Kerala: India's first Islamic bank gets RBI approval

safia@coastaldigest.com (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
CafeZalamero@gmail.com

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
April 18,2020

Bengaluru, Apr 18: Karnataka Congress president DK Shivakumar on Saturday appealed to Prime Minister Narendra Modi to deposit at least Rs 10,000 in bank accounts of people belonging to the unorganised sector.

"The unorganised sector comprises barbers, dhobi, cooks, carpenters, sweepers, drivers and autorickshaw drivers. Prime Minister Narendra Modi did not mention anything about giving subsistence to these people," Shivakumar, told ANI, referring to the Prime Minister's address earlier this week.

Modi had announced the extension of the ongoing nationwide lockdown till May 3 in order to curb the spread of coronavirus.

"I appeal to Prime Minister Modi to register the members of the unregistered sector under the National Rural Employment Guarantee Act (NREGA) or deposit at least Rs 10,000 to the bank accounts of each of the members of unorganised sector to help them survive the lockdown," he added.

Though the Congress party will continue the central government and state government's fight against coronavirus, he said, both the governments need to help people who are part of the unorganised sector.

"The farmers have told me that due to the lockdown they are ready to sell the vegetables, which once used to be sold at Rs 100 per kg, at even Rs 5 per kg," he said.

Speaking on the suggestions he made to Chief Minister BS Yediyurappa, Shivakumar said, "I requested the Chief Minister to send a team to do a videograph and make an assessment of the on-ground situation. However, till now, no one has gone."

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coastaldigest.com news network
May 19,2020

Mangaluru, May 19: With lockdown 4.0 coming into force, the Karnataka State Road Transport Corporation (KSRTC) started bus services from Mangaluru to various destinations today.

According to officials, buses started plying from Mangaluru to Bengaluru, Mysuru, Shivamogga, Hubballi and other areas with limited passengers. A bus, which left for Bengaluru from Mangaluru had less than 30 passengers on board.

“Depending on the demand, the buses will be operated with 50% of the capacity. Measures have been taken to ensure that social distancing norms are adhered to while purchasing tickets from the counter,” said S N Arun, KSRTC Divisional Controller.

However, the KSRTC is yet to take a decision on operating Nagarasarige buses in the city. 

“Only those destinations, which can be reached by 7 pm has been considered by the KSRTC while operating the buses. As a result, after 11 am, no buses will travel to Bengaluru from Mangaluru. Further, permission will not be accorded for the travelling of pregnant women, children below 10 years old and senior citizens above 60 years old. Thermal scanning is used for checking the temperature of the passengers before boarding the buses. All the buses are sanitised after each trip,” he said.

Further, he said the contact number, name and address of the passengers are collected by the officials during the travel.

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News Network
May 12,2020

Udupi, May 12: The Coastal Bus Owner’s Association members have approached Deputy Commissioner to permit them to run bus service in the District.

Nearly 80 buses coming under the Coastal Bus Association and they are prepared to run the buses as per the guidelines set by the government. They have also requested RTO officials for permission to operate and are awaiting approval. If the bus service starts operating, many workers like drivers, conductors, cleaners, mechanics will get employment.

Coastal Bus Owners Association President Raghavendra Bhat said that the bus owners must provide services to the public as per regulations set by Deputy Commissioner.

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