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
January 23,2020

Bengaluru, Jan 23: City civic body Bruhat Bengaluru Mahanagara Palike (BBMP) levied a penalty of Rs 50,000 on the Karnataka State Cricket Association (KSCA) for using single-use plastic cups during the recent India-Australia one-day international match at the M Chinnaswamy Stadium in Bengaluru.

"Despite many awareness meetings, BBMP has found that single-use plastic cups were used during yesterday's cricket match and has fined KSCA Rs 50,000 as penalty," tweeted the civic body commissioner BH Anil Kumar.

The state cricket association treasurer Vinaya Mruthyunjaya said the civic body gave a general notice without detailed information on plastic use.

"We have been environmentally friendly for the last many years and at all gates, security has made sure no plastic or flex was allowed inside the stadium," Mruthyunjaya told media.

Mruthyunjaya said KSCA sought information from the civic body as to where the single-use plastic cups were found in the stadium during the India-Australia match.

On January 16, KSCA president Roger Binny inaugurated a plastic bottle shredder at the Chinnaswamy Stadium, in addition to other green initiatives at the cricket ground such as solar panels, sub-air system, biogas unit, rainwater harvesting and others. 

Similarly, in December 2019, BBMP cracked down on popular fast food eatery – Adyar Anand Bhavan in HSR Layout and fined the establishment Rs 1 lakh for plastic use.

In October, the BBMP fined eateries including McDonald's in central Bengaluru for using plastic.

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News Network
May 29,2020

Thiruvananthapuram, May 29: Chief Minister Pinarayi Vijayan said that fishing in Kerala coast and southeast Arabian Sea has been completely banned from Thursday midnight as the state is expected to receive rainfall early next month.

"India Meteorological Department (IMD) has informed that southwest monsoon will arrive in Kerala coast by the first week of June. The state will receive rainfall in the next five days. Fishing in Kerala coast and the southeast Arabian sea to be completely banned from midnight," Vijayan said.

On Thursday, the IMD announced that conditions are favourable in Kerala for the onset of the southwest monsoon on June 1.

"A low-pressure area is likely to form over the southeast and adjoining east-central Arabian Sea from May 31 to June 4, 2020. In view of this, conditions are very likely to become favourable from June 1, 2020 for the onset of southwest monsoon over Kerala," the IMD said in its bulletin.

It also stated that the southwest monsoon has further advanced into some parts of Maldives-Comorin area, some more parts of south Bay of Bengal, remaining parts of Andaman Sea and Andaman and the Nicobar Islands. 

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coastaldigest.com news network
July 1,2020

Bengaluru, Jul 1: Eighteen private hospitals here have been slapped with a show-cause notice after a 52-year old patient with influenza-like illness symptoms died here on being allegedly denied admission by them citing "non- availability" of beds. 

Health Minister B Sriramulu on Wednesdy said refusal to provide treatment was not only inhuman but also illegal as he tagged a copy of the notice in a tweet. 

"Notice has been served to the hospitals taking cognisance of the (media) reports about the denial of admission to a patient in emergency. Denying medical assistance during emergency is not only inhuman but also illegal," he tweeted. According to a report, the son and nephew of the patient took him to the 18 hospitals on Saturday and Sunday but he was not admitted on the pretext of non-availability of beds or ventilators. 

The man died later. The Commissioner of Health and Family Welfare issued the show-cause notice to the top authorities of the hospitals under the Karnataka Private Medical Establishment (KPME) Act, 2007. 

"By denying admission to the patient, your hospitals have violated the provisions of the KPME Act. You are liable for legal action," the notice said, seeking replies within 24 hours as to why action should not be against the hospitals. 

This was a "clear violation" of providing medical assistance and admission necessitated under the agreed provision of the KPME registration. Private medical establishments cannot refuse or avoid treatment to patients suffering from COVID-19 or having symptoms, the common notice added. 

The incident comes in the backdop of repeated instructions by the government that hospitals cannot deny admission to the patients suffering from coronavirus or having symptoms.

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