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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 29,2020

New Delhi, July 29: The government of India today announced Unlock 3.0, lifting of night curfew from August 1 and opening of yoga institutes and gymnasiums from August 5 while educational institutes will remain closed throughout August.

According to the Unlock 3.0 guidelines issued by the Ministry of Home Affairs (MHA), the lockdown in containment zones will be extended until August 30. The new guidelines will be in effect from August 1.

The operation of Metro rail and international flights will remain suspended. Cinema halls, swimming pools, entertainment parks, theatres, bars, auditoriums, assembly halls and similar places will remain shut. Large gatherings are also prohibited.

Yoga institutes and gymnasiums will start operating from August 5 for which the Ministry of Health and Family Welfare will be issuing Standard Operating Procedures. 

Independence Day celebrations will be held with social distancing norms in place.

Restrictions on the movement of individuals during the night (Night curfew between 10 PM and 5 AM) have been removed.

According to the order, states have been given powers to prohibit certain activities outside containment zones or impose such restrictions as deemed necessary based on their assessment of the situation.

"However, there shall be no restriction on inter-state and intra-state movement of persons and goods. No separate permission/approval/e-permit will be required for such movements," the order said. 

In the previous two Unlock guidelines, the government had substantially opened various activities.

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News Network
January 1,2020

Mangaluru, Jan 1: Led by two local MLAs belonging to Bharatiya Janata Party, dozens of people today forcibly stopped toll fee collection at Talapady toll gate on the outskirts of the city allowing vehicles plying between Karnataka and Kerala on the national highway 66 to travel without paying any fee for some time.

Mangaluru City South MLA D Vedavyasa Kamath and Mangaluru City North MLA Y Bharat Shetty, who led the workers, said that the Navayuga Udupi Tollway Pvt. Ltd. (NUTPL), the concessionaire of the about 90-km-long highway widening project between Talapady and Kundapura in Karnataka, had failed to complete the project since over a decade.

The service roads and two flyovers under the project remained uncompleted. Hence motorists were facing a hardship. Notwithstanding Nalin Kumar Kateel, Dakshina Kannada MP, arranging ₹56 crore loan to the NUTPL through Axis Bank to complete the prominent Pumpwell flyover in the city, the company had failed to complete it.

The MLAs said that they stopped the toll collection as a symbolic protest to bring pressure on the company to complete the project within this month.

The BJP workers who gathered near the toll gate around 7.30 a.m. forcibly removed the barricades and made the vehicles ply without paying the fee. The workers of the company managing the toll booth did not resist.

The BJP workers said that vehicles would ply without paying toll till about 6 p.m. If the company resumed the collection during the day on Wednesday, the party workers would again forcibly stop it on Thursday, they said.

Shivaprasad Rai, in-charge of toll collection of the company at Talapady, Hejmady and Sasthana on the same highway told The Hindu that the NUTPL collected about ₹7 lakh as toll fee daily at Talapady from over 12,000 vehicles. The loss on Wednesday could be about ₹4 lakh.

The project is being implemented under build, operate and transfer basis.

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News Network
April 8,2020

Udupi, Apr 8: Six patients were admitted to isolation wards in the hospitals in the district on Tuesday.

While four people were suffering from symptoms of COVID-19, two were suffering from SARI (Severe Acute Respiratory Infection).

As many as 19 samples were collected and sent for Covid-19 testing to a laboratory in Shivamogga.

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