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 8,2020

Bengaluru, Jun 8: Amid the relaxations in the coronavirus-induced lockdown, wedding planners are adapting to changing times and advancing themselves to provide best possible services to their clients.

Wedding planners come up with new trends. While women are matching their masks to their outfits, men who use turban for a wedding are wearing matching masks with the turbans. People are getting creative at the same time maintaining safety protocols. The live streaming of weddings for those who could not attend the wedding is also becoming a new normal.

Manisha Porwal Chouraria, a wedding planner at Color Palette Productions speaking to news agency said that Post COVID-19, weddings are performed as per the old cultures.

"Wedding Industry has impacted due to lockdown in the wake of COVID-19. Now, the concept of micro-wedding is trending in which you have guests who are close to you. Now, the old culture is back again as people who use to hold a wedding at lavish destinations are getting married in their lawns, farmhouses, terraces. Earlier, people used to get married in their 'Aangan' (Courtyard), people seem to be doing the same now. It is more personalised and expenses have come down, now. People are spending small amounts on decoration," said Chouraria.

"Following government guidelines, we are allowing 50 people at the wedding and not more than that. We are doing live streaming telecast and people can watch the wedding. We are also shipping gift boxes with a letter to 500 people who could not become part of the wedding. In the letter, we are writing that because of norms, you may not be invited but we want something to gift you on our wedding. People are planning to get married now and decide to throw a grand reception after 6 months in the hope that things will get better," she added.

Commenting upon how wedding planners are ensuring social distancing and how the fashion style changed due to pandemic, Chouraria said: "People are using matching masks. If women are wearing silk sarees, they are also wearing silk masks. Men are wearing matching masks with saafa (turban). The entire staff is asked to wear PPE kits. We are giving the guests a healthy kit comprising up of masks, sanitisers, gloves and tissues. We are doing thermal screening of the guests. We are also gifting cuddle curtains, a plastic transparent shield by using which you can touch feet of elders without physically touching them."

Mansi Porwal, Creative Head at Color Palette Productions said that it is becoming a challenging task for creative heads to plan wedding but still they are providing their best to the clients.

"Earlier people used to do theme wedding, big Indian Fat weddings. Now people are wedding with a small gathering. Now, family members are getting time to suggest the wedding planners about themes and the thing they want in their weddings. We are providing the best," she said.

"We have come up with a new theme, 'Har Din Subh hai' which means every day is auspicious. Post COVID-19 people are looking for available dates for the wedding. Now, every day becomes auspicious. This is going to be the new trend," she added.

Another wedding planner, Abhilash of Taarini Weddings said that their company is providing customised masks to guests.

"Earlier we have lots of weddings to cover across the globe. But now, we have less numbers of weddings. Budgets are reduced now. We are happy to start again. We are creating e-invites in which we are sending the guidelines to the guests. We also have a help desk to assist the clients and guests. We are providing the matching masks to the groom and we are also giving customized masks to guests too," he said.

Earlier, Karnataka's Department of Health and Family Welfare Services had issued an advisory for marriages, stating that not more than 50 guests shall be allowed and the consumption of liquor on the occasion will be prohibited.

As per the advisory, anyone found having fever, cold, cough, difficulty in breathing shall not be permitted to attend the event and immediately referred to seek medical advice.

"All persons shall wear face mask compulsorily. All persons shall maintain a physical distance of more than one metre. Hand wash with soap and water shall be provided in washrooms," adds the advisory.

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News Network
February 27,2020

Bengaluru, Feb 27: Chief minister BS Yediyurappa has again kindled hope for several ministerial aspirants by suggesting he will expand his council of ministers in April. A dozen senior BJP legislators are aspiring for ministerial berths, but there are only six vacancies in Yediyurappa’s cabinet.

However, Yediyurappa suggested on Tuesday he will fill only three spots, one of which would go to Hukkeri legislator Umesh Katti. With this, lobbying has intensified for the two remaining berths as the expansion exercise is expected soon after the budget session that ends on March 29.

The aspirants include Murugesh Nirani, S Angara, Appachhu Ranjan, SA Ramdas, Aravind Limbavali, Narasimha Nayak and GH Thippareddy besides others.

Yediyurappa, it is being said, is keen on inducting Katti and Limbavali since they are close to him. He will leave the decision on choosing legislators for the remaining two berths to the party’s central leadership.

On more than one occasion in the past, Yediyurappa has publicly stated that his wish is to induct Katti, a former minister, into the cabinet. In fact, the CM had wanted to induct Katti in the previous expansion that took place last month, but dropped the idea at the last minute due to pressure from party bosses.

The CM is also under pressure to induct Athani legislator Mahesh Kumatalli, who was among 17 Congress-JD(S) MLAs who resigned to help the saffron party form the government. Several BJP MLAs and Lingayat seers have been piling pressure on Yediyurappa to make Kumatalli a minister as promised.

Kumatalli was denied a cabinet berth only to accommodate Katti. Both are Lingayats and from Belagavi district. As the Lingayat community already has a lion’s share in cabinet berths, the CM cannot afford to induct both.

Nirani, who has been leaving no stone unturned to secure a spot, reiterated his wish to become minister, but insisted he will not lobby for the post.

Yediyurappa has been upset with Nirani for lobbying for a berth through Panchamasali Mutt seer Vachananand Swami. The former minister was also part of the team of alleged disgruntled MLAs which met Jagadish Shettar at his residence to put pressure on the CM for cabinet berths.

However, while expressing confidence of being made minister when Yediyurappa’s expands his cabinet next, Nirani said, “Yediyurappa is not upset with me. My relationship with him is that of father and son. He knows me and what I am.”

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News Network
July 23,2020

Bengaluru, Jul 23: The opposition party Congress on Thursday demanded a judicial enquiry in the alleged scam in coronavirus related medical equipment procurement by Karnataka government.

However, Deputy chief minister Ashwathnarayan and Home Minister Basavaraj Bommai denied all the allegations.

Leader of Opposition (LoP) and former Chief Minister of Karnataka Siddaramaiah and Karnataka Congress president DK Shivakumar addressed a press conference here and demanded a judiciary enquiry under a sitting High Court judge to investigate "BJP's Corona Scams."

"I made allegations on July 3. Nobody has denied it officially. On July 20, Karnataka Health Minister B Sriramulu and Deputy Chief Minister Ashwathnarayan in a press conference denied my allegations. Today, I furnished 14 documents. If you go through it, you will find corruption and misappropriation in medical equipment purchase," Siddaramaiah said.

"The documents are available with the government, how can they deny their own documents. They are telling that they have spent only Rs 324 crore but according to me the government has spent more than Rs 4,000 crore and nearly Rs 2,000 crore went in the minister and bureaucrats' pockets," he said.

He further said, "Centre has procured 50,000 ventilators under PM Cares at a cost of Rs 4, lakh per unit. Tamil Nadu has procured at Rs 4.78 lakh. But in our state, the price is between Rs 5.6 lakh to Rs 18.2 lakh. Is this not corruption?"

Siddaramaiah also dared the government to step up for an enquiry if they are "honest and transparent".

"I am demanding, constitute a judicial committee headed by sitting high court judge, let there be an enquiry in detail," he said.

DK Shivakumar said that his party has made the allegations based on government documents and media reports showing corruption.

"Karnataka government is purchasing equipment at high rates. We have exposed BJP's Rs 2,000 crore scams today. The government's main focus is to loot. They have paralysed the state administration," he said.
Denying the Congress' allegations, Deputy Chief Minister, Ashwathnarayan said that the government is ready to discuss this in the Assembly house.

"They have alleged Rs 700 crore misappropriation by health department but we have shown we have spent only Rs 290 crore," he said.

Giving details of the SDRF expenditure towards COVID-19 containment he said, "We have released Rs. 23,220.01 lakh in SDRF accounts and they have spent Rs Rs. 15, 918.99 lakh in various activities like migrant relief measures, measures for quarantine, sample collection, screening from March 14 to July 16."

Karnataka Home Minister, Basavaraj Bommai, said, "Karnataka government has spent Rs 506 crores for medical equipment and Rs 1,611 crores for other activities related to combatting COVID-19. So, we have spent Rs 2,117 crores as of now and there is no corruption in it."

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