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
March 6,2020

Mysuru, Mar 6: A woman was murdered by her husband in front of her father in the wee hours of Friday at her home in Hosakamanakoppal, Yelwal hobli here, police said on Friday.

The police said the deceased is Mamatha, a native of Periyapatna who was married to Nagesh of Hosakamanakoppal about seven years ago. The couple has a six-year-old son. Mamatha was Nagesh’s second wife as his first wife had allegedly committed suicide.

It is said that Nagesh was addicted to liquor and gambling and used to fight with Mamatha over petty reasons. 

Yesterday night too, there was a fight between the couple and Mamatha’s father pacified both of them and all of them went to sleep later.

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News Network
March 19,2020

Bengaluru, Mar 19: The Karnataka government has extended the statewide coronavirus shutdown till March 31 as the number of positive cases rose to 14, of whom 11 are those who came in from foreign countries.

In an emergency Cabinet meeting, the state government set up a task force of four ministers to lead the defence against the virus. This core team will have Rs 200 crore to orchestrate the combat.

When chief minister B S Yediyurappa announced the shutdown last week, it was to be in force until March 21, but it was always unlikely that the Covid-19 scare would have waned by then.

Several more restrictions were announced today. Quarantine will be mandatory for all passengers arriving from foreign countries. While schools, colleges and business establishments will continue to be closed, restrictions have been extended to marriages, fairs and social functions as well.

Public entry to Vidhana Soudha, Vikas Soudha and the M.S. Building has been barred till March 31.

While setting up the task force, the government has earmarked Rs 200 crore for the coronavirus campaign. The chief minister said there is no dearth of funds for fighting the virus.

The task force will have deputy chief minister Ashwathnarayana, home minister Basavaraj Bommai, medical education minister Sudhakar, health and family welfare minister B Sreeramulu and chief secretary T M Vijaybhaskar.  Sreeramulu will head the task force.

The task force will monitor coronavirus cases on a daily basis and orchestrate the response of all stakeholders. It will issue a daily bulletin on the epidemic and also run awareness campaigns.

With quarantine now mandatory for passengers coming in foreign countries, community centres, hotels, convention centres, resorts and even PGs will be rented to accommodate the new arrivals.

The compulsory quarantine will be for 15 days.

A quarantine stamp will be imprinted on the right hand of passengers coming in from foreign countries.

Since the Centre has relaxed the rules for using SDRF funds, the state government will draw from it to contain the pandemic; therefore, there will be more funds available to all districts, chief minister B S Yediyurappa said in the Assembly.

In further measures, all passengers and suspected Covid-19 cases will be tracked by their mobile phones.

Primary stage

“We are in the first and second stages of the epidemic. The virus is still at a primary stage and has not spread to community level," medical education minister Sudhakar said in the Assembly.

"It is important that we do not let the epidemic enter the third stage. It is possible if we implement stringent measures. People have responded positively to the state government’s measures and are cooperating with our decisions," Sudhakar said.

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News Network
April 11,2020

Chitradurga, Apr 11: Akhila Bharata Hindu Mahasabha district president M Kumaraswamy has been arrested by Police on charges of posting provocative posts on Facebook.

Police said on Saturday that Syed Sadath who is the Popular Front of India District Secretary, in Chitradurga filed a complaint stating that Mr Kumaraswamy had posted ''Godhra riots will be repeated by Karsevaks'' on his Facebook page on April 7.

Mr Sadath said that Kumaraswamy was spreading communal hatred and targeting one community, at a time when the world was struggling to fight the COVID-19 pandemic.

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