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 29,2020

New Delhi, Apr 29: WhatsApp on Tuesday said it will now allow up to eight people to connect on a group video call as an increasing number of people turn to digital platforms to connect with friends and family amid the COVID-19 pandemic.

The Facebook-owned company said over the last month, people on average are spending over 15 billion minutes talking each day on WhatsApp calls, well above a typical day before the pandemic.

"...we see that people all over the world are turning to voice and video calling on WhatsApp more than ever before. Group calling has been particularly useful and our users have asked to connect with more people at once," WhatsApp said in a blogpost.

Starting Tuesday, the company is doubling the number of participants one can have on a WhatsApp video or voice call from 4 to 8 people at a time, it added.

WhatsApp emphasised that like written messages, all calls on its platform are protected with end-to-end encryption.

"We have built group calling in a way that makes it available for as many users as possible, including people on lower-end devices and slow network conditions," it added.

Also Read: Coronavirus India update: State-wise total number of confirmed cases, deaths

WhatsApp said that to access the new, higher participant limit on WhatsApp calls, all participants in a call need to update to the latest version of WhatsApp available on iPhone or Android.

Video calling tools like Google Meet, Microsoft Teams, Zoom and others have also seen a significant jump in userbase and traffic as people connect while maintaining social distancing amid the coronavirus outbreak.

Last week, Facebook had introduced Messenger Rooms that will soon hold up to 50 people with no time limit.

It had added that the company will also add ways to create rooms from Instagram Direct, WhatsApp and Portal.

Noting that between WhatsApp and Messenger, more than 700 million accounts participate in calls every day, Facebook had said, adding that video calling on Messenger and WhatsApp more than doubled in many countries.

Also, views of Facebook Live and Instagram Live videos have also increased significantly in March, it said.

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News Network
April 9,2020

Bengaluru, Apr 9:  Ministers and members of Legislature in Karnataka will take a 30 per cent cut each in their salaries and allowances to fund the fight against coronavirus in the state, for a year.

An ordinance to reduce the salaries of ministers and legislators by 30 per cent for one year to meet the exigencies arising out of COVID-19 pandemic was approved by the state cabinet headed by chief minister B S Yediyurappa on Thursday.

"... we have cut by 30 per cent salaries and allowances of all ministers, MLAs, MLCs, also speaker, deputy speaker, chief whip every one for one year from April 1, amounting to Rs 15.36 crore," Law and Parliamentary Affairs minister J C Madhuswamy said.

Speaking to reporters after the cabinet meeting, he said, "we have the consent from all the political parties for this, so we have passed the ordinance today."

The Union Cabinet on Monday had approved a 30 per cent cut in salaries of all Members of Parliament and a two-year suspension of the MP Local Area Development (MPLAD) scheme.

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coastaldigest.com news network
June 11,2020

Mangaluru, June 11: The Saudi Arabia based Expertise Contracting Company, which is repatriating its employees to India and other countries, today allocated around 90 seats of one of its chartered flights to Kannadigas stranded in Saudi Arabia. 

The Gulf Air flight took off with around 175 passengers on board from Dammam International Airport around noon local time. It is expected to land at Mangaluru International Airport at around 7 p.m. Indian time. 

In fact the company had chartered the flights only to repatriate its employees. However, due to the lack of special flights under Vande Bharati Mission, the company decided to help the other stranded Kannadigas in Saudi Arabia, who had approached Saudi Kannadigas Humanity Forum for help. 

A company official said that around 2,000 employees from various countries in the Indian subcontinent are being repatriated, of which 1,665 are Indians.  Already hundreds of them have reached India, and hundreds are still waiting for repatriation. 

“We are grateful to Expertise for allowing to travel in the flight which the company had chartered to repatriate its own employees,” said one of the passengers before boarding the flight at the airport.  

Director of Expertise, KS Shaikh said the 20-year-old Expertise group, one of the largest conglomerates in the GCC operating in petrochemical and heavy equipment sectors, has more than 10,000 employees and their family members in the Gulf, mainly in Jubail, one of the largest industrial cities.

Of these, the company has chosen over 2,000 employees for the covid-related repatriations considering various emergencies. He said 12 chartered flights have been engaged to carry out the repatriation exercise to the Indian subcontinent.

Comments

Mohammed Arbaz alam
 - 
Saturday, 13 Jun 2020

DUBAi se delhi normal flights kab chalu ho ga ham log bhaut parsan hai 

3 months ho geya room nahi Pia's a nahi dawa ke liya paisa nahi hai khane 

Ke liya nahi hai

Nagendra Dm
 - 
Saturday, 13 Jun 2020

Dear sir am working in saudi Arabia before two months now no job please bring me back 

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