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.

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 26,2020

Bengaluru, Jun 26: All efforts would be made to control the spread of coronavirus in the city and there will be no fresh lockdown, Karnataka Chief Minister B S Yediyurappa on Friday said, asserting that improving economic situation of the state is also equally important.

Though the state capital was considered a model for the entire country in COVID management and has seen a spike in cases during the last few days, the pandemic can be controlled if everyone cooperated, he said.

His remarks come a day after Revenue Minister R Ashoka said Bengaluru is still 'safe' compared to the COVID-19 situation in other cities and states and had ruled out a fresh lockdown for now, putting to rest speculations that it was planning such a move in view of spike in cases.

As of Thursday evening, a total of 1,791 COVID-19 cases, including 78 deaths and 505 discharges, had been reported in the city while the state's tally stood at 10,560 compared to just 3,408 cases as on June 1. The state capital has the highest number of cases among the districts.

"There is no question of imposing lockdown for any reason. In some areas (with high case load) we have already implemented lockdown, other than those places there is no question of it being implemented in other places," Yediyurappa told reporters here.

Improving the economic situation of the state was also equally important, he said ahead of his meeting with Ministers, MLAs and MPs of all parties from Bengaluru to discuss measures to control COVID-19.

"I will discuss with all MLAs including those from opposition and Ministers from Bengaluru and come to some decision. With their cooperation we will make all honest efforts to control the pandemic in Bengaluru," he added.

Earlier, there had been intense speculation after some ministers said the government may have to consider re-imposing the lockdown, eased in phases from the middle of last month, in view of continuing spike in new cases in the past several days. Bengaluru was a "model" to the entire country in COVID management, but in recent days cases have increased, Yediyurappa said, adding to control it cooperation from everyone was necessary.

"I have confidence that if everyone (MLAs) pays special attention in their respective assembly constituency, COVID can be controlled," he said. Meanwhile, official sources said the Chief Minister has given Revenue Minister Ashoka the charge of overseeing the COVID management in the city.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 11,2020

Mangaluru, Jan 11: A large number of people from the Women India Movement on Saturday staged a protest against the Citizenship Amendment Act (CAA) and the National Register of Citizens (NRC) here and raised slogans denouncing the newly enacted law.

Protestors were seen carrying placards that read, 'Stop diving India, Boycott CAA, NRC, NPR', 'We are humans, not criminals', 'Save India from fascism'.

"Today's youths are tomorrow's future. The present leaders are scared by the youths and are trying to wipe us out. They are scared of the students because they are raising their voices," a protestor told media.

"It started with the triple talaq, then the removal of Article 370 and Babri Masjid verdict. We Muslims kept quiet but now it is a question to our Constitution. We are not here as Muslims but as an Indian Citizen protesting against the cruelty of the BJP government," she added.

The protestor said the Central government is trying to make India a Hindu Rashtra by wiping out all other communities.

"This fascist government is trying to poison the minds of Hindus against the Muslims. After Muslims, there will be the Christian community and then other communities. The main motive of the government is to only keep Brahmins in India," added the protestor.

The newly-enacted law grants citizenship to Hindu, Sikh, Jain, Parsi, Buddhist, and Christian refugees from Pakistan, Afghanistan, and Bangladesh, who came to India on or before December 31, 2014.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 29,2020

Bengaluru, Jul 29: Schools will remain closed and are expected to be opened in the month of August or September in the view of rising COVID-19 cases in Karnataka, said S Suresh Kumar, Minister of Primary and Secondary Education and Sakala of Karnataka on Tuesday.

Speaking on the issue, Kumar said, "Schools would not open for the time being. The children will be taught through media."

"The state is also working on the new schemes to improve the learning process for the students," he added.

As many as 5,536 new COVID-19 cases and 102 deaths were reported in Karnataka on Tuesday, according to the State Health Department.

The total number of positive cases in the state stands at 1,07,001 including 64,434 active cases, 40,504 discharges and 2,055 deaths.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.