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 1,2020

Mysuru, May 1: Four people who brought a dead man’s body from Mumbai for cremation in his native place in Mandya district in Karnataka have tested positive for Covid-19 virus, and now the administration is trying to find out if the man himself had been an undetected positive.

According to Mandya district deputy commissioner M V Venkatesh, the deceased man was a 53-year-old native of B Kodagalli of Pandavapura taluk, Melkote hobli in Mandya district. He died after suffering a heart attack at the U N Desai government hospital in Mumbai on April 23.

The cremation took place outside the man's native village after the local administration refused to allow it inside the village.

Wanting the final rites performed in his native place, the man’s family got the body embalmed and procured all the medical records and certificates from the hospital and brought it in an ambulance belonging to the Desai government hospital.

When they reached Pandavapura taluk in Karnataka on the evening of April 24, the local administration did not allow the body to enter the village but allowed the relatives to cremate it outside the village.

And since the family had come from Mumbai, the district administration quarantined all seven of the man’s relatives, and their samples were sent for testing on 28 April.

The results showed that the deceased man’s 25-year-old son, daughter-in-law, daughter, and two-year-old grandchild are positive for Covid 19. All of them have been admitted at the Mandya Institute of Medical Sciences although they have no symptoms.

Deputy commissioner Venkatesh said that in the Desai hospital records in Mumbai there was no mention whether or not the man had been tested for Covid-19. “We are writing to Desai hospital to clarify if the deceased person was tested for Covid 19. It is also possible that the family got infected by the man’s son who works in the loan department of ICICI Bank in Mumbai and visits several offices in different areas of Mumbai,” he said.

The man’s ancestral B Kodagalli village now has been sealed off. Though tests done on other members of the family have come back negative, the Mandya administartions plans to repeat their tests.

So far 26 people have tested positive for Covid 19 in Mandya district.

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News Network
June 25,2020

Bengaluru, Jun 25: Former Karnataka chief minister and Janata Dal (Secular) leader HD Kumaraswamy on Wednesday claimed that there are shortage of beds and ventilators to treat COVID-19 patients in the state.

In a series of tweets, he targetted the Karnataka government on COVID-19 management.

"The state government has failed to provide adequate treatment to those infected with corona. There are no beds and no ventilators to treat more than four thousand patients. Self-induced lockdown is the only solution," he tweeted.

In his subsequent tweet, he said, "Residents of the state, including Bangalore, now have only one way to escape from COVID-19. Stay at home and celebrate yourself as a self-proclaimed lockdown. Money is not more important than life. Your life is in your hands now."

In another tweet, former Chief Minister alleged that the government has fixed Rs 10-15,000 per day for COVID-19 treatment in private hospitals.

"The state government is also saying this indirectly. The 'home remedy' in the home is to stay at home and be safe. The government has fixed Rs 10-15,000 per day for the treatment of this infection in private hospitals. How poor can afford it while upper class can't afford," he tweeted.

"If four members of a family infected with corona, the cost of treatment for a 15-day treatment at a private hospital is Rs 5-6 lakh. Where do the poor bring that Much money? We must save our lives while the government is sitting incapable. This is my concern for the people of the state," he said in another tweet.

In a video message that HD Kumaraswamy demanded the state government to give all kinds of safety and security to the students who are writing the SSLC exam tomorrow.
HD Kumaraswamy also urged students to be careful.

About 8,48,203 students will appear in the Secondary School Leaving Certificate (SSLC) examination tomorrow, said Karnataka Health Minister B Sriramulu on Wednesday.

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News Network
February 29,2020

Kochi, Feb 29: The Kerala Non-Resident Indians' Commission on Friday passed a resolution to request the Centre and Election Commission (EC) to make appropriate amendments in the Representation of Peoples Act, 1951, to ensure voting rights to the non-resident Indians working abroad. According to People’s Representation Act, 1951, None-Resident Indians (NRIs) can vote by proxy.

The Commission is a statutory body constituted for the welfare of Non-Resident Keralites working outside India.

The Centre had introduced a bill for this purpose which was passed by the Lok Sabha in 2018, but the same has since lapsed.

Therefore, the Kerala NRI Commission decided to request the Centre to consider introducing the bill in the next session of Parliament considering the interest of the NRI community at large.

The resolution was moved by commission member and NRI entrepreneur Shamsheer Vayalil, who is also a petitioner in the writ petition, filed regarding this in the Supreme Court.

"The central government may consider introducing the bill in the next session of the Parliament session considering the interest of the NRI community at large," read the resolution which will now be sent to the Ministry of Law and the Election Commission (EC).

Commission chairman Justice PD Rajan said the right to vote for NRIs is a genuine demand.

"This is the time that we step up pressure on the agencies concerned to implement this. Voting from the workplace would be a different experience for them. It would be a decisive step," he said.

This fresh development comes at a time when a petition filed in the Supreme Court on the same topic last week came before a bench headed by Justice Deepak Gupta, which considered the case and said it will be heard in April.

"We are expecting a favourable decision from the Supreme Court. We would also approach the NRI commission in other states and request them to raise the same demand," said Vayalil.

If implemented, millions of NRIs around the world would be able to exercise their franchise in the electoral processes of the nation. According to the estimate of the Ministry of External Affairs, there are about 3.10 crore NRIs.

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