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
April 21,2020

Bengaluru, Apr 21: The Karnataka Government may spare its employees from salary cuts this month despite severe resources crunch it faces following steep fall in revenue collection due to the ongoing lockdown to fight the coronavirus, official sources said on Tuesday.

As of now, there is no problem with April salary and we can manage. But if May also turns out to be a wash-out (in terms of revenue collection), then the situation is going to be very tough, a senior Minister said.

Ministers and members of Karnataka Legislature are taking a 30 per cent pay-cut for a year from April 1 this year. Opposition Congress in the state has vehemently opposed any possible move to cut salaries of government employees.

You just cant even imagine, the Chief Minister B S Yediyurappa had told news agency in an interview earlier this month on the economic impact of the lock-down on the state's finances. Yediyurappa had also said that the government is now not in a position to implement Budget proposals, barring important ones, with all kinds of revenue collections having completely stopped following the lockdown.

The government recently said it proposes to regularise unauthorised properties in the state by imposing penalty, and also auction more than 12,000 corner sites belonging to the Bengaluru Development Authority, as part of resource mobilisation drive.

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News Network
May 11,2020

Bengaluru, May 11: Ten new positive cases of COVID-19 have been confirmed in Karnataka, taking the total number of infections in the state to 858, the Health department said on Monday.

"Ten new positive cases have been reported from last evening to this noon... Till date 858 COVID-19 positive cases have been confirmed. This includes 31 deaths and 422 discharges," the department said in its mid-day situation update. 

The ten new cases include- three from Davangere, two each from Bidar and Bagalkote, one each from Kalaburagi, Shiggavi in Haveri and Vijayapura. Seven cases are men, three are women.

While most cases are contacts of patients already tested positive, one each are with travel history to Mumbai and Ahmedabad.

One person's contact tracing is underway. 

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News Network
February 19,2020

Bengaluru, Feb 19: Karnataka Forest Minister Anand Singh on Wednesday said that there was no criminal case filed directly against him.

When asked about PIL filed in the Karnataka High Court against him, Singh told media: "Some lawyer has filed a PIL against me in the High Court. I cannot stop anyone from filing the PIL."

"I have given my criminal record. There is no criminal case directly filed against me. My name is there in some cases but in 'others category'. We will see what happens," he said.

When asked about Congress leader Siddaramaiah's comments criticising him for being given the forest portfolio, Singh said: "I cannot comment on what he said against me as he is a former chief minister and very senior leader."

"Also the opposition always tries to make allegations against me. That is why he criticised me," he said.

Leader of Opposition in Karnataka Assembly Siddaramaiah on Monday demanded that Forest Minister Anand Singh should either be expelled from the ministry or assigned a different portfolio.

A number of cases are pending against Singh including those registered under the Karnataka Forest Act.

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