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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coastaldigest.com news network
June 8,2020

Hubballi, June 8: If everything goes as expected, the railway station in Hubballi, the commercial capital of the state and also the headquarters of South Western Railway (SWR), will have the world’s longest railway platform next year.

E Vijaya, chief public relation officer of SWR, said the work is being done as part of doubling between Hubballi and Bengaluru. 

“At present, Hubballi has five platforms, and the number will be increased to eight. Inspection carriage line is getting converted to full platform. 

Platform No. 1 will be extended from 550m to 1,400m with 10m width. At present, Gorakhpur’s 1,366m platform is the world’s longest facility,” the officer said.

She added that one more entry point is coming up at Gadag Road. “Rs 90 crore is being spent on the works related to full yard, signalling, electrical and building. 

The works, started in November 2019, will be completed in the next one year,” said Vijaya.

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News Network
April 6,2020

Kottayam, Apr 6: "I will leave this room within a week after defeating you," the braveheart nurse had vowed after contracting the deadly coronavirus while attending to India's oldest COVID-19 survior, expressing unflinching faith in Kerala's health care system.

Last Friday, 32-year old Reshma Mohandas lived up to her promise and walked out holding her head high to her home, where she is now placed under 14-day quarantine, after she and the elderly man and his wife were discharged from the Medical College Hospital here on being cured of th e disease.

Soon after 93-year-old Thomas Abraham, whose recovery has been dubbed as a 'miracle cure' by the medical community, and 88-year old Mariyamma left the hospital, Reshma too headed home but with the resolve to come back and serve the patients after the mandatory two weeks quarantine.

"I will leave this room within a week after defeating you (coronavirus)", Reshma had posted in a WhatsApp group of her friends and colleagues while undergoing treatment in isolation at the hospital.

"I posted that message in the WhatsApp group because I have full faith in Kerala's health system. It is world class," Reshma told reporters from her home.

The nurse, who took care Thomas and Mariyamma since March 12, believes she contracted the disease as she was in close contact with and often talked to the couple, who did not wear masks as it made them uncomfortable.

She said she loved taking care of all their needs.

"I was not tensed at all. I love taking care of elderly people. We used to talk a lot (in the ICU)", she said.

Reshma, who was earlier working in the operating theatre of another section, said she used work for four hours in the ICU before she contracted the virus and was admitted to the same wing as a patient.

"I had close contact with them in the ICU because I paid attention to address their every needs," she said. The first warning sign came on March 23 morning when she had a throat infection.

Reshma immediately alerted the head nurse, who in turn informed the doctors.

She was asked to visit the fever clinic at the Medical College and was later referred to the isolation facility where she took care of elderly novel coronavirus patients.

Some 20 nurses who had come into contact with her were sent to home quarantine.

On March 24, she tested positive.

"I did not have any other complications, barring headache and body pain", she said.

Reshma said she was ready to serve in the isolation facility for COVID-19 patients after 14 days of mandatory home quarantine.

"I am ready to work again in the isolation facility when I return," the feisty nurse, whose husband is an engineer, said.

She was all the more happy that proper medical care at the hospital led to recovery of Abraham and Mariyamma.

Kerala Health minister K K Shailaja telephoned Reshma to express her happiness over her recovery.

The Minister said the news about a health professional contracting the coronavirus was a matter of concern for the state.

In a statement, she hailed Reshma's dedication as a professional and said she had treated elderly patients like her parents, attending to their every need.

The elderly couple, hailing from Ranni village in Pathanamthitta district had contracted the virus from their son, daughter-in-law and grandson who returned from Italy last month, all of whom have also recovered.

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News Network
March 12,2020

Bengaluru, Mar 12: The Karnataka government on Wednesday clarified that no coronavirus "emergency" has been declared in the state and that all the schools and offices will remain open.

Earlier, there were fake reports that Karnataka has declared "coronavirus as an epidemic" in the state.

In a statement, Karnataka health commissioner Pankaj Kumar Pandey refuted the reports doing rounds on social media which said Karnataka had declared COVID-19 as a "state epidemic".

Refuting the rumours, he added that all the schools, offices and other institutions will continue to function normally in the state.

The Karnataka government earlier today issued temporary regulation which asked all government and private hospitals to have flu corners for screening of suspected cases of COVID-19.

According to the regulation, no person/institution shall use print or electronic media to spread mis-information on COVID-19 without prior permission of the department of health & family welfare. If a person is found indulging in any such activity, they will be punished, it said.

The Karnataka government also started a campaign called 'Namaste over Handshake' that encourages people to greet in the traditional Indian style, to tackle the spread of the virus.

The state has reported four positive cases of coronavirus so far.

India, so far, has 60 confirmed cases of coronavirus, including 16 Italians tourists.

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