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
June 26,2020

Mangaluru, Jun 26: In a gut-wrenching incident, a pack of stray dogs attacked a herd of barking deer, also known as Indian muntjac at Dr Shivaram Karanth Biological Park at Pilikula on the outskirts of the city last night.

Dhama H Jayaprakash Bhandary, director of the biological park said: “Due to heavy rains a tree was uprooted damaging the compound wall of the park one day ago. Last night pack of stray dogs entered the park and attacked the barking deer. When the incident came to light, 10 barking deer had lost their lives and many others were injured.”

He said that five years ago they had rescued four barking deer that bred and multiplied to 40. “We had planned to release some of the barking deer to jungle and retain around a dozen in the park. Last night’s incident has shocked us,” he said, adding that the injured barking deer are being treated.

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News Network
July 1,2020

Bengaluru, Jul 1: Karnataka government has announced a complete lockdown on Sundays till August 2. "There shall be complete lockdown on Sundays from July 5 and followed by next four Sundays till August 2," stated the government. 

"However, essential activities allowed during night curfew will be permitted during Sunday lockdown too. Marriages already fixed on Sundays will be permitted as per norms," also said.

The government further ordered, "All government offices, Boards and Corporations, except those operating and maintaining essential services, shall remain closed on all Saturdays till the second week of August."

Employers should ensure that the Aarogya Setu app is downloaded and used by the employees. The app enables the identification of potential risk of infection,

Regarding Sunday Lockdown, it said, there shall be complete lockdown on Sundays with effect from 5th July, 2020, and followed by next 4 Sundays till 2nd August, 2020.

However, the essential activities as above permitted during Night Curfew shall be permitted during the Sunday lockdown also.

Lockdown in Containment Zones in Karnataka

Lockdown will continue to remain in force in the Containment zones. In the Containment Zones, only essential activities shall be allowed. There shall be strict perimeter control to ensure that there is no movement of people in or out of these zones, except for medical emergencies and for facilitating supply of essential goods and services. In the Containment Zones, there shall be intensive contact tracing, house-to-house surveillance, and other clinical interventions, as required.

All vulnerable persons, individuals above 65, persons with comorbidities, pregnant women and children below the age of 10 years are advised to stay at home, except for health and essential purposes.

Karnataka saw 947 new coronavirus cases, including 503 cases from Bengaluru Urban, taking the total number of cases to 15,242. Death toll has jumped to 246 after 20 deaths were reported on Tuesday, according to the data released by Union Health Ministry. 

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News Network
May 12,2020

Shivamogga, May 12: Roopa Praveen Rao, an expectant mother and a nurse at a hospital in Shivamogga's Karnataka, has chosen to continue to serve the patients amid the ongoing COVID-19 crisis.

Rao who hails from Gajanuru village is nine months pregnant and works at Jayachamarajendra Government Hospital as a nurse.

She travels every day to Thirthahalli taluk to attend to the patients at the hospital.

"The taluk hospital is surrounded by many villages, people need our service. My seniors had asked me to take leave but I want to serve people. I work six hours a day," she told news agency.

She added that Chief Minister B S Yediyurappa too called her up and appreciated her dedication and suggested that she should take rest.

Rao is one of the many frontline COVID-19 warriors who have been risking their lives to ensure that everyone stays safe as the country fights the coronavirus.

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