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
January 9,2020

Mangaluru, Jan 9: A forest guard was arrested caught red-hand by Anti-Corruption Bureau (ACB) officials while accepting Rs 3,000 bribe from a person for granting permission to cut Mahogany trees for his personal use, a statement said on Thursday.

According to the statement, the arrested identified as N Sudheer sought bribe of Rs 15,000 from Gopalakrishna Herale, a resident of Beltangady.

Mr Herale, in a complaint, lodged on January 7 said that he had sought a permit from the forest department for cutting of Mahogany trees purchased by him.

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coastaldigest.com news network
July 10,2020

Mangaluru, July 10: Five people including four policemen suffered injuries following a clash at Melkar in Bantwal taluk of Dakshina Kannada district last night.

Abdul Salam, 29, a resident of Goltamajalu near Kalladka, was arrested on charge of attacking policemen. He was also attacked by the cops on the spot. Currently he is undergoing treatment at a hospital.

According to sources, Abdul Salam and another person were quarrelling with lorry drivers on the highway. A couple of policemen including ASI Shailesh, who were on patrol, intervened.

This led to a clash between cops and Abdul Salam, who reportedly snatched the baton from a cop and hit the men in khaki, eye witnesses said.

However, police sources claimed that Abdul Salam was holding an iron road and he thrashed policemen with the rod.

Meanwhile, more policemen reached the spot and thrashed the accused before arresting him.

Police sources said ASI Shailesh, HC Devappa and PCs Niranjan and Malik were injured in the incident. The policemen were treated the government hospital in Bantwal.

Abdul Salam, who suffered critical injuries, was taken to a private hospital in Mangaluru after preliminary treatment.

A case was registered against him in the Bantwal Town Police Station under section 353, 504, 506, 332, 307, 427 IPC, and 2 A Karnataka Prevention of Destruction of Public Property Act.

Comments

Angry Indian
 - 
Sunday, 12 Jul 2020

All police are not truthful people and they dont have rights to hit any civilian, they are not protecting any citizen they only serve politicians

 

Wellwisher
 - 
Friday, 10 Jul 2020

A man made polarized untruth story by ?

Trust and always believe with creators justice based on facts. Hope real culprit will punished by the creator very soon.

Long live mankind

 

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News Network
July 18,2020

Bengaluru, Jul 18: Veteran actor Hulivana Gangadharaiah has passed away due to novel Coronavirus at the age of 70 on Friday night at a private hospital. He has acted in films, plays and serials as well.

He was acting in the romantic serial Premaloka which has Vijay Suriya and Ankitha Navya Gowda in lead roles.

According to reports, after he showed the symptoms of having Coronavirus, he got self-isolated at his farm house. When his health condition deteriorated, he was admitted to the hospital. Gangadhariah has acted in over 100 films, 150 plays and many serials lived his life in a simple way.

Condoling the death of Gangadharaiah, T N Seetharam on his Facebook page posted, “The death of a friend and a wonderful actor Hulivana Gangandharaiah is painful. In Aaspota play, the role of a driver he played brought immense popularity ro the play. When George Fernandes watched the play he appreciated his character. In the serial Muktha Muktha, he played the role of a politician Rajanandaswamy with ease which was aired for over three years brought us closer. In the modern theatre, Nagesh whom I consider as Guru used to cast Gangadharaiah in each play he directed which reflected the kind of faith he had in him. After a few years, he got involved in agriculture so I did not had much contact with him. It’s been nearly eight years I last met him. It is very sad that we have lost him.”

Lead actor of the serial Premaloka, Vijay Suriya has also mourned the death of Hulivana Gangadharaiah who was seen in a pivotal role in the serial.

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