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.

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 8,2020

Davanagere, Apr 8: BJP MLA from Honnali constituency, MP Renukacharya, said that the government should not ignore those who attended Tablighi Jamaat event in Delhi and are escaping detection, and it is not wrong if the person is shot.

"Anyone who attended Tablighi meet, is not coming out for medical checkups and is escaping detection. The government should not ignore them. Even if he is shot, it is not wrong. Otherwise, the virus will spread throughout the entire country. In China it started with one person," Renukacharya said on Tuesday.

"We are suffering because someone is not coming for check-up. I request them to come voluntarily to the doctors and District Magistrates. Not all minorities are terrorists and not all of them are anti-nationals," he added.

A petition has been filed in the Supreme Court seeking direction for the government to impose a complete ban on all activities of the Tablighi Jamaat with immediate effect.

Over 1,000 coronavirus cases in India are linked to Tablighi Jamaat gathering. Hundreds of people who are related to Tablighi Jamaat have been quarantined.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigst.com news network
May 31,2020

Mangaluru, May 31: Karnataka BJP president MP Nalin Kumar Kateel has claimed that there has been no differences of opinion within the state BJP.

"The BJP-led government will complete its term under the leadership of B S Yediyurappa," Kateel told media persons in the city on Saturday.

“A few MLAs had met and discussed the developments in North Karnataka. There is nothing wrong in discussing development keeping in mind the party's interests.”

Indiscipline within the party will not be tolerated. Strict action will be initiated against those who indulge in such activities by the party High Command, he warned.

The government, led by Yediyurappa, has carried out good works in the state. All the MLAs are supporting the chief minister. All the MLAs are in contact with me, claimed Kateel.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 12,2020

Bengaluru, Jul 12: KCTET 2020: Attention candidates, the Karnataka Deputy Chief Minister has confirmed the exam dates for Karnataka Common Entrance Test, KCET 2020.

As per information, KCET 2020 will be held between July 30 and July 31.

Karnataka Common Entrance Test or KCET is an examination which is held for admission to BTech courses in the state’s institutes.

The Higher Education Minister C N Ashwathnarayan, took to twitter to confirm the KCET dates. The Minister tweeted:

“The K-CET 2020 examinations will be held on the decided dates of July 30 & July 31. All the best to all the students!”

Details regarding KCET exam centers, time, and schedule will be mentioned in the admit card. Candidates can download their admit card fro the official website of KEA i.e. cetonline.karnataka.gov.in.

KCET 2020 was earlier scheduled to be held from April 22 to April 24, 2020, however, due to the ongoing coronavirus outbreak, KEA postponed KCET 2020 exams.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.