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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coastaldigest.com news network
July 15,2020

Mangaluru, Jul 15: Amidst mounting coronavirus cases, the district administration has finalised 80 covid care centres (CCC) in Dakshina Kannada.

Sindhu B Rupesh, deputy commissioner of DK, said that as many as 80 premises that were functioning as quarantine centres have now been identified as CCCs in the district.

People in the district have been demanding that CCCs should be opened for asymptomatic cases in the district too. 

A majority of around 1,500 active cases in Dakshina Kannada are asymptomatic, and the CCCs will help those planning to go to private hospitals to reduce their treatment costs.

Additional deputy commissioner M J Roopa said that the 80 CCCs identified throughout the district will work as care centres for asymptomatic Covid-19 patients.

A medical team will attend to the centres, and supply of food and water will be taken care of by the government. In case of any health issues, the patient will be shifted to the Covid hospital, she said.

“All asymptotic Covid-19 patients, who are unable to opt for home isolation, are being kept in CCCs. A designated health team will monitor each CCC in the district. Meanwhile, the nearest public health centre (PHC) will have an ambulance on standby in case of an emergency,” she added.

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News Network
April 8,2020

Bengaluru, Apr 8: Till date 181 COVID-19 positive cases have been confirmed in Karnataka including five deaths and 28 discharges, said State Government on Wednesday.

Six new positive cases have been reported from April 7, 5:00 PM to April 8, 12:00 noon, informed Karnataka Government in a bulletin.

Out of the six fresh cases one has been reported from Uttarakannada, two from Kalburgi, one from Mandya, one from Chikkaballapur and one from BBMP Bengaluru.

"In view of breaking the chain and containment of COVID-19, Karnataka State Board of Auqaf, Bengaluru has directed to all the managements not to allow any congregational prayers in the Masajid and the managements of the Qabrasthans (Muslim graveyards) / Darghas throughout the state and to suspend the visit of public on the occasion of SHAB-EBARAT on thursday, April 9," said State Government in its bulletin.

No public shall be allowed to perform religious rituals in the Qabrasthans/Darghas and all the gates of Qabrasthans/Darghas shall be kept closed.

All managements of Qabrasthans/Darghas shall take necessary action on the above directions and all Waqf officers, District Waqf Advisory Committee in state shall adhere to the orders and directed to circulate the same and to ensure the order is followed scrupulously, the State Government added.

India's tally of positive COVID-19 cases stands at 5,194, said the Ministry of Health and Family Welfare on Wednesday.

Out of the 5194 cases, 4,643 are reported to be active while 401 people have recovered or have been discharged and one has migrated. The death toll stands at 149.

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coastaldigest.com news network
May 5,2020

The Department of Preuniversity Education, Karnataka has declared the board exams or pre university I exam results. To get results online, the students need to log on to result.bspucpa.com and have to provide their registration number and date of birth. 
Apart from the online portal, the students will get the results via mail or SMS.

“The results of the first year Pre-University Examinations will be announced on May 5. The results will be sent directly to students. Hence, colleges will not be displaying the results,” said S Suresh Kumar, Primary and Secondary Education Minister. 

The pre-university course of PUC is a two-year course including class 11 and class 12 called PUC I and PUC II. It is based on PUC score that candidates can get admission to varsities.

Earlier, the Karnataka PUC 1 result was to be announced on March 27 which was postponed and hence the revised dates are announced now.

The board exam results have been put on halt due to the nation-wide lockdown imposed after the coronavirus pandemic gripped India. As of May 3, the number of people infected by the coronavirus in India had crossed over 40,000.

The HRD Minister Ramesh Pokhriyal Nishank had in a meeting asked state and central boards to resume their evaluation process and declare the results to curb any further delay in the academic cycle. The academic cycle has been delayed by over a month due to the coronavirus. Now, the colleges will start by September instead of July.

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