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 1,2020

Bengaluru, Apr 1: Karnataka Health Minister B Sriramulu on Wednesday said that 200 people, out of 342 from the state who had attended the religious gathering at Markaz building in Delhi's Nizamuddin area, have been quarantined.

"200 people including four from Bengaluru and five from Belgaum, who participated in Tablighi Jamaat (in Delhi's Nizamuddin), have been quarantined. Total 342 people from Karnataka had attended the event," Sriramulu told reporters here.

The gatherings organised by the Tablighi Jamaat at the Markaz building in Nizamuddin came into the spotlight after multiple coronavirus cases were confirmed amongst those who attended the event held in March.
Twenty-four cases were reported from the national capital alone, apart from Telangana, the union territory of Andaman and Nicobar Islands amongst others.

The minister had earlier said that Bengaluru Urban and Mysuru have been identified among the prime 25 COVID-19 hotspots in the country.
Chikkaballapur, since the last fourteen days, has been emerging as another hotspot, according to Sriramulu.

The total number of coronavirus cases in India has risen to 1,637 after 240 new cases were reported in the country, according to the Ministry of Health and Family Welfare, on Wednesday.

The total number of active cases rose to 1466 in the country, while 132 people have been cured and discharged after receiving treatment, as of 9 am.

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News Network
August 1,2020

Mandya, Aug 1: In a terrific incident, a college student has stabbed his own mother to death in Karnataka’s Mandya town over a trivial issue. The police have managed to nab the accused. 

According to police, the boy was irked by his mother rebuking him for staying out with his friends late in the night.

On Wednesday (July 29), she scolded him for not listening to her advice, following which he stabbed her to death, the official said. 

The student was arrested on July 30. He reportedly confessed to the crime. 

A police officer said that the woman was upset over her son frequently spending time with his friends till late in the night.

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News Network
February 14,2020

Mangaluru, Feb 14: Police have submitted over 50 videos in a pen drive to Udupi Deputy Commissioner G Jagadeesha as evidence to violent protests that led to police firing on December 19 in which Jaleel and Nausheen died.

ACP and police nodal officer Belliyappa submitted a pen drive consisting over 50 video clips including CCTV footage. 

The police earlier had submitted 20 digital video recorder (DVR) before the court and an acknowledgement of the same was produced before the Magistrate.

Hearing on video evidence will be held at High Court on February 24.

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