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
May 7,2020

Bengaluru, May 7: Fear and anxiety gripped migrant workers who lined up at police stations in the city on Wednesday to register for train services without knowing that the state government had cancelled the train facility.

Senior officials in South Western Railway said they were ready to run special trains for migrant workers. On Tuesday evening, the state government decided to withdraw the requests made for 13 such trains to north India after realtors said they need the labourers here.

Migrants continued to stream into the railway station at Majestic, Bangalore International Exhibition Centre and even the bus station hoping for some travel arrangement. Many who were aware of the government web portal, stood in front of the BBMP ward office or police stations for enrolment.

In Varthur, over 100 migrants stood in front of the police station and sought to know what happened to the forms they had submitted four days ago. "We first went to the BBMP office and were shooed away by an official who directed us to go to the police station. We want to go home and demanded that the police help us. There was no response first. Then they came out and beat us," said Pintu Kumar from Mohanpur of Bhagalpur district in Bihar.

Though a video clip accidentally shot by Kumar showed two police personnel charging the cane at them, a police officer from the Varthur station, however, disputed the claim. "The video doesn’t show the cane landing on any person. We were beating the seat and tyre of two-wheelers to send the migrants away," he said.

At Mahadevapura, the workers came in groups and submitted the forms at the police station.

At the railway station in Majestic, a group of labourers from Bihar, Uttar Pradesh and Jharkhand had walked from several areas in south Bengaluru only to be told that there is no train. Mahendra, a labourer from Jharkhand, said they received 5 kg rice and nothing else in the last 45 days. "Now, I don’t want food. I don’t want the job or money. I can't get stuck here. I want to go home,” he said.

'Restore dignity'

Activists and leaders wrote an open letter to Chief Minister B S Yediyurappa questioning the decision to cancel trains without consulting labourers and protesting the violation of their fundamental rights.

The letter had support of 522 organisations and individuals, including Dalit rights organisations and trade unions. It urged the government to restore the dignity of the migrant workers. "We demand recognition of the autonomy and dignity of the migrant workers to decide their travel plans. No one should be forced either to stay back or to return to their home states," it said.

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News Network
June 16,2020

University of Oxford researchers have claimed that a cheap and widely available drug called dexamethasone can help save the lives of patients who are seriously ill with coronavirus.

Scientists working on the Recovery Trial found the drug could help patients on ventilators and oxygen, but had no effect on those who did not need help breathing.

“Based on these results, one death would be prevented by treatment of around eight ventilated patients or around 25 patients requiring oxygen alone,” researchers said in a statement.

Matt Hancock, the health secretary, tweeted: “This global first exemplifies the power of science.”

“I’m absolutely delighted that today we can announce the first successful clinical trial for a treatment for Covid-19,” Mr Hancock said.

Recovery Trial experts said a randomised group of 2,104 patients was given 6mg of dexamethasone per day for 10 days, while another group of 4,321 were given normal treatment.

Dexamethasone reduced deaths by one-fifth in patients on oxygen feeds and by one-third in those who needed a ventilator to breathe, preliminary results showed.

Mr Hancock added: “This is a huge step forward and it’s because we’ve backed the science.”

Martin Landray, professor of medicine and epidemiology at the Nuffield Department of Population Health, University of Oxford, and one of the trial’s chief investigators, said in a statement: “These preliminary results from the Recovery Trial are very clear – dexamethasone reduces the risk of death among patients with severe respiratory complications.

“Covid-19 is a global disease – it is fantastic that the first treatment demonstrated to reduce mortality is one that is instantly available and affordable worldwide.”

Comments

kushal kumar
 - 
Thursday, 18 Jun 2020

Trials  of  drug  dexamethasone   in  Covid-19  cases   have  brought  success  in  saving  lives  ,  claim  Oxford  University  scientists  on  16 June  2020. 

              According  to  news  reports  on  16 June  , 2020  ,   Oxford  University  Scientists  have  conducted  trials  on  anti-inflammatory  steroid  Dexamethasone   in  Covid-19  cases.  Results  released  by  the   Oxford  University    on  16  June  2020  say  that  the   low-cost  and  easily  available  drug  saves  the  people  seriously  infected  by   Coronavirus  ,  cuts  the  death  risk  by  a  third  for  those  on  ventilators  and  by  a  fifth  for  those  on  oxygen.  The  commentary   on  the  drug   reads  like  this  :-

“  This  is  a  tremendous  news  today  from  the  recovery  trial  showing  that  dexamethasone   is  the  first  drug  to  reduce  mortality  from  Covid-19.  It  is  particularly  exciting  as  this  is  an  inexpensive  widely  available  medicine.  This  is  a  ground  breaking  development  in  our  fight  against  the  disease  and  the  speed  at  which  researchers  have  progressed  finding  an  effective  treatment  ,  is  truly  remarkable.  It  shows  importance  of  doing  high  quality  clinical  trials  and  basing  decisions  as  the  results  of  those  trials”. 

               Covid-19  has  taken  into  its  grip   the  entire  world  during  first  half  of  the  year  2020  ,  infecting   lacs  and  killing  also  lacs  of   its  patients.  In  the  absence  of  an  effective  drug  or  vaccine  ,  people  had  no  choice  other  than   to   look   up   to  the  heavens  or   scientists  to  come  with  some  cure.  And  the  drug  described  here  is  the  first  one  to  respond  to  the  prayer   of  the  global  community  ,  it  seems.     As  regards  a  vaccine  ,   only  few  are  claiming  that  it  can  come  by  the  end  of  the  present  year  2020.  Rather   ,  some  are  of  the  view  that  it  may  take  a  larger  part  of  the  year  2021  and   could   even  go    to  mid-2022.   Whatever  that  scenario  about  prospect  of  arrival  of  vaccine  to  treat  Covid-19  may  be   ,  the  news  that  was  broken   on  16  June  2020   by   the  Oxford  University   scientists   in  relation  to   drug  dexamethasone   would  have  sent  a  wave  of   strength  and  hope   among   people  world-wide.  And  this  Vedic  astrology  writer  was  spirited  for  another  reason  as   well   -  a  prediction  of   when  some  relief   by  way  of  drug  to  fight  Covid-19   may  appear  ,   having  come  accurate  in   the   claim  announced  by  Oxford  University   on  16 June  2020.  This  writer  had  ,   based   on  interpretation  and  application   of  Vedic  astrology  ,   contributed  in  early  April  ,  2020   an  opinion  piece     - “  Some  searchlight  on  way  out  of  Covid-19  presently  tormenting  mankind” -   to  a  number  of   newspapers.  It  was  also  contributed  on  11  April  ,  2020   using  the  ‘ comments’   column  of  article  -‘ Heard  Charles  took   Ayurveda  treatment-based  Ayush  drugs  for   Covid-19’  -   at   theprint.in/india/looking-at-evidence-based-ayush-medicines-to-treat-covid-19-minister-shripad-naik/393407/.   The  text  in  the  opinion  piece  related  to  the  claim  of  success  announced  by  Oxford  University  scientists  on  16 June  ,  2020  ,  reads  like  this  :- 

“  So  reading  in  between  the  lines  ,  it  can  be  said  that  some  effective  drug   or  remedy  can  arrive  by   mid   or  towards   the  last  week  of  June  2020   to   provide  some  relief  during  July  to  September  2020 ,  to  some  good  extent”.

The  point  this  writer  wants  to  share  with  readers  world-wide  is  that   yes  ,  a  drug   envisaged  in  the  aforesaid  prediction  has  appeared  on  the  horizon  in  the  claim  announcement  of  Oxord  University  scientists  on  16  June ,  2020. 

Bio  :-

 

Kushal  kumar  ,

202-GH28  ,  Mansarovar   Apartments  ,

Sector  20  ,  Panchkula-134116  ,  Haryana,

India.

Note  :-  This  writer’s    significant  predictive  work  covering   2020   about   the  U.S.  and  Italy

 

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News Network
February 16,2020

Bengaluru, Feb 16: Deputy chief minister Laxman Savadi’s election to the lone vacant council seat, for which a bypoll has been called, is only a formality as the only other candidate in the contest, independent BR Anil Kumar, dropped out on Saturday.

Kumar conveyed his decision to council secretary and returning officer Vishalakshmi. He decided to withdraw from the February 17 bypoll after failing to get support from Congress and JD(S) legislators.

The bypoll was necessitated after sitting member Rizwan Arshad of Congress resigned as he moved to the legislative assembly as an MLA. Rizwan won the Shivajinagar bypoll in December last year.

“Since the notification on candidates in the fray, after the last date of withdrawal, has already been published, irrespective of any candidate’s retirement, the election has to be conducted,” an official said.

Savadi’s victory was always assured as BJP has 119 members in the House.

Still, Ramanagara BJP district president Rudresh and MP BY Raghavendra reportedly approached Kumar, urging him to withdraw. Kumar, however, denied that he was persuaded by BJP.

“I entered the fray thinking secular parties and likeminded MLAs will support me, but that didn’t happen, so I decided to retire,”he said.

A section of Congress and JD(S) politicians, led by former minister HD Revanna, had persuaded Kumar to enter the contest with the hope that disgruntlement among some BJP legislators over Savadi’s promotion as the deputy CM would result in an upset.

Former chief minister HD Kumaraswamy also offered to support Kumar. Siddaramaiah of Congress refused to do the same. Congress and JD(S) did not field any candidates of their own as they don’t have the requisite numbers in the House.

Savadi must get elected to the council before February 20, otherwise he will lose his cabinet role. According to rules, a person who is not a member of either House should get elected within six months after becoming a minister. Savadi took oath on August 20 last year.

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