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
January 16,2020

Davanagere, Jan 16: Congress leader D K Shivakumar on Thursday turned down all the recent media reports of him aspiring for the coveted Karnataka Pradesh Congress Committe (KPCC) president post.

Terming all the news, doing rounds, as baseless, Shivakumar said that he never made any attempt to become KPCC president. "All I want to do is work for my people and party", he asserted.

Referring to Chief Minister B S Yediyurappa's visit to Harihar's 'Our Lady of Health Minor Basilica' programme, Shivakumar said."I'm not concerned about what others are doing, everyone is free to take part in the programmes."

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News Network
July 30,2020

Bengaluru, Jul 30: Karnataka reported 83 deaths and 6,128 new cases in the state on Thursday. With this, the total number of cases in the state stood at 1,18,632, the state health ministry said.

Currently, there are 69,700 active cases, while a total of 2,230 people have lost their lives due to the pandemic till now.

There are 15,83,792 confirmed cases across the country. Of them, 5,28,242 cases remain active. While 10,20,582 have recovered, 34,968 patients have lost their lives due to the pandemic.

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News Network
February 21,2020

Beijing, Feb 21: A 29-year-old Chinese doctor, who postponed his wedding to treat patients infected with the deadly coronavirus, has died treating them after being infected by the virus, the ninth fatality among the healthcare providers working to contain the outbreak.

Dr Peng Yinhua, doctor of a Wuhan hospital who treated patients infected with the coronavirus, died on Thursday night, according to the health bureau.

Peng, a respiratory acute care medical professional, became infected while working to combat the novel coronavirus at the First People's Hospital of Jiangxia District of Wuhan. He was hospitalised on January 25 and transferred to the Wuhan Jinyintan Hospital for treatment on January 30.

"Peng Yinhua, a frontline doctor at Jiangxia First Hospital in virus epicenter #Wuhan, died of #COVID19 on Thursday night. He had earlier delayed his wedding as he wanted to treat patients with the disease at hospital," state-run Global Times tweeted on Friday.

He died from the virus despite doctors' all-out efforts to save his life.

Chinese health authorities have asked health agencies to apply for the honour of martyr for deceased medical staff to the veteran's affairs authorities, comfort the families of the deceased and help solve their difficulties, as well as publicise stories of those who sacrificed their lives during the epidemic, state-run Xinhua news agency reported.

Li Wenliang, the 34-year-old Chinese doctor, who was one of the first people to sound the alarm about the new outbreak died on February 7.

Li sent a message to his medical-school alumni group on December 30, warning that seven patients had been quarantined at Wuhan Central Hospital after coming down with a respiratory illness that seemed like the SARS coronavirus. But Wuhan police reprimanded and silenced Li.

Earlier, Dr Liu Zhiming, head of the Wuchang Hospital died due to the virus. On the same day Liu Fan, senior nurse of the hospital, died along with her parents and brother due to the virus.

China’s National Health Commission earlier said that a total of 1,716 medical workers had contracted the infection as of February 11.

Peng's death takes the death toll among the medical staff to nine.

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