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
July 19,2020

Bengaluru, Jul 19: Karnataka Chief Minister B S Yediyurappa convened a meeting with Private Medical College Hospitals on Saturday to assess COVID-19 management and directed them to provide 50 per cent of the beds, as promised, with effect from Sunday.

The chief minister said that private medical college hospitals need to cooperate as there is a sharp rise in COVID-10 cases in the city. He further said that it has come to the notice of the government that some institutes are denying treatment of COVID-19 as well as non-COVID patients.

The chief minister expressed his concerns over media reports stating several people died as they didn't get timely treatment due to denial from the hospitals. He said that Bengaluru should continue to lead the country as a role model in COVID-19 management.

During previous meetings, private medical colleges had agreed upon providing around 4,500 beds, which would make the total beds available in government and private medical colleges 6,500.

The chief minister expressed dismay over some colleges not providing the number of beds as promised and also about certain lacunae which were noticed by ministers during their visit.
During this emergency situation, we should show humanity. COVID and non-COVID patients shall not be denied treatment and the balance in healthcare system shall be maintained, he advised.

He assured them of all support, including providing doctors and nurses if need be.
The private medical colleges had assured to provide 50 per cent of beds and some colleges offered 80 per cent of the beds for COVID treatment.

Nodal officers have already been appointed to monitor the availability of beds in these medical colleges.

It was decided to issue a notice to Vaidehi Medical College for their absence in the meeting.

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News Network
April 20,2020

Thiruvananthapuram, Apr 20: The Kerala government announced the relaxation of COVID-19 lockdown restrictions in two zones, allowing among other private vehicles movement in an odd-even basis and dine-in services at hotels from Monday.

State police chief Loknath Behera said the relaxations of restrictions imposed would come into effect in the Green and Orange-B zones in the state from Monday,an official release said.

Earlier, the Left government had colour-coded 14 districts of the state into four zones-- Red, Green, Orange-A and Orange-B, for containing the Covid-19 pandemic. Red zone comprises Kasaragod, Kannur, Kozhikode and Malappuram districts. In this zone, a complete lockdown will be in place until May 3 while two entry and exit points are allowed for carrying essential commodities to coronavirus hotspots. Orange-A zone comprises Pathanamthitta, Ernakulam and Kollam while orange-B zone comprises Alappuzha, Thiruvananthapuram, Palakkad, Thrissur and Wayanad.

The lockdown will be in effect until April 24 in this zone and then partial relaxation will be allowed. Kottayam and Idukki come under the Green zone, in which lockdown will be in effect until April 20 and then regulations will be eased. However, large gatherings, the functioning of educational institutions, religious functions, celebrations and travel outside the district will not be allowed in this zone.

Not more than 20 people are allowed to take part in weddings and funerals, according to government instructions. On the functioning of courts, the release said, "Courts in the Green and Orange-B zones will re-open on April 21 while that in Orange-A zone will start functioning from April 25. The courts will function with 33 per cent of staff. The cases will be heard via video conferencing."

Meanwhile, the Bankers' Council has announced that banks will function as per the usual timings from Monday in the state except four districts falling under the Red zone. The Transport Ministry has clarifiedthat public transport won't be allowed to ply in the state during the lockdown period. "Inter-district travel will not be allowed despite relaxations in the state, but essential services such as medical services, food supplies will not be stopped. However, in case of emergency, inter-district travel will be allowed with an affidavit prepared by the traveller," Behra said in a release.

On the implementation of the odd-even scheme for private vehicles, the police said, "Vehicles with odd numbers will be permitted on Mondays, Wednesdays and Fridays. Those with even numbers will be allowed on Tuesdays, Thursdays and Saturdays." Woman drivers travelling solo or with dependants are also exempted from it, police said. On Sundays, only those working for essential services are allowed to use their vehicles.

All education institutions, cinema halls, shopping malls, public parks, bars, places of worship will remain closed in all zones of the state. The health department and local administration, which carry out sanitation work before the monsoon, are allowed to operate. Four-wheelers are permitted to carry two passengers besides the driver and in case of a two-wheeler, only the driver will be allowed while the pillion rider is allowed in case the person is a family member.

On Dine-in services, a government order said it is allowed at hotels and restaurants until 7 PM in Green and Orange-B zone from Monday and in Orange-A zone from April 24. However, take-away counters can function until 8 PM, it said. Kerala on Sunday reported two positive cases of Covid-19 in the state taking the total number of affected to 401 while the health department announced that 13 people were cured.

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News Network
June 20,2020

Bengaluru, Jun 20: Continuing with the easing of restrictions under 'Unlock 1.0', the Karnataka government on Saturday authorised local bodies to fix timing for opening of public parks other than those in the containment zones between 5 am to 9 pm.

It has also mandated adhering to all the national directives issued to contain the spread of COVID-19 and the guidelines issued by the state government in this connection.

Noting that the government has been relaxing conditions under unlock 1.0, Principal Secretary Revenue N Manjunath Prasad, who is also the member secretary of the state disaster management authority in an order said, local bodies have been asked to set the timing between 5 am to 9 pm to open all parks that come under them and the government.

It said this would be applicable to only those parks that come outside the containment zones. Earlier in May, while relaxing the lockdown norms, the government had set 7 am to 9 am and from 5 pm to 7 pm for the opening of parks.

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