for Primary and Secondary Education, the decision to drop certain chapters has been put on hold. A review will be done following which the deleted chapters will be uploaded in the website," the order read.

Earlier in the day, Mr Kumar had issued a statement, saying that the decision to truncate the syllabus has not been finalised yet. He also made it clear that his department would not remove chapters unnecessarily.

Former chief minister and Congress leader Siddaramaiah had attacked the government on the issue.

"The government, which has failed to control the spread of coronavirus, is using it as an opportunity to push its clandestine agenda of saffronising the textbooks," Siddaramaiah tweeted.

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