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
March 4,2020

Bengaluru, Mar 4: With the number of Coronavirus positive cases in India increasing, health department officials in Karnataka are working round the clock to keep citizens safe.

But citizens are already panicking with 97 people in Bengaluru rushing to the government-run Rajiv Gandhi Institute for Chest Diseases (RGICD) on Tuesday with symptoms matching the coronavirus.

Karnataka Chief Minister BS Yediyurappa has now appealed for calm saying there is no coronavirus in the state.

"There is a difference in what appears in the media and what is on the ground. No need to panic. PM Modi is also looking into this. My health minister addressed the media and no one needs to panic. We are ready to tackle the situation," he added.

Dr. Nagaraj, director of RGICD, said the screening process began at the hospital on January 22 and they would see some 15-20 patients and take 5-6 swabs.

"Because of apprehensions, we saw 978 patients and took 27 swabs. We have also admitted 4 patients in the isolation ward," he added.

As of today, there are 5 patients admitted in the isolation ward of RGICD. Two came in close contact with the infected techie in Telengana and three foreign nationals from Japan, Saudi Arabia, and Iran.

Tech parks on high alert

At the Manyata Tech Park in the city, a company sent out a circular regarding one of their associates who had travelled from a Level 3 country to India and had flu-like symptoms.

It says that the associate was advised to receive necessary screening and observation as mandated by the Karnataka State Health Department. The associate was screened by an authorized medical agency and determined to be asymptomatic.

As of Wednesday, the company located in the G3 campus of Manyata Tech Park has begun disinfecting and sanitizing the work location and all associates working out of this location have been advised to work from home until March 6.

A statement issued by Embassy spokesperson on March 4 to India Today TV indicated the authorities have activated their response plan.

"As of March 4, we are not aware of a single positive case for the virus in more than 2,00,000 people who work in our business parks. We do understand that one employee of a company at one of our parks who had travelled from a Level 3 country was screened in the last 36 hours and determined to be asymptomatic.

As a precaution, the premises are being disinfected and sanitized. The fact remains, we are not aware of a single confirmed case within over 15 business parks across India," the statement said.

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News Network
January 19,2020

Bengaluru, Jan 19: Karnataka Chief Minister B S Yediyurappa on Sunday said he has had detailed discussions with BJP National President Amit Shah on the cabinet expansion and that the exercise would be carried out after his return from Davos.

The Chief Minister told reporters before leaving for Davos to attend the World Economic Forum meet that he hoped his visit would help bring in large-scale investments to the state. "On cabinet expansion, I had detailed discussions for about half-an-hour (with Amit Shah on Saturday), got a good response... one or two days after I come from Davos, I will expand the cabinet. There are no stumbling blocks for it", Yediyurappa said.

He also rubbished media reports about a lack of clarity on the Ministry expansion. "It is not right... there are no issues", he said.

Asked whether he would travel to Delhi to meet Shah after returning from Davos, Yediyurappa merely said, "It is natural for me to meet Amit Shah." According to the Chief Minister's tour programme, he will be back in the city on January 24.

Yediyurappa, along with Union ministers Piyush Goyal and Mansukh Mandaviya, as well as Chief Ministers Amarinder Singh of Punjab and Kamal Nath of Madhya Pradesh, are among those expected to join over 100 Indian CEOs at Davos in the coming days for the WEF's 50th annual meeting.

Stating that he was leaving on a four day trip for Davos with an aim to bring investments to the state, he said interactions have been fixed with 38 industrialists and investors. "There is a large possibility of investments coming to the state from meetings during the WEF meet. I will assure industrialists and investors that the government will give all necessary facilities within our limits and also clear all the doubts that they have," the Chief Minister said. He said employment opportunities in Karnataka would increase due to all these efforts.

Claiming that the economic situation in Karnataka was stable despite the global economic slowdown, he said the state was also organising the Global Investors Meet in November to attract industries and create employment opportunities.

The delegation led by Yediyurappa includes Industries Minister Jagadish Shettar, Chief Secretary T M Vijaya Bhaskar and top officials of the state government. The Chief Minister, who was anxiously waiting for the high command's nod to expand his ministry amid intense lobbying by the aspirants, was keen on getting approval for it from Shah, but was asked to visit Delhi after returning from Davos, party sources said.

They also said that with J P Nadda all set to take over as BJP National President, he would have final discussions with Yediyurappa on the Ministry expansion exercise. S R Vishwanath, Political Secretary to the Chief Minister too said that Yediyurappa would go to Delhi after his return from Davos and immediately expand the Ministry.

He said the Chief Minister has been asked to hold discussions with Nadda, who is currently BJPs National Working President and finalise things.

As the Chief Minister has already made it clear that 11 of the disqualified JDS-Congress MLAs who got re-elected in the bypolls on BJP tickets will be made ministers, lobbying has been on in the party for the remaining ministerial berths. Currently, there are 18 Ministers, including the Chief Minister in the cabinet that has a sanctioned strength of 34.

However, with some reports that the high command may not be keen on making all the 11 re-elected legislators, whom Yediyurappa has given assurance, as Ministers, it remains to be seen how things turn out. Cabinet expansion will not be an easy task for the Chief Minister as he will have to strike a balance by accommodating the victorious disqualified legislators as promised and also make a place for old guards, upset at being "neglected" in the first round of the induction exercise.

He also has to give adequate representation to various castes and regions in his cabinet and also deal with the allocation of key portfolios. Also, disqualified legislators who lost on a BJP ticket during the bypolls like A H Vishwanath (Hunsur) openly expressing their ministerial aspirations has added to the Chief Minister's worry.

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News Network
February 17,2020

Kasaragod, Feb 17: A Kerala Muslim couple conducted the wedding of their Hindu foster daughter at a Bhagavathi temple in Kerala, scripting another tale of communal harmony at Kasaragod.

The wedding ceremony was held on Sunday.

The woman Rajeshwari tied the knot with Vishnu Prasad in the presence of family and friends belonging to both Hindu and Muslim communities.

Abdulla and Khadeeja adopted Rajeshwari after her father who worked at Abdulla's farm died. Rajeshwari's mother also passed away when she was a child.

Rajeshwari grew up alongside Abdulla and Khadeeja's three sons- Shameem, Najeeb and Shereef.

Earlier in January this year, cutting across the lines of religion, a mosque in Kerala's Kayamkulam hosted a Hindu marriage ceremony.

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