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
June 4,2020

Bengaluru, Jun 4: The Special Investment Promotion Task Force, constituted by the Karnataka government, held its first meeting in Vidhana Soudha, Bengaluru on Wednesday, June 3.

The first meeting of the task force was held under the chairmanship of Chief Secretary, Karnataka government.

The body is seeking to find ways to attract the disenchanted multi-national corporations (MNCs) which are looking to shift their manufacturing base away from China in the back-drop of the COVID-19 outbreak.

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coastaldigest.com news network
June 3,2020

Mangaluru, Jun 3: The district administrations of Dakshina Kannada and Kasaragod have issued standard operating procedures (SOP) for the movement of people between two neighbouring districts that fall under two different states.

Even though thousands of people used to commute between these two districts due to employment, education and other reasons every day, the travel has been banned for over two months due to covid lockdown.

Dakshina Kannada DC Sindhu B Rupesh has assured that travel passes will be issued for working professionals/students who have to commute every day.

Those who wish to travel to DK district from Kasargod have to register on https://bit.ly/dkdpermit for daily pass.

The pass applicant should mention the travel destinations, and the complete work address in DK. He/she should also upload Aadhaar card, proof of workplace. On receipt of the applications, the AC of Mangaluru division will issue the pass which will be valid till June 30.

The DC said that the pass details will be recorded at Talapady check post daily. Those who fail to report during the exit from Dakshina Kannada will be subjected to quarantine by the taluk administration and penal action will be initiated as per Epidemic Act, she warned.

Thermal screening of all persons entering DK will be conducted at the checkpost. Only those who are asymptomatic will be allowed to enter.

As per the SOP issued by Kasargod District Collector, those who wish to commute between these two districts have to register in COVID-19 Jagratha portal under the emergency pass category and the applicant has to mention the reason as “inter-state travel on a daily basis."

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News Network
April 5,2020

Bengaluru, Apr 5: Chief Minister BS Yediyurappa on Saturday said the state government will double down for 100% compliance to the lockdown in the next 10 days, warning action against those found roaming the streets.

Dismissing reports of a shortage of ventilators, he said the state was bringing in reinforcements over the next few days and expressed relief that none of the Covid-19 patients of the state has required a ventilator so far.

"None of the Covid-19 patients are on ventilators; two of them require oxygen," Yediyurappa told reporters after he met ministers and MLAs of Bengaluru and apprised them of steps taken to fight the coronavirus pandemic.

The CM said the government had placed orders for 1,570 ventilators, of which 17 have been supplied and another 20 would arrive by next week. The government has also ordered 18.3 lakh N-95 masks, of which more than 4 lakh have been supplied. To ensure a steady supply of hand sanitiser, manufacturing licences have been issued to 36 pharma companies and 29 distilleries.

While the state readies the medical infrastructure, the CM urged the legislators, cutting across party lines, to ensure full compliance to the lockdown. "If people fail to cooperate with the government and respect the nationwide lockdown, there will be no option but to enforce it in a more stringent manner from Sunday," he said.

As people continue to crowd markets amid growing fears of a shortage of essentials, the CM reiterated that all measures have been put in place to get the supply chain moving. 

He also assured that food will be provided to migrant workers and the poor. "There is enough stock of foodgrains and medicine in the state. The government has set a taskforce of ministers, 17 committees under additional chief secretaries, several helplines and a war room to fight the pandemic and they are all working round the clock," he said. 

The government has also issued direction to authorities to provide rations to those who do not have BPL or APL cards. Since many people from other states have settled in Bengaluru and they don't have ration cards, we have taken this decision," Yediyurappa said.

On reports of many private hospitals being closed and refusing to treat patients, the CM said: "We have already warned private hospitals to remain open and provide treatment to patients failing which strict action will be initiated."

Kisan Nidhi, 2 months' pension by April 10
The CM said an installment of Rs 2,000 under PM Kisan Samman Nidhi Yojana and two months' pension under the various social security schemes will be credited to bank accounts of beneficiaries by April 10. 

The process of crediting subsidy to 15 lakh beneficiaries under Ujjwala Yojana is on, he said.

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