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 18,2020

Bengaluru, Jun 18: The ruling Bharatiya Janata Party (BJP) nominated Prathap Simha Nayak, M.T.B. Nagaraj, R. Shankar and Sunil Valyapure to contest in the June 29 biennial elections for 4 of the 7 Karnataka legislative Council seats, an official said.

"Our high command selected 3 of the 4 candidates the state core committee recommended on Tuesday, excluding H.R. Vishwanath, a former Janata Dal-Secular (JD-S) rebel, who lost in the December 5 Assembly by-elections from Hunsur in Mysuru district on a BJP ticket," a party official said.

Nagaraj, a former Congress rebel, who also lost in the Assembly by-election from Hoskote in Bengaluru Rural district on a BJP ticket, was the state housing minister in the 14-month-old JD-S-Congress coalition government, which fell on July 23, 2019 after 17 of their rebels resigned then.

Shankar, who was an Independent and a minister in the former coalition government, was not given the BJP ticket to contest in the December Assembly bypolls though he too resigned from the Ranebennur assembly seat in Haveri district, about 340km northwest of Bengaluru, along with former Congress and JD-S rebels.

Valyapure is the party's grass-root leader from Chincholi in Gulbarga district in the state's northern region, about 586km from Bengaluru.

Valyapure extensively campaigned in the May 2019 general elections and ensured the victory of BJP candidate Umesh Yadav from the reserved Gulbarga Lok Sabha seat, defeating Congress senior leader Mallikarjun Kharge.

Nayak is also the party's grassroot cadre who rose from the ranks to become its Dakshina Kannada district president in the state's coastal region.

As the ruling party has 116 legislators in the 225-member Assembly, all its 4 candidates will need 28 votes each to win the contest.

Of the 7 outgoing Council members, 5 are from the Congress and one each from the Janata Dal-Secular (JD-S) and an Independent.

With 68 lawmakers, the Congress will be able to retain 2 seats and the JD-S one as it has only 34 legislators in the lower house.

The Congress has nominated its outgoing Rajya Sabha member B.K. Hariprasad and outgoing Council member Naseer Ahmed to contest for 2 Council seats.

Of the 75-member Council, the opposition Congress has 37, BJP 19, JD-S 16, two Independents and one Chairman.

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News Network
March 31,2020

Patna, Mar 31: In arguably the first of its kind incident in the country, a young man in Bihar was beaten to death precisely because he had informed the district control room about two corona suspects who had arrived here in the State from Mumbai.

The incident took place in Sitamarhi in North Bihar where a 20-year-old youth Bablu Kumar was allegedly killed by Sudhir Mahto and Munna Mahto.

The two Mahtos had arrived from Mumbai to Sitamarhi around ten days back. Bablu, in the meantime, informed the district control room about the arrival of two persons from a State where a large number of people were afflicted with coronavirus.

A team of doctors on March 24 reached Runnisaidpur in Sitamarhi to examine the two suspects. Three days later, these two persons from Maharashtra tested negative.

But the incident (of informing control room and subsequent medial test) created such enmity between the family of Mahtos and Babloo that on Sunday when they found the 20-year-old young man sitting alone, they thrashed him so mercilessly that he died on the spot.

Shocked and grief-struck, Babloo’s father Vinod Singh eventually lodged an FIR with the police and named Sudhir Mahto, Munna Mahto, and their family members as accused in the killing of his son.

The police on Monday raided the place and arrested the Mahtos.

But then, this is not an isolated case of violence. In another incident that took place in Bihar’s Jehanabad district, a BDO Ajay Kumar and a police officer Chandrashekhar Kumar were attacked by fellow villagers when the officials reached there to quarantine those migrants who had reached there from Delhi. So angry were the villagers with the officials’ move to isolate the migrants that they smashed the window-panes of the government vehicles and attacked the officials.

The officials had to beat a hasty retreat. But they soon returned with additional police team which used brutal force and took local leaders into custody before restoring normalcy in the area.

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News Network
May 8,2020

Mangaluru, May 8: Twenty-two students of Jawahar Navodaya Vidyalaya (JNV), Mudipu on the outskirts of Mangalur city, stranded in Uttara Pradesh due to lock-down reached the campus on Friday morning.

These Class 9 students (12 girls and 10 boys) had studied at JNV Amroha, Uttar Pradesh, as part of an exchange programme, 21 students of Amroha campus studied in Mudipu. 

While Amroha students could return after completing their studies, the Mudipu students were among many JNV students who were unable to return because of the lock-down.

JNV Mudipu Principal V Srinivasan said the 22 students, along with escorts, reached the campus at 7.15 a.m today.

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