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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coastaldigest.com news network
June 19,2020

Mangaluru/ Udupi, June 19: As many as 13 fresh coronavirus positive cases were reported in Dakshina Kannada on June 19, taking the total number of cases in the coastal district to 414. In Udupi, the total number of covid cases mounted to 1,050 with 11 new cases.

Four among the 13 patients in Dakshina Kannada had returned from Saudi Arabia and seven had returned from Sharjah recently. Two others were suffering from an influenza-like illness (ILI). All the 13 patients have been shifted to the designated COVID hospital in Mangaluru.

In Udupi, three among the 11 new covid patients are children. Four are Maharashtra returnees and two had come from Tamil Nadu. Five others have contracted infection from other positive patients. 

Only 98 cases are currently active in Udupi among 1,050. As many as 950 patients have been discharged from hospital. Two deaths have occurred in the district including one on Friday.

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Media Release
February 13,2020

On Friday, February 7, 2020 Tulu Koota Kuwait under the leadership of Dynamic President Ramesh S Bhandary and coordination of Sports Secretary Roshan Quadras  held its annual picnic at Mishref Garden, Kuwait.  Although slight drizzling on the   previous night had caused great concern amongst committee members , yet the  windy and dusty weather did not lessen the enthusiasm and excitement of Tulu Koota Kuwait members.  Over 1000 members enjoyed the fun filled day.

MC of the occasion Mr. Manoj Shetty & Ms. Priya Devadiga welcomed the audience and Chief guests for the event Dr Jeshna Rajan- Badr Al Samaa Clinic, Dr. S.M.Hyther Ali- Chairman of TVS Hyder Group, Mr. John Simon- Group Manager for Corporate Sales and Event Marketing ,  Al Mulla Exchange, Mr Pradeep, owner of Geetherb medicine and Mr. Lokesh & Team from NH Assets.  The program kicked off with Kuwait & Indian National anthem. The guests in their address to audience, praised Tulu Koota Kuwait unwavering efforts to unite people through language, and also the solid philanthropy and charity work being carried by the association was applauded. The presidents  of different South Canara  association in Kuwait were also amongst invited dignitaries for the event, and were welcomed with flower bouquet. This was followed by the release of “ Tulu Nada Jathre flyer”.

Tulu Koota Kuwait President, Ramesh S Bhandary in his speech welcomed the dignitaries and emphasized the significance of the annual picnic gathering. He further elaborated on the innovative concept of “Tulunada Jathre ” being initiated this year, and requested fervent support and participation from all members in  this wonderful program scheduled to be held on Friday,  March 27, 2020 at Indian Central School Indoor Ground Abbasiya. 

As part of days celebration TKK’s Flag hosting  was done  by President , Ramesh Bhandary. “Go Green Global concept” by Tulu Koota members   was the highlight of the inaugural ceremony.  This act was directed by talented committee member Mr. Suresh Salian.

The act beautifully conveyed the message of sustainability, and climate change and raised awareness on how to fight it, how to live green.  The traditional inaugural of the sports event was done by breaking of coconut by Sports Secretary Mr. Roshan Quadras.  TKK First Lady Mrs Anitha Ramesh Bhandary led the sports march holding the traditional torch followed by the  Go Green Global team holding different country flags with plant pots, followed by President, committee members and Sponsors of TKK. The president officially inaugurated the Sports Event by officially lighting the Sports Lamp.

After the inauguration ceremony, the members and kids actively participated in day long sports games and activities meticulously planned out by the Sports committee  for different age groups.  Passing the parcel, Veggies collection, ball bucket, veg shopping , macroni race, hockey, kutti donne, sack race, lagori,  breaking the pot , tyre race, slow cycling, water ballon race, musical chair , kabbadi, volley ball, throw  ball , tug of war, housie housie, kept the members and their families  engaged and entertained. The winners for the competitions were awarded with trophies towards the end of the exciting day.

Delicious and authentic Mangalorean lunch for the event was served by Oriental Restaurant Kuwait.  Sounds and lights support for the event was provided by Anand, while the beautiful moments were captured in camera by Mr.Blen Dsouza and Mr.Rajesh Devadiga

Tulu Koota Kuwait takes this opportunity to thank its committee members, members and volunteers for their dedicated efforts and team spirit and active participation that eventually lead to the huge success of Family Picnic 2020. The Event Sponsors were Al Ahleia Insurance Company SAKP, Al Mulla Exchange, Khain Properties Udupi, Badr Al-Samaa Clinic, TVS Hyder Group and Geetherb.

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coastaldigest.com news network
June 30,2020

Mangaluru/Kasaragod, Jun 30: In what appears to be an ego clash between the officers of Karnataka and Kerala, around 150 Mangalureans including 12 pregnant women were evicted from the lodges in Kasaragod in the middle of the night and sent to Mangaluru.

Expressing shock over the incident, Mangaluru MLA U T Khader hit out at the authorities concerned for the lack of concern towards the stranded passengers. “If IAS officers don’t have humanity, what is the use of the IAS tag. Officers in the two states should learn to speak to one another and solve people’s problems,” he said apparently addressing DCs of Kasaragod and Dakshina Kannada. 

The 150 passengers had arrived on Saturday from Dubai in a chartered flight arranged by the Karnataka Cultural Foundation. The flight landed in Kannur after it was denied permission to land in Mangaluru.

But Karnataka’s nodal officer for stranded persons outside India C N Meena Nagaraj, an IAS officer, called up Kerala officials and questioned why the flight was allowed to land in Kannur, Khader said. She reportedly told Kerala officials that the passengers should be quarantined in the cities of arrival and that Karnataka would not take them in.

In the meantime, the Karnataka Cultural Foundation arranged seven buses to take the passengers to Mangaluru. By the time it was conveyed to them that they would not be allowed to enter Mangaluru, the buses had reached Kasaragod district. The representatives of the organisation made frantic calls to several political leaders. Congress leader and district panchayat standing committee chairperson Harshad Vorkady said he got a call for help around 10pm on Saturday. He spoke to owners of three lodges to accommodate them. The lodges were used by the district administration as quarantine centres. 

The lodge owners said they would take the passengers in only if the Kasaragod tahsildar gave permission. “So I called up the tahsildar. He only wanted to know who will pay for the lodging and food. When I told him that the passengers will pay, he gave permission. By midnight, all the passengers were put up in the three lodges,” he said. The police were also at the spot, he said.

According to the Covid protocol, those arriving from abroad should be in institutional quarantine for seven days and in room quarantine for another seven days. But by 4pm on Sunday, the police returned to the lodges and asked the passengers to vacate. They said it was the order of the collector. They produced the order to the lodge owners. The office-bearers of the Karnataka Cultural Foundation said they sought time from the Kasaragod police to arrange rooms in Mangaluru. But Kasaragod police denied it. 

On Sunday, there were Covid deaths in Mangaluru and the Mangaluru deputy commissioner was tied up as residents were objecting to the funeral of one of the victims. “By night, the police started threatening the lodge owners. The members of the Foundation said they would shift the passengers by Monday morning. But the collector would not listen,” said Harshad.

Around 11pm, the Kasaragod district administration brought in four KSRTC buses and sent all the 150 passengers to Mangaluru, he said. By 1am the buses crossed the Thalapdy border and Khader took over from there. But the MLA was livid with how officials treated the people. Collector Sajith Babu in a statement said his enquiry found that the tahsildar did not give permission to accommodate the passengers in Kasaragod lodges.

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