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.

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 1,2020

Palakkad, Jun 1: An 11-month-old boy, whose parents are placed under COVID-19 quarantine, drowned in a bucket of water in Chalissery at Palakkad district.

The toddler Muhammed Nisan was the son of Muhammad Sadiq. The parents of the child are under home quarantine after Sadiq's brother, who is living in the same home was tested positive of COVID-19.

The child was found dead in a bucket of water kept in the bathroom on Saturday around 10 pm.

Chalissery police said that ''further actions will be taken only after the test result comes out. We have filed an unnatural death case on this.''

Since the family has been quarantined, the body of the baby has been shifted to the Thrissur Medical College for COVID-19 testing.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 20,2020

Bengaluru, Apr 20: Karnataka Chief Minister BS Yediyurappa on Monday came down heavily on Congress legislator BZ Zameer Ahmed Khan over the Padarayanapura vandalism that saw a mob run amok against efforts to quarantine suspected COVID-19 persons late on Sunday evening. 

Khan, who represents the Chamarajpet constituency where Padarayanapura is located, said that authorities should have gone to the area during day time.

“Who is he to say that? What does he have to do with this? Why should we ask him? Should we get his permission to carry out government work? Instead of saying that action should be taken, he is speaking like this. Should we then think that he incited the mob? This is the height of being irresponsible,” Yediyurappa said. 

Following the violence, the police have arrested 54 persons and “five more will be arrested,” Yediyurappa said.

Khan clarified that he did not defend those who indulged in vandalism. “I condemn the incident and action should be taken. I’m not saying officials shouldn’t have gone. My point is that they should’ve gone during the day and by creating awareness beforehand that people need to be quarantined,” he said, adding that the BBMP had identified 57 people to be quarantined in Padarayanapura. 

“People in this area are poor, uneducated and are mostly coolie workers and daily wagers. But whatever happened was wrong,” Khan said. He also pointed out that he was the one who arranged for 80 people to be quarantined in Tipu Nagar. 

Yediyurappa said the Padarayanapura incident was unprecedented. “In the entire state, never had such incidents taken place. Everybody agrees this is unacceptable,” the CM said. “Whoever breaks the law - Hindu, Muslim, Christian or anyone - should face action,” he said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 27,2020

Bengaluru, Feb 26: Karnataka Minister CT Ravi on Wednesday said that time is ripe to bring in Uniform Civil Code in the country as there was a demand for "equality".

"Everyone talks about equality. Those who desired inequality in the past are now seeking equality. The time is ripe to bring Uniform Civil Code," he said.

The Minister said that the Uniform Civil Code (UCC) has been a part of the party's agenda since the time when BJP was formed in 1980.

"We spoke about article 370, we have done it, on Ayodhya issue, the Supreme Court has given its verdict. As the time comes we will do it," he said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.