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 27,2020

Bengaluru, Mar 27: Karnataka has so far witnessed 62 Covid-19 positive cases including 3 deaths and five discharges, according to mid-day bulletin released by the Department of Health and Family Welfare.

The state on Friday witnessed a sudden spike in the number of Covid-19 cases with the officials confirming seven new positive cases overnight (26 March 5:00 pm to 27 March 8:00 am) across the state including a 10-month-old baby boy becoming the youngest Covid-19 patient in Karnataka and second youngest patient in India after 8-month-old baby in Jammu and Kashmir.

According to mid-day bulletin released by the Department of Health and Family Welfare on Friday, Karnataka witnessed 62 Covid-19 positive cases including 3 deaths and five discharges. The 10-month-old baby (P56) even though had no travel history to any of the Covid-19 affected countries, officials revealed that the family members had taken the baby to Kerala and six primary contacts have been established and put under home quarantine.

This apart, a 20-year-old male (P57) who returned from Colombo, a 25-year-old female (P58) who returned from London have also been tested positive for Covid-19. Further, a 35-year-old female (P59) and 33-year-old female (P61) said to be the primary contacts of P25 (House Maid) have also been tested positive according to the officials

Besides, a 60-year-old male (P60) who returned to Sira in Tumakuru by train from New Delhi died on Friday morning also tested positive. His primary contacts, including health care professionals have been put under house quarantine. According to officials a 22-year-old male (P62) from Uttara Kannada with travel history to Dubai has also been tested positive for Covid 19 on Friday.

According to bulletin, all the patients barring P60 are being treated at designated isolation hospitals in Mangaluru, Bengaluru and Uttara Kannada. In the meantime, P1 and P3 from Bengaluru have been discharged from RGICD, according to officials.

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coastaldigest.com web desk
January 2,2020

Mangaluru, Jan 2: The Muslim Central Committee of Dakshina Kannada and Udupi has dropped its plan to stage a massive protest against the contentious Citizenship (Amendment) Act and National Register of Citizens on January 4 at Mangaluru’s Nehru Maidan.

Addressing a press conference here today, committee chief K S Mohammed Masood made this announcement.

“All the 28 organisations that had decided to stage protest under the leadership of the Muslim Central Committee, have unanimously agreed to temporarily cancel the protest plan after the city police refused permission for the event,” he said.

Mr Masood requested the people, especially the youth, not to lose patience. “No one should head to Nehru Maidan on January 4 as Muslim leaders have unanimously decided to cancel the protest,” he urged.

S M Rasheed Haji, Y Abdulla Kunhi, Umar UH, Ibrahim Kodichal, B M Mumtaz Ali, Khasim H K, Mansoor Ahmed Azad and Asif Deals were present in the press meet.

Comments

Mbeary
 - 
Friday, 3 Jan 2020

Muslim organisations felicitate State BJP Chief Nalin Kumar

 

I want to know from them wat was the need for this. Has this helped the ordinary Mangalore Muslims in anyway. I would not have asked abt this if the program was conducted in your house. But here it is done in the name of Muslims. We need to stop being intellectually dishonest

 

Azam Arabi
 - 
Friday, 3 Jan 2020

Young energetic Muslim brothers  present in Dk ,please note we need young leaders to lead us . Wake up ... and take over . 

Mbeary
 - 
Friday, 3 Jan 2020

We respect ur decision sir.

 

But there are a lot of questions about it on people's mind.

We need to be updated about ur next plan of action.

Are u planning to approach the court for gaining the permission from the police, bcoz otherwise I don't think we will get the permission

 

Secondly, a few days back I wanted to contact Muslim central committee office to confirm if the protest Wil be there. I googled for the no, but the no. did not exist. Does that mean the Muslim central committee does not have an office or telephone no????

This only shows how organised we are.

Requesting Muslim central committee to get their house in order. Get more professional. Also consult people to utilise various platform to responsibly collect funds from so many ordinary bearys who want to donate money, but don't know whom to send it to.

We need an action committee to handle such situations. It must consist a battery of lawyers to fight the cases filed by the police.

If our leaders are old, they need to groom new leaders into the committee.

 

Moreover, it is important to question these so called leaders about their fecilitation program conducted for making kateel wen he won the election. Wat was the purpose of such fecilitation. Becoz I don't think he gives a damn when our community suffered. I question, whether all this is done in our name only to gain your contact and flourish ur business???

Never ever dare to do so in the name of Muslims

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News Network
April 24,2020

Udupi, Apr 24: While several state governments and NGOs are actively working to provide essentials to the needy amid the COVID-19 lockdown, a fisherwoman in Karnataka's Udupi has proved that even a small gesture of help for others can make a huge difference in the society.
A fisherwoman, Sharadakka, distributed rice to 140 needy families in her neighbourhood during the ongoing lockdown. The contribution was made by spending all her life savings amounting to Rs 30,000. The amount was saved by her over a period of time in an effort to build a house for herself.
On Thursday Udupi Deputy Commissioner G. Jagadeesh visited her and ensured help to build her house.
"Spending her meagre earnings, Sharadakka generously filled many empty stomachs amid the nation-wide lockdown, which is a matter of pride," said the Deputy Commissioner.

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