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
April 18,2020

Udupi, Apr 18: The Adamaru Mutt and Mutt-owned educational institutions donated fifty five lakhs, fifty five thousand, five hundred and fifty five rupees to the PM-CARES Fund on Friday.

Sri Vishwakapriyattirtha Sripada, while donating the amount, delivered the message that in these difficult times in our country, the government has no sources of tax revenue but the cost of various departments especially public health expenses are increasing.

We leave three meals a week and distribute the money saved to those in need. We pray that India becomes the first COVID-19-free country in the world with all our efforts.

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News Network
July 17,2020

Bengaluru, Jul 17: Lashing out at Chief Minister BS Yediyurappa-led government over the handling of coronavirus crisis, Karnataka Congress chief DK Shivakumar on Thursday demanded Governor's rule in the state. He also took a dig at Health Minister B Sriramulu's "Only God can save us" remark.

"I heard the statement of Sriramulu and Sudhakar. They have said that they cannot manage this (coronavirus crisis) and they leave it to God who can save Karnataka. If such is the case, they could not solve the problems of the people of Karnataka. It is time now they must resign and let the Governor's rule come into force. The time has come for all of them to step down," Shivakumar said.

Taking to Twitter, Sriramulu said that the KPCC president misinterpreted his statement.

He said that Opposition allegations of negligence and incapability of the government and irresponsibility of ministers are "far from the truth".

The minister said that people should be made aware of the prevention of coronavirus as it plays a very important role in the prevention of infection.

"Here are the cautioning words, 'If you stumble, only God has to save us.' The government, our Chief Minister BS Yediyurappa and ministers are working day and night. We are working for the people, to effectively face this century's challenge," he tweeted.

As many as 4,169 new COVID-19 cases and 104 deaths were reported in Karnataka on Thursday, taking the total number of cases to 51,422 cases including 19,729 recoveries and 1,032 deaths.

Bengaluru reported 2,344 new cases and 70 deaths in the last 24 hours, according to the state health department.

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coastaldigest.com news network
February 20,2020

Bengaluru, Feb 20: Leaving the organisers of an event to protest against the CAA, NRC and NRP here red-faced, a young woman on Thursday reportedly raised "Pakistan Zindabad" slogan in the presence of AIMIM chief Asaduddin Owaisi, who denounced her action and asserted "we are for India".

The woman, identified as Amulya, allegedly asked people to shout with her "Pakistan Zindabad" after the organisers of the event under the banner of "Save Constitution" invited her to address the gathering soon after Owaisi came on the stage.

Soon Owaisi rushed to snatch the mike from her hands and was joined by others who tried to remove her from the state.

But the woman was adamant and raised the slogan again repeatedly. Later, the police stepped in and removed her from the dais.

Owaisi then addressed the gathering, saying he did not agree with the woman.

"Neither me nor my party has any link with her. We denounce her. The organisers should not have invited her here. If I knew this, I would not have come here. We are for India and we no way support our enemy nation Pakistan. Our entire drive is to save India," the AIMIM MP said.

JD(S) corporator Imran Pasha claimed she was planted by some rival group to disrupt the event.

The woman, he said, was not in the list of speakers and demanded that the police investigate the matter seriously.

Sources say Amulya hails from Chikkamagaluru and her parents have always been in the forefront of taking on government and its policies for well over a decade. 

As per local TV reports, the student was taken to Upparpet police station, but later shifted to an undisclosed destination for more questioning.

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