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
April 23,2020

Apr 23: An FIR has been registered in Nagpur against Republic TV channel's editor Arnab Goswami for promoting social disharmony and accusing Congress President Sonia Gandhi of orchestrating the Palghar lynching.

Three Mumbai residents, including two sadhus, who were on their way to Silvassa on April 16, were lynched by a mob in Gadakchinchale village of Palghar district on the suspicion that they were thieves. Nagpur Police Commissioner B K Upadhyaya said they received a complaint which was turned into an FIR at Sadar police station.

DCP Vinita Sahu said Goswami has been booked under sections 117 (abetting commission of offence by the public or by more than 10 persons), 120 (B) (criminal conspiracy), 153 (A) (promoting enmity between different groups on grounds of religion, race, place of birth, residence, language and doing acts prejudicial to maintenance of harmony), 153 (B) (imputations, assertions prejudicial to national-integration), 295 (A) (deliberate and malicious acts, intended to outrage religious feelings of any class by insulting its religion or religious beliefs), 290-A (public nuisance in cases not otherwise provided for), 500 (defamation), 504 (intentional insult with intent to provoke breach of the peace), and 506 (criminal intimidation) of the ipc. Another FIR was filed against him in Raipur, Chhattisgarh.

In a statement condemning Goswami, Maharashtra Congress said the killing has been wrongly given a communal angle despite ample proof of the contrary. "At a time when country is fighting against coronavirus pandemic, it is very unfortunate that a section of media as well as politicians are trying to create social unrest... [and] spread racial and religious hatred in society. Goswami has tried to create misogyny against women in the society. He made an outrageous remark against the Congress president on a live TV programme. This is completely unethical journalism and we publicly protest it. We believe in brotherhood and cannot accept such animosity. This will be dangerous for the unity and integrity of the country (sic)," it said.

Comments

Sayed Noorulla
 - 
Friday, 24 Apr 2020

Respected Mr. Uddhav thackeray, put this crazy fellow  Go Swamy in Mental Hospital, he require treratment, and after the treatment, sentence him to lifetime in prison.

 

Syed
 - 
Friday, 24 Apr 2020

He should be banned for lifetime from all the news channels, his licence should b cancelled and a hefty penalty should be put on him so that no one in future try to be a journalist to spread hatred and communal divide in society. He is a disgrace to India.

INDIAN
 - 
Thursday, 23 Apr 2020

One of the ugly person in our belover india, his duty is to divide people, make riot, and get good amount of money...he is not favouring any human being or even hindus....for him what if any innocent hindu or muslim die...he is sitting is AC room and igniting riot....

 

his supporters must be ashmed to have like this person whos bread and butter from killing innocent human of india...

Suresh
 - 
Thursday, 23 Apr 2020

Nice to herar this great news, Not only Arnab Gobarswami and his channel also ABP News, Zee News and India News all spreding Cammunal hatreds all these channels should be terminated forever. 

Mohammed SS
 - 
Thursday, 23 Apr 2020

Well done, I am very happy to herar this news, I beg not only criminal cases even his channel should be closed forever he is very big b***terd, he is always condem the penelists with harsh words while on the debates all are taking him lightly it looks very bad to the viewers  

Ahmed Ali Kulai
 - 
Thursday, 23 Apr 2020

This bugger should be put behind the bar as what Maharastra Govt has done for ABP News reporter. 

 

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Agencies
July 8,2020

The Central Board of Secondary Education (CBSE) has rationalised by up to 30 per cent the syllabus for classes 9 to 12 for the academic year 2020-21 to reduce course load on students amid the COVID-19 crisis, Union HRD Minister Ramesh Pokhriyal 'Nishank' announced on Tuesday.

The curriculum has been rationalised while retaining the core elements, the Human Resource Development said.

Among the chapters dropped after the rationalisation exercise are lessons on democracy and diversity, demonetisation, nationalism, secularism, India's relations with its neighbours and growth of local governments in India, among others.

"Looking at the extraordinary situation prevailing in the country and the world, CBSE was advised to revise the curriculum and reduce course load for the students of classes 9 to 12.

"To aid the decision, a few weeks back I also invited suggestions from all educationists on the reduction of syllabus for students and I am glad to share that we received more than 1.5K suggestions. Thank you, everyone, for the overwhelming response," Nishank tweeted.

"Considering the importance of learning achievement, it has been decided to rationalise syllabus up to 30 per cent by retaining the core concepts," he added.

The Union minister said the changes made in the syllabi have been finalised by the respective course committees with the approval of the curriculum committee and the Governing Body of the Board.

"The heads of schools and teachers have been advised by the board to ensure that the topics that have been reduced are also explained to the students to the extent required to connect different topics. However, the reduced syllabus will not be part of the topics for internal assessment and year-end board examination.

"Alternative academic calendar and inputs from the NCERT on transacting the curriculum using different strategies shall also be part of the teaching pedagogy in the affiliated schools," a senior official of the HRD ministry said.

For classes 1 to 8, the National Council of Education Research and Training (NCERT) has already notified an alternative calendar and learning outcomes.

According to the updated curriculum, among the chapters deleted from class 10 syllabus are-- democracy and diversity, gender, religion and caste, popular struggles and movement, challenges to democracy

For class 11, the deleted portions included chapters on federalism, citizenship, nationalism, secularism, growth of local governments in India.

Similarly, class 12 students will not be required to study chapters on India's relations with its neighbours, changing nature of India's economic development, social movements in India and demonetisation, among others.

Universities and schools across the country have been closed since March 16 when the central government announced a nationwide classroom shutdown as one of the measures to contain the COVID-19 outbreak.

A nationwide lockdown was announced on March 24, which came into effect the next day. While the government has eased several restrictions, schools and colleges continue to remain closed.

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News Network
January 3,2020

Bengaluru, Jan 3: Three advocates were appointed additional judges of the Karnataka High Court.

A Law Ministry notification, issued here on Friday said Maralur Indrakumar Arun, Engalaguppe Seetharamaiah Indiresh and Ravi Venkappa Hosmani have been appointed as additional judges of the high court on Thursday. The newly appointed Judges will continue in their post for a period of two years from the date they assume charge.

While the names of advocates Arun and Indiresh were recommended by the Collegium on March 25 last year the name of Advocate Hosmani was recommended by the Collegium on October 4.

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