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
May 14,2020

Bengaluru, May 14: Three youths died of "asphyxiation" when they fell into a pit in the abandoned Kolar gold field mines, where they had gone to allegedly steal iron material early on Thursday, police said.

On Wednesday night, the trio had entered the gold mine in Kolar district, about 100 km from Bengaluru, and fell in the pit after losing balance.

After inhaling the poisonous gas in the pit, they were asphyxiated to death, they said.

"It was a seven hour exercise after which we could bring out two bodies. Work is on to retrieve the third," a police officer told .

Police reached the spot after they were alerted by the accomplices of the deceased.

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coastaldigest.com news network
January 28,2020

Mangaluru, Jan 28: Amidst nationwide agitation by ‘We, the People of India’ against contentious CAA, NRC, the women of Manglauru have decided to hold satyagrah and form a human chain in front of the office of the Deputy Commissioner in the heart of the city on January 30.

This was announced in a press conference today by activists Sajida Momin, Vidya Dinker, Terry Pais, Maria Ferandes and Suhasini Babbukatte.

The event will mark the 73rd anniversary of the martyrdom of the original Satyagrahi Mahatma Gandhi, who was assassinated by saffronite terrorist Nathuram Godse.

Ms Momin told media persons that the Satyagrah will commence at 10 a.m. to safeguard the constitution. At 4:30 p.m. a human chain will be formed.

“At 5.17p.m. when the father of the nation was gunned down 72 years ago during his evening prayer at Birla House by Godse, we will convey Gandhi’s message of unity against violence,” she said.

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News Network
July 22,2020

Bengaluru, Jul 22: Karnataka's Covid-19 task force on Tuesday decided that the state government will regulate the supply of Remdesivir, the drug used in the treatment of coronavirus infected patients, to private hospitals to check black marketing and hoarding.

"Remdesivir which is currently available in the government hospitals will be supplied to private hospitals through the government.

This will help curb black marketing of this drug," Medical Education Minister K Sudhakar's office said in a release.

Along with Sudhakar, other task force members, including Health Minister Sriramulu, Deputy Chief Minister C N Ashwath Narayan and Chief Secretary T M Vijay Bhaskar attended the meeting. However, Home Minister Basavaraj Bommai was not part of it as he was out of Bengaluru.

At the meeting, the government has also fixed the rate for Covid-19 tests in private labs- Rs 2,000 for government referred cases and 3,000 for self-reporting cases.

It was also decided to purchase 4 lakh antigen test kits and 5 lakh swab test kits to ramp up testing, the release said, adding that approvals have also been given for additional drugs for the treatment of Covid-19 patients.

The decisions also included increasing monthly salary for Ayush doctors to 48,000, MBBS doctors to 80,000 and nurses to get 30,000 for next 6 months.

The task force also made it clear that private hospitals have to reserve 50 percent beds for the government for Covid-19 treatment. The remaining 50 percent can be used by the private hospitals for Covid-19 and non-Covid-19 treatment.

Private hospitals provide treatment under Ayushman Bharat scheme (ABARK) for Covid-19 patients.

Those cases in which treatment does not cover under the scheme can be charged as per the user charges, the release said.

A committee will be formed to supervise and recommend the purchase of equipment and medicines for Covid-19 treatment, which will be headed by ACS, ITBT Department.

Approval has been given for the procurement of N-95 masks and lakh PPE kits for the safety of healthcare workers. The decision also has been taken to connect oxygen pipeline to 4,736 beds in 17 government medical colleges, which will enable high flow oxygen for these beds besides being beneficial for future use as well.

According to the release, 16 RTPCR and 15 Automated RNA extraction units will be established to ramp up testing and this will help achieve the target of 50,000 tests per day. "On the whole approvals given for purchase of equipment and upgradation of existing facilities at government hospitals is estimated to be about Rs 500 Crore," it added.

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