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 10,2020

Bengaluru, Jan 10: Demanding the setting up of a House Committee to probe the Mangaluru violence, former Chief Minister HD Kumaraswamy on Friday released multiple videos of the clashes that broke out during the anti-Citizenship Amendment Act protest that claimed two lives on December 19.

Janata Dal-Secular leader further demanded suspension of Police Commissioner PS Harsha and insisted that House Committee consisting of members of all the parties should be formed to probe into Mangaluru violence and said that magisterial inquiry ordered by the state government cannot be trusted.

"Constitute a House committee and produce the fact. The main culprit is the commissioner of Mangaluru, remove the officer as he is the main culprit. I am going to take this issue on the floor of the House." Kumaraswamy said during a press conference here.

Two people were killed in Mangaluru in the alleged police firing after protests against the Citizenship Amendment Act turned violent.

The Act grants Indian citizenship to refugees from Hindu, Christian, Sikh, Buddhist and Parsi communities fleeing religious persecution from Pakistan, Afghanistan, and Bangladesh who entered India on or before 31, 2014.

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News Network
May 22,2020

Bengaluru, May 22: Karnataka government on Thursday announced that weddings scheduled for May 24 and May 31 are exempted from complete lockdown on Sundays.

As per an earlier advisory issued by the State government with regard to weddings, not more than 50 guests shall be allowed and the consumption of liquor on the occasion will be prohibited.

According to the advisory, sanitisers should be provided at the entry and other appropriate places at the venue. Also, thermal screening of all persons shall be conducted at the entry of the venue. The scanner should be held 3-15 cms away from a person's forehead.

Apart from this, the venue shall be "clean and hygienic," and a "nodal person shall be identified for overseeing the arrangements and coordination at the venue."

Also, a list of attendees with contact details has to be maintained and all guests should have downloaded Aarogya Setu app.

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News Network
August 7,2020

Bengaluru, Aug 7: Amid the rising number of COVID-19 cases in Karnataka, the state's health department issued fresh guidelines for the disposal of bodies of COVID patients.

"Although an increased risk of COVID infection from a dead body to health workers or family members who follow standard precautions while handling the body is unlikely, the lack of scientific data requires the utmost care to avoid the inadvertent spread of COVID-19 during these times," the statement from the health department's press release read, emphasising on the dignity of the dead and the religious and cultural tradition.

The 23-page press release elaborated on guidelines regarding testing, handling of dead bodies and other specificities in relation to the management of COVID-19 bodies.

"Testing should not be insisted in every case of death, but only when they have a recorded history of influenza-like symptoms. The body should be handed over to the family members/ relatives in a dignified manner immediately after swab collection and hospitals should provide handouts with a list of dos and don'ts in English and Kannada laying down relevant information," the statement said.

It added, "At the mortuary, health care workers, mortuary staff and the family of the deceased body shall not come in direct contact with the dead body and must wear full personal protective equipment (PPE). If the family or relative are for any reason unable to cremate or bury the body, the local health authority shall arrange for the dignified last rites as per the religious traditions of the family."

Regarding autopsies (post mortem) on COVID-19 bodies, the state department said that they should be avoided, except in necessary circumstances.

The statement also gave detailed guidelines regarding the appropriate recording of COVID-19 deaths in line with the Indian Council of Medical Research (ICMR) guidelines.

Additionally, the health department made a statement about the admission procedure for COVID positive patients referred by other district administrations saying, "It is now mandatory for all the referrals from the BBMP admission and discharge of COVID positive patients to be done through the online COVID Hospital Bed Management System (CHBMS)."

The state's count of coronavirus cases was 1,51,449 in the past 24 hours.

So far, a total of 2,804 people have died due to COVID-19 in the state, while the average recovery rate in Karnataka is 49.3 per cent.

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